Sunday, June 22, 2014
According to a new study, about two-thirds of Canadians are waiting on an inheritance to fund their retirement. The Ipsos Reid survey says 35 percent of Canadians are counting on money left behind in a will to aid with retirement, but 94 percent of these respondents say they are willing to give up half their inheritance to help their parents. “We often find adult children aged 45+ are very focused on what’s best for their parents and they are very willing to forgo half their inheritance to improve their parents’ lifestyle.”
Another inheritance-focused survey shows that high-net worth Canadians plan to leave around one-third of their wealth to their children. According to the banking study, the kids would use their inheritances responsibly.
For inheritances that did not go to children, 60 percent of survey respondents said they would divide it up between a surviving partner or spouse, while the rest would go to a charity or company.
See Brenda Bouw, Two-Thids of Canadians Waiting on Inheritance to Fund Retirement, Yahoo Finance, June 20, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.