Retired school administrator Sarah Moorhouse, 64, and her husband Geoff have chosen a different path in their retirement. Instead of saving money to leave an inheritance for their children, they are spending their private pension on travel and leisure. "We like going to Scotland," Sarah says. "We've been to Cambridgeshire, and we go up to the Lake District quite regularly to a holiday cottage. We're planning to go to Norfolk." The couple, who live in the Yorkshire Dales, take four or five holidays a year, each costing hundreds of pounds. For Sarah, it's about making the most of life. "You only have one opportunity at life," she says. This approach is part of a growing trend known as "skiing," a term used to describe spending money that would otherwise be passed on to children. In the UK, one in seven parents now say they plan to prioritize enjoying their retirement over leaving an inheritance, according to a report by pension provider Standard Life. In the US, the number of people expecting to receive an inheritance from their parents has dropped from 25% in 2024 to 20% last year, based on a study by financial services firm Northwestern Mutual. Sarah and Geoff have two adult daughters, and one of them, Poppy, says she is happy with her parents' choice. "To me that's wild. It never even crossed my mind that I'll get money when my mum and dad die. I'd so much rather them do what they want to do." Mike Ambery, a retirement and savings director at Standard Life, says the shift in the UK is partly due to the decline of final-salary pensions, which guarantee a monthly income for life. More people now have defined contribution pensions, which can run out, making it harder to plan for the future. Ambery says many retirees just want to enjoy life after years of work. "It's just having a little bit of indulgence to enjoy life," he says. Not all retirees are in a position to spend freely. In the UK, 16% of pensioners live in poverty, according to the Joseph Rowntree Foundation. In the US, the figure is 15.4%. However, UK pensioners have seen their disposable income rise more than non-pensioners over the last three decades. About 69% of UK retirees have a private pension in addition to their state one, compared to 56% in the US. Karen Green, 60, who lives in Provence, France, is another retiree who has chosen to spend rather than save. She spends more than £10,000 a year on holidays and has been open with her children about not leaving an inheritance. "I have been quite explicit to say there is unlikely to be a legacy because I'm anticipating spending it all," she says. Like Sarah, Karen won't get her UK state pension until she is 67, and she continues to work part-time to supplement her income.