Did Anyone Keep W*rking for the Kids?

[Tekward]

That's where I find myself. FI, self-employed, doing something I enjoy about 2-3 weeks a month (consulting). I also have good control of my schedule, for example taking off all of December for holidays and DD visits.

Three DD have launched and are independent and successful (in the service, making much less then me), but if I can leverage my abilities to help them (and future GC) at some later date I am happy to keep going.

I know the familiar refrain is time or money but right now I have enough time, and I'm making good money. Of course, all of the above changes when GC are involved.

 

[pjigar]

I am but I have a special need child.

 

[Mulligan]

I am continuing to build up reserves that I will not spend and she will ultimately benefit for her retirement if I live into my 70s. But I am not going to work now and ruin my retirement because my daughter has chose a path of financial poverty (stubborn thing bless her heart) just to support her a lifestyle above her means. But I never had a job I truly loved. If I had a job I loved that paid well, I would consider what you are, provided I knew the money was a benefit and not a crutch or future hinderance to their personal growth. A lot of ways to help without it being a crutch though...A nice down payment for a childs first home or furnishings seem like examples that are hand ups and not handouts.

 

[HillCountry]

I am working for my kids now. I drop off my freshman high schooler every day and pick her up most of the days. Will be my routine next 6 years.

 

[boomer239]

I I am facing that now. I have enough for DW and I but do I keep working for the generations to come? This may be the first generation in a while that may not have it better than we. I have an executive job making a lot of $$. Do I pull the plug soon to experience a fulfilling retirement now or work a few more years and have a multi-generation impact downstream. As my boss reminds me (and he is right, he is also a friend and faces the same situation) I have the potential to not only help my kids but help downstream generations as well. I guess it boils down to sacrificing my own goals for something greater. I sometimes wish things were simpler.

 

[pj.mask]

My current income/spend includes a large % for kid expenses. When I retire with the same projected income I have the ability to keep that contribution going or to cut back (in market downturns).

Like another poster insinuated - I plan to give if they don’t need/demand. I’d rather help them max out savings accounts at an early age without feeling like they are giving up Travel and events at the only age you have adventure and time to really explore.

 

[pb4uski]

No.... in fact it came to a point that we had enough to have a comfortable retirement and the beneficiaries of my continuing to work were the federal and state governments (I paid a lot in taxes each year) and my kids.... I decided that free time was more valuable to me than more money for them and I decided to quit a relatively easy and lucrative six-figure job that I enjoyed... but I enjoy retirement much more!

 

[euro]

No.... in fact it came to a point that we had enough to have a comfortable retirement and the beneficiaries of my continuing to work were the federal and state governments (I paid a lot in taxes each year) and my kids.... I decided that free time was more valuable to me than more money for them and I decided to quit a relatively easy and lucrative six-figure job that I enjoyed... but I enjoy retirement much more!

This!!!!!

 

[Teacher Terry]

No, no and no! I love my kids dearly but you only have 1 life. WE have helped them when younger and needed it. I have no desire to leave an inheritance.

 

[GoBears]

My kids, bless their hearts, have encouraged me to retire. High stress profession and DW’s disability have taken their toll on my health. Several attorneys/staff in the firm or their spouses, all of whom are younger than me, have recently passed away or had major health events. All of this has convinced me that working longer just isn’t worth it. Your circumstances of course, may be different.

 

[Teacher Terry]

We have had 3 good friends die between 59-67. That puts things into perspective.

 

[rodi]

I have kind of a different take on things. I retired with kids under roof - currently they are a jr and a freshman in HS. My income/savings rate/etc is lower. (actually not saving at all - taking a < 3% wr. ) But I have TIME to be up in their business... this is a good thing with teenagers. I am able to drive them places, support their activities, volunteer at their school - be an involved parent. When I was working it was a constant juggle and I'm sure my stress levels weren't helpful to them.

I've seen people suggest that by not working, I'm teaching them to be lazy... I don't think that's the case... My kids know we saved, lived frugally (still do), and that we would go back to work if need be. They are planning for careers that will be challenging... and hope to do something similar (work hard and save for retirement)... at least that's what they say.

Unless we have an extended down market way beyond anything historical they will get a decent inheritance... In part because our primary home is in an expensive market and is not included in our retirement plans unless we have an extended (more than 3 year) nursing home scenario.

 

[Teacher Terry]

You taught them to plan well and not be lazy. People that say otherwise are jealous.

 

[ugeauxgirl]

I have kind of a different take on things. I retired with kids under roof - currently they are a jr and a freshman in HS. My income/savings rate/etc is lower. (actually not saving at all - taking a < 3% wr. ) But I have TIME to be up in their business... this is a good thing with teenagers. I am able to drive them places, support their activities, volunteer at their school - be an involved parent. When I was working it was a constant juggle and I'm sure my stress levels weren't helpful to them.

I've seen people suggest that by not working, I'm teaching them to be lazy... I don't think that's the case... My kids know we saved, lived frugally (still do), and that we would go back to work if need be.

This is why I am retiring too- My 13 year old is starting to require a lot more patience, and I just don't have it after a stressful day at work. We've had to be open with them (because they overheard us discussing finances) and they know that the reason we can retire is because we worked hard, saved a lot and were frugal. Barring a market disaster, they will inherit plenty. Half the fun of being FI is earning it- I wouldn't want to deprive them of that pleasure, so we've explained that my dad got an inheritance at 72, if they want to enjoy money when they are young and retire early, they are going to have to earn it like we did!

 

[pb4uski]

No.... in fact it came to a point that we had enough to have a comfortable retirement and the beneficiaries of my continuing to work were the federal and state governments (I paid a lot in taxes each year) and my kids.... I decided that free time was more valuable to me than more money for them and I decided to quit a relatively easy and lucrative six-figure job that I enjoyed... but I enjoy retirement much more!

I should add that since safe withdrawal rates tend to be based on bad or worst case history, that it is highly likely that, despite our best efforts to prevent it by spending and enjoying our retirement, that they will each inherit a 6six or seven-figure portfolio when we are gone.

 

[flintnational]

One of the great things about FI is that it gives us choices. So, nothing wrong with working for the kids. In our case, we did not decide to keep working. Two main reasons. As others have mentioned, the nature of the SWR is that we will likely leave them a lot of money anyway. Second, personally, I like the idea that adult children will take care of themselves. We worked hard to get them to that point.

FN

 

[FUEGO]

Not really but I don't mind letting the investments grow and focusing a little effort on my side hustle which has turned into a rather profitable endeavor without a ton of effort.

With 3 kids still 7-13 years away from college and none in the teen years yet, I know that my kid-related expenses will likely rise and the more I have the more generous I can afford to be as they enter their teen years and college years. I spend a few hours per month consulting and in a year that brings in enough to pay for ~75% of a year's college tuition, for example. Hopefully our growing resources will mean that our kids don't have to fret over getting a minimum wage job during college and they can focus on more lucrative opportunities that might have better long term payoffs.

 

[RAE]

No, no and no! I love my kids dearly but you only have 1 life. WE have helped them when younger and needed it. I have no desire to leave an inheritance.

+1. We do all sorts of things to help out the two kids now that I'm retired (some financial, plus lots of help in other ways), but there was no way I was going to delay my planned retirement in order to accumulate more $$ strictly for their benefit. Depending on how things work out, they may get a small inheritance at some point, but I'm not really planning to leave a lot.

 

[lhamo]

I have kind of a different take on things. I retired with kids under roof - currently they are a jr and a freshman in HS. My income/savings rate/etc is lower. (actually not saving at all - taking a < 3% wr. ) But I have TIME to be up in their business... this is a good thing with teenagers. I am able to drive them places, support their activities, volunteer at their school - be an involved parent. When I was working it was a constant juggle and I'm sure my stress levels weren't helpful to them.

I've seen people suggest that by not working, I'm teaching them to be lazy... I don't think that's the case... My kids know we saved, lived frugally (still do), and that we would go back to work if need be. They are planning for careers that will be challenging... and hope to do something similar (work hard and save for retirement)... at least that's what they say.

Unless we have an extended down market way beyond anything historical they will get a decent inheritance... In part because our primary home is in an expensive market and is not included in our retirement plans unless we have an extended (more than 3 year) nursing home scenario.

We are in a very similar situation -- kids are 12 and 16, 16 YO already a sophomore in university (admitted early through a special program). Moving back to the US meant we re-established WA state residency, so what we had already saved for college should be enough for state schools. I am SOOOOO happy not to be working now, as it makes it possible for me to be more present/involved in their lives. I am also supporting my mom's medical care (she moved into assisted living this year).

Kids were teasing me a bit this weekend about using coupons for stuff I bought for them -- I reminded them that not spending more than necessary on everyday stuff was one way their dad and I were able to save enough to FIRE. $35 saved is worth it, in my book!

 

[GalaxyBoy]

No, but I have a cousin who retired early and now works for his kid part-time. Says he's not such a bad boss, either. (Seriously.)

Wait, maybe that's not what you meant...

 

[CaptTom]

I I am facing that now. I have enough for DW and I but do I keep working for the generations to come? This may be the first generation in a while that may not have it better than we. ...I guess it boils down to sacrificing my own goals for something greater. I sometimes wish things were simpler.

I can see the dilemma here, and can't disagree with the logic.

...I decided that free time was more valuable to me than more money for them and I decided to quit a relatively easy and lucrative six-figure job that I enjoyed... but I enjoy retirement much more!

Ditto!

I've seen people suggest that by not working, I'm teaching them to be lazy... I don't think that's the case... My kids know we saved, lived frugally (still do), and that we would go back to work if need be. They are planning for careers that will be challenging... and hope to do something similar (work hard and save for retirement)... at least that's what they say..

You done good! You're "helping" by demonstrating positive life choices and being there for them as they build their own, independent lives.

I know I'm the contrarian in today's society, but I don't see it as "helping" to just give money. I don't know when it became mandatory that parents put their kids through collage, while the kids contribute nothing. With no skin in the game, too many kids just party for 4 years and graduate with no life skills, expecting to be spoon-fed forever.

I have a couple of degrees, which I got mostly through night school, while working full-time AND being a single parent. I don't recommend this path for everyone, but I can tell you I took the whole thing a lot more seriously than others my age who were coddled well into adulthood.

 

[Kristinia]

I retired just a couple months ago but never in my working days and my thoughts on RE did I even consider working longer to ensure my son has a good ‘nest egg’. He is 35 and not good with money at all. As with a lot of his generation, instant gratification is the only way to live. DH and I have helped him out numerous times over the last few years - the last one earlier this year. But this last help came with a caveat: son you need to understand this is the last time. We are retiring soon and the focus needs to be on our needs - not helping you out of the latest financial issue. To me this is only fair. We provided him all the help he has ever needed but it is time for him to stand on his own. As my DH told him - you will be rich some day but if your mom and I have our way you will be an old man before you get to enjoy the money . He is a good person but at some point it is important for all of to realize we have one life and that life is not going to be spent making sure that my child has an even better life - of course IMO.

 

[flyingaway]

Since I plan to work at least two more years after FI to build our retirement safety nets, it may indirectly help my children in the future.

 

[bclover]

Not really. I'm semi retired.

I mean I took the kids into consideration when I first started thinking about retirement (as far as college tuition and helping them out) but my kids are almost "grown". they still live at home, although oldest is saving up for his first apartment by 3/2018.

My dh and I never believed in inheritances so our money decisions were never predicated on leaving them money when we passed.

In fact the way my will is set up, their payout is based on the annual income, so if they don't work they get nothing.

 

[pacergal]

That was not even a thought in my mind, to be honest! However, chances are good that they will inherit some, just not sure how much. We have a budget and do not skimp on what we want.
Since we have retired, we have been able to help our kids with our time and money, if needed or asked. Its all good.