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I recently saw a license plate frame that read, " We're spending my children's inheritance," and was wondering how many retirees are of that mindset or are planning to leave something for their heirs. What plans have you made?
Seriously though, we have no children and there is no one to leave it to other than sibs or nieces and nephews. My sibs will probably all go before me (sorry to say), and none of my nieces or nephews has really stepped up at this point to make them worthy of it. Of course there has never been a need for them to step up yet, so it remains to be seen if there will be any inheriting, or if any remainder will go to a charity of my choosing. I will attempt to spend it all before I go, that's my plan.
So I want to live on the dividends and interest, and grow the capital so the income grows, and live to be quite old. The inevitable byproduct of this conservative plan is that I will die at peak wealth.
But I want to live so long that my kids do not inherit the pile until they are 70 or older.
Yes. I don't have tons of money. My goal is to retire with 1-1.25 million. We have no other income except SS, so part of that money will be set aside to work hard... which means I'm bucketizing. So a part of my cash will always be invested in equities and as such when we go it will go to our nieces and nephew and to any grandies (grand nieces or nephews)... or siblings but since I'm the youngest by far... to be divvied up when they are in the 80's....
So I want to live on the dividends and interest, and grow the capital so the income grows, and live to be quite old. The inevitable byproduct of this conservative plan is that I will die at peak wealth.
But I want to live so long that my kids do not inherit the pile until they are 70 or older.
Pretty much my plan.
I do however slip them bits now & then. Not enough to change their lifestyle or make them lazy.
The choice of not leaving an inheritance is not having money and being at the mercy of someone for my health and economic well being. That is not a goal for us.
To do that u must know when u r going to check out
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