As we grow older, it becomes increasingly important to plan for our retirement and make the most of the years we have left.

For many parents and grandparents in Australia, this means working hard and saving diligently to ensure a comfortable and secure future.

But what happens to all that hard-earned money once they're gone? According to a recent report, the answer may surprise you!

It turns out that most Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.

It’s an astounding statistic, considering the large amount of money that is up for yearly inheritance.

Over the past two decades, Australian inheritances have amassed an astounding $1.4 trillion, which equates to roughly $67 billion per year.

According to a recent study, nearly 75 per cent of Australians prefer that their parents and grandparents use their savings for retirement instead of striving to build an inheritance. Credit: Shutterstock.

Typically, the average inheritance amount is around $125,000, usually received by someone around 50.

However, a recent report suggests that the tide may be turning on this age-old tradition.

Australians are beginning to shift their attitudes towards inheritance, with the majority preferring to see their loved ones enjoy their retirement instead of receiving an inheritance.

This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase as the baby boomer generation enters retirement.

The Australian government spends approximately $24 billion, or 1.2 per cent of GDP, on aged care each year, less than half the global average of 2.5 per cent.

‘I'm heartily all for my parents leaving nothing behind in their will, as long as they had a happy and comfortable retirement,’ said Melbourne resident Louise Lucas.

As a mortgage broker, Lucas has encountered many retired individuals struggling to make ends meet.

She believes an unhealthy obsession with leaving a monetary legacy for the next generation is to blame, particularly when many of those recipients are already financially established.

‘You need extra money in your 20s and 30s to get set up,’ she explained.

‘If you've got more than $100,000 in the bank when you die, you've wasted your time and money.’

Lucas believes older individuals should have less stressful and more active retirements, but their increased spending would also benefit the economy.

‘Money's for experiences, you'd like to think, not things,’ she opined.

Like her parents, Julian and Bernice, Lucas has discussed this matter with her sons and would prefer to spend money on shared trips and experiences rather than hoarding it for years to come.

Key Takeaways

• A recent report reveals that the majority of Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.
• Over the past two decades, Australian inheritances have amassed to an astounding $1.4 trillion or roughly $67 billion annually.
• This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase.
• Many Australians, like mortgage broker Louise Lucas, believe that older individuals should have less stressful and more active retirements and that their increased spending would benefit the economy.

It's clear that this change in perspective will significantly impact the way Australians approach retirement, inheritance, and wealth distribution in the future.

We believe that nurturing a happy, well-spent retirement with loved ones is just as, if not more, valuable than leaving behind a bank account full of numbers.

So, whether you're planning to travel the world or stay home and spoil the grandkids, remember that happiness and memories are what truly make life rich. Cheers to a wonderful, memory-filled retirement!

What are your thoughts on this? Share them with us in the comments below! And for those thinking of arranging their inheritance for their loved ones, we recommend checking out this article.

 

[Suzanne rose]

Out of my 13 kids 12 want us to enjoy our life in retirement and not worry about inheritance.

I however will compromise by enjoying my money in the bank but leave them the house . I would love to sell and move to the country but I want to keep my house in Sydney , a 2 story , 7 bedroom house.
I know property prices will rise more in Sydney than the country thus giving them a higher inheritance. They have made comments how they would want to keep the house as its the house they all grew up in.
I think that's where the problem will be.

 

[ChrisTasmania]

As we grow older, it becomes increasingly important to plan for our retirement and make the most of the years we have left.

For many parents and grandparents in Australia, this means working hard and saving diligently to ensure a comfortable and secure future.

But what happens to all that hard-earned money once they're gone? According to a recent report, the answer may surprise you!

It turns out that most Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.

It’s an astounding statistic, considering the large amount of money that is up for yearly inheritance.

Over the past two decades, Australian inheritances have amassed an astounding $1.4 trillion, which equates to roughly $67 billion per year.

View attachment 19145

According to a recent study, nearly 75 per cent of Australians prefer that their parents and grandparents use their savings for retirement instead of striving to build an inheritance. Credit: Shutterstock.

Typically, the average inheritance amount is around $125,000, usually received by someone around 50.

However, a recent report suggests that the tide may be turning on this age-old tradition.

Australians are beginning to shift their attitudes towards inheritance, with the majority preferring to see their loved ones enjoy their retirement instead of receiving an inheritance.

This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase as the baby boomer generation enters retirement.

The Australian government spends approximately $24 billion, or 1.2 per cent of GDP, on aged care each year, less than half the global average of 2.5 per cent.

‘I'm heartily all for my parents leaving nothing behind in their will, as long as they had a happy and comfortable retirement,’ said Melbourne resident Louise Lucas.

As a mortgage broker, Lucas has encountered many retired individuals struggling to make ends meet.

She believes an unhealthy obsession with leaving a monetary legacy for the next generation is to blame, particularly when many of those recipients are already financially established.

‘You need extra money in your 20s and 30s to get set up,’ she explained.

‘If you've got more than $100,000 in the bank when you die, you've wasted your time and money.’

Lucas believes older individuals should have less stressful and more active retirements, but their increased spending would also benefit the economy.

‘Money's for experiences, you'd like to think, not things,’ she opined.

Like her parents, Julian and Bernice, Lucas has discussed this matter with her sons and would prefer to spend money on shared trips and experiences rather than hoarding it for years to come.

Key Takeaways

• A recent report reveals that the majority of Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.
• Over the past two decades, Australian inheritances have amassed to an astounding $1.4 trillion or roughly $67 billion annually.
• This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase.
• Many Australians, like mortgage broker Louise Lucas, believe that older individuals should have less stressful and more active retirements and that their increased spending would benefit the economy.

It's clear that this change in perspective will significantly impact the way Australians approach retirement, inheritance, and wealth distribution in the future.

We believe that nurturing a happy, well-spent retirement with loved ones is just as, if not more, valuable than leaving behind a bank account full of numbers.

So, whether you're planning to travel the world or stay home and spoil the grandkids, remember that happiness and memories are what truly make life rich. Cheers to a wonderful, memory-filled retirement!

What are your thoughts on this? Share them with us in the comments below! And for those thinking of arranging their inheritance for their loved ones, we recommend checking out this article.

Whilst I was grateful to benefit from my mother's inheritance, for years prior to her death, I tried to encourage her to get out of the house and do things, have a trip, get together with other oldies, but she said all she wanted to do was to leave something for my brother and myself. Now I'm approaching that age, many things that interested me in the past no longer have any significance, so perhaps I'll end up doing much the same thing and a couple of my younger relatives will benefit.

 

[Susan Haigh]

As we grow older, it becomes increasingly important to plan for our retirement and make the most of the years we have left.

For many parents and grandparents in Australia, this means working hard and saving diligently to ensure a comfortable and secure future.

But what happens to all that hard-earned money once they're gone? According to a recent report, the answer may surprise you!

It turns out that most Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.

It’s an astounding statistic, considering the large amount of money that is up for yearly inheritance.

Over the past two decades, Australian inheritances have amassed an astounding $1.4 trillion, which equates to roughly $67 billion per year.

View attachment 19145

According to a recent study, nearly 75 per cent of Australians prefer that their parents and grandparents use their savings for retirement instead of striving to build an inheritance. Credit: Shutterstock.

Typically, the average inheritance amount is around $125,000, usually received by someone around 50.

However, a recent report suggests that the tide may be turning on this age-old tradition.

Australians are beginning to shift their attitudes towards inheritance, with the majority preferring to see their loved ones enjoy their retirement instead of receiving an inheritance.

This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase as the baby boomer generation enters retirement.

The Australian government spends approximately $24 billion, or 1.2 per cent of GDP, on aged care each year, less than half the global average of 2.5 per cent.

‘I'm heartily all for my parents leaving nothing behind in their will, as long as they had a happy and comfortable retirement,’ said Melbourne resident Louise Lucas.

As a mortgage broker, Lucas has encountered many retired individuals struggling to make ends meet.

She believes an unhealthy obsession with leaving a monetary legacy for the next generation is to blame, particularly when many of those recipients are already financially established.

‘You need extra money in your 20s and 30s to get set up,’ she explained.

‘If you've got more than $100,000 in the bank when you die, you've wasted your time and money.’

Lucas believes older individuals should have less stressful and more active retirements, but their increased spending would also benefit the economy.

‘Money's for experiences, you'd like to think, not things,’ she opined.

Like her parents, Julian and Bernice, Lucas has discussed this matter with her sons and would prefer to spend money on shared trips and experiences rather than hoarding it for years to come.

Key Takeaways

• A recent report reveals that the majority of Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.
• Over the past two decades, Australian inheritances have amassed to an astounding $1.4 trillion or roughly $67 billion annually.
• This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase.
• Many Australians, like mortgage broker Louise Lucas, believe that older individuals should have less stressful and more active retirements and that their increased spending would benefit the economy.

It's clear that this change in perspective will significantly impact the way Australians approach retirement, inheritance, and wealth distribution in the future.

We believe that nurturing a happy, well-spent retirement with loved ones is just as, if not more, valuable than leaving behind a bank account full of numbers.

So, whether you're planning to travel the world or stay home and spoil the grandkids, remember that happiness and memories are what truly make life rich. Cheers to a wonderful, memory-filled retirement!

What are your thoughts on this? Share them with us in the comments below! And for those thinking of arranging their inheritance for their loved ones, we recommend checking out this article.

 

[Andrew]

I'm grateful for the inheritance l received from my mother. It enabled us to upgrade our home. Question, how much money do you have to be considered well off?. I retired debt free with some money in the bank and some superannuation, which suppliments our pension. We are better off now than when I was working. We are more focussed on ourselves, this is "our time". When we updated our wills so our children will get equal shares so there can be no disputes. That includes the house. Meanwhile we live pretty much as usual with the exception of taking an annual holiday.

 

[Scribbles]

We spend our money on what we want, when we want, for however much it costs. But .... we live in a small town, have no interest in travelling, have a small car and have no intention of getting a new one, potter around the yard, grow some of our own food and aren't interested in fancy gadgets or things. Wee have 1 mobile phone between us. We spend our money on the occasional movie, I get a few craft supplies, hubby fixes anything that is broken. We don't drink or smoke but do get a weekly lotto ticket. We spend our money yes, but because we live so simply our daughter will get the house and whatever is left of our money, which we hope will mean she will be debt free. That would make us happy as she is a single Mum and worked 2 jobs to get a down payment on a townhouse for her and our 2 grandchildren and still works a full time job, and a job in the evening and weekends to keep up with things. We did give her $1000 for a secondhand new phone without her even asking cos we know how hard she works. It was like 10 old and been playing up for a couple of years. We gave her $7000 about 8 years ago to help with her legal fees for her custody dispute with her ex-husband. She never asks for a thing and works hard so we help when we know she could do with a hand. She never asks for money and cries when we give her some. Great daughter and we look forward to her having what we leave behind when the time comes .... not expecting that to be too soon though lol.

 

[Cheezil]

As we grow older, it becomes increasingly important to plan for our retirement and make the most of the years we have left.

For many parents and grandparents in Australia, this means working hard and saving diligently to ensure a comfortable and secure future.

But what happens to all that hard-earned money once they're gone? According to a recent report, the answer may surprise you!

It turns out that most Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.

It’s an astounding statistic, considering the large amount of money that is up for yearly inheritance.

Over the past two decades, Australian inheritances have amassed an astounding $1.4 trillion, which equates to roughly $67 billion per year.

View attachment 19145

According to a recent study, nearly 75 per cent of Australians prefer that their parents and grandparents use their savings for retirement instead of striving to build an inheritance. Credit: Shutterstock.

Typically, the average inheritance amount is around $125,000, usually received by someone around 50.

However, a recent report suggests that the tide may be turning on this age-old tradition.

Australians are beginning to shift their attitudes towards inheritance, with the majority preferring to see their loved ones enjoy their retirement instead of receiving an inheritance.

This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase as the baby boomer generation enters retirement.

The Australian government spends approximately $24 billion, or 1.2 per cent of GDP, on aged care each year, less than half the global average of 2.5 per cent.

‘I'm heartily all for my parents leaving nothing behind in their will, as long as they had a happy and comfortable retirement,’ said Melbourne resident Louise Lucas.

As a mortgage broker, Lucas has encountered many retired individuals struggling to make ends meet.

She believes an unhealthy obsession with leaving a monetary legacy for the next generation is to blame, particularly when many of those recipients are already financially established.

‘You need extra money in your 20s and 30s to get set up,’ she explained.

‘If you've got more than $100,000 in the bank when you die, you've wasted your time and money.’

Lucas believes older individuals should have less stressful and more active retirements, but their increased spending would also benefit the economy.

‘Money's for experiences, you'd like to think, not things,’ she opined.

Like her parents, Julian and Bernice, Lucas has discussed this matter with her sons and would prefer to spend money on shared trips and experiences rather than hoarding it for years to come.

Key Takeaways

• A recent report reveals that the majority of Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.
• Over the past two decades, Australian inheritances have amassed to an astounding $1.4 trillion or roughly $67 billion annually.
• This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase.
• Many Australians, like mortgage broker Louise Lucas, believe that older individuals should have less stressful and more active retirements and that their increased spending would benefit the economy.

It's clear that this change in perspective will significantly impact the way Australians approach retirement, inheritance, and wealth distribution in the future.

We believe that nurturing a happy, well-spent retirement with loved ones is just as, if not more, valuable than leaving behind a bank account full of numbers.

So, whether you're planning to travel the world or stay home and spoil the grandkids, remember that happiness and memories are what truly make life rich. Cheers to a wonderful, memory-filled retirement!

What are your thoughts on this? Share them with us in the comments below! And for those thinking of arranging their inheritance for their loved ones, we recommend checking out this article.

Yes possibly so, but would they rather see their parents miss out on Aged Care & health/medical care/help because they'd blown all their money on good times, I wonder?
And what about expensive home repairs/maintenance & car break downs, etc? Its not just about keeping money aside for inheritance, but rather a safety back up if things go wrong!

Not sure about these "studies" - they can probably be skewed any certain way anyway?
Govt/pollies only too happy to see people have nothing it seems too I'm tipping!

 

[Ricci]

My son reckons he doesn't want to inherit any money, he'll get the house plus anything he can get for the contents and the car and he says that is more than enough and he'll be mad at me if there is also a wodge of cash. I try to tell him that I'm not exactly skimping on my needs and wants but somehow I always find a little left to save and he tells me I'm not trying hard enough! I've always been careful with money as it's always been hard come by but I've now got everything I need and I'm not about to start spending just for spending sake.

 

[Macarj]

We already told our kids no money inheritance I want to spend my last dollar as I drop dead, joking of course we gave our 3 children their 1st cars helped them with their 1st homes an they never asked for it but when we are gone there will be the house some gold and silver and shares to split up as far as money we buy what we want we had 2 trips overseas my wife's hobby is photography not cheap and my hobby is woodwork so she has all the camera gear she wants and I have all the woodworking gear I want so they also get that and I'm sure there will be money too

 

[Armer]

My wife and I grew up during the ww2 years and just after, and we saw how difficult it was for our parents to get by under those conditions. So we made sure we worked hard and reaped the benefits. We were fortunate to have been teachers under the old State Super Scheme, so we have been able to enjoy retirement with many travel opportunities including 2 Round the world trips ('78 When the children were pre-teenagers and '97 after I retired). We have visited Canada 10 times to visit our daughter's family and travel in Canada, however we have been fortunate to enjoy the security of our own home on the beautiful south coast NSW. We will still manage to leave a significant inheritance at some time well into the future to our children/grandchildren as staying fit is our main interest at this time.

 

[Gsr]

We have had no inheritance from any of our parents so what we have now is what we have worked hard for all our lives. We helped our 2 kids with their first cars and houses, and helped our son with his fees when his ex left him and dragged him through the courts for 4 years. Our daughter and her husband have no kids and have high paying jobs, our son has 4 kids, a new partner with 1 kid. Both him and his partner have good jobs. They are trying to save for a house. We bought our grandson his first car and will buy a car for our granddaughters as they start driving. We have almost finished restoring a 1978 Ford Fairmont which has been my husbands retirement dream. We own our home, we are asset rich but money poor. We have shares which we sell as we need to, to help us live comfortably. We don’t have an extravagant lifestyle. Our kids don’t want us to leave them an inheritance, they want us to to enjoy ourselves, but our wish is to leave half our estate to our grandchildren and half to our kids. Our daughter and her husband are also leaving their estate to our grandchildren so ultimately they should be able to live comfortable lives.

 

[Jest]

As we grow older, it becomes increasingly important to plan for our retirement and make the most of the years we have left.

For many parents and grandparents in Australia, this means working hard and saving diligently to ensure a comfortable and secure future.

But what happens to all that hard-earned money once they're gone? According to a recent report, the answer may surprise you!

It turns out that most Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.

It’s an astounding statistic, considering the large amount of money that is up for yearly inheritance.

Over the past two decades, Australian inheritances have amassed an astounding $1.4 trillion, which equates to roughly $67 billion per year.

View attachment 19145

According to a recent study, nearly 75 per cent of Australians prefer that their parents and grandparents use their savings for retirement instead of striving to build an inheritance. Credit: Shutterstock.

Typically, the average inheritance amount is around $125,000, usually received by someone around 50.

However, a recent report suggests that the tide may be turning on this age-old tradition.

Australians are beginning to shift their attitudes towards inheritance, with the majority preferring to see their loved ones enjoy their retirement instead of receiving an inheritance.

This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase as the baby boomer generation enters retirement.

The Australian government spends approximately $24 billion, or 1.2 per cent of GDP, on aged care each year, less than half the global average of 2.5 per cent.

‘I'm heartily all for my parents leaving nothing behind in their will, as long as they had a happy and comfortable retirement,’ said Melbourne resident Louise Lucas.

As a mortgage broker, Lucas has encountered many retired individuals struggling to make ends meet.

She believes an unhealthy obsession with leaving a monetary legacy for the next generation is to blame, particularly when many of those recipients are already financially established.

‘You need extra money in your 20s and 30s to get set up,’ she explained.

‘If you've got more than $100,000 in the bank when you die, you've wasted your time and money.’

Lucas believes older individuals should have less stressful and more active retirements, but their increased spending would also benefit the economy.

‘Money's for experiences, you'd like to think, not things,’ she opined.

Like her parents, Julian and Bernice, Lucas has discussed this matter with her sons and would prefer to spend money on shared trips and experiences rather than hoarding it for years to come.

Key Takeaways

• A recent report reveals that the majority of Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.
• Over the past two decades, Australian inheritances have amassed to an astounding $1.4 trillion or roughly $67 billion annually.
• This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase.
• Many Australians, like mortgage broker Louise Lucas, believe that older individuals should have less stressful and more active retirements and that their increased spending would benefit the economy.

It's clear that this change in perspective will significantly impact the way Australians approach retirement, inheritance, and wealth distribution in the future.

We believe that nurturing a happy, well-spent retirement with loved ones is just as, if not more, valuable than leaving behind a bank account full of numbers.

So, whether you're planning to travel the world or stay home and spoil the grandkids, remember that happiness and memories are what truly make life rich. Cheers to a wonderful, memory-filled retirement!

What are your thoughts on this? Share them with us in the comments below! And for those thinking of arranging their inheritance for their loved ones, we recommend checking out this article.

I have never understood why Parents donate their wealth to children. I was bought up in the 50's, my working years. I came from wealth yet I worked and all through my years I did not have to rely on my parents. We accepted what we could afford ie second hand furniture. how many do that now? Of course the parents and especially the Gparents should be free. This is why Kids today are, some, greedy and want everything.

 

[SGH]

Our kids are way better off than we were, they all have good jobs, and are in their own homes. We like to travel, so if we get the chance to do more we will and not even think about spending the kids inheritance because they'll get the house and sell and split three ways they should be happy for what they get there.

 

[Linwar]

As we grow older, it becomes increasingly important to plan for our retirement and make the most of the years we have left.

For many parents and grandparents in Australia, this means working hard and saving diligently to ensure a comfortable and secure future.

But what happens to all that hard-earned money once they're gone? According to a recent report, the answer may surprise you!

It turns out that most Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.

It’s an astounding statistic, considering the large amount of money that is up for yearly inheritance.

Over the past two decades, Australian inheritances have amassed an astounding $1.4 trillion, which equates to roughly $67 billion per year.

View attachment 19145

According to a recent study, nearly 75 per cent of Australians prefer that their parents and grandparents use their savings for retirement instead of striving to build an inheritance. Credit: Shutterstock.

Typically, the average inheritance amount is around $125,000, usually received by someone around 50.

However, a recent report suggests that the tide may be turning on this age-old tradition.

Australians are beginning to shift their attitudes towards inheritance, with the majority preferring to see their loved ones enjoy their retirement instead of receiving an inheritance.

This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase as the baby boomer generation enters retirement.

The Australian government spends approximately $24 billion, or 1.2 per cent of GDP, on aged care each year, less than half the global average of 2.5 per cent.

‘I'm heartily all for my parents leaving nothing behind in their will, as long as they had a happy and comfortable retirement,’ said Melbourne resident Louise Lucas.

As a mortgage broker, Lucas has encountered many retired individuals struggling to make ends meet.

She believes an unhealthy obsession with leaving a monetary legacy for the next generation is to blame, particularly when many of those recipients are already financially established.

‘You need extra money in your 20s and 30s to get set up,’ she explained.

‘If you've got more than $100,000 in the bank when you die, you've wasted your time and money.’

Lucas believes older individuals should have less stressful and more active retirements, but their increased spending would also benefit the economy.

‘Money's for experiences, you'd like to think, not things,’ she opined.

Like her parents, Julian and Bernice, Lucas has discussed this matter with her sons and would prefer to spend money on shared trips and experiences rather than hoarding it for years to come.

Key Takeaways

• A recent report reveals that the majority of Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.
• Over the past two decades, Australian inheritances have amassed to an astounding $1.4 trillion or roughly $67 billion annually.
• This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase.
• Many Australians, like mortgage broker Louise Lucas, believe that older individuals should have less stressful and more active retirements and that their increased spending would benefit the economy.

It's clear that this change in perspective will significantly impact the way Australians approach retirement, inheritance, and wealth distribution in the future.

We believe that nurturing a happy, well-spent retirement with loved ones is just as, if not more, valuable than leaving behind a bank account full of numbers.

So, whether you're planning to travel the world or stay home and spoil the grandkids, remember that happiness and memories are what truly make life rich. Cheers to a wonderful, memory-filled retirement!

What are your thoughts on this? Share them with us in the comments below! And for those thinking of arranging their inheritance for their loved ones, we recommend checking out this article.

We grew up in an era of "waste not, want not', so I have saved over my working life as a single mother to be able to own my own home, put away some super and a bit in the bank, my pension is $170 a fortnight. I've worked over 50 years. My so-called retirement pension was taken away from me for being so thrifty, so I am spending every cent, I don't care if I don't have money for a nursing home, the Government has to put me some where and having worked in aged care for over 30 years, the government has made it mandatory that a percentage of beds have to be made available to pensioners. So I could end up staying in an expensive nursing home and get just as much care as if I went into a junky old nursing home. The kids can fight over the house.

 

[Mina vriesekolk]

My parents were always very careful spending their hard earned money , always helping my brother and me out . We are living very comfortable , worked hard until we retired , put money aside for Super and now have and have now a nice nest egg. We are self funded retirees , travelled a lot and have just built our dream home on a lake.
My kids are very well off and do not need our inheritance. My Dad made up his will and wanted all his grandkids to get the max taxfree amount of money , which has happened. .My Mum is still alive and if all goes well , she’ll turn 103 yrs of age next month . She is now in a care facility. Which she pays herself. She is very happy there .

 

[classicred]

As we grow older, it becomes increasingly important to plan for our retirement and make the most of the years we have left.

For many parents and grandparents in Australia, this means working hard and saving diligently to ensure a comfortable and secure future.

But what happens to all that hard-earned money once they're gone? According to a recent report, the answer may surprise you!

It turns out that most Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.

It’s an astounding statistic, considering the large amount of money that is up for yearly inheritance.

Over the past two decades, Australian inheritances have amassed an astounding $1.4 trillion, which equates to roughly $67 billion per year.

View attachment 19145

According to a recent study, nearly 75 per cent of Australians prefer that their parents and grandparents use their savings for retirement instead of striving to build an inheritance. Credit: Shutterstock.

Typically, the average inheritance amount is around $125,000, usually received by someone around 50.

However, a recent report suggests that the tide may be turning on this age-old tradition.

Australians are beginning to shift their attitudes towards inheritance, with the majority preferring to see their loved ones enjoy their retirement instead of receiving an inheritance.

This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase as the baby boomer generation enters retirement.

The Australian government spends approximately $24 billion, or 1.2 per cent of GDP, on aged care each year, less than half the global average of 2.5 per cent.

‘I'm heartily all for my parents leaving nothing behind in their will, as long as they had a happy and comfortable retirement,’ said Melbourne resident Louise Lucas.

As a mortgage broker, Lucas has encountered many retired individuals struggling to make ends meet.

She believes an unhealthy obsession with leaving a monetary legacy for the next generation is to blame, particularly when many of those recipients are already financially established.

‘You need extra money in your 20s and 30s to get set up,’ she explained.

‘If you've got more than $100,000 in the bank when you die, you've wasted your time and money.’

Lucas believes older individuals should have less stressful and more active retirements, but their increased spending would also benefit the economy.

‘Money's for experiences, you'd like to think, not things,’ she opined.

Like her parents, Julian and Bernice, Lucas has discussed this matter with her sons and would prefer to spend money on shared trips and experiences rather than hoarding it for years to come.

Key Takeaways

• A recent report reveals that the majority of Australians would rather see their loved ones enjoy their retirement than receive an inheritance from them.
• Over the past two decades, Australian inheritances have amassed to an astounding $1.4 trillion or roughly $67 billion annually.
• This shift in thinking could potentially help bridge the looming aged care funding shortfall, which is expected to increase.
• Many Australians, like mortgage broker Louise Lucas, believe that older individuals should have less stressful and more active retirements and that their increased spending would benefit the economy.

It's clear that this change in perspective will significantly impact the way Australians approach retirement, inheritance, and wealth distribution in the future.

We believe that nurturing a happy, well-spent retirement with loved ones is just as, if not more, valuable than leaving behind a bank account full of numbers.

So, whether you're planning to travel the world or stay home and spoil the grandkids, remember that happiness and memories are what truly make life rich. Cheers to a wonderful, memory-filled retirement!

What are your thoughts on this? Share them with us in the comments below! And for those thinking of arranging their inheritance for their loved ones, we recommend checking out this article.

 

[classicred]

I couldn't agree more...enjoy your retirement....just don't leave it too late!

 

[Ezzy]

I received very little from my step mother when she died, my sister 5x more than me & my brother (the black sheep), nothing. I had to retire 24 years ago with no Superannuation & paying off a mortgage. Our eldest, unmarried daughter still living at home, helped out by taking half the mortgage off us to relieve the pressure. We have been able to save some $'s but are still careful with spending. When we pass our eldest will inherit her half of the home plus 1/4 of the other half plus her share of our savings. They all have good jobs & have more at than we ever did at their age or may ever have.

Going on many trips is enviable but my wife won't travel too far with Covid around (though masks would help). I want to keep something in the bank for her living expenses, assuming l pass first. (Our funerals are payed for so there is no expense there from our estate). I know support will come from our 4 girls at that time. We have always had nothing so nothing has really changed.

When my mother was alive mum & dad inherited $200,000 between them & then went stupid with money. A new 2.6 litre car & put a Turbo on it, despite the mechanic saying it wasn't needed. Less than 6 months later it came off. There were other purchases including a unit in a retirement village (good purchase), an aluminium dingy which was soon sold until nearly all was gone. Dad always had to have total control. (when she was working mum had to secretly bank money weekly to have money for Christmas). Not long after their move there mum died of cancer. A few years later he married a lady who was well off. After nearly 10 years with no money of his own, unable to get control of her money & her wanting to return to the eastern states to be with her daughters & he wanted to stay in W.A., he committed suicide at the unit where dad & my step mother lived.