I don’t have a concierge Dr but I do have an internist who doesn’t take insurance. She is easily reached and I like that she is part of just a 2 person office. More personal service but no annual fee. For any tests I go to a lab that is on my insurance. If I need a specialist most in my area take insurance. I also see a dermatologist who doesn’t take insurance. I find I get more personal service and a longer appointment time than I got with the same Dr when she worked in a larger practice that took insurance.
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Question for those who in prior years did IRA conversions to Roth … did you do own taxes that year in Turbotax?
We are planning a normal (not back door) Roth conversation with our financial planners, and when we started down this path they thought they’d also have a CPA tax service available at their firm if we wanted to hire out this year. That service is no longer available, but they do have another local recommendation. They mentioned that we might find it straightforward to do ourselves in TurboTax. (My husband was able to navigate the TurboTax steps for his 401K conversion a few years ago.)
Yes, I’ve done it a couple of years - fairly straightforward. I had good docs from Fidelity to support. TurboTax did a good job for me. [Note: I’ve been using TurboTax for many, many years.]
Thanks for your quick reply. Yea, we’ve been using TurboTax for about three decades, starting on diskettes. We use Schwab, but I expect they will also give us good docs.
yes, extremely easy with T-Tax. The bank/brokerage will send you a 1099 which just goes into the appropriate place. If you download your statements into T-Tax electronically, it will automatically put it in the correct form. (I use the Deluxe ver of T-Tax.)
btw: also been using T-Tax since the days of diskettes.
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I have a concierge doctor. I have too many medical issues and specialists, so it’s good to have someone who has enough time to coordinate and review everything. Price is reasonable and includes my annual physical and lab work.
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Costco is partnering with eHealth to sign up or change Medicare Prescription Coverage.
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I would prefer to gift while I am around and kids are starting out - some help with grad school, a house, etc. But I am not sure we will be able to both gift and leave money when we are gone.
I don’t feel the need specifically leave any kind of financial legacy, but they may get one if we don’t end up using our money on assisted or skilled nursing. (I just can’t gift too much and then be like, dang, now I don’t have enough for proper care!)
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My parents’ doc went concierge a few years ago. I was kind of against them staying with him. They are in their 80s now and in good health, but I am glad they stay with the doc. My dad passed out while out at dinner and went to the hosp. We called the doc’s non-emergency number to give him a heads up. The doc called ASAP the next AM. The office called to have him come in that day etc. They can call any time, get in for an appt any time. So there is some peace of mind. Especially as they get older and may require more attention.
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What you describe is a real worry for me. I don’t want to give a bunch to the kids just to find we should have kept it for LTC.
We have a bucket for LTC, and I’m hoping it doesn’t get used and will be inherited by kids.
We do pay for some travel for kids, and will give some for weddings, babies, etc. As we get a better sense of what we’re spending in retirement, we will adjust what we do for kids.
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When we visited my MIL over Thanksgiving weekend, she lamented that she wishes she would just kick the bucket. At 95 & a year after losing her H, she is comfortable with going at any time. However, it was what she said next that surprised me. She said that she wanted us to inherit her money so that we could “do fun things.” We told her that we have enough money to do what we want - and the fact that we aren’t gallivanting around the world has more to do with Covid than money. But if it were me in her shoes, I would give my kids some money while I was still alive … so I could enjoy their enjoyment. She’s not in danger of outliving her money. I don’t understand the thought that she has to be dead to share her money. I hope to remember this when I am old.
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I am definitely re-thinking the inheritance approach. I would much rather be around to witness the benefit to ds of providing something NOW.
We used what I call the, “pile approach,” for ds’s education. Here is your, “pile,” for education. Use it how you see fit. He used all of the pile for his undergraduate education at a private university where we paid full-freight. Now he is considering graduate school. Previously, I would have said, “We are out, and you are on your own.” Now, I am willing to fund a significant (though not the entire COA) chunk of his graduate school costs. I mean, why should we have to be dead for him to reap the benefit of our financial success??
However, I DO agree that it is a balance in determining how much one should give now v waiting to see how much one needs for elder care. Definitely a tricky balance.
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Was it the case that when you told him $X for educational costs, that was all that you believed at the time that you can safely promise, but now you find that you are able to offer more?
Could be a generational thing?
No, it wasn’t. We (mostly my dh) just felt like the amount in the education pile was quite generous in that it was sufficient to cover full COA at any school in the country.
Ds had other options where his undergrad would have been covered with either part (or even all) of the pile intact. We told him that any remaining funds could be used as he saw fit (within reason) for things such as grad school, down payment on a house, car, etc. However, his other options were at less prestigious schools, and he opted to spend all of it on his undergraduate experience.
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I’m with you @Hoggirl in trying to find the right balance. My parents sacrificed way too much in terms of their own care to leave a large inheritance after they were gone. While nice for us to have, we don’t need it. We’re going to pay it forward to our D. She was ready to pull the trigger on a new computer. I stopped her and made that a xmas gift from us. We always told her grad school would be on her, now we’ll fund (although I think her company will take care of that for us). I’m also prepared to buy her a more reliable new car upon graduation (shhhh, don’t tell her). This is the time in her life where our help can make a big difference and honestly I’d rather her continue to max out her 401K and save.
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This. Our kids in their 20s and early 30s have lots and lots and lots of expenses.
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We have just retired and I think we have plenty (we did have a professional financial analysis done and it indicated a nice inheritance for our only daughter). So, we choose to help her with her finances now (she is 27). She makes a very nice salary, which would cover all of her expenses, but she is able to save because of our financial contribution. Our thinking is that the money is accumulating in her savings right now instead of ours.
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My income and assets are a small fraction of that of most of you. I am 73 with one daughter, 25, in her second year of medical school and recently engaged. I work as a fee-for-service psychotherapist (very late-life change; got my MSW just before my 71st birthday) and I just told my Vanguard financial adviser that I anticipate that I will be able to work until I am 80, maybe making a little more from fewer clients, some in private practice, after I get the higher level of certification next year.
My daughter got her B.S. debt-free (assisted by need-based and merit-based aid plus a chunk from the Bank of Mom), but she is borrowing a scary (to me!) amount for med school. After the consultation with my adviser, I told daughter and fiance (a pilot for a major airline) that I will be able to give them a pretty good amount for their wedding and they were surprised and delighted. I did so knowing that my daughter has picked up some of my inclination toward thrift. I am so happy that I can help.
I don’t like to think that I will eventually be a burden to my daughter and future husband, but it is what it is. I spent her high school years managing the care of my dad and stepmother and she has indicated that she will do the same for me. I adopted her from China and the grandmas of her fellow students in elementary school in Chinatown sometimes told me she would take care of me when I got old. I wanted to say “no! no! no!” but here we are. I am such a lucky mom.
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Early this year, I gave my son a pretty big sum of $, so he and DIL could purchase a house. House prices in the Bay Area are so high. He offered to start paying me back in 2022, but I said we wouldn’t think about it for a few years.
I certainly don’t expect to live to my 90’s (my parents died in early 80’s). I also trust my son to help out if I need it. Like Oldmom, I am able to keep working.
My son is so excited about the house. He has been watching u-tubes, and replaced the garbage disposal, fixed the garage door, totally smart-wired the house, and is now working on their 2x4 yard, which has no grass, yet. Other than computer stuff, he never was a handyman.
Win/win
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