For people contemplating retirement on a limited income, the idea of keeping a large family home to accommodate grown offspring compels them to
dip into savings or stay in the workforce longer than they'd like.
COUNCIL bosses have agreed to
dip into savings to plug a gap in education spending next year.
Being able to
dip into savings brings with it many new risks, from paying too much tax to being scammed out of life savings and running out of money too soon.
Even so, the Irwins believe they'll have to
dip into savings to pay college bills, and the money might come from selling stocks they feel have become overvalued.
And while 44 per cent of people pay the cost from their monthly salary, 26 per cent
dip into savings - and 22 per cent turn to their credit card.
Yet they spend $25,000 - about 179 percent of what they make - on necessities such as food and housing, which means they have no cushion at all for medical emergencies and are forced to either borrow money or
dip into savings to cover such costs, CNN found in an analysis of the BLS data last year.
They
dip into savings, get money from family, inheritance.
households -- 47 percent -- say they spend all of their income, go into debt or
dip into savings to meet their annual expenses, according to an analysis of Fed survey data released Thursday by the Pew Charitable Trusts.
So for the first time in nearly two decades, they are more likely to
dip into savings than to add to them, BNP Paribas analysts forecast.
"You don't want to
dip into savings more than you have to," she said in an interview with ThinkAdvisor.com.
BANKING AND CREDIT NEWS-December 17, 2013-Research from Lloyds Bank shows one in four will
dip into savings for Christmas
M2 EQUITYBITES-December 17, 2013-Research from Lloyds Bank shows one in four will
dip into savings for Christmas
It would also have a painful personal impact on workers affected -- leaving them to
dip into savings or delay mortgage payments, monthly car loan bills and other spending.
* Don't
dip into savings. Scott says it's tempting having immediate access to his checking account.
Thirty-six per cent of UAE residents would
dip into savings to keep them going, 18 per cent would move into a smaller home and 14 per cent would ask friends and family for help.
