BECAUSE OF THINGS I HAVE ENCOUNTERED IN 72 YEARS

[WebSpinner]

really don't think i am that smart, though fairly bright, but wanted to recommend some things to all but mainly some of the young to middle agers based on events or situations have lived through.

(1) if you have elderly parents, please you or a sibling obtain POWER OF ATTORNEY so that one of you may handle their affairs should they become incapacitated. if you do not, believe me you will pay for it in your time, money and hassle. with it, clean sailing, no strings, no costs.

(2) have a will or do as i did and set up a trust for your heirs. also make sure your parents have a will or trust too. if not, tremendous probs for all involved. a trust is not expensive, keeps your estate private, no probate and your kids or heirs have access to the estate immediately without having to file a will with the city or county.

(3) set up a ROTH IRA if you are eligible. when you retire, is really nice to have a source of funds which grow tax free and more importantly, you can access tax free. once you are 59 and a half, can access the funds without penalty and the tax free benefit is wonderful. have both a regular and a ROTH and so wish that had started putting more money in my ROTH. there is also not a demand by the government that you take a certain portion of your ROTH each year after you reach age 70 and one half but there is that demand with the regular IRA.

(4) if possible, be mortgage free when you retire, either by paying off your home loan or by selling and downsizing to a home which you can purchase with cash. understand that might not be possible for everyone but if you can swing it, makes retirement so much easier and a good goal to shoot for as you age.

(5) be happy, you are the captain of your ship and don't let others bring you down or make you miserable.

(6) understand that your children never leave you though they may migrate into adulthood and have their own families and lives.

thanks for listening, hope you take this in the same manner in which it is given and take action, do not procrastinate on these things.

 

[urfan1]

sage advice my friend -- I would add to make sure you, and your parents have a medical directive. A trust is not a real benefit unless handled correctly. Each state is different, make sure your adviser is familiar with your state's rules, and each families situation is different. What ever you do don't get your papers online.

 

[WebSpinner]

correct, my trust incorporates our medical wishes, the power of attorney, think most do. have been through the good, the bad and the ugly with these things and if you can avoid the bad and the ugly, do it, not that difficult but a complete cluster fu$& if you do not.

 

[Wood Hall]

(1) Done.

(2) Done. Trust.

(3) Done.

(4) Done. Cars are paid off too. I hate debt.

(5) I try every day. That's why I'm not all hot and bothered about the Mooney situation. As my better half says, "Doesn't change my life."

(6) Yep. Micro Jr. went to college locally so we saw him more than normal but next year it's off to grad school elsewhere in the country (maybe even UR). It will be a bigger adjustment.

Good advice.

 

[spider fan]

Spinner - good financial advice. To add on to number 5 have also tried my best to say kind uplifting things to others including strangers when the opportunity arises. Basically it is a play on the old saying that was featured on WGH radio that you and I listened to growing up. That saying which is good advice is "If you don't have anything nice to say don't say anything at all." The modification is "If you have something nice to say about someone, tell them."

 

[urfan1]

i you were fine until the last image --