Seniors Better Not Anticipate Inheritance
| 08:27:00 |
A couple of recent surveys by Allianz point to the problem of retirement in today's poor economy. Most of those nearing retirement are not only unprepared, but often they have no practical concept of how much money they have to put away to retire. Consequently, their kids will likely not see an inheritance from their mothers and fathers.
No legacy is very important
Allianz, a provider of life insurance, reported that most baby boomers -- those born roughly between 1946 and 1964 -- had better not wish for a fat inheritance as their retirement approaches. Times being what they are, only 14 percent of boomers' parents feel they can afford to leave their children an inheritance.
Hendrik Hartog, author of "Someday All This Will Be Yours," wrote:
"Culturally, the idea of a legacy has disappeared for all but the very wealthy."
Paying for mothers and fathers
A lot of times, kids end up taking care of their mothers and fathers for the rest of their lives. Elderly mothers and fathers are just trying to make it on the few pennies they have left.
KLB Financials Kay Kramer said:
"There's no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don't want to count on anything. And we've got some people who are actively helping parents out because they don't have enough."
Rising med expenses
Right now, the average American's net worth is about $77,000, which was the same as it was 20 years back. The value of homes and other assets are dropping too with the tough economy, according to the Star Tribune. Retirement is becoming much more costly with increasing expenses of medical care.
Too much retirement cost
A second study from Allianz recently decided that about a third of transition seniors -- those between the ages of 55 and 65 -- were not even sure of how much they will have to accrue for retirement.
Walter White is the President and CEO of Allianz Life. He said:
"It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working."
Most have also not properly factored inflation and taxes into their estimated retirement needs, says Allianz. According to its report, only 10 percent of those surveyed identified inflation as a concern in preparing for retirement. Likewise, only 16 percent mentioned taxes in estimating future needs.
Beginning earlier
If you would like a fantastic retirement account by the time you get there, you need to start early, according to Allianz. About 16 percent said they would not start working on retirement until they were a year or less away from retirement. Another 43 percent said they would not start saving for retirement until they were five years away. Those are bad numbers, and you also should get a head start.
No legacy is very important
Allianz, a provider of life insurance, reported that most baby boomers -- those born roughly between 1946 and 1964 -- had better not wish for a fat inheritance as their retirement approaches. Times being what they are, only 14 percent of boomers' parents feel they can afford to leave their children an inheritance.
Hendrik Hartog, author of "Someday All This Will Be Yours," wrote:
"Culturally, the idea of a legacy has disappeared for all but the very wealthy."
Paying for mothers and fathers
A lot of times, kids end up taking care of their mothers and fathers for the rest of their lives. Elderly mothers and fathers are just trying to make it on the few pennies they have left.
KLB Financials Kay Kramer said:
"There's no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don't want to count on anything. And we've got some people who are actively helping parents out because they don't have enough."
Rising med expenses
Right now, the average American's net worth is about $77,000, which was the same as it was 20 years back. The value of homes and other assets are dropping too with the tough economy, according to the Star Tribune. Retirement is becoming much more costly with increasing expenses of medical care.
Too much retirement cost
A second study from Allianz recently decided that about a third of transition seniors -- those between the ages of 55 and 65 -- were not even sure of how much they will have to accrue for retirement.
Walter White is the President and CEO of Allianz Life. He said:
"It's alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working."
Most have also not properly factored inflation and taxes into their estimated retirement needs, says Allianz. According to its report, only 10 percent of those surveyed identified inflation as a concern in preparing for retirement. Likewise, only 16 percent mentioned taxes in estimating future needs.
Beginning earlier
If you would like a fantastic retirement account by the time you get there, you need to start early, according to Allianz. About 16 percent said they would not start working on retirement until they were a year or less away from retirement. Another 43 percent said they would not start saving for retirement until they were five years away. Those are bad numbers, and you also should get a head start.
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