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Most pensioners worry about inheritance tax and retirement planning

14 January 2009 / by Rachel Mason
The vast majority of pensioners in the UK worry about the inheritance tax burden and want it to be minimised for their dependants.

According to new research by the Lincoln Financial Group, 79 per cent of people approaching retirement or already retired say they want to minimise their inheritance tax bill in order to ensure they are leaving the largest possible legacy to their beneficiaries.

The study also revealed that pensioners and those close to pension age are worried about retirement planning generally, with 70 per cent saying they want to make sure they have enough income if they become critically ill and 69 per cent saying they want to esure they have enough put away to pay for their own funeral.

Lincoln's research found also that 64 per cent want some protection against selling their home for funds while 58 per cent said not having to rely on someone else to fund their retirement was important.

"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. As a result many will have little to leave behind for their family," said Ian Noble, Head of Sales, at Lincoln Financial Group.

To help mitigate the risk of not having the right protection, Mr Noble suggests selecting a product that covers for all the eventualities, for example, one that offers life insurance, disability cover, critical illness and income protection.

Get Inheritance tax advice or speak to a specialist life insurance advisor and find out more about life insurance, critical illness insurance, income protection, pensions, retirement planning and get pension advice.

©Fair Investment Company Ltd