In fact one in 10 of them will cancel plans to leave a financial legacy for their families to boost their own retirement income.
Prudential’s Class of 2011 research questioned people planning to retire this year and found that 26% have already ruled out being able to leave any inheritance while another 22% were unsure whether their savings would be sufficient to fund their retirement.
Commenting, Gerry Brown, a tax and trusts expert from 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.”
The Class of 2011 research has previously found that this year’s average expected retirement income is £16,600 with just two fifths (39%) confident they have saved enough for a comfortable retirement.