A million dollars at what age? 1 mil would only earn about 24K/mo in interest just sitting in the bank, maybe a little more. Given that the average american over 50 spends approx 45K/mo, where is the rest going to come from? What if you live to be 90 or even older? If you're young, 1 mil isn't very much at all. Nowhere near what it was when I was younger.
Perhaps some of you are fortunate enough to already have money put away for retirement, or you have investments currently, but I do not. 1 mil would basically be a jump start for me to start doing what I need to do to be able to retire at a reasonable age (I just turned 54 on Thursday).
If we're talking about a million
extra dollars upon passing, honestly, I'd give some to worthy animal rights and environmental causes, distributing among several, including animal sanctuaries 'n' such, but I'd also make sure my final expenses and arrangements were completely paid for (something along the lines of one of
these ideas ), and a decent chunk of that I'd leave for my son. I'd very likely direct some funds towards new technologies that have the potential to reduce the need for plastics, or are developing eco-friendly replacements.
But the real question then becomes what would I actually
do... If I had enough money to retire right now, I'd probably spend a lot more of my time volunteering (The Gentle Barn or Sea Shepherd are 2 that come to mind), traveling (biking tour around Europe, anyone?), exercising, making art (sewing is my thing), and like
@StrangeOtter , spending more time with my loved ones - none of which I seem to find the time to do right now.
...I have a friend who needs a couple of front teeth. I'd set him up with some. Heck, I might even take care of the final expenses for my son's dad. My primary goal is not only not to be a financial burden to my son when I pass, but to have something to leave behind for him. If there's cash left over to give away, it's going to animal sanctuaries for rescued farm animals, and other animals that are rescued from various other exploitative practices around the world. Some would go to my local ASPCA.