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I don't get the animosity about sharing assets with children (adult or not) and grandchildren...
If you don't have enough to do it w/o second guessing, then don't but why feel guilty or feel the need to ridicule those who can?
It's their money...they earned it...they can do what they want...
Quote:
Originally Posted by Larry Siegel
You can't take it with you, and kids and grandkids who are going to inherit a lot of money might benefit from getting some of it when they are young and struggling.
Of course. But the down side is when the subsidizing of adult chldren beyond their educations leads to the dysfunctionality of those being subsidized. There are cases where adults spend their lives living off the largesse of their own parents and are not even gainfully employed. These chldren are thus deprived of the satisfaction of standing on their own two feet.
Lots of things can be justified by saying people can do what they want with their own money. Of course they can - that isn't the issue. They can give large sums to hate organizations or to religious wackos, or they can spend it on booze keeping themselves in a constant drunken stupor. All that is their right. Yet it doesn't mean the onlooker can't come to conclusions about the spending.
but the fact is 3-1/2-4% withdrawal rates can by design do a bit of both inherently . planning around safe withdrawal rates tends to leave a lot left over if your time frame is anything better then worst case .
Obviously.
But this is different than saying well we can live on 4% but let's work a few more years to further build up the stash and make sure when we're in our 70s we give money to our middle aged children.
But this is different than saying well we can live on 4% but let's work a few more years to further build up the stash and make sure when we're in our 70s we give money to our middle aged children.
No animosity, but it depends on the relationships you have with them, etc, etc. Just no grand kids here and no plans for any. Also only step kids with so far zero financial responsibilities. But in general it is a fact that the majority of retirees under estimate the cost of their final years, regardless of what this article says. And while I too would always rather leave the money to family, rather than pay it to some for profit service organization, & if I was obviously exceedingly wealthy, I would rather the money went where it was doing good for the most, while I Was still alive to see the results. It has been said, you can't take it with you. The cost of LTC is the huge elephant in the room that has me more concerned. I've seen and still see lots of retirees living a less than optimum retirement standard of living or even going broke while retired to fund lazy and spendthrift kids because of some warped sense of duty. We fight weekly with my step sons grandmother as she refuses to eat right and use her money for basics like AC in Miami, so she can send him extra money, which he gladly accepts.
when making a retirement plan you can gear up for maximizing legacy money if that is of primary importance because you do not need all of your own or have kids or grand kids with special needs or you plan can around maximum spending .
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but the fact is 3-1/2-4% withdrawal rates can by design do a bit of both inherently . planning around safe withdrawal rates tends to leave a lot left over if your time frame is anything better then worst case .
so you may pick up spending on grand kids as your own spending rolls back . i know we hope to be able to do that while alive .
we would love to send the family on vacation every year as we age .
As always Bada Bing! Sorta curious not wanting to share in this thread and expecting them to take care of us in other threads. Probably not the same posters.
we would love to send the family on vacation every year as we age .
I hope you meant take the family, not send. Something like a cruise works great for a multi generation vacation, or for a smaller budget, renting a vacation house within driving distance.
Speaking as the adult child and not the retiree, I treasure the vacations with my kid, my sister and her family and my mom (and with my dad before he died). The family memories are priceless.
I don't care what anyone does with their money, my point was that I don't get planning your retirement expenses around it where you might work extra years specifically to have the scratch to dole out when you're in your 70s.
I have a 74 year-old co-worker, making 6 figures, collecting Soc Sec. and a previous pension…who comes in every day swinging his lunch bag, skipping in like his job is his life. And he works every bit. of OT he can get. He has a lot of income -- and a lot going out:
-- paying for grandkids college (says he wants them to have a good start in life)
-- buying AND maintaining their cars for them (they need a car to get around)
-- paying for their lessons, hobbies and interests
-- helping out his ADULT kids who are in their 30s and 40s
He says he wants to do it.
If he loves being Mr. Money Bags….and working all the OT he can get, enjoys coming to work at 74….I suppose you can't begrudge that. iF HE doesn't mind the fact that he could never retire that's on him. The man says he enjoys working and providing for generations of his family…..you can't fault that.
I just hope he has SAVINGS in addition to INCOME. Because if there's ever a day he CAN'T work, he might be in for a financial reality check.
I hope you meant take the family, not send. Something like a cruise works great for a multi generation vacation, or for a smaller budget, renting a vacation house within driving distance.
Speaking as the adult child and not the retiree, I treasure the vacations with my kid, my sister and her family and my mom (and with my dad before he died). The family memories are priceless.
If we are still healthy enough to go ,sure we will go , but if not we would just as well like to pay for all of them to do something together each year .
Perhaps the question is do we want to use our wealth for inter generation wealth building or intra generational wealth consumption. Parents and families are very different.
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