Dying with money – how much is too much?

There’s a fine line between spending all your money before you pass or having too much left. Effie Zahos looks at the importance of getting the balance right.

As far as I’m concerned, you’re saving all wrong if you’re dying with a pile of money. This is why one of my favourite sayings is: “I have no ambition to be the wealthiest man in the cemetery.”

Why am I bringing this up? Well, I came across some research showing the 10 cities around the world where people are dying with the most money – and Canberra came in at third spot. Research by UK retirement website, Our Life Plan, found that Canberrans are dying with an estimated fortune of £283,110 ($A521,329).

The Swiss capital city of Bern has been revealed as the city dying with the most money, with residents leaving behind £306,781 ($A564,841) per person when they die, followed by Luxembourg with £298,856 ($A550,220).

At the other end of the scale is Seoul. Living to the ripe old age of 83, habitants of Seoul are not leaving anything behind for loved ones – in fact, they are dying in debt. Looking at the data, Seoul residents are nearly £500,000 ($A920,624) in debt when they pass away. Other cities to make the list of where people are dying with the most debt include Mexico City and Budapest. The good news for Aussies is that not one Australian city made that list.

There is a fine line between spending all your money before you depart and leaving too much for your loved ones to squabble over. As I’ve said to my 15-year-old son, we intend to ‘ski’ (spend the kids’ inheritance) during our golden years. Hopefully, I get the timing of the ski trip right for all our sakes.

Here’s to Goldilocks moments – not spending too much and not spending too little.

Effie

Currency conversions as at June 21, 2021

Cover image source: hidesy/Shutterstock.com