But, the research carried out by life and pension provider LV has revealed that many retirees do not plan to pass on their wealth to younger family members leaving them open to the risk of financial hardship in later years. Some 20% said they would struggle to retire comfortably without inheritance and 25% said they would have to carry on working longer than they had planned.
The study found that a quarter of retirees said they did not expect to leave much to their children. A fifth of those surveyed said they intended to spend their money enjoying their retirement rather than leave it behind and 4% said they will follow Bill Gates and Warren Buffett’s lead and leave their cash to charity.
John Perks, managing director of LV Retirement Solutions, said: “People now spend almost as long in retirement as they do in the workplace so it’s worrying to see that many people say they are reliant on something essentially out of their control to provide them with a comfortable retirement. With all the everyday demands on our time retirement planning is often at the bottom of the to-do list but it is important that people take steps to secure themselves the lifestyle they hope for in retirement. We would encourage people approaching retirement to seek advice to get the most out of their pension savings.”
