Why You Should Never Count on An Inheritance

That money you might think will be coming your way at some point is far from a sure thing.

(Image credit: © 2019 Sunyixun)

A dangerous misconception about inheritances has gripped the Millennial generation. It threatens to imperil the future of many young people. Over half of young adults (53%) believe they will receive an inheritance, according to a recent Charles Schwab survey. However, most of those who believe they will inherit money or property never do. Between 1989 and 2007, only 21% of those who expected an inheritance actually received one, the survey showed.

Clearly, relying on an inheritance is not sound financial planning.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Joseph C. Conroy, CFP
Financial Adviser, Harford Retirement Planners

Joseph C. Conroy is a CERTIFIED FINANCIAL PLANNER™ professional who is passionate about helping his clients pursue their goals. He founded Harford Retirement Planners to provide objective advice and knowledge to his clients. By partnering with an independent broker dealer, it allows Joe to sit on the same side of the table as his clients. It is this experience, working with many individuals over the years from many backgrounds, which inspired Joe to write the book "Decades & Decisions."