Saving Money For Over 60s


If you are about to blow out your 60 candles on your birthday cake and your retirement is on the horizon, you have probably already created a plan to secure your savings.

Anyway, if you are retiring with low resources, just don’t panic: there will be several options for you. As a matter of fact, you can start saving at any moment by paying attention to some factors or by finding a side job for an extra income.

Find The Best ISA For Over 60s

When you are nearing retirement age, maybe you are looking at your money in a new way. If you have some savings aside and you want to give them a chance to grow, you may look for savings accounts for over 60s, which offer different interest rates according to the type of account chosen.

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Currently, among the most popular accounts in the UK there is ISA, an acronym that stands for Individual Savings Account. It gives the holder the possibility to save or invest money by offering tax-free returns.

Depending on the type of ISA, you can have access to your money any time and have interest rates applied regardless of the age of the owner. Every year, everyone is awarded with an annual ISA allowance, that is to say the maximum amount that can be paid into an account without paying taxes.

The full indemnity can be invested in cash or transferred into an investment account such as a Stocks and shares ISA. However, you should keep in mind that all investments involve risks, and you may end up by getting less of what invested.

Moreover, when you choose the ISA that best suits your needs, remember that there are different types: 

  • easy access, that allows you to pick up your savings whenever you need it, without any penalties;

  • fixed rate, with a higher interest rate than easy access ISAs, but you have to freeze your money from one to five years;

  • with notice, you can withdraw your cash with variable notice period. Usually, ISAs with short notice period have lower interest rate.

Streamline Your Budget And Cut Your Expenses

When retirement time comes, you should save as much you can to rely on a solid nest egg, especially if you have low savings. Thus, you can adopt cost-cutting measures for helping you to boost your pension pot.

In these cases, it should be said that “the sooner the better”.

There are countless aspects of your life that can be changed in order to achieve a significant financial savings. Moreover, many of which, will cost you less effort than you think.

For example, you can start to save you money cutting off some little expenses, such as the cell phone plan or utilities costs looking for cheaper offers or make home improvements like buying a programmable thermostat to increase energy efficiency and reduce bills.

You can also enjoy senior discounts, reduce deductible amount of your insurance policies or try to cut the budget for grocery shopping. For this purpose, a good idea could be to choose generic products over branded ones.

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Paying off your mortgage and loans could be useful to save your money: it should be considered that these expenses account on 30% to 40% of a person’s spending. 

Planning to retire when you hit 60? Here are 10 healthy money habits everyone should adopt to make them a dollar wealthy thru the years.

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Considering Starting A New Part-time Job To Earn Extra Income

Are you retiring without a solid nest egg? If you want to give it a chance to grow, then you will have to look for a part-time job to deal with expenses and unexpected events.

You can dedicate to something you are passionate about or looking for something new. There are many options that could meet your skills and interests, maybe allow you to remote-work and help you to earn extra money. 

Do an online search to find positions such as customer service representative, data entry, pet sitter or teacher or tutor for online lessons. You can also choose to manage a bed & breakfast in your home or just rent a room if you want to earn something more, too.

Thinking about investing? here’s Investing 101 a beginner’s guide to building wealth before you reach 60’s.

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