How many of you retirement is funding largely through a financial windfall?

[jghorton]

This reminds me of the old saying, "The harder I worked, ... the 'luckier' I got" (also, "the more diligently we were in following the Lord, the more we were blessed") --

There are probably some who had no retirement plan or savings ... until they won the lottery or received a big inheritance. However, by definition, one can hardly count on a 'windfall.' By the same token, those with no retirement plan or savings, who suddenly come into a windfall, are probably unlikely to keep it throughout their retirement.

[mlb]

It's really important to NOT assume a windfall or inheritance will come your way.

My mother was very upset when she learned she could not pass on her assets (her home and retirement accounts) as she has needed every single penny of it - for her nursing home care.

You just have to work and think nothing is coming - because it just might not.

[theoldnorthstate]

i have worked officially since I was 14 years old. Parents owned a restaurant, so I was washing dishes even before then. that was almost 50 years ago.

No it was not a windfall. I have worked hard and any retirement will be earned.

[nmnita]

Originally Posted by theoldnorthstate

i have worked officially since I was 14 years old. Parents owned a restaurant, so I was washing dishes even before then. that was almost 50 years ago.

No it was not a windfall. I have worked hard and any retirement will be earned.

I know many people,in fact the majority do work hard for their retirement, but I do hope your comments were not a slap in the face to those who have been lucky enough to benefit from a windfall. Many of us have earned our retirement,but still have been able to enjoy life a little more because of a windfall.

[Bette]

I'd love to do a thread on how many had to help their parents in their older years.

Even before my parents were that old, I was already helping them - making their mortgage payments when I was still in high school. However, I did feel I needed to do this as I had extensive surgeries as a child and I felt like I caused their financial injustices (that was not the case).

In those days, families did not speak of where their funds came from and it was very hard for me. I worked 2 jobs even in high school and people I knew thought I was stuffing it away which was not the case. My mother was a SAHM and while I loved that, I didn't realize she could have really helped the situation. None of their friends knew any of this at the time. (My dreams were put on hold).

So, did it impact my life? Yes. I had to work so hard to make up for all this and then start saving myself but it was hard. Because of that hard work, my brother and I were able to start a company (which was a dream of mine) and it was a success for 17 years. (My favorite part of my life was during this time - children were young and I did not take anything for granted).

Fear? Sure. I don't want to end up like my parents. They were good people though - my dad just made some wrong business decisions - it was not personal overspending - it was always business related. However, they had many friends and relationships were important to them, especially my mother. She never complained.

So, my husband and I work super hard - all the time - just trying to make up for the years we helped everyone else and maybe have something for ourselves. I'm grateful we have a roof over our heads, that our children are healthy, one has graduated college, one is still in it. We have faith in our lives; my husband went through hell the last few years so we need a break for a while. We look to help others and know peace of mind is gained from volunteering, thinking of others first and of course, our faith is strong.

So, I would love a windfall of some kind but I also know the feeling of working hard for something and making it. When my brother and I started our business, most of my parents' friends told us it would fail (most of them very successful) and we were thrilled when we made it work (hard work though; long hours).