Retiree cash splash alert
RETIREES are splashing on luxury cruises, prompting fears they could run out of money before “running out of life”.
The new financial danger is emerging for many of Australia’s 3.7 million over-65s.
Wealth specialists are noticing a rise in people in their middle retirement years spending up big.
HLB Mann Judd Sydney’s head of wealth management Michael Hutton said big spending was fine for those who could afford it, but it was a mistake for retirees to think they would need less income later.