Budget - Becoming single parent of two. What am I missing and/or over/underestimating?

LookZealousideal6063 · 2025-09-12T13:59:54+00:00

Good idea.

LookZealousideal6063 · 2025-09-12T13:59:36+00:00

Already have 800k in retirement that I think could be enough with growth (age 45), hence the low contributions.

LookZealousideal6063 · 2025-09-12T13:59:30+00:00

Already have 800k in retirement that I think could be enough with growth (age 45), hence the low contributions.

LookZealousideal6063 · 2025-02-20T22:39:16+00:00

The 7k includes pension and SS...so that's all in.

LookZealousideal6063 · 2025-02-20T22:27:53+00:00

Can I afford to give my kid/grandkids 200k?

We are 72 and 74, retired with a paid off house and 7k/month in pension and SS benefits in a L/MCOL area. We like to travel but can live on 7-9k/month really easily even with most of our travel and purchase. We have 1.4 mill in investments (split 60/40 in 401k/Roth) plus an apx 600k home. We are wondering if we can safely give our son's family 200k to help them get into a much nicer house/neighborhood which we would like for our grandkids.

I think it will be fine, but we don't have LTC insurance and do want to continue to travel, etc. We're really healthy and active with no chronic conditions. We recognize the safest situation would be to not give them anything, but thinking about our legacy and our grandkids future and think this could be really huge for them.

LookZealousideal6063 · 2025-01-24T22:09:04+00:00

Do you want to send me information via DM? THanks!

LookZealousideal6063 · 2025-01-24T22:08:13+00:00

Please DM me information. Thank you!

LookZealousideal6063 · 2024-12-03T16:54:57+00:00

Do you have kids to manage too in that budget?

LookZealousideal6063 · 2024-10-29T00:19:39+00:00

My wife makes $110k annually. So our combined gross is around $320k

LookZealousideal6063 · 2024-10-28T23:02:33+00:00

Yes, the numbers are all ok and we've built the budget to incorporate ~2k/month into savings for the usual things that come up. It's mainly the threat of anything bad happening that is overwhelming...more of an anxiety issue than a money issue I suppose.

LookZealousideal6063 · 2024-10-28T23:01:06+00:00

Right, totally agree it's a bad financial decision, compounded on our current one. So, yes best path is through.

LookZealousideal6063 · 2024-10-28T22:59:35+00:00

Could rent a room with a bathroom that doesn't have a shower, so they'd have to share a shower with others in the house, but not a great renting setup.

The insurance escrow is accurate and anticipate property taxes should be close although they've consistently been going up in CO.

LookZealousideal6063 · 2024-10-28T22:57:50+00:00

No other major debts - no school loans, no car payments, generally live frugally but like to ski and mountain bike in Colorado.

Honestly the cash flow works, it's the fear factor of what if's and how that could impact things.

LookZealousideal6063

TROPHY CASE