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News - 8 March 2012

Half of the number of 2012 retirees expect to leave an inheritance.

An online survey, by the Prudential, which questioned 2,000 individuals who were about to, or had already, retired, found that 49 per cent of individuals still planned to leave an inheritance despite the recent squeeze on personal finances.

Whilst the majority of retirees hoped to leave an inheritance, one in 12, however, would cancel their inheritance plans if their financial circumstances became difficult.

Boosting retirement income was also a concern for many of those surveyed, with 33 per cent saying they would consider selling the family home and 29 per cent admitting they would consider returning to work.

The mixed messages from retirees suggest that despite optimistic plans regarding inheritance, many remain concerned about their future retirement income.

Alternative research from the National Association of Pension Funds (NAPF) indicates that public confidence in pensions has fallen to an all-time low. The drop in confidence to minus 17 per cent on its index is due to low trust in the pension and annuity industry, poor rates, squeezed household incomes and stock market volatility, according to the NAPF.

The inheritance tax threshold has been frozen at £325,000 until 2015, meaning that many people will potentially face a tax bill if they do not plan ahead.

Lavinia Newman of ABDS says:

“Planning is crucial in the run up to retirement if retirees want to leave an inheritance. Being able to do so is important to many people and to ensure it's possible both to leave an inheritance and secure a comfortable retirement income, it's vital to seek professional financial advice well in advance of your intended retirement."

If you need any help and advice on Inheritance tax or capital gains Tax, or any other tax matters, don’t hesitate to contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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