It's their money, hope they enjoy it.
That being said, if they had received inheritance from their parents such as a business, then they'd have an obligation to pass it on to their kids.
A favorite bumper sticker of mine says “I’m spending my kids inheritance” and that’s what I intend to do. We raised them to be fiercely independent and that’s what they are. 2 girls.
My wife and I married late-early 40s for me, late 30’s for her. One son in his middle twenties. We have set aside funds for traveling but to quote from “Second Hand Lions” other than those funds and funds for medical issues, “the kid gets it all.”
How sharper than a serpent’s tooth it is to have a thankless child
Sounds like they raised two spoiled brats................
I think it’s gotten harder for each generation. It was harder for us to buy a house than our parents. Retirement income much less generous...private pensions are uncommon. My grandfathers and my mother had government pensions so there is always that.
You could raise a family on one income.
My great grandfather and grandmother made a bundle buying land when it was cheap. It isn’t cheap anymore.
Not complaining, I don’t plan to retire before I have to. I like working.
But I expect my children will have it harder than my generation, and I want to leave them something.
You got to love these people who have families, then do everything they can to leave them nothing because traveling and spending their money in foreign countries are so much more important to them.
When they die, who do they leave their homes, assets, cars and accounts to? Their travel agents?
I’ve told my kids my financial goal is to have my last check bounce. My wife is making that goal attainable.
My FIL planned well and saved a substantial amount for retirement. He and my MIL traveled and enjoyed it which is the way it should be. What was left was to care for her should he pass before her. Sadly, she died before him, and at that point his dementia was already at the mild stage.
Long story short, we took care of him for five years and spent a good bit that money on him - including getting the best in home health money could buy. He did not lack for anything, the best nutrition, equipment, etc., anything that made his life more comfortable and kept him (mostly) in our home. We itemized every expenditure and sent copies to the siblings as well as his bank statements so they could see where the money was going. Not a penny went to us during that time.
His daughter, who couldn’t be bothered to call or visit during those five years threw a fit over the money we spent on him. She had the gall to complain over us wasting her inheritance. I told her plainly, this is still HIS money until he passes, not hers.
There’s a major risk: They may spend so much on traveling, etc., after their early retirement that they don’t have enough money saved for their old age, especially when medical procedures or long-term care are required (or even just the normal expenses of living if they end up having a long life).
And what are they going to do then — turn to their kids for help?!!
Whatever is decided, I just hope that people follow the wishes of parents (or whoever) who pass away.
A very sad story of co-worker whose mother passed away. Her mother and father had explicitly stated and in writing that her and her siblings would get the proceeds of the sale of their home once the sole surviving parent passed away or was sold.
However, the father re-married and once that happened he had a change of heart on distributing the proceeds of the home which had been sold. My co-worker told me she did not believe it was her father’s new wife who was responsible, but rather her father felt that once his wife had died, such an agreement was no longer operative.
Is essentially split the family with some kids saying it was their father’s discretion to do so, and others saying it was wrong to not honor their mother’s wishes. On what I have been able to find out, it’s not a money issue for the kids who object - they feel their mother’s wishes were discarded and that has caused some ill will.
The family has still not reconciled, and I’ve seen the sad toll it has taken on my friend at work.
They are “retiring” very early. I’m sure they will enjoy themselves for five or ten years, but I wouldn’t be surprised if they go back to work out of boredom.
I retired at 65 and my wife at 68. We are following our financial advisor’s advice: Retirement has three stages:
1. Go-go
2. Slow-go
3. No-go
Right now we are 72 and in the Go-go years. Even our “Go-go” isn’t very fast compared to some friends. One couple just took a top-drawer, ultra-luxe African safari for 17 days that set them back $35,000 (without air fare to Africa). They are at this moment on their second big trip this year to Egypt.
We’ve taken three trips this year: A tour through Idaho and Montana; an Alaskan cruise from Seattle (with some family); and a 1,900 driving tour through the Canadian West.
We’ve had some short discussions regarding inheritance with the three kids on what they might get, but fortunately none of the three have raised any issues like the kids in this article. We’ve been generous getting two of the three into their own houses by their early 30s, so we are pre-spending some of their inheritance to help them now when they need it most, not after we croak.
They kids aren’t even considering the opposite - that other kids have to provide and support their parents in old age.
I never even thought about what I’d get from inheritance. My parents always lived very frugal. If there’s anything left it’ll be split between my brother and I - no expectation of anything super significant.
Give money to kids, and most likely they give it to groups like Black Lives Matter.
I would never give wealth to my kids until they have an appreciation for how wealth is earned.
Shaquille O’Neil to his kids: “We ain’t rich, I’m rich.
Neither my wife and I ever received any inheritance from any relative. My mother died at age 52 when I was 30, and my father spent any money she had. I had to pay out of my own pocket to bury my father at 80. We had been helping my wife’s parent pay for their house because they were even more irresponsible than my spendthrift dad. They said they would pay us back, but both died owing us $50,000.
We worked hard to pay off our house, cars, credit cards and all debt. We have no children, but now my wife wants to leave some money to her niece and nephew who are both making more than I ever did in my working years. I wanted to take out a reverse mortgage and buy a new Z06 Corvette and drive off into the sunset in a blaze of glory, but the wife won’t have it. What are we going to do with $700,000 home equity if we don’t enjoy some of it ourselves?
I left home with all ten fingers and ten toes. My parents mission was accomplished.
Have seen too many relatives and family friends work up to retirement age, and die from some cancer or other - never to enjoy what they worked for. Can’t blame anyone for enjoying their life, working or retired.
The dramatic daughter needs to grow up a little bit more.
Yep, the best plan is to have one penny left on the day you die. But that's difficult to plan.