From my parents, I anticipate maybe $25k-$150k, assuming they live for a while longer but not exceptionally. That might bump our plan up by ~6 months.
From my spouse’s parents, big old wildcard.
It’s possible they dramatically speed our retirement. It’s possible they disown us. There is a chance all their money goes to the Keep America Great PAC and the NRA. They undoubtedly have money as of today, but they’re big spenders and are enjoying lots of trips in their old age - As they are entitled to do with their money! But whatever occurs there might be pivotal.
No matter what, after giving my child plenty of assistance through early adulthood, and always being willing to pay to be a security net, I hope to leave an amount that will guarantee their security - but I don’t want to work such that my child can inherit $8M.
Ugh, depending on… things… that could be a real headache. My wife is the executor for her folks, lots of foster kids in the mix, plus one adoption. I hate to see money fights. People go nuts when they have, or think they have, a shot at laying their hands on some money.
I’m grateful that when my dad passed, my brother and I made it real simple. We just kept track of what we both spent on things related to settling the estate, added everything up, divided by two, adjusted for our costs, done.
I never included potential inheritances in my retirement planning as I regarded them as windfalls. I handled my mother’s taxes and finances for many years so knew exactly what her modest estate would be. She had gifted her farms to my older brother and me in 1999 and her home to my younger brother. All of those properties have been sold and my farm proceeds went to my kids. That is another reason not to include inheritances in your financial planning: you may want to pass them on to kids who need the money now.
Inheritances can be unexpectedly large. I was surprised by how much my wife’s father and her great aunt had accumulated in their estates. The Greatest Generation built up some large estates.
I don’t factor inheritance into my retirement situation at all. I’m one of 8 kids, so anything left after he passes isn’t likely to be material.
My wife would likely get some meaningful inheritance, but you never know how someone’s health situation will play out. Sometimes people need long term care for many of their final years, which can drain assets.
They’re in the back of my mind, but when thinking about FI I try to expect my parents will live until they run out their money, and our in-laws will lose everything to a MAGA scam.
After my dad’s mom passed away, he got part of what they had accumulated (as one of 3 siblings), not a life changing sum. He said he wished that they had spent it on themselves. He passed away in his early 70’s and my mom is still alive. She will likely leave some to us, but I’d much rather her enjoy it as well. My brother is helping her budget with an eye toward possible retirement care assistance if it becomes necessary, but we are making sure she spends it as well. She travels to/with kids and grandkids a good bit. That’ll probably slow as she ages thru her 80’s. I don’t look askance at anyone working toward a glide path to 0.
Going through this with my FIL. Depends a lot on how long he can stay above the threshold for skilled nursing and in assisted living (which he wants as long as possible). His current assets and income in theory will give him 4 or so years in skilled nursing which seems longer than his life expectancy, but it would leave an interesting but not really material amount after that.
that isn’t that hard. public school subs make over $200/day where I am. infinite demand. you pick when to respond and to where. If you and spouse are healthy, the $30K isn’t hard
I was at a wills & estate planning session earlier this week. One of the presenters was a local police officer who specializes in fraud/abuse of seniors. He made some good points about what to do and not do when it came to inheritances, etc. He even shared a couple of WTactualF stories.
My mom helps with the books for a music festival and makes enough to pay for lengthy cruises and excursions. She and my dad both work at local polling stations during elections. My mom’s worked on the census. My dad occasionally helps out with deliveries for a cabinet company.
There’s lots of short term work that seniors do to make a few extra dollars. I know some ref or umpire kids sports. Tutoring can pay well.
I’d definitely consider this. I’ve considered doing some yard work, or it’s on my list to get back into woodworking, I might build some furniture. If I try to bring one more table into the house, my wife will break my legs, but I could build one for someone else. Something like that, I’ve been a desk jockey for 25 years and I like working with my hands. Not for 40 hours a week, but like 15-20 would be fine here and there. I used to buy and sell audio gear and made a few thousand bucks a year with minimal work, and got to play with a lot of gear that way, it’s a hobby.
I also have a friend who paints houses. Now, I have no desire to do that full-time, but I bet if I offered to help here and there on big jobs he’d take me up on it.
I considered substitute teaching only briefly, but I’ll admit it’s a good idea. If I really NEEDED $15K I would sooner substitute teach or run a community college class than Ubering for sure. Ubering has only been as much a part of my life as it has because I can do it sporadically although now that I have my bridge club gig I might hang up Uber and Instacart at the end of 2026. But it did offer me some activity and productivity in the early stages of retirement.
I have tutored on Wyzant for almost 10 years. It’s not difficult to get started. I charge $45/hr online and $50/hr in person (and only at the local library 1.5 miles down the road) but the site takes 25% so that is about $35/hr before self employment taxes. You won’t get rich unless you actively pursue every lead out there, but I have brought in $360 so far this year with no effort on my own, just people finding you and asking for help with their statistics class and you saying yes and scheduling it. It would be a bit more lucrative if you had an in with a school system or you could generate leads yourself and avoid the 25% but I just take whatever comes. Most of it is online in my basement, but I do accommodate the occasional local in person.
Now that I can make some side money (on pace for about $10,000) at the bridge club (where I would and still do come to play Mon, Thurs, and Sat aft) I think I’m going to focus some of the remaining time volunteering. I got a good lead today thru a friend about a place that feeds the homeless. Subbing does still pique my curiosity, if it weren’t for the bridge club working out so well who knows?
There is a penalty but he could often come out ahead, we did something like the link below describes for my dad, he had a little over $250k and he was able to protect about $160k of it. We wound up hiring a lawyer that specializes in this, it was like $4k and they made it all extremely easy.
as far as I am aware my Dad’s pension just covers his Assisted Living. What he has in the bank basically is for Birthday and Hannukah gifts for the grandkids
I used Wyzant to tutor about 11 years ago when I was pregnant and needed a little extra money before the baby arrived. I was able to charge $45+/hr even back then and I had to turn away clients at some points. Made a few grand and was able to set my own schedule. I would do that again in a pinch, although my salary is now more than double what it was then so I’d probably see how high I could set my rates and still get business.