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Mike Burleigh - Don’t Count on Inheritances to Save Your Retirement

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Bill Black

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Expecting mom and dad to help fund your retirement by leaving you an inheritance? Don’t count on it.
That’s one of the messages behind a new survey by HSBC Holdings PLC, the London-based parent of HSBC Bank USA.
According to the survey, 23% of pre-retirees would ideally like to spend all of their savings and let their children fend for themselves. In contrast, a mere 9% say they want to save “as much money as possible to pass on to the next generation.”
What’s behind the 14-point gap between those who want to spend it all and those who want to give as much as possible to younger generations? Several things. Many worry that by giving money to their children [...]

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