I’ve opted out from workplace retirement/pension schemes.
Plans to have a second child were put on hold indefinitely due to my timelines collapsing in 2020. This sucks, as both me and my wife really want to have a second child & could have done so by now.
I’m making trade-offs for ‘career’ over ‘family’ that I wouldn’t normally make, most notably spending two-thirds of my time in SF whereas my wife and kid are in Boston. If I had 30-year timelines like I did in 2019, I’d probably be looking to settle down in Boston even at some cost to my productivity.
While I’ve mostly reverted to my hedonic set point, I am probably somewhat more grim than I used to be, and I find myself dealing with small flashes of sadness on a daily basis.
Feels almost like a joke to offer advice on minor financial-planning tweaks while discussing AI timelines… but for what it’s worth, if you are saving up to purchase a house in the next few years, know that first-time homebuyers can withdraw money from traditional 401k / IRA accounts without paying the usual 10% early-withdrawal penalty. (Some related discussion here: https://www.madfientist.com/how-to-access-retirement-funds-early/)
And it seems to me like a Roth account should be strictly better than a taxable savings account even if you 100% expect the world to end by 2030? You pay the same tax up front either way, plus you can still withdraw the money any time, but savings in a Roth account doesn’t face any capital gains taxes. (Unless the investment options you get through your workplace plan are restrictive enough that you’d rather pay the capital gains taxes in exchange for greater investment choice.)
Of course it makes sense to save less for the future overall, and spend more in the present day, when the prospect of living a long and healthy life seems less likely. If that is what you meant, then that makes sense. (Personally, I also feel torn about having children just like you described.)
I’ve opted out from workplace retirement/pension schemes.
Plans to have a second child were put on hold indefinitely due to my timelines collapsing in 2020. This sucks, as both me and my wife really want to have a second child & could have done so by now.
I’m making trade-offs for ‘career’ over ‘family’ that I wouldn’t normally make, most notably spending two-thirds of my time in SF whereas my wife and kid are in Boston. If I had 30-year timelines like I did in 2019, I’d probably be looking to settle down in Boston even at some cost to my productivity.
While I’ve mostly reverted to my hedonic set point, I am probably somewhat more grim than I used to be, and I find myself dealing with small flashes of sadness on a daily basis.
Feels almost like a joke to offer advice on minor financial-planning tweaks while discussing AI timelines… but for what it’s worth, if you are saving up to purchase a house in the next few years, know that first-time homebuyers can withdraw money from traditional 401k / IRA accounts without paying the usual 10% early-withdrawal penalty. (Some related discussion here: https://www.madfientist.com/how-to-access-retirement-funds-early/)
And it seems to me like a Roth account should be strictly better than a taxable savings account even if you 100% expect the world to end by 2030? You pay the same tax up front either way, plus you can still withdraw the money any time, but savings in a Roth account doesn’t face any capital gains taxes. (Unless the investment options you get through your workplace plan are restrictive enough that you’d rather pay the capital gains taxes in exchange for greater investment choice.)
Of course it makes sense to save less for the future overall, and spend more in the present day, when the prospect of living a long and healthy life seems less likely. If that is what you meant, then that makes sense. (Personally, I also feel torn about having children just like you described.)
Only up to $10k, though.