There was an interesting article in yesterday’s Australian Financial Review (not online, unfortunately) about the lifestyles Australian retirees are adopting. According to the article, far from enjoying their twilight years “SKI-ing” (“spending the kids’ inheritance”) around 62 per cent plan to leave money to their children.
One of the biggest reasons for this is the continual tightening of the real estate market, which many parents fear will prevent their children from getting established. Of course, parents don’t necessarily have to give their children money to help them enter the property market, with products like our Family Guarantee. Nevertheless, a lot of us (parents, that is) feel like giving our kids the best of everything – including the best headstart in their adult lives – is something we want to do.
So what do you have planned for your retirement, if you’re getting close to that age? Are you going to buy a caravan and travel the country, or slow things down and become the unofficial babysitter for any future grandchildren?
It will be interesting to see what people think.