Wealth Knowledge July 2016 - New retirees favour gifts over inheritance
The report shows a fall in the number of new retirees expecting to pass on an inheritance – from 52% in 2011 to 28% in 2016.
• people who are expecting to leave an inheritance will leave an average of £191,000
• 35% are already helping family members with ongoing inancial support – worth on average 250 a month
• 13% are paying more than £500 a month to support their family.
Stan Russell, a retirement income expert at Prudential, said: “This kind of inancial support will make a signiicant dent in all but the largest of retirement pots, but it can be overlooked by many when planning for life after work.”