Post new topic Reply to topic  [ 1 post ] 
  Print view

Retirees reveal pension cash doubts
Author Message
PostPosted: Mon Jun 06, 2011 10:38 am 
Offline

Joined: Tue Mar 10, 2009 1:21 pm
Posts: 1457
Location: Hampshire
One in four people planning to retire this year have already ruled out having enough funds to leave an inheritance, a survey suggests.

The study conducted by Prudential also revealed that 22% expressed doubts as to whether their pension pot and savings would be large enough to fund their retirement.

Only 52% of those ready to retire said they were confident they had enough money to live on and also leave money to relatives.

Gerry Brown, tax and trusts expert for Prudential, said: 'Obviously the focus for retired people has to be on their own retirement income and so leaving a financial legacy can become a secondary consideration.

'Our research shows that inheritances are increasingly in the 'nice to do' rather than the 'need to do' box because of uncertainty around being able to afford a comfortable retirement.

'For those who do hope to leave a financial legacy, there is a risk of assets that increase in value being left exposed to tax as the threshold for inheritance tax is frozen until 2015.

'It is therefore imperative for people looking to leave an inheritance and secure a comfortable retirement income to seek professional financial advice in the run-up to retirement and to save as much as possible, as early as possible.'

According to the survey, men are more likely to leave an inheritance, with 56% stating that was their intention, compared to 48% of women.

Across the UK, those retiring in Scotland this year were the most positive about their ability to leave an inheritance, with 67% planning to leave a financial legacy, compared to just 43% in Wales.

http://www.ageuk.org.uk/


Top
 Profile  
 

Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to: