It feels like others may have experienced this, so looking for a little advice.
My parents are approaching 70, still very healthy and no issues to worry about. By all accounts this won't be actionable for many years (10-20?)
I have a few siblings. One in particular is likely well-behind on retirement savings - not because she is bad with money (she is in fact very frugal) but rather due to low overall lifetime earnings and entrepreneurship vs a 9-5 job where your 401k fills up regularly.
I am very healthy financially and very self-sufficient with retirement planning - we won't need any other help and any additional money would only go on top of the pile and be untouched. In short - I'd like to give her my entire share.
A couple of things:
-This has never been a topic with my parents and I sort of doubt it will be unless I bring it up. On a scale of highly communicative to less so, we are down near the bottom.
-Given a preference I'd rather my sister know nothing about this. Better just for her slice to be larger and assume it came from them.
-Financially I'd prefer to handle this before the estate is settled rather than gift her money afterward. Just seems a lot cleaner that way.
So... Should I bring it up with my parents? Now, or closer to 80? Or after one passes away? Or something else?
Thanks
My parents are approaching 70, still very healthy and no issues to worry about. By all accounts this won't be actionable for many years (10-20?)
I have a few siblings. One in particular is likely well-behind on retirement savings - not because she is bad with money (she is in fact very frugal) but rather due to low overall lifetime earnings and entrepreneurship vs a 9-5 job where your 401k fills up regularly.
I am very healthy financially and very self-sufficient with retirement planning - we won't need any other help and any additional money would only go on top of the pile and be untouched. In short - I'd like to give her my entire share.
A couple of things:
-This has never been a topic with my parents and I sort of doubt it will be unless I bring it up. On a scale of highly communicative to less so, we are down near the bottom.
-Given a preference I'd rather my sister know nothing about this. Better just for her slice to be larger and assume it came from them.
-Financially I'd prefer to handle this before the estate is settled rather than gift her money afterward. Just seems a lot cleaner that way.
So... Should I bring it up with my parents? Now, or closer to 80? Or after one passes away? Or something else?
Thanks
Statistics: Posted by wilked — Mon Mar 25, 2024 8:58 am — Replies 16 — Views 994