Armed Polite Society
Main Forums => The Roundtable => Topic started by: roo_ster on September 10, 2012, 06:18:23 PM
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http://www.usatoday.com/money/perfi/retirement/story/2012-09-09/inheritance-generation-z/57720470/1
Nearly 40% of Generation Z, those ages 13 to 22, expect to receive an inheritance, according to a recent TD Ameritrade study. As a result, they don't believe that they will need to save for retirement.
"There is a little bit of the halo effect of youth vs. the reality of what the situation will be like," says Carrie Braxdale, managing director of investor services at TD Ameritrade. In fact, the odds are slim that young adults will inherit wealth because their parents face a less secure retirement world, with stock market turmoil and mounting health care costs.
I tell my folks that if they spend everything they earned & saved and leave me just enough to chuck them in the clay, I'll be happy. I have no place to ask/demand they leave me diddly-squat. They earned the money. They raised me and paid my way for nigh on two decades. That ought to be more than enough.
On a related note, I don;t give a damn if they give stuff to siblings or step-siblings. It is their stuff/money. They can do with it what they will. I have no business getting sore because a sibling got something or more of something.
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Your rational thought has no place in our modern economy. Be gone, ye responsible person!
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Okay? High five for being smugly morally superior to modern teenagers and young adults?
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I expect my dad to squander it.
My mom, her and her husband never had it. I'll be taking care of her within 10 years. I was somewhat excited when he had a heartattack and thought it might be his time and then I could strong arm my mom out of the shithole hovel she lives in.
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Nearly 40% of Generation Z, those ages 13 to 22, expect to receive an inheritance, according to a recent TD Ameritrade study. As a result, they don't believe that they will need to save for retirement.
Inheritance is about the only way any of them will have a retirement.
http://captaincapitalism.blogspot.com/2012/09/the-mathematical-impossibility-for-gen.html
You're better off spending it while it's worth something, IMO.
Do they define 'inheritance' as 'stack of money'? Even I expect to inherit some stuff from my folks. No money, of course, as there is none. But I would fully expect financial illiteracy from the kids, as their parents and grandparents demonstrated an equally poor understanding of the stuff.
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I like to drive around and notice the huge farmhouses that families of relatively mundane means used to build back when it was possible to accumulate wealth without the government stealing it all.
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Inheritance is about the only way any of them will have a retirement.
http://captaincapitalism.blogspot.com/2012/09/the-mathematical-impossibility-for-gen.html
You're better off spending it while it's worth something, IMO.
Horsepucky!
As I tell my son who is going on 10- find something noone else wants to do, study up on it, become the best at it, and you'll never worry about money.
The above link only applies to kids who want to be lemmings, follow the crowd, and rack up a huge debt while getting a degree in something with no job preospects.
I want my parents to spend every last dime they have, they earned it.
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Inheritance? HA.
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Okay? High five for being smugly morally superior to modern teenagers and young adults?
Oddly enough, I have heard of this same idea from our debt ridden middle age elders. So I am not sure why folks here at chuckling.
My mother asked me to be their executor. I asked them to put all the documentation in a safety deposit box. All the account numbers, major assets, insurance policies, etc. I honesty don't expect more than the house. If I happen to inherent anything, yay. If not, oh well. I'd just prefer it not be negative. Funerals are expensive. I'd obviously pay for it, but prefer not to do so out of pocket. My siblings are not remotely bad folks, just not as familiar with legal and financial stuff.
I'm glad my parents are reasonably financially responsible. My buddy's parents retired around $300k in debt, and leech off him regularly. It has really cost his wife and kids. I truly wonder how you can survive when you retire with no savings.
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I asked my parents to leave me debt-free. That's it. I don't feel smug, simply that they've given me enough and they should enjoy what they've earned.
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Only child of the eldest of an old family of pack rats with only two cousins. Neither of whom have much appreciation for their heritage.
No money, but holy hell, I'm not sure I really want the stuff!
Hopefully I can shove off some of the crap on cousins.
*crosses fingers*
The only one who might be in a possition to leave me money when he kicks it is my actual step dad, I doubt it would be much.
I figure, as he's younger then my mother, I'd rather him take care of her and her expenses when she gets old and crotchity, then inheraite any money. My hope is limited as the women in my family are absurdly long lived (grandma isn't much there but she's still going) and his family... Not so much.
=|
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I never expected to inherit anything from my folks, and didn't care if I did. I figured that whatever they had socked away would be used up if either or both went into a nursing home.
They both lived to 92, and fortunately were "out of it" for just a few months each before they passed. They left each of the sons a pretty good chunk of money, but I'd rather have them alive and spending it.
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I never expected to inherit anything from my folks, and didn't care if I did. I figured that whatever they had socked away would be used up if either or both went into a nursing home.
They both lived to 92, and fortunately were "out of it" for just a few months each before they passed. They left each of the sons a pretty good chunk of money, but I'd rather have them alive and spending it.
This.
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I never expected to inherit anything from my folks, and didn't care if I did. I figured that whatever they had socked away would be used up if either or both went into a nursing home.
They both lived to 92, and fortunately were "out of it" for just a few months each before they passed. They left each of the sons a pretty good chunk of money, but I'd rather have them alive and spending it.
I have somethings coming and somethings I want. Money isn't important and any money I end up with isn't going to be much.
But things like, Dad's gun collection, Grandma June's desk, some of Aunt Elizabeth's furniture (yes, I was named after her) items of emotioanl value and ... Touchstones of those generations that came before me.
If I can't have them, I, at least, would like a reminder of them, to hopefully pass down.
But too think I wouldn't need to save, in order to retire because my parents are going to die off? Ha!
I think this upcoming generation has yet to understand the impacts of modern medicine on the elderly. Their parents are likely going to still be going strong when they reach retirement age, and that is also going to drop the evential amounts they would have inhertited in the first place (which probably wouldn't have been enough to begin with) Old people are 'spensive.
My mom just turned 60. My Grandma is in her late 90's. I'm 28. You do the math.
Even without the current finacial climate (which is suckage) people are just living longer and longer, and that cost money. Back when lifespans where shorter, it was reasonable to expect some accumulated wealth would trickle down through generations at a predictable rate, just because you could actually accumulate more then you could spend in a lifetime. Our funtional (money earning) lifespan has increased, but not nearly as much as our total lifespan. People are more often running out of money before they die, rather then having some left over.
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I know I'm not getting an inheritance beyond the house and land, but I also know I won't be saddled with funeral costs...they told me to dig a hole with the tractor and chuck each of 'em in a plywood box (Lowe's, baby!)
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I know I'm not getting an inheritance beyond the house and land, but I also know I won't be saddled with funeral costs...they told me to dig a hole with the tractor and chuck each of 'em in a plywood box (Lowe's, baby!)
Dad wants me to stick him in our little dog cemetary. What can I say, the man loves his mutts.
:lol:
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If dad has anything left the WSM (wicked step mother) will get it.
Nasty bitch can damn sure pay to bury him as well.
Last Spring they had a big yard sale to get rid of all dad's "junk".
The WSM demanded I bring dad's guns over from my safe so she could sell them in the yard sale.
Didn't ask me or my brother if we might want to buy any of them. Didn't understand why that pissed me off.
I informed her that since they weren't residents of the state it would be a felony for them to sell guns like that. When the WSM asked who would know i told her the sherrif would after I called him. I bought all of them. When little brother can pay me back he'll get the ones he wants Then she wanted dad to sell me the cases seperatly.
When I went to see what he had to sell I found all the various Zippo ships lighters my brother and I had sent him over the years, marked at $0.25 each. I just took those and told her why and dared her to stop me.
Grandpa's old table saw that I had refurbed for dad a couple years ago cost me a C note.
I dropped about $2k buying stuff that will be handed down to my kids.
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Okay? High five for being smugly morally superior to modern teenagers and young adults?
So I am not sure why folks here at chuckling.
Who here is laughing at young people? ???
Besides, what is the point of a study that says teenagers know nothing about retirement planning? Should they?
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I want my parents to spend every last dime they have, they earned it.
Absolutely. My "spend it while it's worth something" comment refers to investing in retirement versus not.
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I know precisely what I will inherit. I have already had the conversation with my father.
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My Mother told me they alread paid for their funeral plots and such. Got it arranged with the local funeral home. I don't expect to get anything significant off what my parents have. My biggests concern is that my Mother has been big into porcelain dolls for 30 years and has a house full of "stuff" for making them including molding body parts, sewing outfits, painting, etc, etc. She has made several dolls from scratch including sculpting the heads. I have no idea what to do with that stuff. The dolls are well done and nice, but all the "supplies" fill seemingly half of a fairly big house.
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I . . .
The WSM demanded I bring dad's guns over from my safe so she could sell them in the yard sale.
Didn't ask me or my brother if we might want to buy any of them. Didn't understand why that pissed me off.
I informed her that since they weren't residents of the state it would be a felony for them to sell guns like that . . .
You could have given the sheriff or the BATmen a heads up and then let her proceed with the sale . . . >:D
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There is nothing to want when my mom goes, she's given me more than I could ever ask for just in the last 5 weeks,
The in-laws are sick. Colon cancer for one, CHF for the other. They've put the ranch and large equipment in the kids' names. (my wife and sis in law). There is an interest bearing fund that has already been funded to pay the ag use property taxes for the next 20 years. Anything else made off selling the smaller things collected over 40 yrs of electrical work (fittings, etc) is going to their living expenses fund. There is a LOT of stuff pack ratted away. They have decent savings now so I am not worried like I was....
The kids have talked it through. There will be no fighting over stuff.
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they told me to dig a hole with the tractor and chuck each of 'em in a plywood box (Lowe's, baby!)
Ha ha - my dad always says the same thing. :laugh:
My folks have a revocable living trust, but I just as soon have them hanging around and spending the money, which is really difficult to do with my dad always bragging about "Look at these pants I got at Walmart for $6!!!"
Inheritance, like Social Security, is something that I simply don't count in my retirement planning. Doing so for the former is just a little creepy for me, and doing so for the latter is kinda futile.
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Who here is laughing at young people? ???
Besides, what is the point of a study that says teenagers know nothing about retirement planning? Should they?
I think that some level of basic financial planning should be high on the list of knowledge imparted in the schooling process, yeah. Assuming the world doesn't go Mad Max and the banks keep functioning, a little money put in during your teens and early twenties will (given time and compound interest) equal a LOT of money put in later. And when you're young and have no spouse/kids/mortgage/medical bills etc is exactly the time that a little austerity and shoveling your excess money into an account is the most easily accomplished.
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As for myself, my folks have no money or possessions I would want; given that I've completely severed all ties with my family since my daughter was born I'm not entirely sure I'll even know when my folks die let alone get anything from them.
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Who here is laughing at young people? ???
Besides, what is the point of a study that says teenagers know nothing about retirement planning? Should they?
I really wish schools taught living skills. Basic financial, retirement, legal, etc. Home Ec was kinda a joke when I went.
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I think that some level of basic financial planning should be high on the list of knowledge imparted in the schooling process, yeah.
Sure. But I don't expect most teenagers, in any time period, to pay attention to something that seems so remote and so, well, so boring.
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Sure. But I don't expect most teenagers, in any time period, to pay attention to something that seems so remote and so, well, so boring.
Some might dig it :lol:
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Sure. But I don't expect most teenagers, in any time period, to pay attention to something that seems so remote and so, well, so boring.
Low expectations for teens is a recent phenomena. Like all people, teens tend to perform to the level that's expected of them. Tell them "Oh of course teens are lazy and irresponsible" and like magic they tend to be! Amazing how that works out.
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Low expectations for teens is a recent phenomena. Like all people, teens tend to perform to the level that's expected of them. Tell them "Oh of course teens are lazy and irresponsible" and like magic they tend to be! Amazing how that works out.
I've trained plenty of kids, age range 7-16, on how to shoot long distance, pick locks, build circuits, tech stuff, etc. All of them performed better than any random adult I've taught the same subjects to. Teach interesting things in interesting ways, and kids will listen. Every time. Worst case scenario: fire, CS or explosions get their attention.
"This bag is rapidly filling with hydrogen and Tabasco sauce. You screw up the circuit, it shorts, and the bag detonates. Don't screw up. Oh, if the bag touches the burning candle, same thing."
Depends on the kid. Some low expectations are justified. Most... Yea, they tend to react to their expectations. That's sometimes good, sometimes bad.
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My step-Grandad left me some money. I haven't touched it. I probably never will. That's the legacy he left amongst other things, and somehow in my mind if I use it then it will cheapen his memory somehow.
I can't do that.
My great aunt had a cash-value life insurance policy on me that was pretty substantial. I signed it back over to her 4-5 years ago because she needed it.
I don't expect anything. I don't want anything.
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My step-Grandad left me some money. I haven't touched it. I probably never will. That's the legacy he left amongst other things, and somehow in my mind if I use it then it will cheapen his memory somehow.
I can't do that.
My great aunt had a cash-value life insurance policy on me that was pretty substantial. I signed it back over to her 4-5 years ago because she needed it.
I don't expect anything. I don't want anything.
May I suggest investing or donating your grandad's legacy in a way that honors his memory? Foundation/scholarship/charity/etc. that will carry his name? Both honors him and demonstrates your love & respect for him. Just an idea.
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Low expectations for teens is a recent phenomena. Like all people, teens tend to perform to the level that's expected of them. Tell them "Oh of course teens are lazy and irresponsible" and like magic they tend to be! Amazing how that works out.
I didn't say they were lazy or irresponsible. They just (usually) have the priorities and outlook that are typical of people in their stage of life. Just like you and I have different priorities and a different outlook than very elderly people, or toddlers do.
If I have low expectations of any group, it's the whole race of human critters.
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Oh goodness... one of my favorite topics to rant about!
I never expected to inherit anything from my folks, and didn't care if I did. I figured that whatever they had socked away would be used up if either or both went into a nursing home.
They both lived to 92, and fortunately were "out of it" for just a few months each before they passed. They left each of the sons a pretty good chunk of money, but I'd rather have them alive and spending it.
At least you got a chunk of money. I never expected anything nor did my brothers or sisters. I got exactly what I expected as did my 6 other brothers and sisters. I believe in being fair and honest. What happened was neither fair nor honest (but it was legal) and it was not the wishes of my either mother and father.
I will tell you my story..... parents had 7 children. Mom never worked and Dad worked in a factory. Never made more than probably 30K/year (probably more like 25K) his entire life. Mom died. Dad was very unhappy and remarried in his late 60's. I never cared for the woman. Dad liked her. It was his life. 10 years go by and Dad dies. He ws married to my mother for nearly 50 years. Being the frugal person he was and always trying to take tax considerations into his investment planning... everything was in both their names. To make a long story short. My step mother got everything and 7 kids got essentially zip. I was shocked but he had a million dollars in the freakin bank and I had no idea. Step Mother is spending spending spending..... screw her. Dad had a hand written will. Because all the accounts were in both names, the will did not apply. It all went to his wife of 10 years and the 7 of us who never had anything while we were growing up, hand me down clothes, rasing cattle to save a dime and each, working a i acre garden, etc, ... essentially working our asses off to save 2 cents or help Dad save 2-cents for the family... and this is what it came down to. Screw her!
I don't expect to pass much forward, but I would be very happy to give whatever I have left to my family EQUALLY.
Young people today must prepare for their own future. If there is an inheritance, than they can pocket that when their parents depart. But they must prepare because there may not be a golden goose to save them if they are reckless in their spending choices.
My sister says that she can't see how young people today who make normal wages can ever save a dime considering they want the latest video games, latest smart phone, latest tablet computer, and so forth. They want it now and see no problem spending $500 to have the next greatest phone. The Iphone 5 is going to be released this coming week I believe. All the kids will be lining up to get one regardless of the cost.
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I wonder if your WSM* is related to my WSM?
*wicked step mother.
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I added a few things via editing to make the story more complete. But Dad trusted her implicitly. She repaid him for his trust. He wanted to give her half and divide the other half with his 7 children because he wanted to care for her. You have to remember that he scrimped and saved his entire life. He would NEVER give the children money even if we were in a bind. Anyway, I would have done something similar. Wicked step mom is an understatement. I was all grown up by the time Mom died and the WSM arrived late in the picture. She was technically my SM, but she had no idea what it is like to be a parent or have children. Spend Spend Spend...
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Is she from Iowa? Cause, damn, it sounds like the same woman =D
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For fear of discovery, I will simply say that she does not nor has ever lived in Iowa.. where dreams come true. Is this heaven?
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Even if I do get an inheritance, it likely won't be until I'm in my 60's or 70's. Mom might have been 31 before I was born, but the women on her side of the family average 90+. My grandmother is 95, and she had I think 2 sisters that made to 100+. Even some of her brothers made it to 90+, and they lived in deplorable conditions.
So basically by the time I might get something of an inheritance I'll already be retired and won't need it. I hope anyway.
Hard to say how much there would be to split between my sister and me if it were to come to that sooner than later. But I'd guess there's probably a couple/three million if you include what their house would probably sell for. Dad made great money and was diligent about saving and savvy about investing. Who knows, there could be a lot more (or a lot less).
But as has been said before, I'd rather they enjoyed the fruits of their labors and maintained independance up to the end and thereby leave my sister and me with squat for a monetary inheritance. Leave enough to pay for the burial/cremation and memorial service and it'll be plenty.
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I have mixed feelings about this. I'm in my 50's and my mother is in her 80's. I really don't expect to get much when she passes, and thankfully I don't need anything. Technically, it's her money. On the other hand - she inherited nearly everything that both sets of my very hard working and frugal grandparents (and my father) left behind. I'm guessing they intended that money to be of benefit to their grandchildren, and great grandchildren as well - to be used wisely for key events and emergencies. That's the only expectation I have for her, and for myself.
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Having no family to speak of, an inheritance is not something I've ever even considered. I believe that if I did have parents alive with whom I had a relationship, I'd rather have them than any funds. Though I do wish there were some family heirlooms, family traditions, stories and such to hand down. That's really the loss in the mess that was my family.
Slingshot, your situation sounds like my former MIL. She was married to a man who had four kids from a previous marriage. He was a really good man, WWII vet, business owner, and just an all-around decent human being, the kind you took pleasure in knowing. He and I used to have lunch together every couple months and lament the fact that we both married into the nuthouse that was that family. Our final lunch was three weeks before the car accident that killed him, and we spent about four hours that day talking about his four kids. He'd been estranged from them for a few years (few being 4-6), largely due to the fact that she was such a bitch to them. He planned to mend the gap, revise his will, and put his family back in order, come hell or high water. He never got the chance. The car accident (he was driving) killed him instantly, put MIL in the hospital for a month. I contacted his kids and told them what happened, arranged his cremation and memorial service, and picked up a bottle of Johnny Walker Black on the way to his oldest son's house after the service. We put the bottle in the middle of the table and drank it in Clay's honor while I told the four of them, their spouses, and a few nearly adult grandkids about the conversation I'd had with him three weeks earlier. It was the only inheritance they had because the bitch kept everything. And everything amounted to several million. Her son, who I was divorcing in the middle of all this, said, "I don't know why you're so upset about this. If you stay with me, some of those millions will be yours one day." She didn't give one slim dime to his kids or grandkids. I wonder sometimes if alienating his kids wasn't her grand plan all along. Just disgusting.
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My Dad also had a WSM and, some WSS (step siblings) to boot.
WSM outlived his father considerably. Their real bitch was as much that she gave their stuff to her kids/grandkids, as that she sold/gave his stuff and Dads mothers stuff away as well.
By the time she died, all they managed to salvage was family pictures and two busts of Lincoln from his fathers collection.
Dad was really steamed about the toys, though. A lot of those things would have been real collectables nowadays and he was always pissed that he didn't get to give them to me. I have some of my mothers stuffed animals, but nothing from his childhood other then stories.