Boomers are squandering their children's inheritance!

Trish

Trish

the occasional shopaholic
Recently there have been several articles concerning (mostly) Millenials worrying about Baby Boomer parents spending "their" inheritance on luxury holidays and expensive lifestyles which, they fear, is draining their inheritance. My question is, should adult children's expectation of an inheritance really stretch to worrying that their parents are spending "their" money?

The subject interested me because, I do know someone who is recently retired, enjoys an occasional holiday and has plans to redecorate her home now she has more time. She was very excited but, when she phoned her daughter to chat about her plans, the daughter made it clear that, instead of spending money on herself, her mother should be cutting-back and helping her out. As far as I know, the daughter is not struggling financially although, like a lot of people these days, she probably does have a limited budget but, I think, mum is entitled to enjoy the next stage of her life including spending her own money on making things more comfortable for herself.

I think the daughter is lucky she is not my daughter as I doubt I would have been so patient but, maybe I am wrong? Should parents be subsidising their adult children's lifestyle rather than enjoying their own?

Most of the articles are behind paywalls and I haven't linked them but, Google is your friend if you want to read more. :)
 

OMG, just drive down where the current runs past the boat ramp and drive out. 4 minutes, no pain.
Just give your kids a break. No one will blame you. U is a brave soul. Just do it! Forget about everything
cause you will after 4 minutes be submersed in 75-degree water. After all you were born in Liquid, don't fear it.
be gone with you just a worthless piece of garbage! Overweight, out of it, mentally dead anyway. ....haha .... sure!
Ur in Powerchair waiting to get hit at a green intersection anyway. ..... (y) ..... just a little bit of humor ....🖕

Our lives are locked into retirement strategies, our child's and grand child's know what they are worth is the best thought.
 
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Millenials worrying about Baby Boomer parents spending "their" inheritance on luxury holidays and expensive lifestyles which, they fear, is draining their inheritance.

That tells me that they are waiting for their parents to die, so they will have a lot more money to spend foolishly themselves. Their inheritance? It's their parents money, but the spoiled snots think that their parents should just stay home and don't spend too much money, just their lazy spoiled brats can get all of their saved money. If it was me, I'd spend even more money, and enjoy myself. Let's see? I just came back from Paris, now I think I'll go on an African safari!
 
Paladin1950 said:
Millenials worrying about Baby Boomer parents spending "their" inheritance on luxury holidays and expensive lifestyles which, they fear, is draining their inheritance.

That tells me that they are waiting for their parents to die, so they will have a lot more money to spend foolishly themselves. Their inheritance? It's their parents money, but the spoiled snots think that their parents should just stay home and don't spend too much money, just their lazy spoiled brats can get all of their saved money. If it was me, I'd spend even more money, and enjoy myself. Let's see? I just came back from Paris, now I think I'll go on an African safari!
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I love that idea @Paladin1950 :)
 
Before I retired in 1998, I took two pre-retirement seminars which were sponsored by the State for their employees. There were two different presenters and each advised us not to leave inheritances for our children! Spend that money. Well the only issue I find with that is what if building up what could be an inheritance turns into money we retirees actually wind up needing for long term nursing or at home care or for dire emergencies?

I have such a wonderful son that I pray I will not need to use what I've accumulated for long term care. He, my grandchildren and even my honorary son, honorary daughter and honorary granddaughter will inherit (in various percentages) what's left.
 
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Teacher Terry said:
We told my parents to spend their money and have fun. My kids say the same to me.
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That's what I told my parents and Lia's too. I remember her Dad almost apologizing for getting leather seats in his last car and telling him if he didn't spend it we probably would and on even more frivolous things than that. I never expected to get any money from my parents but my wife's parents were determined to leave their kids as much as possible. In a way I don't get that and feels unseemly.

But in another way I am sympathetic because my parents generation did so much to benefit my generation and ours hasn't been anywhere near so generous. College for me was only slightly more than free but kids today really have to carefully weigh the pros and cons. It won't necessarily put them ahead the way it did for us. In the same way the cost of buying a house at least where I live puts it out of range even for many people working good jobs. We could buy a first house that stretched our budget confident that appreciation would catch us up. Those days are through. They have to be shrewd about it now.

I want my stepson and niece and nephew to be independent but I also want to see them succeed and enjoy life too. I don't feel like I want to just throw money away on every kind of amusement. I also don't think I am in any position to tell them to follow my example when the conditions have changed so much.
 
Trish said:
Most of the articles are behind paywalls and I haven't linked them but, Google is your friend if you want to read more.
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I did a search and found a few anecdotes about some Millennials. I also found this study which showed the opposite, that Millennials are more concerned about their parents' retirement than they are about their inheritance. So it depends on who you're asking, it seems to me.

The idea of the entitled Millennials, from what I've seen, comes across as more like myth to me. I'm sure there are entitled people from every generation.

Millennials care more about their parents' retirement than their own inheritance​

"Whether or not it's deserved, millennials have a reputation for being entitled. But when it comes to their parents' finances, the younger cohort may be a lot less selfish than people think.

According to a new study by Edward Jones, the St. Louis-based mega-brokerage, most Gen Y Americans, as millennials are also known, care deeply about whether their parents can afford a comfortable retirement. In fact, they emphasize this priority over their own inheritance.

The study, which Edward Jones conducted with the research firms Age Wave and The Harris Poll, surveyed over 12,000 adults across the U.S. and Canada. Of the millennial respondents, defined as those now aged 27 to 42, a solid majority — 68% — said they were worried their parents hadn't saved enough money for a healthy retirement. And an even larger majority — 83% — said securing that retirement was more important to them than inheriting their parents' wealth."

Millennials care more about their parents' retirement than their own inheritance
 
Warrigal said:
My children never ask for money. I make gifts of money when I think that they will benefit from some extra cash. Hubby and I have done this now since both of them married and they have never squandered the money.

They have never begrudged us money we have spent on overseas holidays.
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Same here Warrigal. I've loaned money to my son and I've also made loans to my honorary daughter. They've never asked (I offered when becoming aware of financial straining situations). Each of them has always paid me back. I've also surprised them by giving them money. I enjoy surprising them and they are always so grateful.
 
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When they were younger, we supported the children through university so that they didn't end up starting working life with debts,and now they're doing OK. My elder daughter is hoping to buy her own house. We offered to help her financially, but she refused saying that she would find something she could afford and we should enjoy our savings, go for holidays etc...
 
It's impossible to spend your kid's inheritance because it's not their inheritance until you're dead. They should expect nothing.

That said, unless something really unexpected comes up, we'll be leaving my (only) son a very large amount and he is already on the title of our house. He lives with us and has a health condition which might cause him to have to quit working at some point and his medication is very expensive.

I always told my father to spend as much of his money as he could before he died and I do think he was trying -- the last few years he was buying a new car every few months. He said nothing else made him as happy. Even so, he had enough left for me to buy all new furniture and I like looking at it and knowing he bought it for me.
 
Who is this who says "Millennials worrying about Baby Boomer parents spending "their" inheritance". ???? The only thing the author could prove was that he had access to a computer.
Like no other generation was ever concerned about inheritances. This is just click bait. It's another, "aren't those greedy Mellennials rotten" item. Every generation has wondered that.
 

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