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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.
Have you ever heard of this or seen this?
It's a horrible idea, but you won't be able to dissuade them.
Even if they get what they expect, they will typically blow it all in 5 years or less, just like lottery winners do.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by MI-Roger
No extensive details sought, but how did that happen? Did they give you a business that had substantial debt?
That sudden debt load would definitely would re-calibrate your outlook and expectations.
Capital had been borrowed from extended 'family' to fund underground utilities in a commercial development.
My parents had been very successful and trustful and typically didn't need to borrow, but extended family had requested a share of investment in commercial project. Then a massive stroke (pre-age 50) disabled the 'prime mover' of projects. Very sharp economic downturn in USA with banks calling all commercial paper (same as 2008). Parents lost 7 businesses, ranch, farm, commercial and residential developments, several apartment complexes... followed by 10 yrs rehab / without ability to speak.
Was a lonely process for an 18 yo to manage / wade through the medical and business and litigation jungle.
Watched it unfold with several friends in 2008. Banks commandeered $m of equity by calling commercial paper due. People who had not missed a commercial payment in 40 yrs lost everything. Banks formed Hedge Funds and grabbed the bounty. Retired friends (in their 90's) were left penniless.
Shrewd world out there.
Be prepared. (for the unexpected) - don't wait around for that inheritance.
My mother had a pension and some assets, but her “plan” also resided largely in waiting for an inheritance. She kept whining to me about running out of money, but I later found out she was (a) taking money from HER mother’s elder care funds for her own fun money, and (b) then blew the large inheritance on greedy investment scams. After that, the whining ramped up. Meanwhile, she did absolutely nothing to plan for her own future other than crying wolf. She refuses to sell her home, name anybody but herself as a trustee, or choose a senior care home that she might be able to afford. She is holding out for one or both kids (both seniors themselves) to pay everything and bankrupt themselves to accommodate her unrealistic wants.
We've have never expected anything from family. We did not earn it so why should we expect someone to give what they worked for to us? If they want to give it to the save the whales society its theirs to do so. I've never understood entitled peoples thinking.
While my childhood household was violent due to alcoholism & emotionally abusive, I had a roof over my head and was never hungry and I learned how not to behave with people and especially children. My wife on the flip side grew up with a version June and Ward Clever in comparison We were given an opportunity to get an education and a way to support ourselves. Not everyone gets that, far fewer than people think so I count myself lucky.
If something comes our way fine, but we did not build plans around it and don't need it. If something comes we will probably use it to help our kids while they are younger. Many of us I'm sure remember being struggling parents, money not going far and wondering how we would afford college or training for our kids when the time came. My community college associates degree tuition was $300 a semester, full time, with books. I paid for my Bachelors working full time and with the tuition reimbursement the company I was working for as an hourly worker had. Programs like that no longer exist for young people. My kids college bills through a masters degree were substantially more, some books alone were close to $100 A lot of kids do come out of school with more debt vs my generation.
Getting an inheritance when your retired if you have means, is a like the fire dept pulling up the day after the fire.
We like the home we are in and though its larger than we need we decided to keep it as the kids careers keep them close by. Seeing lot of neighbors in our older established neighborhood having their kids move back in with grandchildren when we were in our 30's and early 40s' due to divorce rates being what they are, we figured we wanted to have the room and security of their childhood home if they ever needed it during bad times. Plus having lived through a few downturns, plant closings and corporate "rightsizings" we choose to be their housing backup if needed and especially for any grandchildren.
So as we get older the maintenance on the house will probably slip at the end I'm sure, the house full of chotchkies, dated furnishings, ancient out of style car etc, books and housewares no one else wants can be auctioned off. The will provides the kids can sell the place for what it's worth and split it 50/50 along with any remaining 401K and investment balances after medical and final expenses are cleared, but we are not targeting a number to leave behind and they are well aware of this and not counting on anything.
Given that my parents were savers as opposed to investors, I'm not expecting anything. My biggest concern is getting rid of a five-bedroom house full of "stuff" when they are gone.
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We were given an opportunity to get an education and a way to support ourselves. Not everyone gets that, far fewer than people think so I count myself lucky. 
A lot of kids do come out of school with more debt vs my generation. 
