Marvin OnumonuOnly one in five people aged 60 to 78 said leaving an inheritance was a top priority for retirement, according to research by Just Group.
Spending time with friends and family came out on top, with 46% choosing this as their main goal.
Travelling abroad (37%) and in the UK (36%) followed, along with taking up new hobbies and interests (34%).
Just 20% put leaving an inheritance in their top five retirement goals, while 18% wanted to help children or grandchildren with money during their lifetime, sometimes called a ‘living inheritance’.
Only 3% of homeowners planned to buy another main home, but 20% said they wanted to renovate their current property.
Among renters, only 4% wanted to buy a home.
Moving abroad and further study each attracted 4%, while 1% said they wanted to start a business and the same number hoped to buy a property to rent out.
Stephen Lowe, group communications director at Just Group, said: “Inheritance and estate taxes are hot topics, but the research suggests that leaving money is not high on the retirement agenda of most Baby Boomers.
“Even among the oldest in this group – those aged 70-78 – and those on the highest household incomes (£100k+) still only about a quarter put leaving cash as one of their top priorities. Almost the same proportion (18%) who want to leave an inheritance say they want to provide financial help to children or grandchildren while still alive.”
Lowe added: “Overall, the priority of most seems to be to kick back and relax by spending time with friends and family or pursuing travel and hobbies – over other options such as working part-time or volunteering, setting up their own business or studying.”
Lowe said most Boomers were aware their resources would probably be used up in their lifetime, especially given longer life expectancies and possible care costs.
Around 70% own their homes, but one in seven still have a mortgage.
Non-homeowners may face rising rents.
He said: “The wealthier tiers are quite comfortable, but the bigger picture runs against the common perception that Boomers are awash with dosh.
“The reality is that most Boomers are going to need to be careful with their cash and probably feel leaving money is a hope and not an expectation.”
