Results 1 to 3 of 3

Thread: Seniors better not anticipate inheritance

  1. #1
    Registered User rowellK is offline
    Join Date
    Feb 2014
    Location
    ca
    Posts
    1
    Credits
    1,030,604

    Seniors better not anticipate inheritance

    A couple of recent studies by Allianz point to the difficulty of retirement in today's poor economy. Most of those approaching retirement are not only unprepared, but often they have no practical concept of how much cash they need to put away to retire. Consequently, their kids will likely not see an inheritance from their parents. Resource for this article:

    shouldn't you find out much more about each of our site?



    Less stuff left out



    Allianz, a provider of life insurance, reported that most baby boomers -- those born roughly between 1946 and 1964 -- had better not hope for a fat inheritance as their retirement nears. Times being what they are, only 14 percent of boomers' mothers and fathers feel they can afford to leave their kids an inheritance.



    Hendrik Hartog, author of "Someday All This Will Be Yours," wrote:



    "Culturally, the idea of a legacy has disappeared for all but the very wealthy."



    Change to sustaining mothers and fathers



    A lot of times, kids end up taking care of their parents for the rest of their lives. Elderly mothers and fathers are just trying to make it on the few pennies they have left.



    Kay Kramer of KLB Financial said:



    "There's no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don't want to count on anything. And we've got some people who are actively helping parents out because they don't have enough."
    Paying more to live longer



    As the average lifespan lengthens and the price of medical care increases, the price of retirement is likewise escalating. In addition, the value of homes and other assets has taken huge hits in the downturn in the economy. According to the Star Tribune, the average American's net worth today is only $77,000. That is about the same as it was 20 years ago.



    Too much retirement cost



    Those from 55 to 65 did not even know how much money they should be saving for retirement, according to an Allianz study.



    Allianz Life President and CEO Walter White wrote:



    "It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working."

    About 10 percent of those in the survey even imagined about inflation when preparing for retirement. About 16 percent looked at taxes when it came to estimating for the future. People generally do not include taxes or inflation.



    Begin early



    There were a lot of people who did not prepare early. In fact, 16 percent said they would wait until they were a year away from leaving the job to start saving. Another 43 percent said that they did not consider retirement until they were five years away from leaving their job. Allianz suggests everybody get a head start.



    Sources



    Star Tribune

    CNN

    Money Watch

  2. #2
    Registered User bktrini305's Avatar bktrini305 is offline
    Join Date
    Mar 2013
    Location
    Miami
    Posts
    1,899
    Credits
    40,877,603
    I'm 28 and Retirement terrifies me. The pension as a concept, is gone.

    And as a single person I don't have the capitol to take on any real estate other than perhaps in a few years buying a little starter home. Thinking about starting a mutual fund and cashing it out to make a downpayment on an apartment building when the time s right.

    But i still don't know at what point will it be too late to get into a grove with my tenants and upkeep of the building and all that so i'm turning a profit that can sustain me.

    I'm telling you if i find my ass in Trinidad everything will be simpler.
    This can't be the end.
    I'll see you again.
    Carnival Prayer

  3. #3
    Registered User bktrini305's Avatar bktrini305 is offline
    Join Date
    Mar 2013
    Location
    Miami
    Posts
    1,899
    Credits
    40,877,603
    This thread could be really nice actually, i wonder if it could be move to Backchat. Nobody pays attention to these.
    This can't be the end.
    I'll see you again.
    Carnival Prayer

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •