Why wait? If you think you can gain some improvement over what you currently have then start taking the upgraded ones out for a test drive. Below are some scenarios for phasing in better rigs:
Scenario #1: Suppose you have 3 kids and you take at least one of them fishing with you. Give your kids the less-good rigs and keep the really good ones for yourself. You catch more than them. You become a hero to them, so they don't even care you smoked them. In fact, they will love you even more - and more than they love their mother. IMHO, this a Best Case scenario and the most likely one. (Note: Since it is Mother's Day weekend, don't be a complete jerk and rub that in your wife's face. She probably already knows this.)
Scenario #2: You give those ungrateful little sh.+s the good rigs and you use the suboptimal ones. While you are at, give them your best pole and best fishing spot. Why not? Your rod is low-end b/c you can't afford to buy better gear because you have to buy them things like braces, college tuition, clothes and occasionally food. They out catch you. They are smug about it. No worries though - you can put them in a Sgt Slaughter-style cobra clutch until they promise not to tell anyone about it. This makes you a fantastic father because you put most of their fishing needs first!
Of course, the two scenarios above are silly hypotheticals. You should not apply the cobra clutch to your children unless both of you are laughing. And your kids or grandkids have should access to your best tied rigs, best spot and your best medium-quality outfit.