That's Not Hot

Posted December 27, 2007, 12:38 pm
Credit Growing Bolder

Anyone whose idea of planning for a solid financial future is based in a parent or grandparent's wealth should get ready for a serious reality check. More and more people are living it up -- and living very well -- with their money, and that means there's not a whole lot left behind!

For some people, retirement is a time to do all the things they couldn't do when they were working. The money that's been socked away in 401(k)s and other savings accounts comes in handy for travel, new hobbies, second homes and much more. For others, it's a time for indulgence. Expensive dinners, theater, fancy cars and jewelry are some of the things people report buying with their retirement money.

Even those who don't want to blow their hard-earning savings on big expenses may feel less inclined to hand it down to children and grandchildren, having funded their educations and early adulthoods.

Even hotel heiress and celebutante Paris Hilton recently got rocked by her grandfather's decision to donate 97 percent of his fortune to charity. At 80 years old, Barron Hilton is worth $2.3 billion, and his children and grandchildren have enjoyed much of that money, up until now. But when he dies, the money will be placed in a trust and used to help with projects that include proving clean water in Africa, education for blind children and housing for the mentally ill. The family says it is "exceedingly proud and grateful" for the financial commitment to people in need.

A recent study by the Federal Reserve Bank of Cleveland looked at the attitudes toward leaving an estate to heirs. During the 1990s, the number of Americans aged 65 and older who believe it's important to pass down their money dropped by 10 percent, and the experts say that trend is continuing. Some of the people who took part in the study said that since they had devoted so much time and money to their loved ones as they grew up, they felt it was time to focus on themselves.

Nearly 80 million Americans born between 1946 and 1964 could retire in the coming years. So be on the lookout as they cash it in and live it up.

Want to learn more? Here are some stories you might be interested in.

Clothes off Diana's Back Saving Lives: Just before her death, Princess Diana cleaned out of her closets to raise money for charity. Today, these gorgeous gowns are still saving lives.

Matt Damon's Uncle is the Real Celebrity: Nobody likes a good swim better than George Brunstad. But not many decide to set a world record for their 70th birthday. See what he says about smashings stereotypes, and his relationship with one of the world's most Beautiful People.

Coach John Wooden: In a wide-ranging interview, the legendary UCLA coach recently talked to the Growing Bolder Radio Show about everything from exploding NBA salaries to Paris Hilton to his Pyramid of Success.

Ardell Lien: Two years after receiving a heart and kidney transplant, a 70-year-old man sets out to sail around the world to highlight the importance of organ donation. Hear his story.

© 2006-2013. Growing Bolder Media Group. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.