by Julie Grenness
(Melbourne, Australia. )
Retirement time for many baby boomers, and there are options to be considered.
Some retired people are contemplating becoming members of the SKI club. This term represents Spend the Kids' Inheritance. This is one of the lifestyle choices retired folk can make.
If retired citizens have property, they can consider selling to downsize. They can opt for a lifestyle retirement village, like a micro-neighbourhood, with other retired people of a similar age.
A second retirement option can be to choose home renovations. Yes, spend the kids' inheritance on updating the kitchen, or shower. Nothing wrong with that, it can add value to your property.
Yet another retirement option is to choose to be 'grey nomads', by taking a grey'gap year' or years. Such retirees can sell or lease their family home, and zoom off in a campervan or big rig, bigger the better, off to explore the homeland.
Such a retirement option is filled with the spirit of adventure, instead of being free babysitters for the grandkids. Being a childminder can save high babysitting fees.
We are still largely in a pandemic world, otherwise many baby boomers would be jetting around the world, or purchasing cruises on luxury liners. But we are all in the same boat! Or not.
Retirees can opt to free up capital by taking reverse mortgages on their homes. This can be one option upon joining the SKI club. This is quite understandable, the retiring baby boomers wish to buy freedom, a bit of spending money to lighten their aging years.
On the other hand, retired citizens do not know long they shall survive, and none of us can buy good health. A lot of retired baby boomers are living quite simply, in the hope that they do not live longer than their savings, if any. They are hoping that their adult children can inherit the value of the family property, once the aging parents have passed away.
In the real world, very few retirement options mean that families inherit terrific funds. Many retirement age baby boomers have scrimped to support their children, to provide them with opportunities, or have supported them with low cost or free accommodation. Some retirement options included endowing the adult children with deposits on their homes, due to the soaring prices of housing. Many retiring baby boomers do consider that they have played their part, so it might be time to sign on with the SKI club.
Most retired citizens at our age, property owners or not, did work hard from an early age.
We taught the next generations a good work ethic, and can leave after us great family memories. If retirement options include joining the SKI club, we must all be a bit cautious, but can still choose some fun!