Can We Still Retire if We Don't Receive the $750k Inheritance We're Expecting?

[@Sookisushi]

With regard to inheritance and retirement I've always assumed I would inherit nothing and planned for funding retirement completely from my own savings and investment. That way I can care for my aging parents and help them manage their money without feeling any conflict about how they need to or choose to spend the money they worked hard their whole lives to earn. If I do inherit money I may end up having worked longer than I needed to but I'd rather have that problem than feel dependent on my parents leaving me money.

[@pearleelife]

It’s absolutely the worst way of looking at it. None of their sources are guaranteed. Back ups of back ups. Siblings contesting stuff can drag it out YEARS. Ffs

[@rhondavigil795]

Never expect an inheritance. Never

[@fobbitguy]

My only caveat i would have for this nice couple is are they sure about this inheritance. Its ok to trust theirr parents about this inheritance but i would VERIFY that this is going to happen? I learned this painful lesson from own experience. I would verify this inheritance by looking at any wills and trusts in black and white on paper. Then, youll be shocked what type of estranged family comes out of the wood work to claim part of the inheritance. The nicest family members and their spouses can easily turn when dollars signs start being seen. Trust your parents but verify

[@fungusamungus4930]

Really digging the new format.

[@James4cycling]

Regarding the inheritance you may be confident about the amount but your timing could be off a decade or more. Withdrawing over a third of your portfolio in the first 4 years would terrify me. If it was me, I would wait until age 62. 2.5 more years of salary and 2.5 years less of paying for medical benefits on your own. I think this would allow you to forget about part time work and retire full time. Social Security: Beth collect at 62 for the income and medical insurance costs; Matt collect at 67/70 to maximize Beth’s survivor benefits. If you have never managed rental property cut your net income estimate in half, stuff always comes up. Good luck

[@roareward]

Another great video. I know it isn't the point of this video but they could cut that cost by 250/mth by just not buying a new car every 10 years. I mean sure if you have money to burn, do whatever but a car is the worst way to spend money. I have just never understood just getting a new car to get one, especially if you don't really have the money. 20 years/200k miles is the minimum I keep a car and it is usually 25-30 years. Just buy a decent/reliable car and do basic maint. and it should last. As far as inheritance , I would have looked at it like I have for SS. Assume it doesn't exist until you get it. If you can survive without it and you happen to get something great, it just makes it easier, then. I definitely agree with having an inflation resistant cash equivalent investment, ideally to cover 3-7 years of market down turn, depending on what you can financially afford.

[@Mary-tj5qx]

No judgement, just sharing my experience. My parents were very, very clear from day 1 that there would be no inheritance. This, among other lessons, forced all of us onto our feet. I have had several friends over the years who inherited trust funds (and not huge trust funds) just enough to kill any self-reliance in them. I can’t think of one who actually benefitted from this windfall, and several really messed up their lives with the money. I do think it’s generally a huge mistake to lead anyone to believe they are going to inherit money. For this reason I will not do that. Odds are I will leave something to certain people, just not enough to change their lives and certainly without letting them know it’s coming.

[@Mary-tj5qx]

Just a note to say thank you to this couple for sharing their journey. The questions around inheritance are very emotive and will get a lot of reactions, none of which are about this couple. Many of us are in this same phase with our parents and it is a topic that produces a lot of opinion. It’s super helpful to show it in this way and this couple has done us all a favor being so open about their own thought process and situation. Ty

[@墨紫月]

Never assume I wouldn’t retire with the savings they got so far. They should work til at least age 65.

[@chris-cx2rv]

Another great video. Thank you for the real life scenario interviews.

[@noveltyrobot]

James, this is quite good. It's a great insight into what a financial plan actually is, how a planning session goes, the value of an advisor/planner and so much more