To spend or not to spend the inheritance

FROM a historical point of view, the children of my generation, the Baby Boomers, should be in one of the best situations financially of any generation when we finally depart the scene. But will they be? We are told we Baby Boomers have had it pretty good so far.

We’ve had peace in our time, job security, cheap houses, no tax on our super and so the list goes on.

Using Dickens’ terminology, many of us have had “the best of times”, but of course that doesn’t apply to all the Baby Boomers.

However, the kids of those who have had the best of times should be the beneficiaries of the largesse that has come their parents’ way, once the parents have exited, stage left.

But hold on a minute! There may be some “what ifs” to prevent their anticipated windfall.

What if the boomers have already helped the kids get a deposit for a house?

What if the kids or grandkids have already been helped with school or HECS fees?

What if the boomers’ super starts to run out?

What if the pension keeps getting harder to access?

What if the boomers’ medical insurance keeps rising?

What if the cost of the boomers going into an aged care home starts to get higher than the value of the family home?

And more likely, what if we Baby Boomer parents want to continue life as we have come to expect.

Let’s face it, the cruise ships are full of Baby Boomers, as are flights to the Pacific and of course the caravan parks are full of grey nomads. So, there are plenty of SKIs — those who are Spending Kids’ Inheritances.

In short, most would like the good times to continue and those in good health, tend to assume it will.

Many of us might think we still may get that telegram from the Queen which on receipt, would be sent “straight to the poolroom”.

Let me rethink that. If most baby-boomers are in their 60s and 70s, then it won’t be the Queen sending a telegram, it will be one of her descendants.

If it’s Charles, it won’t be a telegram, it will probably be an e-mail. If it’s William who knows?

Whatever the medium of communications is then, if I’m still about, I won’t receive anything because as a dinosaur, I won’t be up with it.

Anyway, for those who get that far, there might not be a lot left for their kids by then.

Well, you know, there is still plenty of wine yet to be tasted.

But to take a thought from the play Senior Moments recently performed at the Theatre Royal, we may be able to use what is left as a bargaining tool. Namely if the kids or grandkids start to go astray, we can threaten to give anything that is left to the RSPCA.

Hopefully however, on our departure, we will be in a better situation than 16th century French writer Francois Rabelais, who on his deathbed announced, “I owe much; I have nothing; the rest I leave to the poor!” Ian Cole is a former Hobart teacher who was a state Labor MP in the 1970s.