One in five boomers describe inheritance as ‘retirement goal’

One in five (20%) baby boomers have described leaving an inheritance as one of their top five goals for retirement, Just Group has revealed.

The firm’s latest GenVoices report found that 18% of surveyed boomers also aimed to help their children and grandchildren with their finances, which is known as a living inheritance.

The report revealed the top retirement objectives for this age group were to spend more time with family and friends (46%), travel abroad (37%) and in the UK (36%), and pursue new hobbies and interests (34%).

Just Group revealed that 3% of current homeowners in this age range envisaged buying a different main home, while 20% said they wanted to renovate their current home.

Of the surveyed baby boomers that are currently renting, just 4% wanted to buy a home.

Group communications director at Just Group, Stephen Lowe, said: "Inheritance and estate taxes are hot topics, but the research suggests that leaving money is not high on the retirement agenda of most baby boomers.

"Overall, the priority of most seems to be to kick back and relax by spending time with friends and family or pursuing travel and hobbies – over other options such as working part-time or volunteering, setting up their own business or studying."



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