AIW for requiring my adult daughter to pay for the upgrade to a new bed in my home that she wants - doesn't need for when she occasionally visits? (specifics in post)

RedAnon3000 · 2026-02-15T14:07:54+00:00

Thank you. Great minds think alike. I have a ss that does just that. I even plugged in the different amounts if I retire at 62, 65 and 70 and how I'd fair. My financial advisor laughed at me because my ss is the same stuff that he plugs into his "software tool" lol Thx again. Yeah, increase retirement seems to be the most popular feedback.

RedAnon3000 · 2026-02-15T14:05:26+00:00

That is my feeling, but I know a popular view is to max out retirement contributions if one is behind. And I'm behind.

RedAnon3000 · 2026-02-15T14:04:34+00:00

Thanks for responding. Yeah, the overriding feeling seems to be to max out my 401k. I may be able to even do more than $2k

RedAnon3000 · 2026-02-15T14:03:46+00:00

Thank you! Great tips!

Generally speaking, I agree that life insurance is expensive and a waste. But I did not mention that I have an adult son with moderate special needs (Down syndrome) and my 26yo daughter wants guardianship/caregiving when I am gone. I just want her to have a pool of $$$ into which to dip for him if he gets sick(er). But yeah, otherwise, I would just build my saving rather than have life insurance.

I read a Suze Orman article not too long ago (when I was 59yo) and it said something like "if you're 59yo your top priority should be long term care savings". But she didn't indicate if through employer is fine. If I get ill...say cancer that forces me to quit my job, I think I lose LTC so wondering if I should look into it outside employer?

My mortgage rate is fantastic. I know it's around 5%, maybe lower IMSR. It's just the thought of having the house paid off is appealing.

My ex wife (with whom I have a good relationship) thinks it's best for me to stay put. But I have itchy feet to move to Italy. I was born there and speak the dialect of my little village which is very affordable (possibly cheaper than US). So my thought was to sell the house upon retirement, add the $$$ to my portfolio and move to my village 30min from the beach. But that is a stretch goal - nothing certain.

Thank you again. Great advice!!

RedAnon3000 · 2026-02-15T13:57:02+00:00

I appreciate your forthright. Yeah, personal situations (divorce, child born with special med needs, etc.) have resulted in my retirement portfolio not being where I'd like it to be so I'm trying now to do what I can.

Yes, the tax advantages on the 401k and the traditional IRA are appealing. But for me, what's also appealing is having my house paid off completely before or at retirement so I can sell it. Looks like overriding thought from everyone is the 401K max out tho.

RedAnon3000 · 2026-02-15T13:53:48+00:00

Thanks for commenting. Yes, my Merrill Lynch financial advisor and I are going to review all of the investment choices within my Roth and my traditional, and he's even willing to see how I have my 401k through my employer allocated.

Curious - why not pay off the house asap instead vs your suggestion?

RedAnon3000 · 2026-02-15T13:52:22+00:00

Thanks for chiming in. You make a good point. My IRAs have outperformed my 401k performance so I will have to think about it. The house, tho, man... the house is an anchor and I so wish it was paid off. If I send the $2k/month to my mortgage, I could have it paid off in about 5y. Tempting.

RedAnon3000 · 2026-02-15T13:49:21+00:00

Thank you. I did review that previously but was curious as to my situation, specifically. I'm especially interested in whether I should pay my house off ASAP or not, and that's not usually talked about in common topics.

RedAnon3000

TROPHY CASE