Retirement has long meant slowing down and enjoying the fruits of your nest egg. Decades of hard work are spent for you to enjoy quiet years at home, scrimping and saving to leave your inheritance fund for the next generation.
But recent studies are painting a different picture of our golden years. There’s been a distinct cultural shift, with the modern retiree increasingly prioritizing experiences over legacies. The allure of travel and adventure now outweighs the desire (or perhaps need) to save for a rainy day.
So, would you spend your cash on traveling than leaving the kids an inheritance? Where do you sit on the scale between saving a nest egg and spreading your wings?
On Trafalgar’s Facebook page we asked for your thoughts on whether you’d spend some of your life savings to see the world, and here’s what you had to say….
The ‘can’t take it with you’ motto
“We’ve convinced my mom it’s more important to travel WITH us NOW than leave an inheritance, and we’re all having the best experiences together!” says our past guest Stephanie.
She says that her and her sister had a fantastic children, camping across many different states and learning to appreciate “our family, ancestry, nature and other cultures”.
“They worked hard to support us and deserve to enjoy retirement!” she said. “Our family follows the ‘can’t take it with you’ motto, and we enjoy experiences together over presents and gifts.
“We all work in healthcare and understand how quickly our time together can just end. Spending this time traveling together is giving us so many wonderful memories for the future!
“My mother has never been overseas. We hope to make a trip to Ireland soon to visit the land of our ancestors!”
FAMILY TRIP: Britain & Ireland Panorama
Education is their inheritance
Chinese philosopher Lao Tzu once said: Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime.
What’s the greatest gift you can give to your children? Past guest Lawrence says it’s an education.
“I paid for their education; that is their inheritance. [I’m] traveling the world with my wife now,” he says.
And after decades of putting food on the table, raising a family, and sending the kids to college, we think it’s sure time you got to enjoy the riches of the world!
PLAN A TRIP: Splendors of Japan
What’s left is the inheritance fund
Our past guest Gayle said it right when she commented: “Is there even an inheritance while I’m living? I thought what’s left is the inheritance.”
And it’s true. An inheritance fund is what you leave behind, while you’re living it’s just your money. And if you’ve spent 40+ years working, then you certainly deserve to take an around-the-world trip or join a Trafalgar tour!
“You bet I would [spend it]. Until I’m dead, it’s still my money and I’ll do what I want with it,” says past guest Melanie.
‘Go for it mum’
“[I spoke] to my kids about and they say… ‘Go for it mum’. Who am I to argue with my kids?” says past guest Alana.
“I am out there travelling when I can… [and] I am not so much spending all the kids inheritance. I have a house that they will receive when I pass.
“I still work full-time so I am able to fund my holidays this way. This way I can still enjoy my life knowing my kids will be okay when I pass… Plus they have their father’s assets as well.”
Take a family SKI trip
“I had a parent at the program I work at tell me her family calls them SKI trips – Spend Kids Inheritance,” says past guest Cassandra. “The parents pay for family trips to create memories [together].”
Making memories together as a family was one of the most popular responses we received the question about spending your life savings. Beyond the cost of daily life, the retired generation aren’t out spending on crazy things. Instead what matters is crafting memories with family and spending it on loved ones.
Have you heard of the term SKI trip? It’s your life savings so you get a say on how to spend it.
“How much money you have to spend to not have anything for the kids?” says Sue. “I traveled a lot and took all my 9 grandchildren on trips to Europe. I hope I will still have enough money to leave to family. Fingers crossed!”
MAKE MEMORIES: Imperial Europe
“I have told my parents to enjoy their money.”
“They earned it, so they should spend it. I plan to do the same with my money,” says Debbie. “Most inheritance I have will go to charity with only a pittance to the kids. I figure they can earn their way too.”
RELATED BLOG: “Don’t wait until you’re retired to travel.” – Leith and David’s Balkan’s Diary
So, will you spend some of your life savings to see the world, or are you saving an inheritance fund. Let us know in the comments…