66 percent of affluentparents say they'd choose to spend on themselves during retirementthan leave their kids an inheritance. (Photo:Shutterstock)

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They spend freely enough for their kids' education andupbringing, but affluent parents expect to spend more on theirown retirement rather than to keep onsupporting their kids.

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That's according to Personal Capital's second annual Affluent Family Financial Support Survey, whichfinds that instead, 72 percent of affluent parents expect theirkids to be as, or more, wealthy than they are themselves.

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In fact, 81 percent didn't, or don't expect to, change theirretirement plans to support their child; while 39 percent said theyhelped or planned to help their kids get their first job, 50percent said they stopped, or planned to stop, supporting them oncethey graduated from college.

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It's not that they haven't worked to prepare their kids tosucceed, or that they don't plan to leave their offspring alegacy—98 percent do, in fact, plan to leave something for theirkids, while 39 percent plan to leave something for theirgrandchildren and 32 percent intend to leave something forcharity.

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But 66 percent of affluent parents say they'd choose to spend onthemselves during retirement than leave their kids aninheritance.

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While the report cites an estimate from the Department ofAgriculture for the average cost of raising a child over theirlifetime to be $233,610, and says that 65 percent of affluentfamilies reported planning to spend $250,000 or more, on averageparents expect to spend $711,000 to raise and support their childover the course of their lifetime, excluding their inheritance.

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Undoubtedly one reason that estimate is so high is that 71percent believe their child expected or will expect them to pay forbig ticket purchases including undergraduate studies (54 percent),a car (42 percent) and a wedding (40 percent).

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Big-ticket items like that can add up quickly, and parents inthe Northeast actually expect that cost to be substantiallyhigher—$996,000, to be exact. Parents in the Midwest, South andWest have different expectations, and expect to spend less at$667,000, $581,000 and $579,000, respectively.

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Despite that hefty price tag, 54 percent of affluent parents puta priority on saving for their own retirement versus their child'seducation.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.