According to an Aegon study, 54% of Boomers claim that transferring their riches to their children is important to them, as reported by MoneyMarketing.
They study surveyed 650 people born between 1946-1966 to ask them, “what their priorities are and the key retirement challenges they face.”
While Boomers want to pass their earnings onto their kin, 20% of the people surveyed stated that doing so much hinder their own retirement spending.
Steve Cameron, Aegon pensions director stated, “‘For some retirees looking to pass on wealth… the desire to help family members may come at a cost if it means they hold back from spending in order to fulfil[l] this expectation.'”
There certainly must be a balance between making sure clients are due for a healthy retirement and leading them toward a leaving a prosperous legacy. How do you balance the two goals for your clients?