Author Topic: Appropriate Retirement Gift  (Read 2815 times)

NorCal

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Appropriate Retirement Gift
« on: July 15, 2016, 07:34:11 AM »
My mom recently retired as a public teacher.  She has a modest pension and a little bit of rental income.  She'll do fine living her current lifestyle, but won't have extra funds to do a lot in retirement.  My mom has mentioned the desire to travel in retirement, which is something she's never had the money or time for.

I'm not normally big on showy gifts.  Holiday's in our family usually consist of exchanging ~$20 gifts.  However, my mom has done a lot for me including helping pay for college, contributing to my wedding, and generally making me into the badass I am today.  I want to do something nice for her.

My finances are not an issue.  If the market cooperates, I'll be around $1M net worth by the end of the year.  My other family (brother and divorced father) would likely not contribute financially.

I would like to contribute something to help her take a nice trip wherever she wants to go.

How much would you contribute?

Captain FIRE

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Re: Appropriate Retirement Gift
« Reply #1 on: July 15, 2016, 08:07:51 AM »
It probably would depend in part on how much she contributed to college/wedding costs.  Have you considered offering to pay her back for all/part of that instead?  And what about going on the trip with her so she's not traveling by herself (not as much fun)? 

rubybeth

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Re: Appropriate Retirement Gift
« Reply #2 on: July 15, 2016, 08:43:31 AM »
I also like the idea of paying her back--though some parents (like mine) would say, "Oh, no, I wanted to pay for your wedding!" and might not take that as a grand gesture but more like a slap in the face. You know your mom best. Maybe take her on her dream trip, whatever that may be (for my mom, it was Europe).

If I were in a financial situation like yours (nearing $1M), I'd offer to pay for the whole trip, and go with her. She may want to spend some of her own funds for souvenirs or whatever, but I'd handle the booking of the airfare, lodging, etc. so she doesn't even know how much that costs.

ender

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Re: Appropriate Retirement Gift
« Reply #3 on: July 15, 2016, 08:45:29 AM »
I also like the idea of paying her back--though some parents (like mine) would say, "Oh, no, I wanted to pay for your wedding!" and might not take that as a grand gesture but more like a slap in the face. You know your mom best. Maybe take her on her dream trip, whatever that may be (for my mom, it was Europe).

If I were in a financial situation like yours (nearing $1M), I'd offer to pay for the whole trip, and go with her. She may want to spend some of her own funds for souvenirs or whatever, but I'd handle the booking of the airfare, lodging, etc. so she doesn't even know how much that costs.

You mean you'd use your credit card rewards points to throw a big trip that cost you nearly nothing out of pocket, right?

;-)



Catbert

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Re: Appropriate Retirement Gift
« Reply #4 on: July 15, 2016, 09:25:48 AM »
Yep, try to pay for at least one major component with a credit card bonus.  Airfare is an easy win - one strategic cc bonus can equal a round trip coach airfare most places.  American and United often have 50K point bonus with a minimum spend. 

2Birds1Stone

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Re: Appropriate Retirement Gift
« Reply #5 on: July 15, 2016, 09:34:14 AM »
Take her on a trip and teach her how to travel hack!!

The best gift ever is enabling her to enjoy low/no cost travel now that she has the time.....with travel hacking as a hobby and a retirees schedule she can take advantage of some amazing things that those of us bound to a m-f job simply cannot.

Choices

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Re: Appropriate Retirement Gift
« Reply #6 on: July 15, 2016, 10:27:31 AM »
Depending on your mom's personality, you might consider taking a family trip and inviting her along "as a favor to you" because you value her company instead of presenting it like a gift. It's the same fulfillment of her bucket list item and you still get to spend time together, but she might be more likely to accept it this way. She can choose the destination and activities or be however involved she wants to be in the planning.

Carless

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Re: Appropriate Retirement Gift
« Reply #7 on: July 15, 2016, 10:57:10 AM »
You might be surprised by where she'd like to go too. When I asked my boyfriend 'out of the whole world...'...He said Las Vegas.  Really??  So we went, easy enough and pretty cheap.  I wouldn't go back but we got to see the grand canyon which was great.  Sometimes people will surprise you.

lbmustache

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Re: Appropriate Retirement Gift
« Reply #8 on: July 15, 2016, 11:25:56 AM »
I agree with the trip suggestions. As a bonus, Southwest routinely offers very cheap flights across the U.S. (they have specials going all the time), you could probably travel with your mom someplace for cheap :)


yourusernamehere

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Re: Appropriate Retirement Gift
« Reply #9 on: July 15, 2016, 05:40:59 PM »
I think this is a lovely idea! Very thoughtful.

You might want to find out where her dream trip might be, as well as some other bits of info. Does she have a passport? (My mom didn't until last year) How is she on flights? (My mom does ok but gets pretty paranoid after the 2 hour mark. Also my mom is extremely nervous traveling after dark, to the point where she will be near to a panic attack,so this is always a factor when we go places.) Maybe you know your mother's travel habits already and none of this matters, but figured I would share the things that I have to consider. Good luck, and safe travels!

Secretly Saving

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Re: Appropriate Retirement Gift
« Reply #10 on: July 16, 2016, 08:35:26 AM »
It's a lovely idea! I'd figure out what the dream would be and then go about figuring out how you could make a generous gift. 

- does she need a passport?  You could give her the $ and forms as a part of a larger gift.
- does she want a road trip to national parks?  You could buy her a year pass.
- does she want to go on a cruise?  You could pay for all the optional excursions or the cruise itself?
- does she want to fly with a friend to Europe?  You could cover their airfare or hotels in the city?

So many options! What fun picking something out once you know what her dream is!!

Choices

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Re: Appropriate Retirement Gift
« Reply #11 on: July 16, 2016, 09:11:20 AM »

- does she want a road trip to national parks?  You could buy her a year pass.

If she's 62 or older and interested in National Parks, she can get a lifetime pass to all of them for only $10. If younger than 62 then it costs $80/yr.
For the lifetime pass:"The Senior Pass admits pass owner/s and passengers in a non-commercial vehicle at per-vehicle fee areas and pass owner + 3 adults, not to exceed 4 adults, where per-person fees are charged. (Children under 16 are always admitted free.)"

Secretly Saving

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Re: Appropriate Retirement Gift
« Reply #12 on: July 16, 2016, 03:36:17 PM »
Well, you can tell that I'm not nearing that age.  We pay for the annual pass!  That's a great perk. So glad you posted, Julie!