Some individuals are already doing their part on fixing and assessing which retirement plan they will contribute to. However, 43% are hoping to have inheritance as part of their funding plan – which is based from the study Natixis Global Asset Management conducted.
Their nationwide survey showed that more than half of the respondents or 78% of investors believe that funding their retirement is their responsibility. Meanwhile, the remaining 43% believe otherwise.
Another survey found that most millennials (62%), compared to Baby Boomers (31%), expects to receive an inheritance to fund their retirement plans.
But 40% of Baby Boomers don’t plan to leave an inheritance, and 57% expresses that they don’t have anything left to pass down!
Moreover, 3 out of 10 Baby Boomers, don’t completely understand the Required Minimum Distribution (RMD) requirements, which is a result of the survey as well. With this, some Baby Boomers who have Financial advisors stated that their advisors never discussed what RMD’s are.
On a different note, Millennials have already proactively taken the approach on planning for their retirement compared to other older generations. Based on the survey, 59% of millennials have an established financial plan to help reach their saving goals (which is more than the percentage of Baby Boomers at 56%).
This study by Natixis Global Asset Management, was conducted February of this year, with over 750 individual investors across the United States with a minimum of $100,000 in investment assets, and is also part of a larger global study of 8,300 investors in 22 countries and regions like Asia, Europe, Middle East, and the Americas.
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