Planning to leave an inheritance? Think again about pensions!
More than 1,000 people were polled in the UK and, of those respondents, 39% felt they had not adequately prepared, or prepared at all, for a comfortable retirement.
Further, 35% said they only realised their funding for old age was inadequate upon reaching retirement age and, by then, it was too late.
However, according to Citywire.co.uk, 69% of retirees hope to leave a legacy when they die and 31% believe that their children will definitely receive an inheritance from their estate.
This anomaly means that, as people find that their income drops but their outgoings don’t, more and more retirement-aged people may be forced to carry on working to pay for bills etc, or unlock capital from their family home and risk being unable to leave an inheritance.
Christine Foyster, head of wealth management at HSBC, said, “Today’s workers should prepare for retirement as early as possible to have some certainty for retirement.News