My husband and I have been very lucky in our 40 years together to have amassed a small fortune (20MM). We have always been savers and have never spent excessively. We are enjoying retirement now but still cut coupons and share a coke at a restaurant.
The other day one of our sons (we have two) came to us with a question about investing for retirement. Its seems his former company had set up a 401K for him and when he separated from them, he rolled it over. It had a whopping $1500 in it. I asked him how his other retirement savings were doing and he sheepishly mentioned that he had none. Nothing saved for college for their two kids either. He is in his 30s, married, so I get it. Money is tight. But, they seem to have enough for a second home, a boat and to take expensive vacations every year. Their mantra is YOLO.
Asking how what his plans were for their retirement and college expenses it appears that the strategy is to wait until we pass away and use whatever they inherit from us.
Im not sure how I feel about this. We've saved enough for the grandkids first year of college and would probably do more if necessary but since we paid for our college and our kids college, the thought of paying for a third generation doesnt excite us.
Part of me says to just be thankful that we are in a position to give them money someday and another part feels taken advantage of. Wondering if anyone else is in a similar situation and what thoughts come to mind in how to handle this.
The other day one of our sons (we have two) came to us with a question about investing for retirement. Its seems his former company had set up a 401K for him and when he separated from them, he rolled it over. It had a whopping $1500 in it. I asked him how his other retirement savings were doing and he sheepishly mentioned that he had none. Nothing saved for college for their two kids either. He is in his 30s, married, so I get it. Money is tight. But, they seem to have enough for a second home, a boat and to take expensive vacations every year. Their mantra is YOLO.
Asking how what his plans were for their retirement and college expenses it appears that the strategy is to wait until we pass away and use whatever they inherit from us.
Im not sure how I feel about this. We've saved enough for the grandkids first year of college and would probably do more if necessary but since we paid for our college and our kids college, the thought of paying for a third generation doesnt excite us.
Part of me says to just be thankful that we are in a position to give them money someday and another part feels taken advantage of. Wondering if anyone else is in a similar situation and what thoughts come to mind in how to handle this.
Statistics: Posted by boatdriver79 — Mon Aug 19, 2024 11:36 pm — Replies 47 — Views 3017