According to a national survey, 1 in 4 boomers believe that they can’t trust younger generations with an inheritance.
Fine! Keep your money! Are you afraid you’re going to run out of dough and trust issues are just an excuse? Or you really think your kids are too dumb to do the right thing with the money?
Either way, it doesn’t say anything good about A) the way you handle your retirement funds or B) the way your brought up your kids.
Half of the respondents thought it was more important to enjoy life with the cash on hand than leave it behind as an inheritance. Okay, that’s more like it. Travel, play, enjoy yourselves (“it’s later than you think”) and the kids will be fine. When you’re gone, they can have the house and whatever is left in the bank and mutual funds. That’s not such a bad deal all the way around.
Is it too late to mention that close to 45 percent of Gen Xers and Millennials surveyed were confident that they would make good use of an inheritance. And why not? It’s found money. Almost like seeing a $100 bill laying on the ground. Only it’s 50, 60, or 100 thousand of them laying on the ground. Of course they will make good use of it. They could afford a nicer home, a more reliable car, better colleges for the kids and maybe a nice vacation now and then. Wouldn’t that make you happy knowing that your money can make your kids happy? No! You’re dead, remember?
Families and money. It can be a real palaver. In the end (and I mean that in the life cycle sense), all you can do is hope that whatever assets you leave behind are passed on to your progeny and they get some real pleasure out of whatever they do with that money. And if you enjoyed spending it when you were alive, all the better. Everyone’s happy. Unless you wanted to live to spend it a little longer. Can’t help you there.
Jay Harrison is a writer and creative consultant for DesignConcept. You can also visit his author page here. His newest mystery novel, Rio Puerco Demise is available on Amazon. His first mystery novel, Head Above Water, is also available on Amazon.
Although I generally like the way I look, aging and all, I couldn’t stand staring into my face every time I clicked on my blog’s homepage. And then it repeated on all the other pages! It was too much. After tinkering with WordPress for quite some time, I gave up and posted a sample of my pallet art, which is now plastered across all the pages but is infinitely more pleasing to my eye.
My father’s name was Egon. Pronounced egg-on. He grew up in Czechoslovakia, so he pronounced a lot of his words wrong, or so I thought as a kid growing up in NJ. I tried to help him with that, and in return he helped me spell Czechoslovakia. I was the only kid in my class who could. We’d go to the International House of Pancakes, me and Egon, and sit across from each other in the booth, like nations at the table.
Saw a disturbing headline today. “What is the future for baby boomers?”
The foothills of the Rocky Mountains west of Denver, are often bathed in sunlight and blue skies punctuated with cumulus clouds rolling through on a summer’s day. As 9 year old mountain kids, my best friend Pamela and I would often “pasture” our horses on open land during the summer. Our mountain family homes boasted only a three acre plot of land on which we each kept a horse. Any good horse owner knows that a horse requires at least 10 acres of grazing land to support its appetite. So, we had to supplement our horses’ diet by taking them to graze on available grassland nearby.
‘Pop Goes the Weasel’ blaring from the Good Humor truck trolling our neighborhood got me salivating for a popsicle. Another sound that got me running as a youngster was the single note, BLAT, of the junk man’s horn and his dreary old horse dragging a spoke-wheeled wagon through our alley. Recycling made easy. We didn’t have to schlep dead appliances and paint cans to the community recycling center on a certain day for no reward beyond the glow of environmental good stewardship. Nor did we have to pay for recycling service with a yellow-lidded bin at the curb once a week. Just the opposite, the wizened collector at our garage door gave us money for old rags, newspapers, bottles and anything else that might be repurposed. We kids took care of two-cent pop bottle deposits at the corner store on our own initiative. But other ‘stuff’ might earn a few pennies dredged from the dusty pocket of the itinerate salvage man.