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That is quite the assumption that your children will look after you in your twilight years. All, or nearly all, of oir retired friends with 40-ish children express no such delusional hope. zin fact, msny of these mid-career professionsls are looking toward their parents as cash cows to fund the younger generation's retirements!
Let me describe the type facility I am looking for. My own 2 bedroom, 2 bath unit, full kitchen apartment. Services offered such as a dining room with an optional/flexible meal schedule. Unit cleaning and bedding change every two weeks. No stairs. Ability to use an electric scooter.
If you got money..............somebody will be there!
I had a neighbor in her 80s who recently moved. She was widowed, her 2 sons have died, her sole heir was a grandson who died last year so she ended up in the same situation. She moved about 2 hours away to be near some friends
I don't think these kids in my extended family (who will be aged between 31 and 40 if I need their fairly minor help 30 years from now) will need my money. It just remains to be seen whether they'll like to travel & whether they'll find it interesting (rather than burdening) to be involved with a minor responsibility in a far-away country.
That is quite the assumption that your children will look after you in your twilight years. All, or nearly all, of oir retired friends with 40-ish children express no such delusional hope. zin fact, msny of these mid-career professionsls are looking toward their parents as cash cows to fund the younger generation's retirements!
Agree. Plus many of these children who grew up in the Salt Belt have moved to the South. Quitting their jobs and moving back to take care of their parents is not an option. It would be their parents who would have to move to be with their children.
That is quite the assumption that your children will look after you in your twilight years. All, or nearly all, of oir retired friends with 40-ish children express no such delusional hope. zin fact, many of these mid-career professionsls are looking toward their parents as cash cows to fund the younger generation's retirements!
My wife and I are so disappointed in the verbalized financial expectations of our kids, rhat we are considering a re-write of our Trust Doc to leave our Estate to our favorite charities. The kids would still receive the death benefit of our Survivorship Life Insurance Policy which is fully paid for. But the rest of the money would do public good.
No more $1K/night hotel rooms or $250 bottles of Dom Perignon from 'our' money. They already did that with the money we provided them to:
• Pay off Student loans, or
• Down payment on a house to escape sky high rents, or
• Kick start their oen retirement accounts
My wife and I are so disappointed in the verbalized financial expectations of our kids, that we are considering a re-write of our Trust Doc to leave our Estate to our favorite charities. The kids would still receive the death benefit of a sizeable Survivorship Life Insurance Policy which is fully paid for. But the rest of the money would do public good.
No more $1K/night hotel rooms or $250 bottles of Dom Perignon from 'our' money. They already did that with the money we provided them to:
• Pay off Graduate School Student loans (we paid all of Undergrad), or
• Be a down payment on a house to escape sky high rents, or
• Kick start their own retirement accounts.
We were always open and honest with them regarding our finances. We falsely assumed they would learn good financial habits via assimilation of these discussion topics.
Nope!
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