How can our industry support increasing numbers of Retiring Baby Boomers’ in their desire to subsidise their children and grandchildren from their Retirement Income?

15 June 2022

The focus of intergenerational wealth transfer to date is often on inheritance tax planning and Will writing. However, a recent study of the Baby Boomer generation which Dunstan Thomas has just completed, finds that:

23% of Boomers (aged 58-75) anticipate continuing to support their children financially in some way even after they have retired and are drawing on their pension(s)
16% of the wealthiest and most populous generation ever to reach retirement age are planning to support their grandchildren financially in retirement
These Boomers anticipate continuing to support their children for an average of 9.6 years into retirement – meaning that they will be supporting them into their 70s (the average age of retirement in our group of 1,272 Boomers nationwide was 63.4 years)
Just over 5% of the highest income group we studied (with pre-tax annual household income of over £80,000) expect they will actually spend more on supporting family members after they have retired, than before while they are still working.
16% of Boomers were planning to get independent financial advice associated with Inheritance Tax Planning. Other areas that were hot triggers for advice was avoiding over-drawing down on pension pots, de-risking portfolios in the run up to retirement and advice on equity release to bolster retirement income and pass money onto the next generation
Wealth transfers set to rise by 66% from £69 billion in 2017 to £115 billion in 2027.

Join Adrian Boulding, Director of Retirement Strategy at Dunstan Thomas, Jessica List, Pension Technical Manager at Curtis Banks and Jeannie Boyle, Executive Director & Chartered Financial Planner at EQ Investors from 12-1PM on Thursday 30th June exploring what more providers and advisers can do to support a growing percentage of Baby Boomers (aged 58 to 75) who want to continue subsidising their children, grandchildren, and other family members.

This session will qualify for CPD certification if you and attend the session and answer a short post-event survey.