Has anyone used their savings to supplement their income? If not will the proposals to index pensions to CPI affect you?
| Related: | Personal Finance•Money•Savings Accounts |
According to some reports almost a third (31%) of UK adults have drawn on savings and investments to supplement their income. Collectively they have used an estimated £60bn of their savings and investments to cover living expenses. Over a third (36%) of 55-64-year-olds and 33% of those aged over 65 years relied on investments to boost their income in the last 12 months. With new proposals to index private sector pension increases to the Consumer Price Index, it is expected that an increasing number of pensioners will be forced to use their savings and investments to supplement their income shortfall.
Answers (7)
Yes, I took voluntary redundancy and drawing pension early, using redundancy and savings to supplement income until get another private pension at 60. Thought about another job but having time off for now. My thought is that enjoy life because you never know whats round the corner.
I do this every week though I have a small pension the DWP dock £65 weekly of my incapacity benefit which is all I claim.
With prices generally just going up and the same with living expenses my family has often had to dip into our savings from time to time in the past 7 months.Inflation up, cost of food up, mortgage rates much higher than the Bank Of England official rates,rents up, cost of petrol up,public transport up,cost of loans up and council taxes up.I know the feeling.
at the moment i live on my savings. i think it will be that way for a while!
it is hard when you have to do that i do hope thing get better for you do you try to get things as cheap as you can things like food etc etc?
is there any tips that i can help you with?
yeah i try and do that! i think its just one of those things that hopefully ill get some more funding for my uni degree! :) but thanks for the concern smartcar! :)
Yes I use my savings to supplement income because I should have been supplementing my income with interest on my savings, but this is now not possible as interest rates are so low and so I am drawing on savings. But what to do? I will do this for the short term and when savings run low will sell up and buy a smaller house. The problem that we all have is knowing how long we are going to live........
I used savings when I was a student but luckily have not had to rely on them since working full time (just as well as I don't have that much at the moment!!).
I have been using savings to supplement income. We started a business a few years ago, which is doing very well, but we are not yet drawing enough for our living expenses, hence we have to use savings. Hopefully this will change over the next year, and is changing already.
Posts within the money.co.uk community represent the views, experiences and opinions of members only. They should not be taken as financial advice and should not be followed without further research.
More Questions for Savings Accounts
Get fast answers to your money questions, Expert insight, top tips & much more...
that is the best way to look at thing enjoy life wilest you can