But if my children are counting on what they inherit from us for their retirement, that will not work. The average amount most parents plan on leaving for their family is around $100,000. That would work out to $33,000 per child in my family. We are not dying anytime soon so who knows what will be left in the end. But even if we were average, you cannot retire with only $33,000 in your retirement plan. It will not work. In an article in the Wall Street Journal the advise was don't count on money from the parents:
For years now, there's been a lot of talk about boomers getting tremendous windfalls as their parents pass on. Many boomers, in fact, have been lagging behind in their savings, betting on—hoping for—big bequests, especially since many of them suffered big losses in 2008. WSJ, June 11, 2012As it turns out, we parents suffered a hit too in 2008. We are living longer so our children won't be getting the inheritance in time to make hay from what they may receive. It is not looking good for you if your are thinking that we (the parents) are going to leave you set for retirement. So I am here to say you cannot count on us.
Just a thought!
Link: When Your Retirement Plan Depends on Your Parents Dying, Graceful Retirement