Caroline Tapken, a 65-year-old semi-retired consultant from Uxbridge, west London, recently spent £18,000 on a trip to Antarctica, a decision she stands by, prioritizing personal experiences over leaving a substantial inheritance for her children.
Tapken, who has a 40-year career in hospitality, travel marketing, and public relations, believes that money earned through hard work should be enjoyed while one is still healthy and active. Her philosophy is to live life to the fullest in her "go-go years," roughly from her mid-60s to mid-70s, when she believes people still have the health and energy for demanding activities.
Her retirement plans were altered in 2017 by a divorce after 25 years of marriage. Originally, she had planned to retire to Thailand with her ex-husband, where they managed a guesthouse. However, after the separation, she returned to the UK to simplify visa, work permit, and healthcare arrangements. Tapken has a daughter, aged 30, and a son, aged 28, both living in the UK.
While she is not extravagant in her day-to-day life, Tapken prefers to allocate funds toward travel and experiences. She views money as a tool for enjoyment, questioning its purpose if not used for memorable activities. This approach extends to her children; she prefers to help them financially while she is alive rather than solely planning for their inheritance.
"I think a lot of people feel guilty spending their own money because they’re concerned about passing it on and making sure their children are looked after in the future," Tapken stated. "My view is that you’ve worked hard for your money, so you should enjoy it. If the children have expectations, then maybe there needs to be a conversation there. But don’t let inheritance planning hold you back from doing what you want to do. You’ve put them first all your life. Now’s the time to put yourself first."
The £18,000 trip to Antarctica, undertaken with a female friend aged 69, lasted nearly three weeks. The journey included time in Buenos Aires and Ushuaia, Argentina, followed by 12 days on an expedition ship around Antarctica, where they observed penguins and whales. The trip concluded with a couple of days in Uruguay.
Tapken and her friend shared a twin cabin on the expedition ship, which carried about 128 passengers. She noted that solo cabins are not common on such trips, and solo rates can be prohibitively high, making traveling with a companion a cost-effective and companionable choice. She described the trip as "out of this world and absolutely worth the money."
They have also traveled together on the tall ship Royal Clipper around the Caribbean and are considering future trips, including another Royal Clipper voyage from Costa Rica or a transatlantic crossing, with costs ranging from £6,000 to £8,000. Additionally, they are planning a city break to Krakow, Poland, and contemplating volunteer work with turtles in Sri Lanka.
Tapken mentioned that she subsidizes trips for her children when they travel together, citing a memorable week in Barbados with her son, daughter, and her daughter's partner. She found these trips offered valuable opportunities for deeper conversations and understanding as they connected as adults.
Tapken has worked with a financial advisor to manage her finances and has invested her savings over the years, building a substantial retirement fund. However, she will not receive the full state pension due to living abroad for much of her adult life and not making continuous National Insurance contributions. She has, however, backfilled contributions since returning to the UK in 2017.
"Running out of money or not having enough to last my retirement is a common fear among people my age," she said. "But your mid-60s to your mid-70s are your go-go years where you still have hopefully health, energy and fitness to do stuff, so experiences should be maximised in these years. Don’t put off doing the big stuff until you feel ready to spend, because your money may outlast your health."