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View Poll Results: Would you work longer to provide for future generations?
Yes 20 18.87%
No 80 75.47%
Moot - UBI Utopia/SkyNet Apocalypse 6 5.66%
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Old 07-08-2016, 07:55 AM   #21
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looks like we have a winner!

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Old 07-08-2016, 08:14 AM   #22
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If a person funds an IRA for the number of years for it to start doubling, say 6.9-7.2 years @ 10% and quits funding it, they are equivalent to the person who started later and funds it for every single year thereafter.

Compounding.. Grandkids are getting hired to fund their IRAs ASAP. By twenty one they can be 2x growth without contributing a penny. If they blow it after that, it's not for lack of being given a chance. I only have the two gc. Makes a difference.

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Old 07-08-2016, 10:46 AM   #23
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Originally Posted by cathy63 View Post
Our daughter just graduated college in May with no debt, so we've done our part for the next generation and are now retired.

DD will inherit whatever is left when we go, but hopefully not until she's about 65 herself.
That's a great point. I expect my kids will either thrive or fail financially by the time they receive the inheritance.

In my case, I'll get a decent bequest from my parents some day but we hit FI already and it looks like the bequest is a long way off (thank goodness!). In the meantime, it's my job to help my parents understand they can spend more than they are right now (and convince Dad he can actually afford to retire with 2 SS's, a COLA pension and a decent size 7 figure portfolio).
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Old 07-08-2016, 05:27 PM   #24
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Planning for our daughter’s education and entry into her earning an independent living was part of our ongoing financial plan during our working years. We always made it clear to her what was potentially available, and what was coming based on our plan. An aspect of the plan includes assets that she can inherit to get her own “jumpstart” on a nestegg.

Assuming of course that “Skynet” or politicians don’t succeed in destroying the economy, or worse.
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Old 07-08-2016, 06:40 PM   #25
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I've got a way to go to FIRE, so this is a bit hypothetical. That said,

I believe that education and hard work can overcome nearly any starting point. Recognizing that somewhere down the line in my family tree someone will be schmuck who has kids that start off in a bad place, I've considered working a few more years to create a multigenerational educational trust. Haven't really done the math, but something like a trust that guarantees that a child in subsequent generations would have 50% of a state school paid or something.

Not sure it's possible, but I consider it.
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Old 07-09-2016, 05:29 PM   #26
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Money tries to flee its owner, which those who put it together usually understand far better than those who just receive windfalls. We don't have kids and whatever we leave behind will likely go to charity, which is another way of helping the next generation. Many charities will fritter it away just like family members usually will but it won't be my problem at that point.
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Old 07-10-2016, 09:55 AM   #27
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I struggled with this point as I was making substantial money at the end of my career. I worked a couple more years than necessary as the money I was able to save was more than my kids could make in many years. Eventually they will get it as help for buying a home, or covering grand kids education, etc. It also serves as an extra cushion for my retirement.... However, kids don't know that they will eventually be getting $$. All 3 kids are doing well, one still in college. They likely wont "need" the money.
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Old 07-10-2016, 02:26 PM   #28
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I voted yes. I feel an obligation to leave a legacy.
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Old 07-10-2016, 03:18 PM   #29
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My kids are doing quite well. They both got their degrees free of charge compliments of mom and dad. Son is in the oil and gas business making great money and DD is a stay at home mom with 3 little ones. I don't so much feel like I need to leave my kids money but I do feel like I want to fund my grandkid's education. So far there are 3 grandsons and one on the way so it's starting to add up! We should be able to fund their college since we really don't spend much.
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Old 07-10-2016, 03:22 PM   #30
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We invested in our children's college costs, they both got good degrees and are in good jobs. I told them that paying for their college was our backup investment plan in case our retirement plans went badly and we needed them to support us in our old age.
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Old 07-12-2016, 06:56 AM   #31
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I voted "no", however, since my objective is to not run out of money before I run out of days, in order to that I will likely have some money left over for them.

Rather than being the objective, leaving them an inheritance was more like a secondary benefit to making sure DW and I would have enough.
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Old 07-12-2016, 08:03 AM   #32
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I DO NOT have the level of appreciation for things given to me vice things I have worked for. I have experienced this many times in my life. That being said, I have provided a few small things for my DS (23) and my DD(21). Free college via DW and my GI bill. Used cars and cell phones. We have also financed their expenses related to sports. My DS just flew back to his duty station and the realization hit me that he no longer needs anything from me. Kind of sad but proud also. Proud of him and satisfied that DW and I did our job. DD is a senior in college and on the path to self sufficiency. We only asked a few small things: do as well as you can in school (DW and my judgment), be a good person (again, our judgment). They know that they can only come back home in basically an emergency and with a plan to get out after a very short period of time. I doubt either will ever come home for more than a week or two. Our plan was to grow/mold/raise two productive adult members of society. That is what we did. In a sense we do not have children any longer. We have these new creations. Obviously there is plenty of room and time to screw up. We hope that doesn't happen. They have each experienced small failures and seem equipped to handle setbacks. There is no plan to leave a large estate ($ at least) for them. I am looking into a trust for our Chesapeake Bay beach front property so it stays in the family for many generations. With 3 COLA'd pension's, 2 SS's and plenty in 401K's, I am sure there will be some money at the end. If my adult children become dead beets between now and my demise I may direct funds to charity. I voted "no".
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Old 07-12-2016, 09:10 AM   #33
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Helped 4 kids with college, all of them without incurring student load debt. One is just finishing in about a year, the others are done. During the past 10 years they've all had a few financial needs in addition to schooling. We've probably spent $50,000+ in addition to the much more significant school costs. If we'd had no children, I'm pretty sure I would have retired at least 5 years sooner (55 instead of 60). Still have some reserves to help them out (they're unaware) and with the unknowns with grand-kids (3 of the 4 are married).

We also have curtailed a few extravagances that we might have otherwise spent money on (like a cabin in the mountains), so that we could be there to help our kids if needed. Interesting, they are all on their own now and doing well financially and in life, so my thinking is starting to change in this area. We'll probably not help as much as we have in the past.

Was it worth it? I hope so. It was a sacrifice, but it's good to know they are all on pretty solid footing with little debt at their fairly young ages. Life can be hard, I'm glad we had the means to give them a bit of a boost.
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Old 07-12-2016, 01:37 PM   #34
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Originally Posted by RobbieB View Post
I always loved the bumper sticker on the big RV that said;

"We're blowing our kid's inheritance"

Let 'em make their own dough -
I wouldn't be surprised if people get upset if they see a boat named "What 529?" or "The family trust"

Dad never gave me a dime, DH had her college paid for...contentious topic. If I can help, I may...but I am so resentful my dad did not help...but yet I turned out most successful of all his kids. I actually think by him not helping me it was the best gift he could give me...I was hellbent on doing things "my way." Mom never had the means to help...sort of an odd upbringing in terms of financial prowess, mom drank and gambled so dad was always trying to counter those effects.

DH is lowest paid in her family...admittedly she is one that initially takes a position of "money doesn't give me the happiness I need" approach...all while wanting the new car, two story house with white picket fence, 2.5 kids and vacations in the tropic/hamptons.

Sure she is pretty grateful for her help...I think alternatively I am almost more resentful than she grateful for my lack of help...but than also I feel pretty proud of myself if that counts for anything hahaha.
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FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $3.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
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Old 07-12-2016, 04:13 PM   #35
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My parents provided me a college education without any student loans. Only 1 of our 4 kids chose to take us up on their college degree.

As far as I'm concerned, they're on their own at age 22.

We're raising our 29 year old daughter's kids essentially, and we greatly resent her lack of parenthood in general. Any inheritance she's going to get is being spent now, as everything we've got is going into a special needs trust to be doled out very little by very little in the future.
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Old 07-12-2016, 05:53 PM   #36
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We have no children, so my only goal in working these last few years is to ensure we don't run out of money before we run out of life. It is likely that I will predecease the young wife, so I want to make sure she is set for the remainder of her years as well. I'm fairly certain there will be plenty left when we both finally shuffle offstage, but I surely won't care what happens to it after that.
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Old 07-12-2016, 07:40 PM   #37
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Wow. I guess I am the only one on this board with a son/daughter that is not totally successful. Both kids had the opportunity to complete an undergraduate degree without loans. DD completed her degree and is doing quite well even though she is in a relatively low paying position. DS hasn't been interested in completing his degree in a timely fashion. Last year he decided to pursue a patent which he now holds. He is planning to go back to school this fall. I have set up a secured loan, but he is expected to pay that back. He is delivering pizza for a living.

The kids were always told the undergraduate degree, completed in a timely fashion, was on us. That was their inheritance. Currently what will be left of the nest egg is split three ways for inheritance between the kids and my favorite charity. BTW, I don't think I have to worry about the kids coming back home. It would be awfully cold in a tent in the winter and the old motor home is barely enough room for me.
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Old 07-12-2016, 08:50 PM   #38
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My wife is constantly asking my elder son to come home on Thanksgiving or Christmas days. I told him that he can always come home when he fails in the outside world. Fortunately, after getting out of college last year, he already makes as much money as the combined salaries of his parents.

My younger son just finished the first year of his college. He is not ambitious as his elder brother. But I think he will be OK (studying computer science).

We are very conservative in financial planning and want to make sure we have enough money for our retirement years. We do not plan to work for kids, but we will be willing to help them any time in their life. I guess this is our difference from the majority views expressed in this thread.
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Old 07-12-2016, 09:27 PM   #39
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I'm a little surprised by the answers. I voted yes. I'm only 42, and will probably have enough money to retire when I'm 47, but my kids are 7 and 2 right now. Both have fully funded college accounts, however, I still feel a calling to provide a legacy that may endure several generations.

When I reach 54.5 I'll qualify for a pension which is roughly equal to what I currently live off of, plus IRA money plus 457 money plus rental income, plus wife's IRA, 457, and retirement plan money. So basically I'll be able to live off of one of seven sources of income, so yeah, the kids will get something unless I learn to really live it up. Technically, though, I guess you could say that from age 47 to 54.5 I'm working for the kids since I could retire any time after 47 (theoretically) and since all that extra money won't be spend by me.

Having thought a lot about this, though, I plan to make a trust so that my kids don't just get a large plop of money all of a sudden one day. Plus that would keep the money in the family in case of divorce or lawsuits, and also allow me to put some stipulations on it, like you can't be a felon and stuff like that.

All that said, I do want my kids to become at least somewhat successful before they get anything from me. I fear that just giving them a large wad of money will rob them of the sense of accomplishment of having achieved something for themselves, which is something I've seen in others who have inherited large sums of money.
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Old 07-13-2016, 02:49 PM   #40
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Originally Posted by AnonEMouse View Post
If your job is bearable, would you work longer after you hit your number to provide a leg up for your children/future generations? Or would you just quit then and there and let the chips fall where they may? I'm more interested in your reasoning than a yes/no response though.
The choices presented are facile.

It is at least arguable that ER allows one much more time to spend with one's children at a critical stage in their development, which benefits them much more than any increased financial legacy could.

Too, quitting a job you don't need allows it to be filled by a younger person. Hanging on just to accumulate unnecessary capital clogs up the promotion ladder.

"If at any times we must deal in extremes, then we prefer the quiet, good-natured hypocrite to the implacable, turbulent zealot of any kind. In plain terms, we are not so fond of any set of notions, as to think them more important than the peace of society". John Toland, The Description of Epsom (1711)
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