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No windfalls. We invested every penny we could along the way while working and managed to save a good amount. We have SS & pension and since we bought our very small house in 1972, its paid off and we live for the cost of taxes and utilities (never upsized, didn't need to downsize. Didn't snowbird. We have friends who are working in retirement and have mortgages due to both). Anything beyond that is charged and paid off 100% monthly -- and I keep excellent financial ledgers. I figure we will be good for a long time.
Not what I'd call a windfall, but we were lucky enough to buy a house in an area once considered too far out in the boonies. Then the Dulles Tech Corridor was built, plus 9-11 happened and government facilities needed to move out to the burbs so they could have more secure campuses. As a result my neck of the woods went up in value.
So is that a retirement windfall? Maybe yes, maybe no, we'll have to wait and see. And remember there's also a price to pay for this sort of luck. Will it help finance our retirement? Maybe, but only if we sell the house--and there can be many reasons not to do that. In the meantime, rising real estate values gives you rising property taxes. Living in an area with a lot of construction can mean traffic headaches. And new neighbors may arrive that change the character of your neighborhood. One of the Trump kids moved down the street and that's had it's pros and cons.
OP, you have been really lucky, congratulations. But judging from the thread comments, either it is extremely rare to be subject to a windfall, or those who have been so lucky rarely post on C-D forum.
I am one willing to admit receiving a sizeable inheritance but nobody knows about it because people tend to make snide comments like "entitlement mentality" "worked for every cent we have' etc. Just because somebody got a nice inheritance does not mean they didn't work and save and make good financial decisions before the windfall. I certainly did not go from poor to rich with my inheritance. I went from comfortable to really comfortable.
I always knew I would get a nice inheritance as my mother was widowed at 50 and I managed her investments for the last 20 years of her life. She died at 86. My father entrusted me and not my older brother which was a good thing. We certainly could be living a much more showy life if we chose to but that is not our way. The only major change is that before my mother died but still late in life DH and i decided to adopt two more children only because we knew financially it would not be more than we could handle. Our grown son is aware of our financial situation and he knows he too will probably be responsible for keeping it safe for his younger sisters. He is very frugal and investment savvy and already knows it is not good form to discuss personal finances with friends as jealousy and assumptions are too easily made.
I am one willing to admit receiving a sizeable inheritance but nobody knows about it because people tend to make snide comments like "entitlement mentality" "worked for every cent we have' etc. Just because somebody got a nice inheritance does not mean they didn't work and save and make good financial decisions before the windfall. I certainly did not go from poor to rich with my inheritance. I went from comfortable to really comfortable.
I always knew I would get a nice inheritance as my mother was widowed at 50 and I managed her investments for the last 20 years of her life. She died at 86. My father entrusted me and not my older brother which was a good thing. We certainly could be living a much more showy life if we chose to but that is not our way. The only major change is that before my mother died but still late in life DH and i decided to adopt two more children only because we knew financially it would not be more than we could handle. Our grown son is aware of our financial situation and he knows he too will probably be responsible for keeping it safe for his younger sisters. He is very frugal and investment savvy and already knows it is not good form to discuss personal finances with friends as jealousy and assumptions are too easily made.
Sounds like wise decisions in re: to keeping your personal financial situation quiet.
Most folks who inherit sizeable money/assets are from families that have had an ongoing legacy -- and were able to instill smart financial planning in the next generation. Otherwise, the kids typically "blow it" in the following generation. Was it Warren Buffett who said most family wealth is lost by the third generation? So seems to me you have been very wise, indeed.
I personally know half a dozen or so folks who are millionaires and live very modest lives. They have worked hard, lived below their means and made sure their estates were in trusts so adult children and grandchildren wouldn't run through the assets by making poor lifestyle decisions.
People would never guess the extent of their estates.
The majority of my friends are very grateful their parents have enough assets to live decently until their deaths -- and many are already helping their parents financially. About half have already received their inheritances, as their parents are already deceased, and the inheritance was very modest.
I do know people who will most likely inherit sizeable assets but they are in good shape already and although the additional $$ will be appreciated, they certainly are not dependent on it for financing their retirement.
I do not expect to receive a sizeable inheritance but am very grateful that my parents have planned well to make sure they can maintain themselves, even if that includes longterm care.
I don't think many folks are depending on some sort of windfall to finance their retirement. And like NO KUDZU has relayed, most folks are not going to talk a lot --for many reasons-- about their finances, especially if they have planned well and those around them may not be in as stable a situation. It would be uncomfortable to do so.
Received a bit of a windfall 20-some years ago. Lost it all plus some in divorce a few years later. Oh wel! Just as happy to have done retireent all on our own. It's a bit tight but all ours.
Not what I'd call a windfall, but we were lucky enough to buy a house in an area once considered too far out in the boonies. Then the Dulles Tech Corridor was built, plus 9-11 happened and government facilities needed to move out to the burbs so they could have more secure campuses. As a result my neck of the woods went up in value.
So is that a retirement windfall? Maybe yes, maybe no, we'll have to wait and see. And remember there's also a price to pay for this sort of luck. Will it help finance our retirement? Maybe, but only if we sell the house--and there can be many reasons not to do that. In the meantime, rising real estate values gives you rising property taxes. Living in an area with a lot of construction can mean traffic headaches. And new neighbors may arrive that change the character of your neighborhood. One of the Trump kids moved down the street and that's had it's pros and cons.
I remember when Louden County, Prince William county and even the far side of Fairfax county was the boonies. Now you guys a reaping good profits from your property investments; good for you...
I think it is wonderful to have been wise enough to have planned for retirement, or to have worked for a company that offered a good retirement, but today that isn't the case as much as it was years ago..
Within our family we have seen those who have struggled. My mother in law lived on a few investments (not many) and SS for years. She had almost nothing left when she passed away but she was able to live without depending on anyone to help her and she even did a little traveling..
Our daughter and hubby did inherit, what appeared to be a sizable amount of money,but I never asked them about it. They did some wise investing and will retire very comfortable.
As for us, we did come into some money when my dad passed away,but it wasn't what I would call in windfall. We live on some investments, SS and a small retirement. My stepmom did die about 5 months ago, when her estate is settled, (hopefully in a few more months or so) we will be getting enough to help us enjoy the rest of our lives, but again, not a fortune. She left, what most call a fortune, but 1/2 of it went to charity and the other1/2 is devided 5 ways and not 5 equal ways.
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