I think we had a thread about this in the past but figured I'd bring it up again. Do you anticipate receiving any significant inheritance? If so, do you have at least a general idea of how much it would be? Have you thought about what you will do with it? How would it alter your retirement plans or other financial plans?
I'm 54. My mother is 88 and except for a small bequest to a nephew and my daughter, everything else comes to me, and odds are the nephew (my cousin) will pass before her. So when my mother dies, I will inherit money from her.
I also have a cousin (the nephew in my mom's will) for whom I am the sole beneficiary of his estate. He is only about 10 years older than me but unfortunately has metastatic cancer that is not curable. Most likely, he will not survive more than 5 years and likely less.
Obviously, I hope they both live for many years but life doesn't work that way. The amount I'll likely get from my mother isn't terribly significant. A nice amount but not enough to seriously alter our plans. The amount from my cousin, however, is different, along with the fact that I may get it within the next 3-4 years. Even after taxes and expenses, that inheritance will be large enough to change future plans. That might mean retiring sooner or at least cutting back sooner. It would definitely allow us to buy a place in Florida even if I don't retire right away.
Nothing to do about any of this right now, of course, but it's certainly in the back of my mind when I spend any time contemplating retirement.
I'm 54. My mother is 88 and except for a small bequest to a nephew and my daughter, everything else comes to me, and odds are the nephew (my cousin) will pass before her. So when my mother dies, I will inherit money from her.
I also have a cousin (the nephew in my mom's will) for whom I am the sole beneficiary of his estate. He is only about 10 years older than me but unfortunately has metastatic cancer that is not curable. Most likely, he will not survive more than 5 years and likely less.
Obviously, I hope they both live for many years but life doesn't work that way. The amount I'll likely get from my mother isn't terribly significant. A nice amount but not enough to seriously alter our plans. The amount from my cousin, however, is different, along with the fact that I may get it within the next 3-4 years. Even after taxes and expenses, that inheritance will be large enough to change future plans. That might mean retiring sooner or at least cutting back sooner. It would definitely allow us to buy a place in Florida even if I don't retire right away.
Nothing to do about any of this right now, of course, but it's certainly in the back of my mind when I spend any time contemplating retirement.
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