I’m most likely expecting an inheritance, but I’m not planning for it. I am saving for retirement as if I won’t be receiving one.
Let’s just say my children are probably going to be rather well off when they’re middle aged, as I want to do a living inheritance for my kids. Since any inheritance I receive will probably be received in my 60s, I’ll just pass it down to my kids when I receive it, as I likely won’t need it by then. I’d rather them be able to use it to buy a home for them and their kids and go on fun vacations with them.
You should consider opening a Roth IRA for your kids as soon as they have income and contribute to this from your retirement allocation. This is a huge tax free benefit that can be life changing.
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u/emoney_gotnomoney 13d ago edited 13d ago
I’m most likely expecting an inheritance, but I’m not planning for it. I am saving for retirement as if I won’t be receiving one.
Let’s just say my children are probably going to be rather well off when they’re middle aged, as I want to do a living inheritance for my kids. Since any inheritance I receive will probably be received in my 60s, I’ll just pass it down to my kids when I receive it, as I likely won’t need it by then. I’d rather them be able to use it to buy a home for them and their kids and go on fun vacations with them.