Will your kids have a higher standard of living than you?

[BioHawk]

You know, one advantage I will have over my kids is I'm going to get inheritances from my parents and in-laws. This will be possible because they were able to invest in long term health care plans that have unlimited money and unlimited time. This will mean that they will not have to dip into their savings and 401k's to pay for their assisted living and nursing home. This is huge for the amount of money they will be able to pass on.

I asked about long term care when I saw what they had and the guy laughed at me. Best he could do was 3 years of coverage and like 100k max expense. I might as well just put it into savings. But the result is there is a good chance that before I die assisted living and nursing home care will suck every dime I have left away and I won't have money to pass on. I'm trying to plan for it, but there's only so much I can do.

 

[Formerly Rockymtnole]

But the result is there is a good chance that before I die assisted living and nursing home care will suck every dime I have left away and I won't have money to pass on. I'm trying to plan for it, but there's only so much I can do.

I plan to steal the car keys and drive off the side of a mountain. One final ride. Not kidding.

 

[Tenacious E]

All in. $20k each

We’re at about 30 all in. About 1/3 of that is room and board, so I figure we’d be paying that either way until they kids leave establish themselves.

 

[Here_4_a_Day]

They don't yet exist, but I would bet the impacts of climate change being the biggest deterrent to their potential standard of living, as opposed to more current issues like cost of housing, education, and political dysfunction.

National debt another potential landmine out there.

National debt? jo will have that Trump hiccup fixed in his second term and we’ll have a surplus!

 

[seminole97]

there is a good chance that before I die assisted living and nursing home care will suck every dime I have left away and I won't have money to pass on. I'm trying to plan for it, but there's only so much I can do.

**** that noise.
I’ll enjoy life while I’m living.
‘Assisted living’ seems too much like an elderly penitentiary to me.
No thanks.
Nature will clue me in to when I’m done with this ride.

 

[SeaPA]

I think they'll have a comparable life, possibly better. One thing that will likely help them is that, since we were older than most, we'll die while they're still relatively young & inherit what we have accumulated.

 

[binsfeldcyhawk2]

I guess it depends on what metric you use.

Advances in technology (AI) will probably improve a lot of things...

Mental Health will probably continue to deteriorate.

I think in regards to polling on the subject moving forward, expectations will continue to rise and folks will be generally unhappy in their lot in life even though they probably have it better than proceeding generations.

 

[hydro2.0]

random related question for anybody who has pondered this already: if parents could make a choice between funding their kids college at a fancy place versus sending them to local state school but handing them the tuition savings (say 250k) at graduation, which will set them up better?

I would argue the best bang for your buck is going to be a local community college. Is it lavish? Nope. Affordable, absolutely. Not only that but most students can go free of charge with the countless number of scholarships. Go in, learn a practical skill and I’ll guarantee you’ll make more than most 4 year year grads

 

[Hoosierhawkeye]

In general talking about the generations that follow us.

Biggest concern is that a smaller population of young people will be working to support a larger population of elderly since we're not even having children at replacement rate now.

Boomers did their selfish thing by getting ahead and then pulling up the ladders of success behind them by underfunding higher ed in order to get themselves more and more tax breaks.

Millenials and Gen Z will be selfish by living their lives as DINK's having never sacrificed to add members of society and then taking social security being supported by someone else's kids.

 

[hydro2.0]

I guess it depends on what metric you use.

Advances in technology (AI) will probably improve a lot of things...

Mental Health will probably continue to deteriorate.

I think in regards to polling on the subject moving forward, expectations will continue to rise and folks will be generally unhappy in their lot in life even though they probably have it better than proceeding generations.

When all you see over social media is how “everyone else lives” and how rich, fit and successful ppl are I would imagine expectations will outpace reality

 

[General Tso]

Depends, if the oldest daughter doesn't change her major, probably not. But, she might also wind up being super happy in her life path and comfortable. The son, probably. I wish all of them had chosen to be accountants or something practical.

The point you make about your daughter is important. 'Better off' means different things to different people and isn't always about the Benjamins

 

[binsfeldcyhawk2]

When all you see over social media is how “everyone else lives” and how rich, fit and successful ppl are I would imagine expectations will outpace reality

This

 

[B1GDeal]

Ask me again in 5-8 years. That said, they had far more than I did growing up and have a far better chance to do better. The next handful of years or so should give an idea what direction they go.

 

[AreWeCross]

Unfortunately, unlikely. My wife and I chose careers based on earning potential. Our kids are basing theirs on what they enjoy.

I think we gave them too easy of lives, and they just assume vacations and nice things are automatic.

Well said...I do like reading your posts. Hard times create strong people...easy times create weak people.

 

[SeaPA]

I would argue the best bang for your buck is going to be a local community college. Is it lavish? Nope. Affordable, absolutely. Not only that but most students can go free of charge with the countless number of scholarships. Go in, learn a practical skill and I’ll guarantee you’ll make more than most 4 year year grads

It also makes a lot of sense to start at a community college for your basic studies, getting an AA, then transferring to a state university for your junior & senior years. The cost of those first two years at a CC vs a 4 year university is huge.

 

[Dr. Phil Seuss]

Saw this conversation on Reddit and thought it was interesting.

I wonder if this is becoming unlikely in the future. Housing and higher ed prices have a lot to do with it, I’m afraid.

Thoughts?

Quality of life, they should be able to maintain or do better. But that’s easy to say because I have a house about 1/4 the value of what I can afford.. it’s old. They growing up with a ton of old sh!t.

My son is really smart. I could see him going on to be a very higher earner. My daughter is really well balanced and attractive women have it pretty easy.

I grew up whiskey tango middle class in rural Iowa, which is poor by national standards

 

[Derekd3408]

Until 18 he will, after that it's up to him. He will have the resources.

 

[Dr. Phil Seuss]

Unfortunately, unlikely. My wife and I chose careers based on earning potential. Our kids are basing theirs on what they enjoy.

I think we gave them too easy of lives, and they just assume vacations and nice things are automatic.

vacations a big one. I didn’t fly until I was 16. My kids were on a plane at a few months. Family of four spring break is $10k+. Trips to see family, because we are all in different cities, probably another $15k.

 

[Formerly Rockymtnole]

vacations a big one. I didn’t fly until I was 16. My kids were on a plane at a few months. Family of four spring break is $10k+. Trips to see family, because we are all in different cities, probably another $15k.

No kidding. We are planning a family trip to Europe this summer. I’m not even going to add it up.

 

[StallmanCurse]

vacations a big one. I didn’t fly until I was 16. My kids were on a plane at a few months. Family of four spring break is $10k+. Trips to see family, because we are all in different cities, probably another $15k.

This.

My Grandfather rented a cabin at Okoboji my entire childhood. Got to go 3-4 times per year, and I was thankful for it. Family went to Colorado once when I was 16. Never flew, never saw the ocean.

My daughters have been flying to Anna Maria Island every winter since they were 7 and 4.

 

[goldmom]

In general talking about the generations that follow us.

Biggest concern is that a smaller population of young people will be working to support a larger population of elderly since we're not even having children at replacement rate now.

Boomers did their selfish thing by getting ahead and then pulling up the ladders of success behind them by underfunding higher ed in order to get themselves more and more tax breaks.

Millenials and Gen Z will be selfish by living their lives as DINK's having never sacrificed to add members of society and then taking social security being supported by someone else's kids.

You’re fun at parties, aren’t you? 🤔

 

[binsfeldcyhawk2]

Listening to the stories of my grandparents childhoods growing up during the great depression makes me appreciate how good I had it growing up.

Didn't appreciate it at the time But in retrospect I've had it pretty good.

It's all about expectations. Folks that grew up during the great depression...Jim Crow etc had different expectations.

We're pretty spoiled nowadays in that regard.

 

[goldmom]

When all you see over social media is how “everyone else lives” and how rich, fit and successful ppl are I would imagine expectations will outpace reality

Exactly. And when you point out that the reason you see this (really really small) group of people on social media it’s because their lives are outside the norm - many look at you and you know that thought had never crossed their minds.

 

[Hawksfinal4]

Not unless they get lucky.
We're not doing as well as my parents and I don't expect our kids to do as well as us.
My son might, but with the downturn in CS jobs since AI I suspect he'll have a hard time too.

23 years ago we bought a starter home for $170, now it's nearly half a million.
Everything has gone up except salaries.

I’d like to think so, I’m not going to comment on how much things cost in my day as compared to now, that’s all relative but when dad first went to Europe by air , he was getting shot at. I got to float on Gondolas in Venice. My son has traveled the world much more than I have and experienced things I only read about in actual books at a thing called the library. I could have spent years there and not learned what he has in a week. So I’d say yes I’ve had things better than my parents and my son has things better than I do.

 

[goldmom]

Listening to the stories of my grandparents childhoods growing up during the great depression makes me appreciate how good I had it growing up.

Didn't appreciate it at the time But in retrospect I've had it pretty good.

It's all about expectations. Folks that grew up during the great depression...Jim Crow etc had different expectations.

We're pretty spoiled nowadays in that regard.

This x1000. My parents grew up in an era where their parents were just glad to provide food and a roof overhead, literally.
Depression, WWII, etc. They were so proud they gave us an education and a “normal average” life. The older I get the more I appreciate them.

 

[goldmom]

This.

My Grandfather rented a cabin at Okoboji my entire childhood. Got to go 3-4 times per year, and I was thankful for it. Family went to Colorado once when I was 16. Never flew, never saw the ocean.

My daughters have been flying to Anna Maria Island every winter since they were 7 and 4.

Sssh. We don’t talk about Anna Maria Island. I am already sad that too many people know about it.

 

[ButtersHawk]

Most likely not. I am actually a part of a Biden issued CIA case study. I live on a farm and am raising my two sons as if we are vikings. The only TV the watch are Viking era docs and movies. My youngest is 5 has a sword and he all ready can chase down livestock slaughter and clean it on his own using his own hands and teeth.
When the youngest is 18 I have to drop them off at Martha's Vineyard and drive off.
So long story short no my kids probably won't.

 

[Hoosierhawkeye]

You’re fun at parties, aren’t you? 🤔

I have 3 kids, 2 are disabled, how many parties do you think I actually go to?

 

[ButtersHawk]

I would argue the best bang for your buck is going to be a local community college. Is it lavish? Nope. Affordable, absolutely. Not only that but most students can go free of charge with the countless number of scholarships. Go in, learn a practical skill and I’ll guarantee you’ll make more than most 4 year year grads

That is why I will not force college on my sons. I am the only one of my friend group without a college degree and only one of them make more than me and not by much. Also the other 5 that don't make as much as me also have the huge anchor we like to call debt.

 

[Dr. Phil Seuss]

When the youngest is 18 I have to drop them off at Martha's Vineyard and drive off.

You don’t have to take your car on the Ferry from Wood’s Hole if you don’t want to.

 

[goldmom]

I have 3 kids, 2 are disabled, how many parties do you think I actually go to?

Not many. And I understand why you wouldn’t. Hang in there.

 

[CarolinaHawkeye]

There are a lot of young people, in Ankeny, living in much bigger houses than we ever did. And that's even with the fact, that we often lived in bigger houses than I felt we needed.

 

[seminole97]

Boomers did their selfish thing by getting ahead and then pulling up the ladders of success behind them
by underfunding higher ed in order to get themselves more and more tax breaks.

I haven’t found a break out for ‘higher Ed’:

 

[goldmom]

I haven’t found a break out for ‘higher Ed’:

It’s crap. Boomers didn’t pull up a damn ladder. One of the more wasteful developments in higher Ed is an explosion in hiring for Administration.
Jimmy Carter promised to start a Federal Department of Education if elected. Towards the end of the Boomer college wave and unfortunately it hasn’t been the best thing for…education.
Frankly there are a ton of Boomers and lots of us are still working and paying into SSI. We had fewer kids cause both parents were working!
The wave of retirement is already causing a labor shortage and a drop in SSI contributors who are now takers.
Don’t like it? Complain to Boomers’ parents or their parents. They’re in the cemetery and don’t get out much.
SMH. Is understanding how everything works and intertwines and operates a lost art?

 

[IIowaFarmBoy]

I chose education (been in and out of both business and education). We spent a lot of time developing our kids. One judge, 2 engineers (one of which is buying a wealth management company after graduating with honors from the top Mech program), one married to an army officer and another in grad school for psych. The last, we don't know.

For the most part, yes they will do better and it was by design. We didn't pay much for their education aside from allowing living at home (some took that) and a car to get to school. They worked their tails off to pay for it (again by design).

Some are a bit sore for me not paying their way, but I point to the results. Most were home taught for part of their younger ed and we focused a lot on creativity and critical thinking.

 

[franklinman]

my 2 kids now in their 50s have 10+ years to retirement, and have saved for it and own their own homes, no debt. Both have careers in nursing, UNIONS of course. My great grandson is years ahead of where i was at 30. At that time i was returning from SE Asia and and just married and starting a family, He had a college education, completed a 4 year NFL contract and started a new career, power 5 college football coaching.

 

[ping72]

I think if your kids are under the age of 40, the odds are not very good.

 

[goldmom]

my 2 kids now in their 50s have 10+ years to retirement, and have saved for it and own their own homes, no debt. Both have careers in nursing, UNIONS of course. My great grandson is years ahead of where i was at 30. At that time i was returning from SE Asia and and just married and starting a family, He had a college education, completed a 4 year NFL contract and started a new career, power 5 college football coaching.

Cool. What team and what years? He’ll have that pension plus SSI

 

[franklinman]

Cool. What team were you with and what years? My hubby was in the league four years too.

The grandson was with the 49ers and the bucs, while i spent 27 years as a union machinist.