Lamport Bassitt Solicitors - Legal News - Britons 'should be careful about retirement savings'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Britons 'should be careful about retirement savings' People in the UK should take a number of precautions to ensure they are well-equipped to manage financially during their retirement. A spokesperson for Candidmoney.com responded to news from Schroders that 31 per cent of Britons have taken funds from their savings and investments in order to complement their income in the last 12 months. "On the one hand this is bad news, as the average Brit is already saving too little for a comfortable retirement," he said. However, the representative went on to add that it is "better to raid savings than borrow at sky-high interest rates". Moreover, consumers may also want to account for any potential changes to inflation, which may reduce their spending power. The Schroders research estimated that the total amount drawn from savings pots in the last year is £60 billion, which has mostly gone towards covering living expenses. Typically, individuals have withdrawn £4,600 from the money set aside during this period. Posted by James Walsh Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News