Those who have already reached the age of retirement should be shopping around for the best deals, on charity has suggested.
And those who are still working should start saving into a pension as soon as possible, Age Concern has advised.
A spokesperson for the charity – which specialises in providing support to those over 50 – noted that claiming benefits or concessions on offer to those of retirement age.
Doing so can help finances last longer, therefore reducing the risk of debt and the need for a debt management plan.
“[We] encourage those who have retired to make their money go further by looking for the best possible deals when buying products and services,” an Age Concern spokesperson stated.
A recent report published by Life Trust Insurance revealed that retirement for a typical household in the UK can cost £413,000, while individuals can expect to need £326,700 during their retirement.
By Tom Musk