KeyCorp’s wealth management arm, Key Wealth, asked Americans with household incomes of $100,000 or more and at least $100,000 in investable assets about inheritances.
Among the 2,301 who expected or had received one, 64% said an expected inheritance has influenced their financial decisions, and 36% said they have saved or invested at least $100,000 less because of it.
The online survey ran from April 17 to May 15, and Key Wealth released the results on July 15. The margin of error is plus or minus 2.04 percentage points.
It is a sponsor’s poll of self-reported behavior, so it shows what people say they did, not proof that the inheritance caused it.
How the plans changed
Among respondents whose decisions were shaped by an expected inheritance, 40% are saving less for retirement, 36% are taking more investment risk and 18% are spending more on lifestyle or travel.
Risk is the choice that can bite later. The order of your returns can matter as much as the average once withdrawals start, and a bad stretch early in retirement is hard to repair with money that has not arrived.
What the expectation rested on
Just 34% formed their expectations through a direct family conversation covering specific figures, timing or conditions. The rest relied largely on assumption. Among people who never raised the subject, 50% said they did not want to appear to be counting on the money.
The paperwork has gaps too. Although 71% of respondents intend to leave a legacy for their children, 38% have no formal estate plan. Even with documents in place, probate fights can drag on for years.
Treat it like a bonus
Solomon Schmidt, who heads mass affluent wealth at Key Wealth, said: “Inheritances should be treated like bonuses: they are never guaranteed.”
The survey shows what is at stake if one falls through. A quarter of respondents, 25%, said they would need to work significantly longer than planned, and 19% would face a reduced retirement lifestyle.
Respondents named health care and long-term care costs as the biggest threat to the inheritance they expect, at 40%, followed by a family member outliving assets, at 33%. Either can shrink what is left to pass on.
Most still feel ready. Some 61% rated their plan “very prepared” regardless of any inheritance.
One way to test that is to run the numbers twice, once with the inheritance and once with zero. If the zero version works, anything that arrives is extra. If it falls short, the gap is the figure to close with savings, work or timing.
An advisor can run both versions side by side. SmartAsset matches you with up to three fiduciary advisors who are legally required to prioritize your interests. The questionnaire takes about 10 minutes and asks for a phone number near the end. You control whether and when you respond to anyone. Matching is free and built for people with $100,000 or more in investments.
Overall, 78% said an advisor-led family conversation about inheritance would be valuable, yet only 47% had discussed their inheritance with a financial advisor, including 41% of women and 54% of men.
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