Cap'n Bob & the Damsel

Retirement

2024 Financial Forecast Tools

I usually start setting up for the next years’ financial considerations in late November which was the case this past (2023) November. I have a spreadsheet that I have developed (and continue to develop as things are dynamic to an extent) which allows me to do several things to manage our money:

  1. Forecast Gross Income
  2. Forecast IRA Required Minimum Distribution (RMD)
  3. Forecast Federal Tax Withholding Rate
  4. Forecast Taxable Portion of Social Security Income
  5. Forecast IRS Adjusted Gross Income
  6. Forecast Effective IRS Tax Rate Percentage
  7. Forecasts for Dividends, Capital Gains, etc.

The year-end use of this tool allowed me to prepare our 2023 IRS Tax in advance of the receipt of tax forms from financial institutions, etc. It also allowed me to forecast (to within a penny, as it turns out) the amount of my IRA that I must take as a distribution in 2024.

Inputs to the spreadsheet come from several sources. Forecast income numbers come from pension plans, investment brokerages and the Social Security Administration. These turn out to be actual numbers while other income items are based on past experience with the sources and our knowledge of how those numbers are likely to increase (or decrease). The latter aren’t usually nailed down until the end of the year.

The first important item that I calculate from the tool is the RMD forecast which allows me to set up the distribution schedule and amounts for my IRA. It also allows me to set the Federal Withholding amount for the coming year.

The second important item would be is to use the numbers from last year to prepare our 2023 IRS Income Tax in advance of receipt of the 1099-R and other IRS forms. We’re pretty confident that we know the approximate amount of our tax refund which we expect to get back from the .gov in February. As usual, it seems to be a relatively small refund which means we didn’t allow the Fed to enjoy having a lot of our money interest free for the year.

04 Jan 2024 by Money and Business Retirement

Happy 2024

Ringing in the new and ringing out the old. So long 2023.

We continue to be in good health. We both got annual eye exams in October and new eyeglasses were issued. Our prescriptions haven’t changed in the last several years but we both needed new eyewear since the old ones were scratched and getting worn out. I have my usual visits with the specialists and there was nothing to worry about save for a few skin lesions (some were cancer) which the dermatologist removed.

Over the last few weeks, we did a first cut at the 2023 taxes and no surprises. It looks like we’ll be getting a small refund. We also calculated the 2024 Required Minimum distribution for the IRA, and it will increase a bit since the IRA fund did better these last few months. Damsel also switched her Social Security on for the coming year and we will be getting a modest increase in benefits which is completely offset by the current ruination of the Nation’s economy.

Over the last several years, we have seen relentless attacks on our God-given rights as guaranteed by the Second Amendment. We continue to monitor our favorite You-Tube® Pro-2A channels and the Pro-2A blogs to stay informed about the state of gun-grabbers efforts.

So that’s it for our New Year’s message. We’re wishing you good health and providence from The Almighty in the coming year. God Bless!

01 Jan 2024 by Holidays Money and Business Notions Retirement Second Amendment

Winter Solstice 2023

Image – an unusual snow day in Wickenburg (2014-12-31)

Solstice Notes

The first day of winter in the Northern Hemisphere is marked by the winter solstice, which occurs on Thursday, December 21, 2023, at 8:27 P.M. Arizona time or 0127Z if you’re into Greenwich mean time. Today is the shortest day of the year with only 9 hours and 53 minutes of sunshine at our latitude here in Wickenburg.

We’re not expecting any snow of the magnitude depicted above this season. The snowfall in Wickenburg on New Year’s Eve 2014 was the most snow we have ever seen in town since we moved here in early 2011 when our house was finally completed. As a matter of fact, we can count our snow days on one hand over our nearly 13 years of living here.

Music Notes

The 61-key digital keyboard shown below is the replacement for an older version of the same thing that I’ve had since March of 2010 (and there were many before that). This one has much more capability and I have been enjoying exploring the different voices, songs and styles included in the unit.

I have been playing keyboards (without much formal training) since age 5 or so. I have messed with MIDI quite a lot although that isn’t my peak interest now. I’d much rather play favorites and try to compose some things now and then.

The new keyboard is a Yamaha PSR E373 which is still considered an entry level unit, but it has a lot more features than I probably can figure out how to use. I have an app for the Smart Phone which allows me to record sound and video from the unit. Maybe I will post some of it on social media and link it here one of these days.

Here is the new unit in my studio (a.k.a. Master Bedroom):

This is Yamaha’s Blurb about this keyboard:

The PSR-E373 features a newly developed tone generator that delivers stunning improvements in sound quality as well as high-quality effects. You can enjoy a comprehensive library of 622 instrument Voices perfect for playing in any genre you choose, as well as unique Super Articulation Lite Voices that reproduce the subtle nuances of stringed instruments such as the cello and mandolin that are typically difficult to emulate on a keyboard instrument, delivering realistic and authentic performances.

The old keyboard will be retired to the Motorhome for practice when we’re on the road.

21 Dec 2023 by Astronomy Environment Music Notions Retirement

Camping Day 11 – Last Day Out

We’re still in South Tucson today, relaxing and dining. We had a delicious Chicken Pepper Casserole for late lunch today.

Since it is warm outside here (95°), we spent most of our day inside the RV. There was a power failure for about an hour but, luckily, we were able to run the 6KW generator to keep the A/C and other appliances going.

We will be heading for home tomorrow morning with a rest stop and visit at Casa Grande on the way. Our route takes us through Coolidge, AZ where the ruins are located. Then, its about two more hours to home.

We have thoroughly enjoyed our outing, particularly watching the eclipse on Saturday 10/14. We’re already thinking about another outing before the big trip to Waco, TX to watch another eclipse next April.

22 Oct 2023 by Arizona Retirement Travel Wanderlust

Camping Day 8 – Deming, NM

The photo above is where we are camped tonight in Deming, New Mexico, just off of I-10 in the southwestern part of the state. Nice campground and the folks who run it are nice too.

We had an interesting drive today starting in Roswell and continuing to Deming via US Hwy-70 and transitioning to I-10 in Las Cruces. Damsel took over 600 images during the drive as we passed through desert, forest, mountains and White Sands. I can only post three here since the internet connection is s-l-o-w tonight.

Lincoln Nat’l Forest with Fall Colors along US-70:

White Gypsum Sand in White Sands Nat’l Monument:

Crossing the Rio Grande in Las Cruces:

We will be staying here in Deming for another R&R type of day tomorrow. I’ll probably post something again tomorrow, even though we’re not planning much for the day.

19 Oct 2023 by Retirement Travel Wanderlust

Camping Day 7 – More R&R

We let the dogs wake us this morning, which isn’t exactly sleeping in, but we were rested enough. We spent the day relaxing again with an afternoon walk and venture into the souvenir shop where Damsel got a pair of earrings and I got a watch cap, both with the little green men thing going on – we are in Roswell, NM after all. See the image below.

I did take a short work-break to clean some of the bugs off of the windshield – it takes a long-handled brush and squeegee to reach up the 12 feet to get to the top.

Tomorrow, we’re off again, heading southwest and winding up in Deming, NM for the next couple of days. Our route takes us by the White Sands National Monument and we may pull in there for some photo ops and to walk the dogs.

18 Oct 2023 by Notions Retirement Travel Wanderlust

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