How Much Do You think You Need to Retire? What Age Will You/Spouse Retire? Investment and General Retirement Issues (Part 3)

fwiw: good friend was an Opera buff, and had a large collection of albums (old school), some rare. When he was arranging his affairs for the life after, he contacted the Music dept of several local colleges to see if they had an interest. The Big Unis turned him down, but a local liberal arts college was glad to take them after he passed, so my friend wrote the college in his will for the albums. (His widow gets invited to a Donor luncheon every year.)

My point was that perhaps a local art school might have an interest when Wife is gone.

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Our fee-based advisor that we arranged for retirement years (ie the spend-down, after decades of self managed investing) is great. In a way he is a bit of a life coach… encourages spending, travel during the “go go years”, gifts to the kids etc. He would make higher fees if we hoarded our money, but we are trying to learn to trust his suggestions to enjoy spending it.

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I think I would have been honored, that someone went dumpster diving to retrieve my work and then sell it for large sums of money. Good for them to recognize talent, instead of letting them decompose.

Of course, I’ve never had an iota of artistic talent.

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The problem is that someone could try to pass the work as their own.

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My siblings and I will have a similar challenge with my Mom. She is mid-80s but still painting and selling her work. She has paintings in galleries across multiple cities, and some in regional museums. But she also has a large stock of unsold works, some going back decades. I and my siblings already have a lot of her work in our homes and don’t need much more. My Mom has started gifting paintings to grandchildren, which is great and they appreciate it but there are still so many paintings left! When my Mom passes my sister will probably put on an art estate sale.

To answer one question you posed: auction houses typically return unsold items.

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@vistajay, thanks and good luck. We are going to start working now on cultivating a relationship with a museum, probably a university museum.

Regarding the auction, I was responding to @blueberriesforsal who was suggesting I think donating paintings to particular charities when they do auctions. We used to get invited to these all of the time. Not so much anymore. But, if the charity has an auction as part of their fundraising dinner and the piece does not sell, what happens to it? Do they give it back? In some auctions there is a reserve. In that case, if it does not get a bid above the reserve, do they give it back? No idea.

@kelsmom, ShawWife will just make cards to go along with gifts and will go back to the recipient’s home later and the card will be framed. Those cards are nothing she would sell.

@bluebayou, good point. we will look for an institution that will a) value her work; and b) have the capacity to be a good steward. My insight of this year is that our DAF could well help them with the cost of being a good steward.

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@Colorado_mom, like you, our FAs ask us what we want to accomplish with our lives and how our money can support that. Especially the smaller independent one, whose initial work with us was really a little touchy-feely and focused on our life vision. Both want to know our goals. In our case, helping our kids and grandkids (should they someday come into being) is part of our goals. First, it is nearly built into my DNA as a Jew whose ancestors had to flee various countries that we want to support the best education they can get. Second, we want to be able to help with getting started with housing in this insane housing market. ShawD is already on her way (the proud owner of a two-family house).

I was thinking again this week as we walk outside in 9 degree weather with about two feet of snow and some ice on the driveway whether I will want to be here in the winter when I’m 80 (answer not really). It’s very pretty here – I’m looking out my window at the snow covered frozen river. A week or so ago, I saw a mink on the ice shelf (before the river fully froze over) on the other bank looking for food. Yesterday, a coyote nonchalantly walked by on the river. Last night a muskrat or something similarly shaped walked by our dining room. But, I don’t want to feel trapped or anxious walking outside. Florida is the obvious place but has a some problems from our perspective. I read the other day that Oaxaca is a haven for artists. We happen to be going there anyway, so we can vicariously imagine living there, I guess.

Our FAs have modeled our buying a 2nd house in Florida before. They ask if we are still interested. But no push either to spend or not spend money.

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We used to have a house with a flat roof with one egress drain in suburban Illinois. Husband used to have to climb a ladder from the bedroom balcony to shovel it off every time there was more than 2" of snow. And chop ice when there was a freeze/thaw cycle. When trying to convince him to move to a warm weather climate, I asked if he wanted to still be doing that at 70. He did not.

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Neither do we…but we can hire people to do that…and we do, if necessary. We were away for five weeks almost during the recent snow. I suppose we could have just left it all, and DH could have dealt with it when we got home. But where we love, there are folks to hire to do this sort of work (as well as mow our very very large grassy area).

But…I will say, we would move to San Diego in a shot if the costs of housing weren’t so high.

Adding, we have the costs of exterior and interior home maintenance included in our retirement plan.

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Our house has metal roofs so no ice dams. Our driveway is huge so we have to have someone to plow and shovel. But, we have to worry about pipes freezing. This house is so nice that I sort of don’t mind being here in the winter. And it is so pretty outside.

But, the thing I was thinking about is whether I want to feel confined and worried about slipping on ice when I’m 80.

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Beautiful! :star_struck:

While we don’t have to deal with snow here in our neck of the woods often, maybe once in a decade it gets bad, I am a bit worried about our wooded property and Mr. B with his chainsaw exercises. I keep telling him that he needs to slow down because he is not getting younger. Unfortunately, our octogenarian neighbor is setting a bad example when he starts talking down garbage trees with his chainsaw!

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Our 80+ yo neighbor at our previous house used to get on ladders to clean snow off his roof. We and his daughters thought this was a recipe for disaster. We could not discourage him although we tried. But he never from a ladder. Alas, he did fall on a walk during early Covid and died in the hospital.

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To not get on the roof to clean out gutters, we got a better gutter ‘system’ where the water drains and the leaves blow off. DH recognized several years ago that he did not want to be on the roof and have a fall (he recognized the risk). We hired a tree service to take out a few trees last year that potentially could have been problematic near the house from our wooded area.

An older friend’s husband, who was diabetic, did have a fall from a ladder - he had a bad decline in large part due to the diabetes, and then died at a too young age (mid-60’s).

Many times, wives can discourage their husbands from reckless or ‘chancy’ behavior. Two years ago, we had bad ice in our area (limited salt/sand trucks in N AL) and roads closed. DH was on a pattern of daily walks and insisted on going for a walk - my words “it is icy, you will fall”, and he said, “I don’t fall” and I said, “you will break a leg” and he said, “I have never broken a bone in my life”. I reminded him that we have a Nordic Track and he can do the exercise w/o risk. He did take his phone (which he normally does not do, but I said he needed his phone and he conceded). About an hour later, he calls me and tells me where he is - yes, he fell, and yes, he broke his leg (distal fibula, right leg). Fortunately, I have all-wheel drive vehicle, and I cautiously drove to where he was. I passed a spot on the slope of our main road where there were 4 cars in the ditch (no exaggeration) - those cars were there for days as people had insurance/wrecker service come for them. I told DH after he got in the car, that I have two words for you, “Nordic Track”. He didn’t need surgery, but it was a recuperation process with crutches and the long Velcro boot - and it was a ‘process’ with the medical people. Went to the orthopedic group urgent care (when we knew it was more than a sprain) and the waiting room was full of people injured from getting out on the ice and falling. I should have studied the specialist list of MDs before we saw the PA - X-rays were done quickly (they had two MDs in the group that specialized in foot and ankle) before we got assigned one (that was when I should have spoken up about getting assigned to a foot/ankle MD) - and the PA couldn’t prescribe for pain (at that point DH was not in extreme pain) and thankfully I worked through the system days later to get him seen by correct MD and get the pain medication. Anyone that knows medical, with diagnostic related group, once they assign the MD, they don’t want to back that out and re-assign. By the time, days later, it was clear DH needed to be seen by the MD and needed pain medication, that assigned MD was in surgery and no way to get seen and get the pain medication (DH has not been seen by a MD yet….appointment days later….). DH was seen/treated previously by a spine specialist in that group so I called his PA to navigate the orthopedic group ‘system’, (a Friday, critical to get in and get the pain medication), and I was able to work through that PA, as well as my phone calls directly to the staff of foot/ankle MD that was working in the main facility that day - and DH being on a blood thinner, was having redness over his lower leg area which I was concerned about - I was thinking possible cellulitis (sent a picture to the foot/ankle MD staff, and MD said to his staff to work DH into the afternoon schedule). DH needed to have his leg elevated higher (which I told him to, but it was painful) but then he got the pain medication - and instruction on progression of care, including foot/ankle exercises and stretch bands for the exercises. MD said highly unlikely for cellulitis, so that was fine (no need for ABX) - MD needed to determine that on exam. Return visit was with the PA and follow up X-rays showed his bone was properly aligned and healing.

DH was starting to understand “against medical advice” AMA, and also AWA “against wise advice, or against wife advise”. DH ‘suffered’ physically for his error in judgement, but thankfully something that did heal and w/o surgery.

Sounds like work to get proper treatment that you were able to navigate pretty well.

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Question for my resident retirement experts here.

My wife and I have been married for 30 years. We are 2 months apart in age. She stayed home with the kids for some years. The result of that is she has a much less projection for SS than I do. I will be more than double than her. We just were told that if we claim at 67 at our FRA that she will be entitled to half my number instead of having to go off her number which again is less than half of mine. Checking if we were told correctly. Appears so in some looking this up online.

One caveat that I don’t think changes anything is that she is in a job now that doesn’t have SS taken out. She is not a teacher but is an Admin. She did have enough time put in for regular SS in her early jobs.

Thank you in advance for your input.

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I believe what you described is correct. She can take half or yours or hers, but not both.

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I think it might even be the case that she can take “hers” at 62 and get that free money until you both turn 67 and you file and she switches. But check that first because I’m not sure!

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That would be cool as we are trying to finish up at 63 and that would help for those 4 years.

I just need to stayed employed until then and we will be fine. :wink:

If my wife works until 63 she will have health insurance throughout retirement for herself.

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I am not an expert, but I think they’ve done away with that option for people as of a certain age cutoff.

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On a tax prep note… anybody else waiting on some Schwab 1099? We have most of ours, but there is one subaccount “pending”, supposedly will be ready by the end of the month.