According to a recent estate planning survey conducted by HSBC, only 9 percent of individuals plan to save as much money as possible to leave to their descendants. This doesn't mean that they're unconcerned with younger generations, though--just that they're more inclined to give money in the form of a "living inheritance." 43 percent of U.S. retirees actually continue to provide regular financial support to at least one other person, with 10 percent of those dependents being adult children.
One commentator has pointed out that retirees aren't planning to spend the money on themselves. Instead, they want to "live and experience the results of their legacy planning, be it with their children, grandchildren, or others." They are also concerned with losing money to estate taxes.
Individuals seem to be unaware of this trend, though, with 29 percent of those surveyed expecting their inheritance to fully or partially fund their retirement. Additionally, 59 percent of working-age Americans plan to leave a legacy for their children, but less than a third actually report receiving one.
The takeaway from the survey is that individuals should not rely on an inheritance when financially planning for their own retirement.
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