Brits rely on inheritance windfall
LV= research found that one in three (35%) working Brits said they are reliant on receiving an inheritance, while a quarter (25%) would have to work longer should they not receive a windfall.
However a quarter (24%) of retirees plan to leave nothing or give their cash to charity, while a fifth (20%) intend to use the money to enjoy their retirement.
John Perks, managing director of LV= Retirement Solutions, said: “People now spend almost as long in retirement as they do in the workplace, so it’s worrying to see that many people say they are reliant on something essentially out of their control to provide them with a comfortable retirement.
“With all the everyday demands on our time, retirement planning is often at the bottom of the to-do list, but it is important that people take steps to secure themselves the lifestyle they hope for in retirement. We would encourage people approaching retirement to seek advice to get the most out of their pension savings.”