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I know a couple of single people in their mid-40’s who have accumulated no assets and their retirement plan is to wait until their parents die and leaves them their assets/inheritance.
I know a couple of single people in their mid-40’s who have accumulated no assets and their retirement plan is to wait until their parents die and leaves them their assets/inheritance.
Have you ever heard of this or seen this?
Very bad idea - they could live into their 90's and use (or lose it) all for healthcare. They may decide to give it all to charity or to other people! THEN where would you be?
NEVER count on an inheritance - especially when it leaves you no time to recover on your own - into your 50's it is far to late to start saving and you could hit retirement age before they even pass on, anyway. What do you do then to bridge the gap?
That seems a little cold hearted; at some point they could start wishing them dead. Medical problems can bankrupt anyone. One spouse outliving the other, remarrying and passing on before the new spouse can alter the dynamics of inheritance completely, especially if the new spouse is younger and lives a long time, possibly also remarrying. Bad idea for a myriad of reasons.
Yes, one of my female friends and her sister assumed they were getting the inheritance- until their mom died and their dad (at age 85) remarried and has re- written the will to include his new wife, her kids and grandkids. So instead of getting what wa to be about 2m each, they may get 250k, if that.
They are in their 50's with not much time to make up for their poor "strategy" for retirement.
My inlaws were pretty wealthy - but never acted as if they were.
When my spouse and I were in our mid-40's I stressed to him that we needed to save as if NONE of their money was coming our way - because life is what happens when you make plans. They could need it - or give it away or whatever.
I know his sister felt differently. ... she being a Grifter of the First Class.
Fast forward - I am de-facto retired (broke my ankle 3 weeks before my retirement date - hah!) and in the last year - a surprise inheritance from MY side of the family allowed us to pay off our house.
Then my MIL died.
We have inherited much of what we were told we would get - save for a couple of "missing" accounts that we believe SIL stole....
And - we have our own nest-egg (almost 1M)...plus pension plus Social Security.
Honestly - you throw ALL your eggs into the basket rather than sit back and feel like they are entitled to you.
We suspect SIL will STILL run out of money..... despite this largesse. She simply does not know money management.
Have they accumulated the skills needed to accumulate assets?
Yes but they don’t want to. They’d rather spend rather than save.
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Are their parents unaware of the situation?
I mentioned it to one of their mothers and she scoffed at it (to me) but did nothing. I’ve been the one to encourage them to save and plan but they don’t listen.
Let's keep politics in the political forum please. My MIL was considered well off when my FIL past away at 63. She was very conservative with her money. She lived until she was 94 - and due to being in a nursing home - the money was all used up - which was what it was intended for. No one should ever count on an inheritance.
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