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The RMD Blues….Or, What Happens When A Frugal Person Retires?

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Photo by micheile henderson on Unsplash

I hope to tell you we were shocked

At the 80-year-old man found dead

…

$180,000 in grimy envelopes scattered

Everywhere like old hopes, old sin.

Regret—Michael Riley

I was touched by Michael Riley’s poem, which conflates the misery of the miser and the equally meaningless life of a rich retiree with handmade shoes.  But, in a way, I relate to both unattractive images.  I managed not to squander today’s pleasures in fear of having too little tomorrow – but barely.  Retiring “comfortably” caused discomfort because there was something “wrong” about having a monthly income without working.

That disquiet began when I became aware of the dreaded RMD – the required minimum distribution from tax deferred retirement savings accounts….I spent hours in my late 60s using IRS tables to see whether I would have enough to live on until, in total frustration, I called Darla, who manages our money.  Her response:  “Yes, if you keep living the way you are.  In fact, because you are retiring late, you should spend what you want now, and travel where you want to go.  When you are 80, one or the other of you probably won’t want to do that anymore.”  Darla is blunt. 

When Karen Martha and I started this blog, we resolved to reflect on what we were thinking about (confronting?  agonizing over?) as we moved from satisfying mid-life and work to something less well defined.  We were also clear about what we wanted to avoid.  So many retirement blogs emphasize issues of money – how much you need to have to retire, how to manage it once you have retired, and how financial decisions should affect others, such as whether to work part time or to move to a less costly city/state.  We wanted, in contrast, to focus on what was in our hearts. But, money becomes unavoidable at some point.

We have much in common, but over our many years of friendship we never really delved into our unrealistic but unmanaged fear of poverty.  Karen Martha grew up with a single mother in her early years, and experienced financial hardship until her mother remarried; my father went back to graduate school in his 30s and, although not poor, my parents had to watch their finances carefully.  However, the Karens agree that our lessons — NEVER have any credit card debt and ALWAYS save more than necessary — were not particularly logical since we worked in education – not highly paid, but also a profession with employment security and good pensions.

Fast forward to my middle 70s:  Dan and I have Social Security, and we have enough from retirement accounts to live more comfortably than anticipated.  What a blessing!  I have the luxury of blogging, traveling, volunteering and playing with grandchildren, and don’t anticipate much paid work.  The same is true of most of my friends. 

But “you worked hard for it” feels self-satisfied when newspapers report weekly that most Americans are unable to save for retirement, and others are chronically under-insured and a step away from a health-induced financial disaster.  Then there is the annual “windfall” of RMD from those pre-tax retirement accounts which will, apparently, never run out. In other words, I feel guilty and even (sometimes) unworthy of being one of the “advantaged older population”. 

When I was working, I adhered to my family’s legacy of prioritizing charitable donations, but there was an upper bound set by the NEVER credit card debt and ALWAYS save rules.  Now, enter the late fall specter of the RMD windfall…the old messages argue in one ear that anything that I do not need this year should be reinvested so that I won’t be eating dog food when I turn 100.  An equally insistent message to give away what I can afford speaks in the other ear.  Then there is a new rumbling note that floats above:  I was fortunate to live during a period of unprecedented economic growth and to be financially secure; my grandchildren are unlikely to have the same experience.  How much should I be saving for them? 

Peter Singer has one answer in Famine, Affluence, and Morality: We all, within our means, have a moral obligation to reduce suffering, and owe this to all people and places because of our common humanity.  But his argument ignores every parent’s obligation to protect our loved ones from realistically anticipated harms.  The Native American 7th generation principle also requires me to attend to the suffering of the planet and all of the creatures and plants that make our home livable.  And what about the international movements to create peace and stability in our fragile social systems? Or initiatives that support flourishing as well as alleviating suffering (e.g., youth programs)?  Oh, the causes that I feel drawn to – and the guilt that I feel when deleting requests for contributions from groups that “do good” and are highly rated by Charity Navigator….

RMD sits there in the middle:  I have to take it and pay incomes taxes according to the government.  Then – SAVE for Dan and me, SAVE for the coming disasters that will occur in 50 years, SAVE for unaffordable college tuition for the next generation, or DONATE now. 

So, although I said that I would never, never be one of those retired people who perseverate about money even though they have more than enough, I find that I cannot avoid the subject.

And lifelong frugality kicks in…should we take that long-postponed Viking River Cruise? (Yikes!  Have you seen what they cost for a room that has a view?)  Should I feel depraved because we bought an upscale (used) car when the food bank sends me letters every month?  And what about my alma mater, which has a decent endowment but would like more for scholarships?

The gift of being affluent and older – definitely not in the 1% — is a niche market.  Until now, I have not had to think about the sardonic message of the cartoon below but it makes me uncomfortable.  When I was saving and young/middle aged, I would have viewed the message as political.  Now I have to ask if it is personal….

Through a Tiny Door….

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My children and I disappeared down the rabbit hole with Alice and into a parallel world through a closet in The Lion, the Witch and the Wardrobe, while in the surrealist comedy, Being John Malkovich, a door leads John Cusack’s character into the eponymous actor’s mind.  But not all portals are doors: Peggy Noonan claims that, when she read War and Peace, she “entered another world”.  According to Arundhati Roy, the Covid pandemic should be viewed as a portal to a changed reality. In all of these, a portal is metaphor for an insistent call to experience the world differently.  Most people have had at least a brief glimpse of déjà vu, where you know, absolutely, that you are in a situation that you have lived through before…a portal. 

We can hunt for portals, but they usually appear by chance. I had that experience this week as I dropped a small pen and ink drawing off at a framer’s shop.

— East Heath Road–Google Maps

The drawing is of a street in Hampstead, London where my parents and sister lived in 1965-66, and where I joined them during the spring of my junior year of college.  I bought it several years later when I was again living in London and wanted to get my mother something special.  Then I didn’t  think about it until it ended up in my possession after she died.

But when the door of the fame shop clicked closed, I panicked.  No picture of the drawing?  Had I left it with a perfect stranger who would be holding it for two months? Racing to my next stop (which I distractedly drove past), I was struck:  the drawing was an unacknowledged portal to accumulated experiences that shaped my life. 

My excuse for leaving college was to research a senior thesis – on the improbable (invented) topic of the influence of the Spanish Civil War on the British Communist Party. I managed to secure access to the old British Museum Reading Room where, like all the “real scholars”, I could order my well-kept books and have them delivered to me on a daily basis. When I went to the more obscure Marx Memorial Library, guarded by a single elderly gentleman and embedded with decades of dust, I encountered for the first time the excitement of not only consuming knowledge, but also discovering it…a life-changing event, whose significance was revealed several years later when I decided to get a PhD in Sociology.

Somehow my parents agreed to let me travel by myself to Greece during that summer. Other than briefly meeting two friends in Athens, I took boats, busses and donkeys for three weeks, choosing where next to go based on the Guide Bleu (I hoped that it would improve my French).  I hitched rides with local young men on their motorbikes in Crete and shared retsina with elderly families on boats between the islands.  I left feeling adventuresome, brave, and that I could probably do whatever I wanted.  This was a new feeling for me and stirred my development into real adulthood.

I also fell in love with another undergraduate working in the British Museum Reading Room.  He introduced me to Cambridge, Indian food, and his London, ranging from Soho to Golders Green, and including most of the museums and bookstores.  At 20, to experience another country with a person who knew it inside-out, it was a revelation.  Since then, I have rarely wanted to be a tourist but instead to know another place through the eyes of people for whom it is just daily life.  That urge shaped a lot of the choices that I have made.in work, friendships, and what I like to read. 

I have relived these familiar stories many times, but until I dropped off the drawing I did not connect the dots.   Yet their linked temporal proximity clearly fashioned much of what I became:  I chose a life of discovery. International Karen (as my husband calls that side of me) became purpose rather than play.  I sought every opportunity to do research with colleagues in other countries, to discover what our cultures share and how they are  different.  I lived in other countries when I could, celebrating the small adventures of daily life more than the great sights.

Ok, I wasn’t spit out into a ditch in New Jersey like the John Cusak character.  But to take my insights from the Hampstead portal seriously, I must acknowledge that that my emergent purpose shut out other opportunities– like feeling rooted or having a home place, and exploring the fascinations of my own country.  What I need to consider now, without regret, is what I need to let go of.  A trip into a portal should be a stimulus to see the world differently and cannot be allowed to become a drag on whatever “future me” is emerging….

I am reframing the Hampstead drawing for my sister, who has always liked it.  My recent experience of it as a portal makes me even happier to give it to her: It has served its door-opening purpose for me. She will have her own version of the stories evoked by our flat in East Heath Road…or maybe she will be presented with a different portal.

Not Just a Car

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Racine bus by the train depot where I used to transfer to go to Sunday school. I loved the smell of stale cigars, with a hint of pee.

When is a 1992 Ford Tempo the grandest car on the road? When you are 48, and it’s the first car you’ve ever owned. Mine was black, and I was convinced it passed for a BMW with its plain grill, sleek lines, faux black leather interior, and silver trim. Every Saturday I’d drive it through the gas station car wash, then dry and shine every inch of it. I also didn’t drive it much because I was in graduate school and my bicycle was easier for getting around the U of Minnesota campus.

Growing up in Racine, Wisconsin during the 50’s, I never got a ride anywhere. If I asked my stepfather to take me someplace, he’d say, “No,” followed by, “If you want to go bad enough, you’ll figure it out.”

I did. I took the bus, rode my bike, or walked. Once a week, I’d travel by bus uptown for my music lesson at Gosieski’s Music Store. I had to transfer, and to deal with the boredom of waiting for that second bus, I memorized all the car makes, models, and years, so when I grew up and could buy a car, I’d know which one I wanted—a Chevy Bel Air or a Packard Patrician or maybe a Ford Fairlane? Someday I’d have a car of my own, and I’d drive everywhere—no more waiting at bus stops, bicycling, or walking home late at night, scared. And I’d give people rides, too!  I would not be stingy with my beautiful car.

As it turned out, I waited a long time to achieve my dream. In my undergraduate years, my main transportation was a Dunelt three speed (that precursor to Raleigh bikes now lists on eBay for $2600).  Then marriage. Though I finally learned to drive, I was usually at home with two young children because my husband needed our only car for work. But I wasn’t easily deterred. I quickly initiated my children into cycling, walking, or taking the bus. I remember standing on the side of the highway in Minnetonka Beach (exurban Minneapolis), next to the lake and across from St. Martin’s church with two young children to take the bus into Wayzata (a closer-in suburb) or the city. I never let a lack of transportation stop me from doing what I wanted to do.

We divorced in 1991, and in January 1992 I bought my first car, that snappy Ford Tempo. It spoke freedom to me, not having to wait interminably for a bus, not being dependent on someone else’s availability for a ride, or riding my bicycle after a long day. I could go where I wanted when I wanted. The American dream, finally accomplished.

My years of waiting and wishing and that Ford Tempo planted the seeds of a love for cars. Shortly after I bought the Tempo, I met my second husband, who convinced me to trade it in for a Mazda RX7—something sportier. I was off on my journey of newer, better cars—as often as I wanted. Now it’s the latest technology and design that catch my fancy—don’t you love the new powdery colors on the 2024 models—like “Cosmic Blue Pearl?”

So here I am at seventy-nine. When my husband suggests making do with one car or using the bus more, I am adamant: I spent nearly forty years riding the bus, walking, bicycling, or sharing a car. I want my car and the freedom it gives me.

But that fierce position is threatened—I am aging.  Although I feel sharp with good reaction times, I know I’m not the person I was in my 40’s—the age group with the lowest accident rate. Weaving in and out on a freeway often feels treacherous to me—more so since I was rear-ended by a semi a few years ago. So I stay in the right or middle lane and accept that I’ve slowed down.

When I looked up the average age that older people stop driving, I was astonished when one website claims that it’s 75! (The National Institute on Ageing states that is not possible to calculate this number). I read on to find out all the reasons people stop driving—arthritis, making it difficult to grip the wheel, eyesight issues, diseases and medications. I suddenly felt extremely lucky not to have these issues.

For all the hype about dangerous older drivers, The National Institute on Aging states that “Therefore, we must be careful not to judge the safety of one’s driving solely based on their age;”  it’s the millennial drivers who have the most accidents. The 75+ group has the fewest, although they are more likely to die from an accident because of other underlying conditions (remember Covid?).

So when should I stop my ongoing love affair with cars? I haven’t experienced the behavioral indicators, like stopping when there’s no stop sign, not following traffic signals, side swiping, etc., but it’s helpful to know these. Yet, contemplating not driving is almost as scary as being told I’ll have to stay home and watch TV the rest of my life—which is the nightmare I conjure up when I imagine what would happen if I stop driving.

All this aside, I don’t think society does much to help older drivers. Right now the push in Minneapolis is to get us all on bicycles – like the Dutch, who give up their bicycles only when they are consigned to a nursing home. I ride my bike recreationally, and I’ve started doing short errands on it. I want to be part of the solution, but I’m not sure that bicycling to the grocery store when I am 90 is realistic. As one of my friends put it, “It’s not if you fall, it’s when.” For now I’m happy that I’m driving and can still ride a bicycle— and walking, well, my knees don’t love it, but I subscribe to my stepfather’s words, “If I want to get there bad enough, I’ll figure out a way.”

Memory and Story

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Photo by Jon Tyson on Unsplash

When to the sessions of sweet silent thought
I summon up remembrance of things past (William Shakespeare)

A man needs such a narrative, a continuous inner narrative, to maintain his identity…(Oliver Sacks)

Much is made of the way in which memory erodes among the elderly – a group to which I am beginning to concede that I belong. Memory loss is considered normal, and it is true that my ability to recall information – the name of a restaurant that I loved in New York in 1970 or even the names of some of my childhood friends – is not immediate.  Now, my husband and I say that we are lucky to have two brains, which allows us to come up with a missing piece of information sooner.  Sometimes I kick myself when it is some simple, common word that has, slipped my mind.  Slipped my mind – memory is such a slippery thing indeed.

Recent research suggests that the slipperiness that I (and most of my friends) are experiencing is not the whole story.  We may have mild forgetfulness, but we are actually wiser:

“Some brain areas, including the hippocampus, shrink in size. …These changes can affect your ability to encode new information into your memory and retrieve information that’s already in storage. On the other hand… connections between distant brain areas strengthen. These changes enable the aging brain to become better at detecting relationships between diverse sources of information, capturing the big picture, and understanding the global implications of specific issues.” Harvard Health Newsletter

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This may be comforting to some people, but memory is still important to me —  Not the name of a restaurant, but the people who were there, the conversations we had that made us laugh, and how the evening created a friendship and endured for years.  I want to be able to summon up not just the grief that I felt at my mother’s funeral and any wisdom that I may have acquired about how to anticipate and live within grief (wisdom?), but also to remember that my cousin Butch played “When the Saints Go Marching In”, what words were spoken by whom, and even what I wore.  I want both to feel it very specifically AND to connect it to other events of loss in my life.  But I can’t remember what I wore….yet. 

The older I am, the more memories I carry and the more I need to make sense of these past events, feelings and images in the context of my life today.  This is what the practice of telling our story, whether orally, by journaling, or in a memoir, is about.  Oliver Sacks argues that “Every act of perception, is to some degree an act of creation, and every act of memory is to some degree an act of imagination.” But given my capacity to invent a past out of whole cloth, I have to work hard to prevent my story from being fiction!  In addition to reconnecting with past feelings – anger, grief, lust, joy – I want to give them additional color, and come closer to something real, with specifics. 

Recently, Karen Storm and I attended a writer’s retreat, where we planned to spent a chunk of our writing time working on the Karensdescant blog.  Instead, I woke up before the workshop feeling unnerved and vaguely remembering events from decades ago. By the time I got to our idyllic hermitage, I knew that I had to write about it – but my memories were fuzzy and still unsettling.  Karen Storm came with a less clear idea of what she might want to noodle on in addition to the blog, but was struck on the first evening with two old memories of her own that called her. 

In the end, we never talked about Karensdescant.  But we both happened on something more important – something that those increasing, branching, interlinked dendrites in our brains – the privilege of being old – demanded we attend to.  We wrote like maniacs, multiple pages infused with both tender and crushing details about important events falling into our computers,  connecting past events and people and finding new links with our present lives.  We were recalling information, pulling out succulent details that were not immediately at our fingertips, and making new stories out of past circumstances. 

In my case, it was clear that my memory of a very old relationship was encapsulated in a very short story that that I repeated so often, both to myself and others, that it seemed to be as real as the door to a room or a book on a shelf:  “We met and loved in wonderful places.  But it was too complicated.  It ended.”  But there’s the rub:  when I open the door to a room in my mind, I am amazed at what lies behind it that is unexpected – or what isn’t there that I was sure that I put away a short time ago.  When I open a book to reread it, there are sections that I don’t remember, while others that I starred on the first reading no longer seem as important as they did.  Anna Karenina is like that for me – it has a different meaning in every decade of my life.

It is not that my memories about that particular relationship are especially elusive – it’s the details that I have left out because they were (deliberately?) buried, or seemed trivial, that demanded some major rewriting. The editing included dredging up more information, but also a desire to make sense of old, lost relationships in the context of the life that I have subsequently woven, together with many others who I did not know or were not yet born, in the decades since.

Photo by Daniel Schludi on Unsplash

During the retreat, I wrote a different narrative that is much longer and has changed the way that I think, not only about that relationship, but all of my relationships with people  I have loved. This was not the Shakespeare of Sonnet 30, who descends into rather weepy nostalgia, but an urge to reorder my house to see that old things that still intrigue me are put into places where they connect with others parts of my life.  I can almost feel the dendrites communicating with each other. 

Friends who have worked with hospice patients talk about how they observe people holding on for a few more days to make sense of some aspect of their life that feel unfinished.  When I ask myself (or am asked) to remember more details, I find connections that I did not make in the past.  Or, I remember something that was said that changes the way I need to tell the story. What is different for many of us as we age is feeling a need to make sense of our lives more deliberately, with more care, whether we are writers, talkers, or scrapbookers.  When it comes down to it, we are all just trying to make a little more sense of this very non-linear project that is life.