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Started By
Message
How to convince someone to enjoy more of their retirement money?
Posted on 8/18/26 at 9:29 am
Posted on 8/18/26 at 9:29 am
Context: in laws have been retired for years. Live well but relatively conservative per their means. FIL focused on wealth transfer to my wife (only child) and kids. Significant portion is in his tax deferred accounts.
We wish for in laws to enjoy more from their $ today, as we anticipate the tax man will turn FIL’s tax deferred into more dust than he appreciates.
Their effective tax rate today is 20+% lower than our anticipated marginal tax rate.
Meeting with wealth advisor / estate planing, along with in laws, to integrate the planning. We anticipate all kinds of creative ways to reduce taxes (annuities, etc) will be floated.
However, we wish they would instead just live and enjoy more now on lower effective tax rate. But this goes against their DNA.
Narrow vision on spending more on taxes today may cost them significantly more in taxes / annuities costs tomorrow (vs just enjoying today).
How to convince an old dog new tricks? Welcome MT’s input.
We wish for in laws to enjoy more from their $ today, as we anticipate the tax man will turn FIL’s tax deferred into more dust than he appreciates.
Their effective tax rate today is 20+% lower than our anticipated marginal tax rate.
Meeting with wealth advisor / estate planing, along with in laws, to integrate the planning. We anticipate all kinds of creative ways to reduce taxes (annuities, etc) will be floated.
However, we wish they would instead just live and enjoy more now on lower effective tax rate. But this goes against their DNA.
Narrow vision on spending more on taxes today may cost them significantly more in taxes / annuities costs tomorrow (vs just enjoying today).
How to convince an old dog new tricks? Welcome MT’s input.
17
Posted on 8/18/26 at 9:41 am to Everyday Is Saturday
Bro you post about retirement way too much
Posted on 8/18/26 at 9:42 am to Everyday Is Saturday
Tell them to start taking cash out and then giving it to you. Win/Win
Posted on 8/18/26 at 9:50 am to Everyday Is Saturday
Are they content with their current spending?
They may have mental security about future medical costs and not being a burden to you guys down the road.
They may have mental security about future medical costs and not being a burden to you guys down the road.
Posted on 8/18/26 at 9:51 am to TheOcean
quote:
Bro you post about retirement way too much
Everyone needs to find a hobby in retirement though, right?
Posted on 8/18/26 at 9:53 am to Everyday Is Saturday
Same issue with my parents. They make more money now in retirement than they did working but they can't seem to switch out of saving mode and into enjoying-the-fruits-of-their-labor mode. I think they want to pass on some wealth to us kids but we kids are doing just fine.
Dad dropped $55k on a new SUV but that is about all they have splurged in in retirement.
Dad dropped $55k on a new SUV but that is about all they have splurged in in retirement.
Posted on 8/18/26 at 9:57 am to Everyday Is Saturday
Have him give your wife the max allowed by IRS. Tax Free gift and problem solved.
Posted on 8/18/26 at 10:03 am to Everyday Is Saturday
“WE wish for in laws” “WE wish they would”
Why are you so involved with what your in laws have worked and saved for?
It’s your in laws life why are you spending so much time trying to change the way they chose to live it and spend their money?
The tax man will get a chunk no matter how you try to slice or dice it.
Why are you so involved with what your in laws have worked and saved for?
It’s your in laws life why are you spending so much time trying to change the way they chose to live it and spend their money?
The tax man will get a chunk no matter how you try to slice or dice it.
Posted on 8/18/26 at 10:11 am to TheOcean
quote:haven’t you heard? He’s retired. Wait a few minutes if you haven’t and he’ll tell you
Bro you post about retirement way too much
OP let your wife’s parents live their lives however they want and you live yours. I certainly don’t want my daughter living mine
Posted on 8/18/26 at 10:13 am to ItzMe1972
quote:
They may have mental security about future medical costs and not being a burden to you guys down the road.
For all the bitching moaning i and other millennials do, boomers are about to get the private equitied to death quite literally
i feel for my peers that parent's didn't prepare
Posted on 8/18/26 at 11:04 am to vistajay
quote:
Everyone needs to find a hobby in retirement though, right?
If posting on social media is your retirement hobby, for the love of god please keep going to work.
Posted on 8/18/26 at 11:16 am to Everyday Is Saturday
Just more money for you when they die, let them live their choices.
The older generation grew up with much less than we did.
The older generation grew up with much less than we did.
Posted on 8/18/26 at 11:28 am to Everyday Is Saturday
Same issue with my parents. Ive told them my dream is they spend their last cent on their last breath
Posted on 8/18/26 at 11:30 am to Everyday Is Saturday
You gotta put them on the dave ramsey method. Beans and rice and rice and beans and driving used cars. If they get to needing the nursing home then move them into your house and make the kids take care of them. Don’t let them waste your inheritance
Posted on 8/18/26 at 12:39 pm to DarthRebel
quote:
The older generation grew up with much less than we did.
Why do yall value Chinese TVs and a tracking device in your pocket over a cohesive polite functioning society? Old people had it way better than we do
ETA: most of the materialist argument boils down to air conditioning and iphones. People didn’t need air conditioning because they weren’t fat and weak
If you went back in time and showed a boomer in the 70s your iPhone and told him you have an app that would call a stranger to come pick you up when you were drunk the boomer would laugh at you and say that drunk driving is legal why would you need that
Life was better then it’s stupid to argue about it
This post was edited on 8/18/26 at 12:51 pm
Posted on 8/18/26 at 12:50 pm to Fat Bastard
I was having this conversation with my remaining parent just this last weekend. But that mindset is the reason they have what they have.
I dont think mine can be changed.
I dont think mine can be changed.
Posted on 8/18/26 at 12:54 pm to Hawgleg
What is there even out there for old people to spend money on besides healthcare? If you sat paw paw down and told him to watch commercials until he found something to spend money on he would get mad at all the interracial couples and dudes kissing and not buy anything
Posted on 8/18/26 at 1:08 pm to Everyday Is Saturday
quote:
How to convince an old dog new tricks? Welcome MT’s input.
real simple
Posted on 8/18/26 at 2:25 pm to TheOcean
quote:
Bro you post about retirement way too much
Retirement on Money Talk? My bad.
Let’s try Skynyrd then.
Posted on 8/18/26 at 2:32 pm to cgrand
quote:
OP let your wife’s parents live their lives however they want and you live yours. I certainly don’t want my daughter living mine
May they live the fullest life they want and tax man leaves them alone. FIFY.
I hope it’s just your blood sugar (vs your personality)? Eat a snack.
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