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More and more over 50s are becoming SKIers!

More and more over 50s are ski-ing. And this is not about sliding around on snow! The new SKI stands for Spending the Kids Inheritance!

Dream retirement has replaced wanting to leave every penny you can for the kids; and increasingly the baby boomer generation is feeling that they have worked hard all their lives; already spent a fortune on bringing up their children, and now it is time to spend on themselves.

New research, this time from Audley Retirement Villages, says that nearly three quarters of over 55s who own their own home worth £300,000 or more may not leave an inheritance, and instead intend to prioritise enjoying their retirement. Three quarters of the over 55s also said they plan to use their money to travel – to go away more often and for longer periods of time. This makes sense; when we were younger cheap air travel was only just coming in and for most people, travelling when they were young comprised trips to the UK seaside and possibly odd journeys to the continent. Stag weekends in Prague or Las Vegas, or fun weeks away in Thailand and other exotic places were still a thing of dreams for most of us in our youth.

Audley’s research also found that four in five of the people spoken to felt retirement would give them or is giving them more freedom than they have ever had before.

Nick Sanderson, CEO Audley Retirement, said:

“Our research demonstrates that the priority of those over 55 is to enjoy their hard won savings rather than leave an inheritance. They are an ambitious generation and it’s time businesses and government begin providing the high quality products and services that will meet their demands.”

Here at LaterLife we can only agree!

The new SKI concept also covers stars who really have a great deal they could leave for future generations – if they wanted to.

Celebrity chef NIgella Lawson has been recorded as saying she is determined that her children should have no financial security. “It ruins people not having to earn money,” she said. And top rock star Sting has said that his children should not expect to benefit from his £180 million earnings but will have to earn their own way in life.

The over 50s are now one of the highest spending age groups. They are estimated to account for more than half of the UK’s incomes and over two thirds of the UK’s wealth.

But there is a new challenge for modern day SKIers. As house prices continue to remain obstinately high, more and more children and grandchildren are finding it almost impossible to get on the housing ladder. This is one area where some over 50s seem most willing to spend their savings. But for many, becoming SKIers seems definitely the way forward!

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