One show I’ve loved for a very long time—and still watch today—is Gilmore Girls. The 2000s series is about Lorelai Gilmore, who raises her accomplished daughter, Rory, largely on her own. Lorelai is a witty, independent, and fiercely devoted woman who’s determined to build her own life while never being entirely free from the financial safety net of her wealthy family.
Throughout the series, she often needs her parents’ financial help but rejects it until circumstances force her hand. We watch her spend money on coffee from Luke’s Diner and takeout from Al’s Pancake World. I know it’s only fiction, but I’ve always imagined that if Lorelai had a retirement plan, it was probably built on the quiet assumption that her inheritance would eventually fill the gap.
If you watch the show, you may disagree and argue that Lorelai was more frugal than I’m giving her credit for. After all, she drove the same Jeep Wrangler for more than a decade and repeatedly refused to move into a nicer home. My observation, however, points to an important question for anyone in a similar position: If your parents are wealthy, is it tempting to save less for the future because you assume an inheritance will cover your long-term goals?
The Inheritance Mirage
The Inheritance MirageIf your parents have substantial assets, it’s easy to mentally count money that isn’t yours yet. You may not say it out loud, but the thought can quietly influence your behavior:
“I don’t need to save as aggressively.”
“I can spend a little more today.”
“My parents have plenty. I’ll be okay.”
The problem is that inheritances are one of the least predictable financial resources you can plan around. Your parents may live much longer than expected. Long-term care expenses can consume significant portions of an estate. Market downturns can reduce wealth. Charitable giving may become a priority later in life. Estate plans can change.
What would my retirement look like if I inherited nothing?
What would my retirement look like if I inherited nothing?In other words, the inheritance you assume you’ll be receiving might look very different when the time actually comes. Even then, there is also the possibility that it may not come at all.
I’ve had several financial planning reviews where a client casually mentions, “Oh, and I’m the sole beneficiary of my mother’s assets, which total around…” My response is always the same: “That’s helpful to know! But let’s keep it out of the plan.”
Ironically, people who do wind up receiving an inheritance often benefit the most when they’ve already built their own retirement security. Instead of needing the money to survive, they can use it to enhance their lifestyle, support charitable causes, help their children, or leave a legacy of their own.
Although my love for Gilmore Girls goes beyond my assumption of Lorelai’s savings habits, or lack thereof, I think there is a good lesson to be learned. Your retirement plan should stand on its own two feet. Anything left to you by Mom and Dad should be the cherry on top, not the whole sundae. Inherited money is a blessing. A retirement strategy is a responsibility. Don’t let one replace the other.
Proverbs 21:5
September 2026
