14:25 16 November 2010
According to new reports, more than a third of over-fifties have saved nothing for their retirement and 53 per cent of women believe that they are not saving enough.
This comes as worrying news, as the government cuts sweep over the nation, retirees could be left with very little to survive on money-wise as they live out their golden years.
Many think that it's too late to start saving, but it is never too late. Take a look at our top tips and you could be all sorted for the future.
There are still some great ISAs out there, despite poor interest rates at the moment. Santander are offering particularly good rates. For example, putting just £20 a month into an ISA that gives you a 3 per cent return will mean that you will have £2,800 in the bank 10 years on. Now that's a nice thought.
ISAs are also tax-free, which is an added bonus, and if you need to take money out for whatever reason, you can do so flexibly. Remeber to check how much money you can deposit before tax.
If you are not currently in paid employment, you can still pay into what's called a Stakeholder personal pension by up to £3,600 per year. One plus for contributing to a pension is that the government also adds money- for every £20 you pay in, they will add £5 up to an annual limit.
One drawback is that you can't access the funds until you are 55, but if you're using it for a pension, then that won't make a huge difference.
Remember that the sooner you start saving, the better- but it's never too late to start.
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