On 12/27/2024 9:20 PM, -hh wrote:
> On 12/27/24 5:59 PM, Tom Elam wrote:
>> On 12/24/2024 4:17 PM, -hh wrote:
>>> On 12/23/24 7:20 PM, Tom Elam wrote the first of four posts (merged
>>> herein):
>>>> On 12/23/2024 4:23 PM, -hh wrote:
>>>>> On 12/23/24 9:12 AM, Tom Elam wrote:
>>>>>> On 12/21/2024 4:10 PM, Alan wrote:
>>>>>>> ...
>>>>>>> Are you still whining, Liarboy?
>>>>>>>
>>>>>>> And I'm not 67.
>>>>>>
>>>>>> I'll check my numbers. Left Malvern Collegiate Institute (grade
>>>>>> 9-12 high school) in 1980, likely at age 18 unless you failed a
>>>>>> grade or two. Highly unlikely you ever skipped a grade.
>>>>>> 1980-18=1962. 2024-1962=62, or so. Could be 63, depending on
>>>>>> details. Closer?
>>>>>>
>>>>>> https://schoolweb.tdsb.on.ca/malvernci/About-Us
>>>>>>
>>>>>> I'll amend my remark.
>>>>>>
>>>>>> "Bottom line? No wonder 62-ish year old not-retired ...
>>>>>
>>>>> Interesting dig attempt from one who worked for more than a decade
>>>>> longer:  just how old were you when you finally hung it up?  75?  76?
>>>>>
>>>>>>  Very unlikely he can afford much of an upgrade."
>>>>>
>>>>> Interesting dig attempt from one who definitely knows that one of
>>>>> his hobbies is running a dedicated race car (or two).
>>>
>>> Odd how with four replies, Tommy missed the first point.
>>>
>>>>> ...
>>>>> In the borrowed CAP again, most likely.
>>>>> ...
>>>>> Seems like someone forgot about skiing as another pastime. /s
>>>>
>>>>
>>>> I don't borrow CAP aircraft. I am privileged to fly missions
>>>> authorized and funded by USAF. Today it was demo flights for 2 high
>>>> school students with aviation career interests. That is most of my
>>>> flying these days.
>>>
>>> Minor details to the point which was that your out of pocket expense
>>> was essentially zero, making the hobby be quite cheap.
>>>
>>>
>>>> I don't think Alan has mentioned skiing in a long time...
>>>
>>> So?  When did Absence of Evidence flip to become Evidence of Absence?
>>>
>>> -----
>>>
>>>  > Forgot, I was already pretty well off in 2002. But the opportunity
>>>  > to make $200-300 an hour and be my own boss was very tempting.
>>>
>>> Quite an interesting spin on that history, because from the 2016
>>> archives:
>>>
>>> [quote]
>>> TE> By 55, 2001, 22 years later, I was at $2.5 million....
>>>
>>> HH> And by 56, it dropped to $1M as your life choices caught up with
>>> you.
>>> [/quote]
>>>
>>>
>>>  > ... I was very much part-time, and were were able to travel
>>>  > on our schedule and I was able to pursue my flying avocation.
>>>  > The 401k that came out of that has enabled a VERY comfortable
>>>  > retirement.
>>>
>>> Of course consulting can be more schedule-flexible by its nature,
>>> although fewer hours needs to be queried if that's by hours booked,
>>> or actually worked, since Tommy has said that he typically worked
>>> more hours than he booked.  Finally, 'comfortable' is made easier
>>> when one defers for a decade later than average retirement age.
>>>
>>>  > My last major project started in late 2018, but took to 2020 once
>>> it started.
>>>
>>> But the question was when you retired: that statement only makes it
>>> clear that as of 2020 (age 72+2=74), you were still taking on new work.
>>>
>>>
>>>  > I have not accepted another since, and several were offered.
>>>  > In 2018 I turned 72 and the RMD money started to flow in. It
>>>  > was always my intention to scale way back once the 401K kicked in.
>>>  > As I stated were a now VERY comfortable, even to the point of
>>>  > re-investing considerable RMD and investment earnings. It's
>>>  > been a great ride.
>>>
>>> Yet envision having as good of a ride while retiring ten years
>>> younger. Something along those lines is still a possibility for Alan,
>>> et al.
>>>
>>> -----
>>>
>>>  > Oh, and by the way, if you want to fly a CAP airplane on a mission
>>>  > not USAF-assigned you can rent one for a few hours...CAP 182 is
>>>  > currently about $150/hour compared to $178 for the club 182 I rented
>>>  > last week.
>>>
>>> So instead of free, a mere 15% discount for local joyriding.
>>>
>>> -----
>>>
>>>  > And one more point. By working into my 70's I was not in
>>>  > the denominator of the dependency ratio for ...
>>>
>>> So what?  Individual decisions like this invariably are self-serving,
>>> so its not like you were being highly altruistic and didn't claim SS
>>> to avoid being a burden on society, particularly in light of your
>>> 'VERY comfortable' 401k, as you you were quite aggressive in maxing
>>> that out, which served to lower your reportable income & lowered SS
>>> taxes paid.
>>>
>>>
>>>  > ... and extra 15 years or so after I retired from my full time job.
>>>
>>> An 'extra' interesting euphemism for being caught in an office purge
>>> in your 50s, and losing more than half of your net worth in a divorce.
>>>
>>>
>>>  > One solution to dependency ratio declines is to increase retirement
>>>  > age for more of us.
>>>
>>> Pretty much the worst solution, as non-whitecollar workers pay with
>>> their bodies and have difficulties getting even to age 62 without
>>> deliberating injuries & loss of income.  Consider instead
>>> liberalizing immigration policy and providing affordable childcare,
>>> as both are less injurious & expand in the younger prime working age
>>> (25-55) workforce.
>>>
>>>
>>> -hh
>>
>> Incredible how you can find a cloud in any silver lining!
>
> Incredible how every cloud you ever talk about is lined with gold.
>

Not true, but not many clouds either.

>
>> How much did I work in 2019-2024? I have the billing records!
>>
>> 2019 330 hours - the year the opinion was done
>> 2020 44 hours - followup and depositions
>> 2021 0 hours
>> 2022 20 hours - reply to plaintiff challenges
>> 2023 4 hours - testimony prep for a trial that never happened
>
>
> Which are hours billed, not worked.  As you've already admitted, you
> work more hours than you actually bill.

The point being that after 2019, age 73, the hours are minimal. Even
before that I never worked anywhere close to full time, and we took some
incredible trips.

>
>
>> A 15% discount is a long way from "borrowing". CAP flying is far from
>> free for me. I have also held numerous staff positions that take up
>> time and effort. My current position is coordinating pilot and
>> squadron resources for our Cadet O-Flight mission. Measured by
>> aviation activity it's the most important aviation activity in the
>> wing. I just took that on as of 1 October. So far this fiscal year
>> activity is up by 45% versus FY23. FY24 flying hours are 200.4. My
>> hours? 32. My admin hours? A lot more than that. Is it fun? Yes. Why
>> is that a problem for you?
>
> Nothing against volunteering, but simply noting that you're still out
> hustling for the benefit of flying with minimal personal cash outlay.

I enjoy the admin piece too. Hustling implies that I don't.

>
>
>> Since maxing out my 401k along with 2 IRA accounts established when I
>> retired I have paid state and federal income tax on over $500,000 in
>> RMDs.
>
> $500K ... but across how many years?  Well, age 70.5 in 2016 would mean
> 9 years.  So call it an average of ~$50K/year, and without looking up
> the historical & current IRS Uniform Lifetime Table, using a factor of
> ~25x would mean you're drawing from ~$1.25M in tax-advantaged accounts.

I said over $500k. Your estimates are low.

>
>
>> Yes I saved taxes to accumulate the wealth, but not in paying it back.
>> That's just how in works.
>
> Depends on the marginal tax bracket of then vs now, and we know that the
> 2017 TCJA lowered the brackets.

My marginal rate has gone up. 2024 income is 50% higher than 2016.

>
>
>> "deliberating" injuries? Was that a typo?
>
> Yup; meant debilitating.
>
>
>> You euphemism is a debasement of someone who had a plan, a major
>> derailment, then more than recovered all on his own and through hard
>> work that was rewarding in every sense of the word.
>
> No, not debasing it at all:  merely noted that theis recovery took them
> past the US average retirement age and well into their 70s.

I planned to work at Lilly until age 65, 2011. In a sense I did, they
were my biggest client until about 2009. In the meantime I built a core
of other clients that took me to 2018, and enjoyed the assignments. I
consider myself lucky.

>
>
>> You could learn a few things about a rewarding retirement.
>
> Just what kind of 'rewarding retirement' has you taking digs at Alan?
>
> In any event, I'm confident that my retirement will start well before
> age 74, which will afford ample rewards.  Of course, as illustrated with
> travels to Africa 3x, etc, you already know that we've not waited for
> retirement; currently even thinking about Antarctica next year, even if
> the YoY gains don't crack seven digits.
>
> -hh

What I meant about rewarding is not just the travel, but finding a side
gig or two that you enjoy so much you can't give it up, and you can help
others in the process. Like part time consulting and being involved with
an aviation organization has been for me. Travel is self-centered, there
is more to life than that. You have your photography too. How does that
and personal travel help others? Maybe you don't give a damn about
serving others?

As for Alan his racing gig has seemingly petered out. A revealed in
SCCBC public records he is absent from leadership positions. His racing
entries for the last three years have been few and far between. Maybe he
is still going golfing and skiing?