Americans Are Counting on Their Parents' Death to Fund Retirement
Summary
Many Americans expect to rely on money inherited from their parents or relatives to support their retirement. However, experts warn that depending on this inheritance can be risky because the timing and amount are uncertain due to factors like health costs, taxes, and family changes.Key Facts
- A survey by LendingTree found that 81% of people expecting an inheritance count on it at least somewhat for retirement funds.
- About 33% of Americans under 65 expect to receive an inheritance or financial gift in the future.
- Higher earners and parents with young children are more likely to expect an inheritance: 53% and 46% respectively.
- Only 43% of Americans aged 65 and older plan to leave an inheritance or financial gift.
- Many heirs have not clearly discussed details of the inheritance; 16% have not talked about it at all.
- LendingTree estimates that $17.2 trillion could be passed down from older homeowners between 2026 and 2045.
- The Federal Reserve reports only 35% of non-retirees feel their retirement savings are on track for 2025.
- Financial experts warn that counting on inheritance is risky due to unpredictable events like lawsuits, medical expenses, or changes in family situations.
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