Don’t rely on an inheritance to secure a comfortable retirement even if you have wealthy relatives.
Bill Gates and Sting have reportedly said they will not be leaving their fortunes to their kids. The intention is that their children will develop their own lives and not rely on inherited wealth.
The ‘SKI’ trend (spending the kids’ inheritance)
While your family may not share the same size bank account or values as Mr Gates or Police front man Sting, if you are relying on a windfall to help with your retirement, you may be in for a shock.
It appears the trend is for parents to live longer and healthier lives, which means they are using their hard-earned cash to SKI (spending the kids’ inheritance) in order to fund their own retirement while they can.
Leaving retirement in the lap of the gods?
Without a windfall, many working people could be unprepared for retirement and might have to work longer than planned.
Even though retirement planning seems sensible, it is rarely prioritised as people balance the demands of work, family and social commitments.
However, not thinking about it or relying on a windfall that may never materialise, means you are leaving matters out of your control and in the lap of the gods.
If you would like to get back in control and take the worry out of retirement, ring Richard Cullen on 0161 975 6700 or email email@example.com for advice.