I'm pretty sure all of us have given up on any boomer giving us anything anyway
I'm pretty sure all of us have given up on any boomer giving us anything anyway
Lucky for me my parents were both "I didn't save anything for retirement, my kids will take care of me when I'm older", so I don't have to suffer through this.
Somehow, I grew up in the one neighborhood in the city that hasn't had a spike in value in the last couple of decades. My mom refuses to move out to a retirement community (at this point she would need assisted living). She likes to talk about improving the property and what color she should paint the upstairs. Watches flipper shows all day.
I don't have the heart to tell her that I have no interest in inheriting the property and that it will be a huge burden to liquidate all of the 'antiques' she has gathered over the last 80 years that now stink of cat piss and many colors of mold.
She's always been there for me in my darkest hours, though, and so has that shit mid century ranch.
I'll still let her win at Wheel of Fortune, as long as she can remember my name.
I was sitting in the room while my friend's dad was having a argument with his horrible dad. The horrible dad threatened to write him out of his will, and my friend's dad respond, "Why do you think I'd want 1/6th of fuck all anyway?"
I wouldn't be so blunt with my mother about things, but every time she talks about inheritance I encourage her to just spend the money on herself. Anything will be spilt between 7 kids overall (3 hers, 4 my late step dad). She is holding on to an expensive ring because my very well off, money hungry sister, has basically demanded it, so I'm working behind the scenes to try get her to sell it so she can invest in making her last few years that much easier.
I was sexually/otherwise abused by my mother for most of my life. When I brought it up to family, I was basically told to shut up about it/“go to therapy.” They spent thousands torturing me in troubled teen facilities, and provided me with nothing for college (which I paid for with multiple jobs and sex work.)
I will never own a house. I spent almost two years after my divorce to just be able to afford an apartment. My family has never valued me - I will not give them the comfort they denied when it is the end. My entire life has been a hell.
Lucky for me my parents were both "I didn't save anything for retirement, my kids will take care of me when I'm older"
man I feel that. It's like raising a teenager.
"don't do that, it'll infect your PC."
"don't buy from there your card info will be stolen."
"no, Biden isn't going to round us up into camps."
"now we have to call and get you a new debit card."
"please don't buy so much junk food....why? because you have diabetes."
You'd be completely wrong. In my case.
I never really considered an inheritance an option. Seems so off-worldly to me, even though I am by no means from a poor family, just lower middle class.
I think the entire concept of inheritance is something more prominent in developing countries like US or India, where there isn’t a well-established safety nets already in place by the government itself.
Of course we have inheritances too, I know a few who got something, but most of it gets taxed away upon receiving or vanishes covering the deceased’s debts, so I’ve never heard anyone I know get anything other than maybe a weekend vacation in the city next over or maybe a small chunk of student debt away.
Then again I’m not very well-off, and I do know there are the upper class families that have a long standing generational wealth passing over to the new generations. I guess it really depends on the circles one’s in.
But I still think it’s not as common here, at least I’ve never considered it to be normal, and I’ve known well people from upper middle class too.
When my grandparents passed away they left my boomer mother a fully paid off duplex...
Which she immediately reverse mortgaged to fund her retirement because she has nothing.
A house my grandmother designed, and great grandmother financed and built, where 4 generations of my family lived and literally died, will be pissed into the wind when my mother dies.
My dad - who was an amazingly racist conspiracy theorist - gave all his money to 2 redhead women he started fucking after divorcing the woman he married after my mom died.
He chose not to leave me anything because I called him out for using the "n" word any time he talked about African Americans.
I'm out $150k
He is out having a legacy. My kids will never know his name, story, or hate.
Damn, I wish my parents had an inheritance to waste.
How dare they raise you and then spend their own money?!
I don't think what's talked about enough is kids having the talk with their parents about not being able to take care of them when they get old because you can't afford to take of yourself and didn't save anything for retirement. So you hope SSN will be enough for them. I know my mother always asked me if I would take care of her when she got old.
She would say that's why she had kids. But I had to sit her down and run the math and I said it's not about if I have the will or not it's is it possible and the math just doesn't workout and I have an okay job. I can only imagine what people lower down on the ladder are going through.
There are a lot of boomers that about to get a horrible wake up call and a lot of heartbreak watching our parents suffer at hands of their own making.
They will be drowning and some kids are going to jump in and get pulled under when trying to rescue them and the ones who know they don't have to proper equipment. Stay out of the water and mourn the loss.
My boomer dad: you probably won't get anything because I'm paying [i.e. using my retirement] to take care of my [100 year old] mother
Me: that's understandable
Watched my mom work her ass off to raise me and save everything she could for retirement. She got to do some fun things, but not enough. I'm glad she had good insurance and a little money saved for when she got sick. I inherited a house with a mortgage, taxes, insurance, and repairs that are bleeding me dry and I'm pulling money out of my retirement to cover it. I'm thankful that it's given my son a decent place to live for the last year and i hope to break even when we sell it. I'm fine with that. I didn't earn it. I didn't take care of her for money. If you're only helping your family because you want money, you suck and they're probably better off without you.
My thought is that if you’re going to give money, don’t wait until you die. The earlier you help someone, the more of their life it can improve. Help your kid buy their first house or something. Then spend everything before you die.
More like .... "Boomers decide to watch and accelerate the burning of the world because they're going to die soon anyway"
I know poor and wealthy people in every generation. Why aren't we blaming the banks for the 08 crash, the politicians for taking away almost every social service and trying to take away more, and the psychopath CEOs who care about their dick measuring contests every quarter? This generational divide obscures the real issues.
I'm relying on my inheritance from my mum to get a house, but that's mostly from selling her house, I'm sure her actual savings will be quite low by the time that comes around.
not eveyone get inheritances. what we need is social safety nets and to collect taxes on wealth.
I’m all for the average retiree spending freely and enjoying what they earned. They spent a lifetime working; it’s their money. Inheritance issues create way too many family disputes.
"I got mine."
Inheritance is weird. My partner and I stand to inherit a good bit when the parents on either side pass. Both sides of the family had successful middle class careers saved and invested well. Even considering the siblings on both sides, we could inherit an amount around $1M from either side.
But it's weird in two ways. First, it's not something that can be counted on. On either side it could be completely eaten up by nursing home care and medical costs for our parents. So we're not planning our own retirement assuming a windfall from inheritance. Second, on either side, unless they're unlucky, at least one of the parents is likely to live into their late 80s or 90s. So we'll already be in our 60s or 70s.
In other words, while we stand to likely inherit a good chunk of change, it will come so late in life that we won't really need it. Unless our parents die younger than expected, we will already be well into a fully funded retirement by the time they pass.
I feel inheritance made a lot more sense in the past. A farmer or a craftsman would will their farm or business to their children. And that child would take over that business while the parent was still alive, but too old to work it anymore. The child got the business or farm, but in turn had to support the parent in their later years.
But now? You're basically just inheriting your parent's house and whatever is left over of their retirement accounts. And you're doing so at an age where it really doesn't necessarily help you. Sure, if you yourself are unable to retire, then that windfall will be a godsend. But considering how wealth reproduces through generations, if you're in a position to inherit substantial funds from your parents, odds are you probably have a pretty big nest egg yourself built up by then. The people who could really use an inheritance to fund their retirement are unlikely to have parents wealthy enough to give them one.
But yeah, this is why I support strong inheritance taxes. For most people who inherit anything substantial, by the time you actually inherit something, you don't really need it anymore.
I'll certainly be out of this world long before I ever stopped to think about my retirement. That's my retirement plan.
Most people need to sell their estate to pay for end of life care, just tell your boomer parents they can spend their last days in whatever dumpster their meagre estate can afford and they might rethink their next cruise.
I am not one of those children that clutches their pearls for family members to give what they busted their ass for away for free. My father just paid off the mortgage of his home. It is his.
And he paid it for over 25 years as people like us lived in and left it. It is just unearned entitlement for any of us to come to him, demanding or expecting something he earned through hard work.
And it is something generations after his wont understand. You try being 66 years old and enduring the grind for so long to finally have something like a home to yourself. And not have a thought of reluctance of just giving it away.
It is ironic considering how much of a clutch todays generations have with their phones. Does anyone think they are the kind to give a home away when it is paid off? You tell me.
Let me tell you, as someone with potentially a bit of wealth to give out when I kick the bucket, every week with my kids I get this idea at least once. In some ways, it's the last bit of power we have until becoming of unsound mind. I'm hoping they'll grow out of making me feel that.
I want my parents to enjoy what they've earned and to have enough money to handle expenses of aging. I'm an anti natalist but I don't fault then for doing something that was expected by everyone at the time which was having kids, and they really did their best. I have dedicated my life to gerontology and helping the aging population. If humanity is going extinct, let's go out with compassion.
What's the problem? One of the common complains on Lemmy is that they claim to ban inheritance, for everyone. So this would be the logical conclusion right?
Haha, that was long spent before I was out of grade school.
I'm pretty sure all of us have given up on any boomer giving us anything anyway
That should work out since most boomers didn't get anything from their parents either.
I'm not quite a boomer, but I do see this generation as just wanting hand-outs. -Oh wait.. that's just how it appears online because they're the ones with all the time to post about it.