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Savings Accounts 'essential For Retirement' |
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(29th August 2008)
Making wise investments and saving as much money as possible for retirement is essential for those who want to enjoy their later years, it has been claimed.
According to Rob Arnott, writing in the Financial Times, people are living longer while spending a higher proportion of their income instead of putting it into savings accounts and investment plans.
Based on life expectancy, he advised people that they have between 40 and 45 years to save for a retirement period which will last an average of 15 years.
Mr Arnott said it was important to save some 20 to 25 per cent of their after-tax income for their retirement in order to make sure there will be a suitable nest egg available when they stop working.
He warned that the hardest part of this plan would be to lower the spending rate.
Figures from analysts Defaqto have shown banks are trying to attract savers during the credit crunch by offering rates well above the Bank of England base rate.
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