ERsoonihope
Dryer sheet aficionado
So we have more than we will ever spend —-UNLESS one or both of us end up with extensive medical/care expenses. I’d rather pass the money on to my kids “with a warm hand “ but want to make sure we don’t run short before we check out.
So the question is- should we start giving an annual gift to the children or should we keep our powder dry and figure anything left after we’re gone is good enough.
One child has no need for money now- second child is doing fine but could upgrade their life with an annual gift.
Here’s the details;
Have about $1.5 M in invested dollars (25% deferred/75% tax deferred 60/40 allocation). Between social security and pensions we have about $120K income against $110K expenses. Roughly half the income is COLAed.
Have no long term care insurance. Spouse has some health issues. Knock on wood nothing yet for me. We’re both 70 years. Will start RMDs in a couple years adding to the excess income.
So we aren’t touching the investments at all right now and investments are increasing each year. I’ve been sitting on that money figuring that’s our long term care plan- but lately I’m wondering if we’re being too conservative. Would be nice to help the kids out while we’re still around!
Anyone else trying to figure this out? Would welcome any thoughts.
So the question is- should we start giving an annual gift to the children or should we keep our powder dry and figure anything left after we’re gone is good enough.
One child has no need for money now- second child is doing fine but could upgrade their life with an annual gift.
Here’s the details;
Have about $1.5 M in invested dollars (25% deferred/75% tax deferred 60/40 allocation). Between social security and pensions we have about $120K income against $110K expenses. Roughly half the income is COLAed.
Have no long term care insurance. Spouse has some health issues. Knock on wood nothing yet for me. We’re both 70 years. Will start RMDs in a couple years adding to the excess income.
So we aren’t touching the investments at all right now and investments are increasing each year. I’ve been sitting on that money figuring that’s our long term care plan- but lately I’m wondering if we’re being too conservative. Would be nice to help the kids out while we’re still around!
Anyone else trying to figure this out? Would welcome any thoughts.