18% – are you kidding?!

18% of you that are in your late 50’s are banking on an inheritance for your retirement security. I have news for you, your parents and Grandparents are not living their lives so you can inherit!

Our parents and Grandparents are living longer, but not necessarily healthier lives. We all know that health care, especially Long Term Care, has increase in cost by leaps and bounds. Because our parents did not expect to live into their late 80’s or 90’s, they are spending much more than anyone dreamed on their own health care. This is chunking into your “inheritance”. Our Parents are staying in their homes much longer than previous generations did; this is also taking a bite out of your “inheritance”. If you think about past generations, when someone retired, they moved to Florida and lived out their lives in the sun & fun – until about age 72. We already live in Florida, as do most of our Parents – and they are living 10- 15 years longer in the same house. Home repairs, as well as retro-fitting for an elderly parent, cost a lot of money.

Our Parents saved for their retirement and for a “rainy day.” This is the lesson we need to learn from them. If we inherit anything, it is as an unexpected gift.

 

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