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Expert advises against relying on inheritances to fund retirement
It is not wise to rely on the money or assets bequeathed in wills in order to fund retirement, an expert has said.
According to Steve Rumbles, head of defined contribution at BlackRock, leaving post-work finances to inheritances is "risky".
He also advised against relying on properties to fund retirement, pointing out that this puts people at the mercy of the property market.
Mr Rumbles said: "Hoping that an inheritance can fund your retirement is risky, as we all live longer it simply may not be there. Using a property as a means to fund retirement leaves you relying on the health of the property market, which can be very cyclical."
He went on to state that by relying on wills or property to fund post-work living, people risk either having to continue working or having a reduced retirement income should something unexpected happen.
Meanwhile, consumer group Which? recently released research which revealed that 56 per cent of people polled did not have wills drawn up.
06/08/2009 14:46
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