Retirement planning with inheritance
Hello! My husband (m47) and I (f37) have been starting to work toward retirement planning in the past few years. We are up to around $500k in savings and investments, and putting in around $4k per month trying to catch up since we got started very late. I just found out that my mother in law (81, widowed, with moderate dementia and other health problems which means her life expectancy is anywhere between 1-10 years, but likely on the shorter side) has around $13 million in investments that she will be passing along to my husband. This was a very big surprise.
In general, I'm of the mind that an inheritance isn't yours until it's yours and we shouldn't be considering it as part of any of our financial planning. I also want my mother in law to use her money to make her life as fantastic as it possibly can be, there will likely be very high medical costs for her care at the end of her life, and who knows what the stock market will do in the next few years. However, even with these things taken into consideration, it still seems highly likely that we will receive at least a few million within the next 1-5 years.
I don't intend to slow down on any of our savings, but would this situation change anything about how you would approach retirement planning? When I look at our current retirement savings rate we are still falling short of where I'd like to be, but I also don't want to hustle more than I have to and miss out of life experiences.