Give Money Now or Later? Why More Retirees Are Sharing While They're Still Here

When we talk about leaving a financial legacy, most people think of estate plans, wills and inheritances. But what if you didn’t have to wait until the end of your life to make an impact?

If you’ve built a solid retirement plan and find yourself in a position of financial strength, it may be time to consider a different approach – one that involves giving money to loved ones during your lifetime rather than leaving it all behind after you’re gone.

This isn’t just about generosity. It’s about timing, connection and getting to witness the ripple effect of your wealth while you’re still here to enjoy it.

Key Takeaways

• Your family may need help more now than later. Adult children often face financial pressure during peak child-rearing and career-building years.
• You get to experience the joy of giving. Watching your gift make a real difference –whether it’s helping with a down payment, education costs or a shared family trip – can be deeply fulfilling.
• You can help teach financial skills. Gifting money now opens the door to conversations about managing, investing and planning for the future.

Why Wait to Transfer Wealth?

When you’re knee-deep in estate planning, it’s easy to default to the idea of passing on your assets after death. But a growing number of retirees are starting to ask: What’s the point of hoarding wealth until the very end?

According to one survey, only 22% of baby boomers plan to leave an inheritance. In fact, over half say they don’t intend to leave one at all. Meanwhile, only a quarter of Americans expect to receive one.

That signals a shift. Families are talking more openly, priorities are changing, and so is the concept of a financial legacy.

Put Yourself First – Then Revisit the Rest

Let’s be clear: You should never jeopardize your own financial security in the name of generosity. The first priority in retirement is always you.

Healthcare expenses, long-term care and the unpredictability of life require a strong financial foundation. The only thing worse than being old and sick is being old, sick and broke.

But once you’ve covered the essentials, such as retirement income, healthcare planning and emergency savings, it’s worth revisiting your goals.

If you have more than you need, could some of that money be more impactful today?

Give When It Matters Most

Think about when your adult children might benefit most from financial help. Is it when they’re 60 and already retired? Or is it now, when they’re trying to juggle careers, kids and college tuition?

For many near retirees and retirees, the answer is clear. They want to help now, while they’re still around to see the results. That might mean helping a child buy a home, covering part of a grandchild’s education or organizing a multigenerational trip.

This is the idea of “giving with warm hands,” a mindset that means If I’m going to give, I want to be around to enjoy it, too.

Not only can it be satisfying, it can also be a learning opportunity.

Giving during your lifetime lets you model smart money behavior, discuss your values and provide guidance. That’s a form of inheritance no trust fund can replicate.

Leave Money or Leave Memories?

There’s no single right answer here. Some people find peace of mind in leaving a large inheritance. Others find joy in giving smaller amounts earlier, on their terms, with intention, and with the bonus of shared memories.

Whether it’s a trip, a gift or a scholarship fund for a grandchild, giving now allows you to create moments that live on. Yes, you may leave your heirs with less money – but you’ll leave them with more of you.

Want to Make a Plan That Reflects Your Values?

If you’re thinking about how to support your loved ones today and protect your financial future, we’re here to help. At Advance Capital Management, we build personalized plans that align your money with your goals, whether that means giving more now, later or a thoughtful mix of both.

Let’s talk about what matters most to you: Schedule a conversation today.