Thursday, May 7, 2015

The World of the Living Inheritance

There's a definite new trend going on in the world of retirement savings: "living inheritance." This is when retirees are required to provide support to another person. A new report by HSBC says that 43 percent of all retirees said they were helping a family member or younger person out financially.

That's not much different from the percentages among pre-retirees. Among those who are still working, 62 percent said they provide regular support to another person.

But there are significant numbers of people who don't mind this. Almost a quarter of workers said they would rather spend or give away all their assets while they’re still alive rather than pass it on as part of an inheritance. Another quarter said they worry about not being able to support their loved ones financially.

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