In other words, as old people (such as our parents) die, young people (such as Gen Xers and millennials) — all things eq

At age 17, she knows approximately how much money she stands to have access to when she turns 18. This factors into her college-related plans. It’s no different for her to look ahead to how much wealth she can expect to inherit from me as she starts making longer-duration plans.

First and foremost, it’s just another example that we should not place our personal finance and investing focus on traditional conceptions of retirement. If I am pretty confident, I’ll receive, say, $250,000 by the time I’m 65 via inheritance, I should work this assumption into how I spend, save, and invest over the next 20 years.

Treat it like Social Security. You’re not going to rely on it. However, you shouldn’t act as if it doesn’t exist. Cynics argue that Social Security will not be around for millennials or even Generation X. This is alarmist bull.

At the same time as I experienced this hesitation, I was reading research and articles like the one from The Economist about the wealth transfer millennials can expect to receive. It’s real. We’re not all going to inherit money. Some of us will inherit way less or much more than others. As with anything else, assess and anticipate your situation and plan accordingly.

If I can reasonably assume $2,000 a month starting in my 60s alongside a lump sum of $250,000 (which I can hypothetically pay out to myself at a rate of $12,500 a year over 20 years), I need to consider it in conjunction with everything else I’m doing now.

However, if you know your parents live free and clear (or close to it), you can shift focus from conventional approaches to retirement savings to how to live your best personal finance life now. You can allocate your cash flow to satisfy your needs and wants today and in the near-term rather than obsessing over how much money you’ll have at some magical and mystical retirement age.

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ee, in the purest form of love, you want to see your partner take off in every aspect of their life. What would you sacrifice to see them pursue their dreams? If your answer is anything, even the relationship itself, then you know what it means to love.

I hesitated to introduce this subject into our personal financial equation. It’s an uncomfortable subject to bring up. For legitimate reasons, we don’t want to think about our parents dying. We also don’t want the same old white male critics to brand anybody younger than them who does things differently than them as lazy and “making all the classic mistakes.”

You can literally go online right now and see how much money you’ll receive each month based on your earnings history and age you intend to collect. Most of us will collect one or two thousand dollars per month somewhere between 62 and 70 years of age.

If you know you’re going to inherit money — even if you can’t be sure when — it’s going to change how you handle money in the here and now. It might be a cold thing to think about. But the fact is people die. When this happens, offspring often receive financial windfalls — be it cash or a home they can sell for cash or close to it.

I could consider that money gravy. Because who knows? My parents could blow it, have less wealth than I think they do, or have mortgage-related debt I don’t know about it. In this scenario, you don’t want to count on this money.

Even if it happens on a subconscious level, I think many young people realize this eventuality. And it influences how they manage their money today. I don’t think there’s anything wrong with this.

It’s a somewhat psychological thing. If you’ve read my writing more than once, you know I’m obsessed with the psycho-emotional components of how people act and react with money.

For example, I have a pretty good idea how much money I stand to inherit when my parents pass away. My dad just turned 86. My mom is 73. Here’s hoping the inevitable doesn’t happen for a good 20 or 30 years (knock on wood!). But it’s going to happen. Even if I don’t run around thinking about it every day, the relative certainty of receiving what will probably be somewhere in the low-six figures plays into my long-term financial planning.

While I expect my daughter to create a life and attendant personal financial plan of her own as she heads into adulthood, I’m also saving for her. I’m accumulating wealth on her behalf that she can use when she needs it and inherit when I’m dead.