Avoiding hefty inheritance tax (IHT) bills is the biggest concern for those approaching retirement, according to Lincoln Financial Group.
A survey of over 45-year olds found many were concerned about relying on their family once they retire, but were most concerned about leaving a healthy nest egg for their loved ones.
Of over 1,000 consumers surveyed, 79% said they want to minimise the amount of IHT they have to pay, in order to leave more cash to their dependents.
"In the current economic climate, retirees are finding that they are using much of their assets, such as their property and savings, in order to fund their retirement," says Lincoln's head of sales, Ian Noble.
"As a result many will have little to leave behind for their family."
Having enough income to deal with a critical illness without relying on family members was the second biggest concern of UK pension savers, with 70% citing this as a major issue. Almost two thirds of those surveyed did not want to rely financially on a dependent when they retire.
UK consumers are also concerned about the security of their homes, the survey found, with 64% wanting to have enough funds to prevent them from having to sell up.
Noble says the research highlights the need for robust retirement planning, to ensure investors have sufficient income to provide for themselves in their old age.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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