Ski your way through retirement

You’ve spent the majority of your life working for your retirement, so why should that hard earned money go to your children? Ski your way through your retirement years.

There tends to be much less of a need or expectation to leave an inheritance behind for your children. In fact, children are often less likely to expect their parents’ money, preferring rather that their parents enjoy their retirement, and prioritise their wants and needs.

Baby boomers have had a few financial knocks to deal with throughout their lives, including two financial crises, property crashes and paying out of their skin for education. On top of that, compulsory superannuation wasn’t around for their entire working life.

With superannuation, pensions and interest rates taking a hit recently, many children recognise that their parents need their cash more then ever. So how should you spend that hard-earned cash?

Splash out on the finer things

While you may never have splashed out on those Monolo Blahnik shoes or stepped out with that Chanel handbag, what’s stopping you now? Take yourself on a shopping spree and bring home a heap of goodies to enjoy.

If fashion’s not your thing, why not invest in a car or two? You can invest in a drive-it now car, and splurge on the big ones such as a Mercedes or BMW. Or go one bigger and bring home a Maserati or Lamborghini.

If you’re more interested in a fixer-upper, make sure you do your research.

Travel the world

You don’t have to go far to enjoy the benefits of retirement. Road-trip around Australia either in a car or a caravan and you’ll experience the joys of the nomad life. You could even purchase your own motorhome and park it in your driveway so you’re always ready to go. Alternatively, go on back-to-back cruises. Many cruise ships go from one cruise route straight to the next, so why get off?

If you’re looking to go international, an interesting alternative to the normal ‘fly somewhere, explore and then come home’ plan could be to fly somewhere further away and find creative ways to make your way home again. Just remember to save some of your pennies. It’s possible to travel in luxury but find bargains along the way.

Properties galore

You can also use your hard-earned money to invest in property to use or rent out. Holiday homes are fantastic to have on hand so if you feel like heading to the beach, there’s somewhere for you to stay.

Purchase one locally, nationally or even internationally so you have a home in your favourite city or town. Plus, you can even rent it out so you earn some cash back.

For your viewing pleasure

Artwork is a terrific place to put your money, mainly because you get to enjoy the view. Indulge with the big bucks and purchase a work by a well-known artist such as Sidney Nolan. If you’re not interested in the investment opportunity, it still may be a nice idea to purchase some artwork with your cash. It’s beautiful to look at, so why not put your money on your wall?

When it comes to spending your retirement fund, just remember to pace yourself. While it’s all fun and games when the money is there, it can be dire if you run out.

 

In case you missed it, Probus members and General Manager Pat Atkinson featured on A Current Affair recently covering the topic of spending the kids’ inheritance. Watch the video