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Why you might need to bake another $170k* into your retirement nest egg

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  • #31
    I would not "budget  in" extra money in my retirement account for adult child expenses! Once we raise them and provide for them to adulthood our "obligation" is done. 529 plans are extra for them and not a requirement but most high earners do it. I'm not saying when my three kids are adults I wont help them or give them things, but I will only do it if it is in my budget and I want to do it. Kinda how people are told to max out retirement accounts before saving for college.

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    • #32


      I did not bring up the “m” word, other posters did.
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      My comment wasn't directly specifically at you.  Just following up on the word that was brought into the conversation.  My entire point is that it's all contextual to the family, which I think is what others are saying as well.

       

      I had to google McLaren as well.  It's a fancy car thing that usually costs 6-figures, sometimes as high as mid 6 figures apparently.  As far as I know the money is legitimately earned.  Doesn't bother me that he has it. My parents bought me a car (Mazda 626) when I was in college -- that put me eons ahead of most of the people I knew at my state university.  When they bought it I basically just took whatever my dad thought was a good car/deal -- I test drove a few things but didn't really give input.  I didn't feel like I had the right to give a lot of input given that I wasn't paying for the car.
      An alt-brown look at medicine, money, faith, & family
      www.RogueDadMD.com

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      • #33










        Is this more an issue with today’s kids and young adults ? I made money starting in junior high and high school. The idea of mooching off parents never entered my mind.
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        Mooches have existed since the beginning of time.
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        Is your (hypothetical) 21 year old daughter with profound anorexia nervosa a moocher? Perhaps she is to me, but I am not sure that you will consider her to be a moocher.
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        In a literal sense, yes she would likely fit the definition.  Though to the extent the mooching is due to an infirmity it would lose its negative connotation.

        What about the hypothetical daughter who is a profound vegan and needs extra money to buy all of her organic vegan groceries and eat at expensive vegan restaurants, and refuses anything else?  Yeah, that's probably a mooch, with a big helping of negative connotation.

        My 1 year old is a complete moocher, but that's a fact we celebrate.

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        • #34
          I dont see anything wrong with taking care of your parents, if you can I'd say its the right and good thing if other issues are otherwise good.

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          • #35
            I wonder if that average number includes large one-time expenses (think wedding) rather than ongoing contributions. I think many of us would want to help with our children's wedding expenses if we are able.

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            • #36




              I wonder if that average number includes large one-time expenses (think wedding) rather than ongoing contributions. I think many of us would want to help with our children’s wedding expenses if we are able.
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              The moment I have a daughter is the moment I know I'll need to have an extra $100k laying around in ~20-30 years.

              Who am I kidding, a decent wedding will probably be at least a quarter million by then.     :cry:  :lol:

              And a couple decades from now, the groom's family will probably be expected to contribute at least half, too.  So there's truly no escape...   :P

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              • #37
                My parents helped me financially with medical school and getting a start as a young adult.  It made the whole experience much more pleasant, and did not turn into the debilitating scenarios described in "Millionaire Next Door".  I didn't view it as mooching, nor did they feel that way about it.  I have been helping young adult relatives in my family as well, and I am glad to do so.  If you can afford to help relatives get a good start in life, why not do this?  As discussed above, I hope they will continue to 'pay it forward'.  WCI has written about his plans in this regard (I think it was termed a 20s fund).  Certainly agree however that one should not fund a lazy libertine, nor should one give away moneys that are needed elsewhere. If money is tight it wouldn't make sense, but if your own retirement is adequately funded this can be a rewarding way to spend 'extra money'.

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