Do you plan on leaving money to your kids?

5,705 Views | 54 Replies | Last: 7 yr ago by Duncan Idaho
Blaine_Bishop
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How will your kids inherit a lot of you retire with only 3 MIL? That isn't that much unless you plan to do nothing once you retire.
FIDO*98*
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AG
quote:
How will your kids inherit a lot of you retire with only 3 MIL? That isn't that much unless you plan to do nothing once you retire.


I already have 50K/yr in passive income. That number will go up over time as the assets are paid off and I will have fewer debts such as my home mortgage.
Ragoo
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quote:
How will your kids inherit a lot of you retire with only 3 MIL? That isn't that much unless you plan to do nothing once you retire.
assuming 4% rate of return and 30 year draw down that is $14k a month.

That is a lot of money if you have your house pad off.
TXAGFAN
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quote:
How will your kids inherit a lot of you retire with only 3 MIL? That isn't that much unless you plan to do nothing once you retire.
Please post your balance sheet. $3 million is A LOT of money.
Blaine_Bishop
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I didn't say $3 mil wasn't a lot of money it is. His kids will not inherit a lot of money if he only retires with 3 mil which is what he stated.
chipotle
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3 million isn't a lot

/texag$
Blaine_Bishop
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Forgot this place is a bunch of poor
Ragoo
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quote:
I didn't say $3 mil wasn't a lot of money it is. His kids will not inherit a lot of money if he only retires with 3 mil which is what he stated.
your point is valid that 3 mil may be just enough to get you to death.

There may be nothing left.
Corps_Ag12
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I don't expect my parents to leave me any money, but they've told me they will. I continue to tell them to enjoy it instead of leaving us (my sister, brother, and I) money or at the very least buy land.

None of us need it as we are all very successful in our careers & well off.
Tatem
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I want free money!
I keep telling my parents to stop spending
Tomdoss92
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I want free money!
I keep telling my parents to stop spending


Look on the bright side!
They might selfishly spend their money to take a trip to a dangerous place and not make it back.
canagian
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Someone retiring with $3m net worth is in the 97th percentile for all Americans. So if you can't leave something behind as an inheritance for your family, I suggest you ease back on the hookers and blow...

https://dqydj.com/net-worth-in-the-united-states-zooming-in-on-the-top-centiles/
IrishTxAggie
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quote:
Someone retiring with $3m net worth is in the 97th percentile for all Americans. So if you can't leave something behind as an inheritance for your family, I suggest you ease back on the hookers and blow...

https://dqydj.com/net-worth-in-the-united-states-zooming-in-on-the-top-centiles/

GTFO.....
bagger05
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Whether $3MM is a lot or not depends on when you plan on retiring.
Cromagnum
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Texker
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We taught them well so they are on their own.
SF2004
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quote:
quote:
I didn't say $3 mil wasn't a lot of money it is. His kids will not inherit a lot of money if he only retires with 3 mil which is what he stated.
your point is valid that 3 mil may be just enough to get you to death.

There may be nothing left.
Holy **** this place....

Average life expectancy in America is 78 years. If you retire at 65 you could burn huge chunks of the principle and still not run out.

If you took $100k of principle each year you could live JUST LIKE the 15% of working American's for 30 years. Except that you shouldn't have a house payment etc.

This place is full of such **** when it comes to finances.

bagger05
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$3MM in 30 years will be more like $1MM today. If you have a $1MM nest egg entering retirement today then you're not going to starve but you're also probably not living in excessive luxury, either.
62strat
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quote:
quote:
I like all of you assume you know how much you'll have when you die and whether or not it will go to kids.

So tell me, when exactly are you dying?

My grandma just died at 96. You think you'll have money left if you live to 96? Hah.
Yes. I fully expect to have money left no matter when I die. My income won't stop when I retire.
What does that have to do with having money to leave kids? Everyone has income up until retirement, but a large majority of people not retired (currently working), if they died tomorrow, would have nothing to leave for their kids. Income at the time of death is irrelevant.

It sounds you will likely leave them something that continues to provide income after your death, but whether or not you leave them a sum of money when you die is completely up to how long you live and how much of your money you spend while you're still alive; whether it's current income or retirement funds.
B-1 83
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Leaving it all to the Hari Krishnas
Duncan Idaho
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Seeing as the rapture will take place before I die, there is no need to save for retirement or to leave an inheritance. All of my free money goes to fund missions to spread the word to all nations.
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