The question from Maggie of Doncaster was an interesting one this week – “Should I leave money to my kids?”

Now I can hear some of you out there in social media land screaming at the screen SKI, SKI (Spend the Kids Inheritance) and others of you screaming YES, YES, YES – it is what they should expect and deserve. Of course, on the other side there are the kids who are saying – “you should leave us some dosh – it’s my right to inherit something” and others saying “No (Mum or Dad) spend it while you can, you worked hard for it – we’re OK”.

There is no right or wrong answer, so to answer your question Maggie – I will give you my personal feelings on the matter. A thought, first; an inheritance is something you should never really wish for. It means the person leaving it to you is dead – a sobering thought.

Statistics are overwhelmingly showing us that we’re living longer but I bet there is someone you have heard of who has worked very hard until retirement age or past that – very committed and not taking sickies, ever – and then they retire…. and before you know it you hear that they have died. Just like that – it’s not an uncommon story. I know of at least 3 people who have died just like this in the past few years. That doesn’t mean, however, that I should decide it’s going to happen to me and live like a queen, living it up for today. Statistically, I am going to live well into my 80’s and my issue is not what I am going to leave the kids, but will my money last. (Note to my kids: – if my money doesn’t last, I will be moving in with you before I die .)

To sum up what I plan to do with my retirement nest egg: I will be doing all the things I enjoy in retirement – a bit of sport, a bit of gardening and a weekend away every now and then. I won’t reach that magical retirement day and become some crazy woman running around trying to maintain an unaffordable lifestyle. I will be enjoying a slower pace of life with a few treats thrown in. And if at the end of the day (or life) there is some money left in the kitty –  my dear kids will be the beneficiaries. Remember too – if I live to 85 years old – the kids will be close to 60 themselves and hopefully comfortably off.

So dear Maggie – it is absolutely your decision and yours alone about whether you should leave money to your kids when you die. One suggestion though: don’t let anyone pressure you. The fact that what you have in the bank is potentially the next generation’s inheritance is a consideration, but it shouldn’t be what drives you. You should really be making sure you have enough for You – to enjoy your retirement.

Have fun and keep smiling – Aunt Sue