Retirement Plans

[Anonymous]

I used to work as a paramedic and since then I have no interest in living past 70. My retirement account (IRA) is healthy, but I don't want to use it for retirement. I want to die on my own terms and let my kids use it.

What is the best way to tax shield this?

[Anonymous]

The number one way to tax shield this for your children is to convert it to a Roth. However, you will need to pay income taxes on any amounts you convert.

This could make sense for you, but since any amounts you convert in a year increase your income, you may push yourself into a higher tax bracket. If you are relatively young (say 50), you could start converting amounts now up to the top of your current tax bracket. And of course, to the extent you can make contributions, you could make them to a Roth instead of an IRA.

Another strategy you could game out is to wait until you retire but before you collect social security, so you can make the conversions at a time when your income is lowest.

Nothing wrong with living past 70! Most people at that age today are healthy and active. And the Roth will be available as a source of income to live on.

[Anonymous]

Anonymous wrote:I used to work as a paramedic and since then I have no interest in living past 70. My retirement account (IRA) is healthy, but I don't want to use it for retirement. I want to die on my own terms and let my kids use it.

What is the best way to tax shield this?

Most important will be a DNR and other clear instructions re your wishes. Refuse screening tests and even antibiotics. And hope you don't end up a healthy person with dementia. Probably the quickest "going out on my own terms" is getting pneumonia or some infection and refusing antibiotics.

[Anonymous]

You saw the worst of the worst over 70. In our family, many live well into their 90s, of sound mind and body. Driving, traveling, going out to eat with friends, and generally living well. You never know

[Anonymous]

Anonymous wrote:You saw the worst of the worst over 70. In our family, many live well into their 90s, of sound mind and body. Driving, traveling, going out to eat with friends, and generally living well. You never know

+1
Everyone in my family lives until their upper 90s and they are a very lively bunch--still dancing better than us younger ones at the weddings, doing hosting/entertaining that is way beyond my capabilities, volunteering and travelling. Their assets all have grown throughout this time too. Once you make it past 75 without a big financial crash, you can invest what you don't need back in stocks and watch it grow for your financial legacy.
Invest in your health.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You saw the worst of the worst over 70. In our family, many live well into their 90s, of sound mind and body. Driving, traveling, going out to eat with friends, and generally living well. You never know

+1
Everyone in my family lives until their upper 90s and they are a very lively bunch--still dancing better than us younger ones at the weddings, doing hosting/entertaining that is way beyond my capabilities, volunteering and travelling. Their assets all have grown throughout this time too. Once you make it past 75 without a big financial crash, you can invest what you don't need back in stocks and watch it grow for your financial legacy.
Invest in your health.

Yeah? That’s what I thought but then my very active, social parents got sick. You have no f-ing clue.

[Anonymous]

Anonymous wrote:You saw the worst of the worst over 70. In our family, many live well into their 90s, of sound mind and body. Driving, traveling, going out to eat with friends, and generally living well. You never know

My 70s parents/inlaws are still still skiing and golfing more days than not. But I understand OP's sentiment. I don't care to prolong my life once it is no longer enjoyable.

[Anonymous]

Not to deraik the thread but I’ve recently started volunteering as a paramedic and while I’m not quite with OP at 70, I’m think I’m there at 80.

Regardless of what you think, virtually no one at 80, including those doing extremely well are doing nearly as well as you think.

[Anonymous]

Anonymous wrote:Not to deraik the thread but I’ve recently started volunteering as a paramedic and while I’m not quite with OP at 70, I’m think I’m there at 80.

Regardless of what you think, virtually no one at 80, including those doing extremely well are doing nearly as well as you think.

Could you please elaborate? That is depressing.

[Anonymous]

Honestly I have no doubt that the majority of people end badly. But paramedics literally only see the bad part. They don’t come when people are playing happily with their grandkids!

[Anonymous]

I agree that many 80+ year olds start a decline, but there are many outliers, and as time goes on, depending on your race and socioeconomic class, 80 may become the new 50.

Predicting now what your health and attitude toward aging will be when you are xx age, feels more like your are consulting a magic eight ball than anything based in facts or reality

[Anonymous]

Anonymous wrote:Not to deraik the thread but I’ve recently started volunteering as a paramedic and while I’m not quite with OP at 70, I’m think I’m there at 80.

Regardless of what you think, virtually no one at 80, including those doing extremely well are doing nearly as well as you think.

And I guarantee you that you have no where near enough experience to claim that virtually no one at 80 is doing well. I also find your stroy highly unlikely. Paramedic programs are 1800+ hours, so you don't just waltz into it.

[Anonymous]

There are many in their 80s doing just fine. My parents are 91 and 96, and both are still driving (that's FL for you). They live in their own house (not AL) and are active.

Sure, they are probably not the norm, but neither is saying no one at 80 is doing nearly as well as you think

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not to derail the thread but I’ve recently started volunteering as a paramedic and while I’m not quite with OP at 70, I’m think I’m there at 80.

Regardless of what you think, virtually no one at 80, including those doing extremely well are doing nearly as well as you think.

And I guarantee you that you have nowhere near enough experience to claim that virtually no one at 80 is doing well. I also find your story highly unlikely. Paramedic programs are 1800+ hours, so you don't just waltz into it.

I definitely did not waltz into. The program was more like 1200 hours and I was a volunteer EMT before that, first becoming certified decades ago. I also did not state that no one over 80 is doing well. I said that no one is doing nearly as well as you think they are. Yes, we transport an insane amount of people doing poorly, from more assisted living homes that you can possibly imagine, which incidentally, almost universally provide poor care. But you have no idea how many people living on their own are calling because they have fallen and need help getting up, how many people who are technically able to live on their own but have so many meds they cannot keep them straight and end up hospitalized for it, how often "healthy" old people are going in for infections and illness that are frankly just affecting them because of their age and how many elderly people are constantly in and out of hospitals because of bad labs or blood pressure. In the jurisdiction where I volunteer those last 4 groups alone literally account for hundreds of calls per day.

[Anonymous]

My plan is simple. At 80, if I can't remember the day of the week, I'm going to be caught, by my wife, in bed with two 40 year old women (2x40=80 so age appropriate). There will be a loaded gun at the end of the bed.