Baby boomers, often celebrated as one of the greatest generations, are quickly entering their retirement years. Many are realizing they have a limited window of time to truly relish life as they’ve known it.
Take Leanne and Leon Ryland, an Australian couple who have decided to make the most of their twilight years by embarking on adventurous travels around the world. Rather than saving their wealth for their son, they are opting to spend it on creating unforgettable experiences.
It’s a trend that’s becoming more common. Many baby boomers are discovering that they can’t take their wealth with them. Despite being the generation that has transferred the largest amount of wealth in history, not all boomers are inclined to pass it all on to the next generation.
In the case of Leanne and Leon, they once had a tidy sum earmarked for their son. But with substantial earnings and a zest for life, they chose travel over traditional inheritance. Leanne shared, “We’ve done all the right things by investing in property, boosting up our super, and ensuring our savings were healthy. We went without a lot of things.”
Leanne added, “A friend said, ‘You’re crazy if you don’t retire as soon as you can. You’ll spend most of your wealth on travel in the first 10 years and then slow down.’”
She elaborated, saying, “It’s a shift in mindset. You get into a phase where you actually spend instead of save.” Pointing to their son, she added, “Because if we don’t spend it, he gets it.”
To date, Leanne and Leon have spent over $114,000 on their adventures, visiting destinations like Sri Lanka, India, and Peru. They even started a Facebook group called the ‘SKIclub’ — ‘SKI’ meaning ‘Spending Kids’ Inheritance’.
Leanne explained their reasoning: “We’re not going to be able to spend all this money later. Let’s do it now because in another 10 years we won’t be climbing the Great Wall of China or going up Machu Picchu.”
The younger generation often finds it challenging to save, with many hoping to inherit wealth to buy homes or get ahead in life. Unfortunately, not every family can provide that financial boost.
Upon sharing their story online, Leanne and Leon encountered backlash. Many people were upset with their choice to spend the money instead of leaving it for their son, with some even calling the baby boomer generation ‘evil’.
This topic remains a contentious debate, and it seems it’ll continue to stir discussions for years to come.
