My brother's 35 and says our parents' inheritance is his whole retirement plan. How can I talk some sense into him?

Let’s say, for example, that Rodney is 35 years old and is counting on his parents to leave him a large sum. He’s told his sister Josephine that he’s not saving for retirement because he’s confident his inheritance will be enough.

However, Josephine is concerned, and rightly so. Now, she’s wondering what she can do to convince Rodney to see sense and start shoring up his own future instead of sitting around waiting for Mom and Dad to die. And she’s right to worry, as the experts are on her side.

You can’t count on an inheritance to come

Rodney’s first big problem is that he’s putting all his eggs in one basket, and there’s no guarantee that betting on Mom and Dad to provide an inheritance will pan out.

“I’ve seen many situations where parents leave less than the children expected, or set up a trust directing everything to charity and nothing to the kids,” Adam Spiegelman, founder and wealth advisor at Spiegelman Wealth Management, told Moneywise.

“A client I work with is giving their entire estate away to charity, and their adult children, who are in their fifties, have no idea. That’s Mom and Dad’s right and privilege, but it illustrates the point: you can’t count on anything,” Spiegelman said.

Rodney’s parents may decide not to give him the money, or something outside their control may happen. For example, around 7 in 10 people turning 65 will need long-term care at some point during their lives, which can cost upwards of $100,000 per year. Rodney’s parents may be forced to spend their money on a nursing home before he inherits a dime, even if they promised he’d be getting the cash.

Josephine should point out this risk to Rodney and warn him that if you expect an inheritance and get nothing, it may be too late to start saving for retirement. And since Social Security replaces just 40% of pre-retirement income, he may struggle to cover the basics without added savings.

An inheritance may come too late

Even if Rodney’s parents do decide to give him money, it may come well after his own retirement date. Many people live well into their 80s and 90s now, and lifespans may get longer due to medical advances prompted by AI.