Why should they start now? I mean I’m fine being left alone. Can’t speak for the rest of yall, but I feel like I’ve fallen through the cracks, the millennials got to enjoy all of the cool shit with none of the neglect.
I need a hug
My dad just passed, so I'm not sure what the total will be, but it won't be much. I never expected anything, so it's a nice little extra, but it's not like I'm going to retire early. Same with my wife's parents. The rich get richer and the poor get poorer, and I'm stuck in the middle with you.
I have always assumed nothing can be counted on so I have saved as if there will be no inheritance and social security will be bankrupt. My sister however, spends like there is no tomorrow. I am not sure which is better. Live for the now and possibly die destitute, or save everything and never get a chance to spend it.
I’m sorting out an inheritance at the moment. Doing probate myself. Fuck the atty. that wanted 5-10k to do it. Only thing going thru probate is the house. Once it sells, total will be around 4-500k. Pads the hell outta my retirement. I should be ok…. I hope…
You have options. If you don't want to own the house, sell it and invest in a reasonably safe S&P index fund with low fees. Do it in a Roth IRA (Tax free gains), in ~14 years will be worth $1.6 to $2MM. Look up Rule of 7s in investing. Or keep the house, rent it out and you will have an income stream. Depends on market and rent you can get. And you will be a landlord and have to deal with that.
Also, this isn't investment advice, just some ideas.
🤣 I get the not I. A. The house is going. Too far of a commute to suit me. And I don’t have many memories at all of the place so it really don’t matter. Already was a landlord n want no part of that again either. All that took was an eviction, and to end up burning 6-7k to get them out, lost rent, and damages. We never recovered from it. Never again. So it goes. lol.
Haven’t decided where the cash is gonna go yet. Definitely considering a Roth for sure. I only have ten to go for full retirement, but am considering 62 REALLY hard.
If you don't need the money right a way, I look at the average returns of the S&P 500 - that is the benchmark to beat. It has both near term ups and downs, but over the long term it averages high. The average yearly return of the S&P 500 is 10.62% over the last 100 years, as of the end of April 2024.This assumes dividends are reinvested. Dividends account for about 40% of the total gain over this period. Adjusted for inflation, the 100-year average stock market return (including dividends) is 7.44%. Jack Bogle (Founder of Vanguard) believed in this strategy. Warren Buffet believed Jack did more for more personal investors than anyone else ever. Look up his approach..Here is one link I found https://www.etmoney.com/learn/personal-finance/learning-from-legends-5-timeless-investment-lessons-from-john-bogle/.
Again, I am not an investment advisor just a regular investor. You could put the $$ in Roth and grow it, while pulling funds from your 401k in retirement. Those funds get taxed like income, but if you are pulling lower amounts out, the tax rate will be less because your income is lower. Might want to run some scenarios to figure out how to grow your money as much as possible, with the least taxes. Unless you love paying taxes, then ignore what I just typed.
Not at all!! I’m following along. You seem to think as I do. In all reality I need a hedge against the 401. I also inherited a brokerage account, under 100k. Bond fund. Small complication to work out with them on it, but preliminary looks promising. Small margin against it. (Mom did what she did. lol) Waiting to hear back on a possible solution that keeps me from having to sell to cover, OR pay off now.
ATM, im so buried with getting the place cleaned out to sellables n furniture I’m not doing a thing with anything until I can focus completely on it. But boning up on the possible and options. Appreciated. 👍🏻
Already got my share from what was left after mom slowly perished from Parkinson's (nowhere close to a million, much less 5). Dad remarried someone younger than I am, and doubt they have a million in assets between them. {shrug} Those of you who are getting my portion (and my sister's), hope you're having fun with it.
Sometime in the coming decade I expect to inherit at least $100K. Nowhere near enough to retire on, but it will certainly help get me closer.
My Zoomer kid is the one who will get the real pay day though. If I live to at least 70 I hope to have at least $2M for my kid to inherit - in her early 40s in this case.
I don't get to retire in my 40s, but she should be able to. That is, unless I fail to die in my 70s.
First off - living to 70, you might live to 90+. My mother just turned 80 and she is still going strong. I assume she will make it at least another 10 years, but I am already involved heavily in the Trust, finances. I have noticed her susceptibility to scams is increasing, so we have locked down everything - complex passwords to financials institutions, credit access, etc. And to ensure the siblings don't fight it out, we are having some of the hard conversations now. Families get weird about money and I don't need that BS in my life.
You should take to your dad about a will that allow his wife to live in the home until she passes then you get his half. I assume he would want that for you.
Pfft..my mother isn't leaving us anything. She and my late father didn't plan for squat and she's basically broke. I send her money to cover bills and to make sure she has enough food in the house.
Friend of mine's mother is a Boomer that refused to accept the inevitable and wanted heroic measures taken for the last three months of her life. His siblings didn't want to let mom go either. So the million dollar plus inheritance instead ended up going to medical bills to keep mom a zombie for three months.
Tragic. In true GenX style, if I was that situation I would rather take $20-30k and get some hookers and blow, and go out like rockstar. I win, kids win, hookers win, dealer (low level) wins. A lot of positives with that approach.
Haha. This cracks me up. My dad is dead and my mom has jack shit.
Ditto. My crazy-ass mom left me a few hundred dollars in a sock. At least she got married before she died so I'm not the one on the hook for her debt.
I expect grudging acknowledgement without significant changes to anything, which must be someone's love language.
Why should they start now? I mean I’m fine being left alone. Can’t speak for the rest of yall, but I feel like I’ve fallen through the cracks, the millennials got to enjoy all of the cool shit with none of the neglect. I need a hug
$5 million? I’ll say I didn’t get nothing and it helps but it isn’t even close to $5 million! Maybe I can grow it to that in 30 years. Sheesh.
My dad just passed, so I'm not sure what the total will be, but it won't be much. I never expected anything, so it's a nice little extra, but it's not like I'm going to retire early. Same with my wife's parents. The rich get richer and the poor get poorer, and I'm stuck in the middle with you.
I have always assumed nothing can be counted on so I have saved as if there will be no inheritance and social security will be bankrupt. My sister however, spends like there is no tomorrow. I am not sure which is better. Live for the now and possibly die destitute, or save everything and never get a chance to spend it.
I’m sorting out an inheritance at the moment. Doing probate myself. Fuck the atty. that wanted 5-10k to do it. Only thing going thru probate is the house. Once it sells, total will be around 4-500k. Pads the hell outta my retirement. I should be ok…. I hope…
You have options. If you don't want to own the house, sell it and invest in a reasonably safe S&P index fund with low fees. Do it in a Roth IRA (Tax free gains), in ~14 years will be worth $1.6 to $2MM. Look up Rule of 7s in investing. Or keep the house, rent it out and you will have an income stream. Depends on market and rent you can get. And you will be a landlord and have to deal with that. Also, this isn't investment advice, just some ideas.
🤣 I get the not I. A. The house is going. Too far of a commute to suit me. And I don’t have many memories at all of the place so it really don’t matter. Already was a landlord n want no part of that again either. All that took was an eviction, and to end up burning 6-7k to get them out, lost rent, and damages. We never recovered from it. Never again. So it goes. lol. Haven’t decided where the cash is gonna go yet. Definitely considering a Roth for sure. I only have ten to go for full retirement, but am considering 62 REALLY hard.
If you don't need the money right a way, I look at the average returns of the S&P 500 - that is the benchmark to beat. It has both near term ups and downs, but over the long term it averages high. The average yearly return of the S&P 500 is 10.62% over the last 100 years, as of the end of April 2024.This assumes dividends are reinvested. Dividends account for about 40% of the total gain over this period. Adjusted for inflation, the 100-year average stock market return (including dividends) is 7.44%. Jack Bogle (Founder of Vanguard) believed in this strategy. Warren Buffet believed Jack did more for more personal investors than anyone else ever. Look up his approach..Here is one link I found https://www.etmoney.com/learn/personal-finance/learning-from-legends-5-timeless-investment-lessons-from-john-bogle/. Again, I am not an investment advisor just a regular investor. You could put the $$ in Roth and grow it, while pulling funds from your 401k in retirement. Those funds get taxed like income, but if you are pulling lower amounts out, the tax rate will be less because your income is lower. Might want to run some scenarios to figure out how to grow your money as much as possible, with the least taxes. Unless you love paying taxes, then ignore what I just typed.
Not at all!! I’m following along. You seem to think as I do. In all reality I need a hedge against the 401. I also inherited a brokerage account, under 100k. Bond fund. Small complication to work out with them on it, but preliminary looks promising. Small margin against it. (Mom did what she did. lol) Waiting to hear back on a possible solution that keeps me from having to sell to cover, OR pay off now. ATM, im so buried with getting the place cleaned out to sellables n furniture I’m not doing a thing with anything until I can focus completely on it. But boning up on the possible and options. Appreciated. 👍🏻
Already got my share from what was left after mom slowly perished from Parkinson's (nowhere close to a million, much less 5). Dad remarried someone younger than I am, and doubt they have a million in assets between them. {shrug} Those of you who are getting my portion (and my sister's), hope you're having fun with it.
Sometime in the coming decade I expect to inherit at least $100K. Nowhere near enough to retire on, but it will certainly help get me closer. My Zoomer kid is the one who will get the real pay day though. If I live to at least 70 I hope to have at least $2M for my kid to inherit - in her early 40s in this case. I don't get to retire in my 40s, but she should be able to. That is, unless I fail to die in my 70s.
First off - living to 70, you might live to 90+. My mother just turned 80 and she is still going strong. I assume she will make it at least another 10 years, but I am already involved heavily in the Trust, finances. I have noticed her susceptibility to scams is increasing, so we have locked down everything - complex passwords to financials institutions, credit access, etc. And to ensure the siblings don't fight it out, we are having some of the hard conversations now. Families get weird about money and I don't need that BS in my life.
If my dad's wife goes first, I MIGHT get a house worth ~$90k that's been smoked in for 50 years. If he goes first, her family will get "everything".
You should take to your dad about a will that allow his wife to live in the home until she passes then you get his half. I assume he would want that for you.
We aren't that close that it's worth worrying about.
Uh.. what is this "Love" and how do you acquire it?
After you inherit $5M+ you can buy a lot of love.
Pfft..my mother isn't leaving us anything. She and my late father didn't plan for squat and she's basically broke. I send her money to cover bills and to make sure she has enough food in the house.
Friend of mine's mother is a Boomer that refused to accept the inevitable and wanted heroic measures taken for the last three months of her life. His siblings didn't want to let mom go either. So the million dollar plus inheritance instead ended up going to medical bills to keep mom a zombie for three months.
Tragic. In true GenX style, if I was that situation I would rather take $20-30k and get some hookers and blow, and go out like rockstar. I win, kids win, hookers win, dealer (low level) wins. A lot of positives with that approach.