have received an inheritance from their parents or relatives are more than
twice as likely than those who haven’t to feel prepared for retirement (38%
versus 17%), according to a survey by the Associated Press-NORC Center for
Public Affairs Research.
Twenty-one percent of older Americans have received gifts or loans valued at $10,000 or more from their parents or older relatives. Forty-one percent of older Americans have received or expect to receive an inheritance, and 51% of adults age 50 and older say they have received at least one type of monetary gift or loan from their parent or other relative since turning 18.
Older Americans who have received a financial gift feel they have more choice about when to retire (70% versus 62%). Those who have received an inheritance also say they have saved enough for retirement over the past 10 years (29% versus 12%). Among retirees, those with an inheritance are more likely to say they saved enough in the decade preceding their retirement (57% versus 38%).
Older Americans with an inheritance are also more likely to believe that their savings will last throughout their retirement (37% versus 21%).
Forty-six percent of people think their parents have a responsibility to
provide financial assistance to an adult child if needed. Conversely, 56% of
people think an adult child has a responsibility to help their parent with
financial assistance if needed. In reality, 31% of adults ages 50 and older have
helped their parents or in-laws financially, and 10% of adults older than
50 are currently receiving financial assistance from their family.
The findings are based on a survey of 1,683 people ages 50 and older. The full report can be viewed here.