This certainly has been a dreary topic on (in SoCal) a very dreary, rainy, windy (and for us, cold) day...
It's really a philosophical discussion: whether or not to spend and enjoy one's life savings while young and healthy enough to enjoy it and/or save for unknowable medical expenses...
In my family, we leaned toward the notion of dying with only $1 left as long as we don't become a financial (or other) burden on succeeding generations -- as long as any surviving spouse is taken care of...
So far, my parents have followed that path, except for now when the fear of outliving their money is preventing them from taking a trip they've always wanted and IMO, can afford... now, to be clear, they've already traveled the world several times over when they first retired... this trip is much more modest and might cost a total of less than $10K!!! And yet, now they are reluctant to spend that despite having a substantial amount of retirement savings still and they are both 85ish...
I'd rather they enjoy that money now than inherit a penny from them... it's THEIR money, not mine... they've already sheltered us kids from medical financial burdens and decisions and that is plenty of inheritance for me.
Others feel obligated to pass on as much of their wealth as possible to the next generation who get that wealth simply because they were born into the right family... well, if one is able to enjoy one's own life savings as much as they want, then fine, pass some along to the kids and grandkids, but I don't see it as some sort of entitlement for heirs to expect big payoffs from dying parents... the parents earned and saved that money, not the heirs...
Oh well... if one can do both, all the better, but not a priority for me personally... shoot the way things are going, it will be all I can do to fund my own retirement, let alone pass along wealth to my daughter... who has already stated that she won't take care of us or change our diapers if necessary... <ggg><ng>
Jim |
