My wife (age 71) and I (age 74) have about $1.7 million in savings -- about $1.2 million in our two Rollover and two Traditional IRAs and $0.5 million in our Brokerage account. We haven't needed to dip into these savings since Social Security and Pensions are adequate to cover our current living expenses. We own our home worth about $800k. We have no debt. We also both have long-term care insurance if needed to help with most of our future major healthcare caregiving expenses.
For our estate planning, we are leaving our savings and home equally to our two daughters (currently ages 42 and 38). Both daughters use common sense with their money, but neither one is interested in active investing. We are considering putting the $1.7M in the Schwab 2040 Target Date Fund.
Fortunately, health for both my wife and I is currently good and if we live another 15 to 20 years our daughters would be in their mid-50s to early 60s when they inherit.
Is this a reasonable approach? Are there other options/considerations you would suggest?
For our estate planning, we are leaving our savings and home equally to our two daughters (currently ages 42 and 38). Both daughters use common sense with their money, but neither one is interested in active investing. We are considering putting the $1.7M in the Schwab 2040 Target Date Fund.
Fortunately, health for both my wife and I is currently good and if we live another 15 to 20 years our daughters would be in their mid-50s to early 60s when they inherit.
Is this a reasonable approach? Are there other options/considerations you would suggest?
Statistics: Posted by Wolfpacker — Wed Sep 11, 2024 1:29 pm — Replies 4 — Views 209