Roughly one in four Americans under the age of 60 (27%) expects to receive an inheritance, according to a new Interest.com report. However, 64% of Americans age 60 and older expect to leave an inheritance to family members.

Forty-two percent who expect an inheritance say they will use the money to invest in savings or a retirement account. That was the most popular answer by a wide margin, followed by "pay off debt" (18%) and "pay for education" (12%). Only six percent said they will use the bulk of the inheritance to buy something special such as jewelry, a luxury car or a vacation.

Among those who expect an inheritance, about half (51%) think it will be less than $100,000. The most popular answer, given by 25% of respondents, was between $10,000 and $50,000. The average balance in Americans' 401(k) accounts is approximately $80,000, according to Fidelity Investments.

"Even a relatively small inheritance can make up for many years of saving too little," said Mike Sante, managing editor, Interest.com. "An inheritance could be the ultimate financial 'get out of jail free' card for many families."

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here: http://www.interest.com/savings/news/what-will-you-do-with-your-inheritance/