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By Gareth Hargreaves
In the news
25 September 2008 19:30
World cruises, new cars, leisure breaks and SKIing. According to recent research, increasing numbers of over 50s are sticking up two fingers to the traditional idea of passing on their wealth. Instead, they are SKIing (Spending the Kids Inheritance) and releasing capital to ensure they enjoy maximum freedom during their retirement.
Living life to the fullOnly one in ten of the respondents to a recent survey commissioned by SAGA agreed that their home should be left to children as an inheritance. Are we more consumer oriented than our parents? Are we that much more materialistic?
More than a third of respondents aged 50 to 54 said; they would happily release equity from their property to fund a trip around the world. The housing boom of the past 10 years has left people sitting on a healthy nest egg and boomers are demonstrating that rather than just think about that long dreamed of worldwide cruise; they are prepared to get out there and do it.
Releasing equity from propertyNational figures suggest approximately 62% of over 50s own their own home, Saga’s survey revealed that by age 60 around 79% will have paid off their mortgage, increasing to 99% by 70.
Recent figures based on actual Saga equity-release completions show that 28% of those who have released equity from their home did so to use the money to enhance their retirement, for example purchasing new cars and exotic holidays, versus just 12% that released equity from their home to give it to their family as a pre-inheritance.
Do you think the capital you have accrued through your hard work is yours to spend, or do you feel obliged to provide an inheritance?
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On all aspects, children must be the inheritance of the home whenever their parents leave them. But all decissions must came from the children themselves. When they have their own family they prefer to build their own home rather than living in one roof from their parents. naming your business
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