Relying On Inheritance

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Relying On Inheritance

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Posted on: 03/09/2014

It is claimed that millions of Britons are relying on inheritance – in all its various shapes and sizes – to fund their retirement.

However, many people could find those plans resting rather queasily on shaky foundations.

Why is that? Well, the first major problem with inheritances is that you can’t be sure just when you will benefit from the windfall. Remember, people are living longer. Indeed, the way life expectancy continues to go up and up, then older generations are likely to live well into their retirement years.

Also, the amount you end up inheriting may be far less than you are expecting, especially when considering the latest estimates from the Department of Health which show that one in three women, and one in five men, aged 65 and over will need to go into a residential care home. And a self-funded care home can cost an average of £33,072 a year.

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