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Brits urged to start saving for old age to help avoid debt problems

Brits urged to start saving for old age to help avoid debt problems

- Tuesday, 12 April 2011

Brits have been advised to start saving for retirement as soon as possible, in an effort to avoid needing debt solutions in the future.

According to Robin Ellison, partner at law firm Pinsent Masons, people are living longer but are not making provisions for this.

He said: "Hardly anyone appreciates how long they are going to live; most of us think we are going to live as long as our parents did, whereas in fact [we] might live five or ten years longer.

"Planning our financial resources to last that long is a challenge."

It may therefore be worth trying to get debt-free before retirement to ensure money is not spent paying off outstanding arrears.

Brits could also take advantage of the tax-free interest that is offered on Individual Savings Accounts (isas) by investing money that can be used after retirement.

Recent research by M&S Money found that 47 per cent of consumers aged over 45 are not saving for retirement at all, which means they may be missing out on the tax breaks offered by using an isa.
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