A study was recently released which showed evidence of differing opinions across generations on the importance of leaving behind an inheritance. According to a U.S. Trust study which surveyed 642 individuals who have at least $3 million in assets, baby boomer aged parents are less committed than those older and younger than them. This study reveals that more than two thirds of non-boomers believe that it is important to make plans to leave money in the family while just 55% of baby boomers agree that leaving an inheritance is a top priority. Further, nearly a third of the boomers would rather give their money to charity.
Regardless of the reasoning behind this differing opinion across generations, the lesson learned is that we all need to make an effort to plan our own future without relying too heavily on uncontrollable factors. In order to make sure that you’re on the right track, please be sure to consult with an experienced retirement income specialist for guidance in your retirement planning.