What is Peter thinking, and what if the kids don't give him any money? It sounds like he's in no position to give any money away.

His kids need to gain their own financial independence.

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Peter, you have worked all your life to get where you are and deserve to be financially fit to holiday and meet bills without any stress. As a parent I understand your love to help your children, but make sure it's a win-win for all of you, most of all for YOU.

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It's when you have to pay the top rate to the tax man and ha ing to pay provisional tax on top of that you start wondering who you'd rather give money to. At my age 89 I left myself enough to pay my ongoing expenses and even started to use up capital.. so depending what age you are and how much assets you have, give it to your children and grandchildren at least you get to see them enjoying it, depositing on a home or paying off a mortgage and reducing any arguments amongst them as I have seen in .most cases of inheritances.

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I retired 5 years ago, did a budget, redid the same budget 6 months ago, and we are $180 a week worse of than 5 years ago. You will need more than you think.

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As far as lending money to your kids is concerned ,don't give what you can't afford to loose in case they do the wrong thing and don't pay it back. If they are working and on good income they should learn to manage their money . Best you see a solicitor and get everything in writing if you still want to give your kids such a large amount of money. You need to consider the fact that you could end up with health problems and worse case scenario end up in a nursing home. If you have gifted within 5 years the 400k would be included in your assets and the nursing home fees would be based on what you had say 4 years ago. Less gifting allowance which is 30k within 5 years.

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I also don't agree with giving such a large sum of money at your own personal expense. If you want to help then give a smaller amount you can afford.

- The challenge younger generations have is the cost of housing relative to income. Across 2 generations this has changed from 3 times your income to about 8-9 times your income to buy the same house. This is a serious problem!

- Ultimately, the pension is welfare. Younger generations will most likely not get a pension (welfare) and hence we need to change the rules to avoid financial strategies such as

- Giving assets to trusted family members before retirement to be eligible for a pension (welfare) or

- buying expensive big houses before retirement for the purposes of it being your principal place of residence to be eligible for the pension (welfare)

I genuinely respect everyone's right to game the system....but its time for the game to change!

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