The Must Have Money Talk

The Must Have Money Talk

December 19, 2022 All Articles Estate Planning Retirement 0

…with your adult kids.

Should Inheritance Be a Retirement Strategy? That was actually the title of a Forbes article this year. And it’s really not a surprise when you consider just a few statistics:

  • 63% of affluent 18-22 year old’s say that financial stability in retirement will depend on inheritance.
  • 1 in 3 people are planning on getting a big inheritance.
  • 68% of millennials expect an inheritance and plan to quit working at age 59 on average.

Interesting then, that the view from the baby boomer’s angle is much different: 57% of boomers don’t expect to leave a dime! 3.

I would call that quite the disconnect, wouldn’t you?

Unbelievably, there is 84 trillion dollars of wealth that is expected to transfer from one generation to the next from now until 2045! 4. That is an outrageous amount of wealth – almost three times our national debt, which is itself an outrageous number!

This projection might explain why there are so many people walking around with delusions about the great retirement they don’t have to save for. Not everything – or every inheritance – may be as simple as it seems. Hence, the point of this editorial.

You may not want to share your financial situation with your kids for a variety of reasons. Trust me. We get it. However, you may be unintentionally empowering your kid’s bad savings habits by not doing so.

How did you get to where you are today? My bet is that most got there one pay check at a time for the most part. Yes, you too may have had a small inheritance or other unearned windfall, but most likely the majority of your success was earned.

Coach Lou Holtz famously said, “In this world you’re either growing or you’re dying so get in motion and grow.”

Generational wealth works a lot this way. If your kids aren’t prepared to grow it or even maintain it, well… And if they are already thinking on how they will spend it in retirement, well well…. Your work is far from over as parents.

You may not want to share your financial situation with your kids, but you at least need to give them a grip on their future life. Shoot straight with them…

We are spending it all…we’re not joking!

You may get something, but don’t plan your retirement on it.

You may get something, but if you die your spouse doesn’t.

If you want what you had as a kid, make it happen for yourself. Your inheritance is going to the grandkids.

We gave you enough. If anything is left, it goes to charity.

Whatever the story is or your plans are, they need to know. Who knows? It might spark a productive conversation for you to impart some financial wisdom about the need for them to start planning now or otherwise.

The timing of this article was planned. It is Christmas. Most likely, you will see your kids. Use that time to throw a few serious comments in order to segue into “we need to talk,” then do it. It may end up being one the best gifts you ever give them. Cheers!



  1. Bloomberg.
  2. Merrill Edge Survey.
  3. Naxtis.
  4. Cerulli.


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