We shared this post last year around this time and I think Christine Benz made some updates (It has a November 1st, 2024 publishing date on it), but either way it’s an important question that has been on my mind lately as a parent of four kids.
We Need to Talk About Your Retirement ‘Spending’ [Morningstar] – “… as Mike Piper points out in his wonderful book More Than Enough, giving smaller gifts to loved ones earlier in their lives may be a better strategy than leaving assets after death. The average age of someone inheriting money is 51, and more than one fourth of the people who inherit assets are over age 61. At that life stage, those inheritances can certainly be used to improve retirement security for the heir. But by the time we hit our 50s and 60s, our life’s trajectory is often well-established. The median inheritance of $69,000 reported in the 2022 Survey of Consumer Finances is just a drop in the bucket for what someone needs to pay for retirement.”
What do you think?