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Triumph13 wrote: »
If the wealth is properly managed (and you don't have too many kids) then it can be made to last for many generations - as the aristocracy have shown.
I am aiming to try and get a generation-skipping approach going myself. Anything my parents leave won't be needed by me as I'm already retired, but will make a big difference to my kids, hopefully getting them on the road to FI With luck they will be FI by the time we die and so anything we leave can go to their kids and so on.
This is of course grossly unfair on the children of families who don't have any significant money to inherit, which is why I'm a big supporter of inheritance tax to stop it getting out of control.
Sea_Shell wrote: »
I agree. This "rump" as you call it is not sustainable for the coming generations. If you take the following example.
Parents have paid for house, good pensions and can retire early.
Their 2 adult children are currently renting or have large mortgages.
Children eventually inherit the house, say 50/50, and maybe come out with £200k each.
They use this money towards a house of their own.
They have a home, but no cash savings or investments or pensions.
They can't retire early.
This "boom" of wealth gets split and watered down as it passes through the next generations, till it's all gone!
DairyQueen wrote: »
This thread so resonates with me
We have therefore decided that when the current properties are sold we will 'up value' and purchase our dream property. Home is a priority for us both.
These are the first steps toward decumulation and we are hopeful that they will help us to adjust without that slight feeling of panic about running out of money.
GSP wrote: »
It's more difficult now, but retiring people also seem to forget how difficult it was for them to get on the housing ladder themselves all those years ago. In most cases going down to one wage when the kids came along made it more of a challenge to juggle finances to get through each month.
It was only in the latter stages of their work life where things began to get easier with the kids supporting themselves more and the OH going out to work.
Nowadays, I hear more of both young parents having to go out to work while people of our age look after their kids more.
As regards to trouble spending retirement money, just remember you can't take it with you. What a waste, all that squirreling for nothing, apart from your kids who would much rather you enjoy yourselves.
Enjoy it more now being more mobile and able to get around better.
Enjoy it more now as you will be in better health.
Terron wrote: »
I am a baby boomer, and things weren't as good as some people seem to imagine.
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