Over-50s' MoneySaving

50+ tips to save including freebies, pensions, equity release

If you're over 50, or about to get there, your money world goes through some big changes. So sort your finances now – the older you get, the more your cash needs to look after you.

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Pensions and retirement

Two of the most important issues are when you'll retire, and where your cash is going to come from when you do. Tackle them as soon as possible – you'll be glad you did.

  1. When do I get the state pension?

    You receive the state pension when you reach the Government's official retirement age. What that is depends on when you were born. To find your exact retirement age, see the Government's State Pension Age Calculator.

    To cut costs, the official retirement age is gradually being raised. It increased to 66 for men and women in 2020, and will rise to 67 by 2029, with a further rise to 68 due between 2037 and 2039.

    The rising pension age for women has triggered much controversy – previously it was just 60. Campaign group WASPI – Women Against State Pension Inequality – has fought against the pace of change in women's state pension age, but lost a legal fight against the government.  

    Don't forget, you only qualify for the full state pension if you've got enough full years of National Insurance contributions. If you've got a private pension, you may be able to keep working and take it later, so check with your provider.

  2. How much will my state pension be?

    Though the system's complex, it's vital to understand where you fit in to ensure you won't be living on less than you have to.

    If you reached state pension age on or after 6 April 2016, you'll be on the new state pension, which is a 'flat rate' of £179.60 plus any 'protected payments'.

    If you reached state pension age before 6 April 2016, you'll stay on the old scheme, which currently has a maximum basic state payout of £137.60 a week (plus more if you earned the Second State pension too).

  3. Pension credit: ensure you don't miss out

    On top of the basic state pension, pension credit's an extra payment to help top up your pocket. If you're over the qualifying age and you've an income of under £177.10 a week, or £270.30 for couples, you may be able to get it.

    The qualifying age for pension credit's increased to 66 for both men and women, in line with the increase in state pension age.

    • Check if you're entitled. Call 0800 99 1234, and spread the word if you know someone who may be entitled to it. It's aimed at people with low incomes, but it's still worth finding out if you're eligible even if you've a second pension, have some savings or own your house. To help, we've a nifty Benefits Check tool to check your entitlement for this and more.

      If you're of state pension age and you've a younger partner, you could lose out on up to £7,000/year as pension credit rules will change. From then, eligibility will be based on the age of the younger partner, so you may have to apply for universal credit instead. Existing claims won't be affected, so apply now if you're eligible. Read more in our Pension Credits guide.

    • Saved for retirement? If you're 65 or over, and you've saved up for retirement, but are still on a low income (under £177.10 for an individual & under £270.30 for a couple), you may be eligible for some Savings Credit (only if you turned 65 before 6 April 2016). Use the Government calculator to check, or see What's pension credit?

  4. Boost your pension with extra years - you may be able to increase it by £1,000s

    Don't assume your state pension is a fixed sum you have no power over. There are ways to increase it.

    If you get less than the full amount, consider boosting it.

    In some cases, making a one-off payment of a few hundred pounds to make up for missed national insurance payments can add up to many thousands in your pocket over the years.

    Depending on your circumstances, this is well worth looking into if you can afford it. To help, we've compiled tables to quickly help you find out if it's worth it for you – see the State Pension guide for more on how to boost your retirement income.

  5. Defer your pension & earn more later

    This is worth considering if you don't need your state pension immediately, particularly if you're still employed. What you can do depends on if you've already taken out your state pension though.

    • Get a bigger pension later. For every nine weeks you defer, your future weekly allowance increases by 1%. Delay claiming for a year and you'd get the full pension plus 5.8% extra. If you reached state pension age before 6 April 2016 it's 1% for every five weeks you deferred, and 10.4% for a whole year.

    • Or get a lump sum if your state retirement age was before 6 April 2016.If you reached your state pension age before April 2016, you've the option to be able to defer and then be paid the extra as a one-off lump sum. This is made up of the deferred payment plus interest at 2% above the Bank of England base rate.

      After collecting the lump sum, you then get the standard pension. So someone who'd built up an annual state pension of £6,000 say would get £6,150 in twelve months' time – and then be paid their weekly payout as normal. However, this lump sum option has been abandoned for those who become eligible for state pension after April 2016.

    You can defer your pension before you've started claiming, or if you're already receiving it, though you can only do it once.

    It depends on individual circumstances as to whether it'll be best for you; the longer you live, the more beneficial it becomes. Yet never defer unless you can afford to. For more info, see Should I Delay Taking My Pension?

  6. More freedom to use your pension

    If you've got a private pension, there are several ways you can use this to provide an income in retirement. Changes announced by the Government mean that you now have a lot more choice about how you use any pension savings you have.

    Anyone aged 55 and over can take the whole amount as a lump sum, paying no tax on the first 25% and with the rest taxed as if it were a salary at their income tax rate. Read Martin's 5-minute briefing on Pension Freedom guide to learn more.

    One of the ways you can secure an income every year for the rest of your life is to use your pension pot to buy an annuity. But if you are thinking of getting one, make sure you've thought it through, as you can't change your mind once you've bought one.

  7. Your employer can no longer force you to retire

    The age at which employers could make staff retire used to be 65 for both men and women, but that's now been scrapped.

    Generally speaking your employer can't insist that you leave work to retire – at any age. So it's your decision if and when you stop working. See Gov.uk.

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Get what you're entitled to

There are masses of grants, benefits and extra payments available to help with everything from fuel bills to further study. It's well worth a quick check.

  1. £1,000s in energy grants for your home

    Boost your home's energy efficiency & increase your home's value

    A mass of Government funding's available to reduce your impact on the environment, while utility companies are bound by energy efficiency targets. Though grants may not cover the full amount of the item or repair you need, they're almost always completely free

    The result? Loads of lovely grants that'll help increase your home's value, warmth and economy

    • Free insulation: Several companies offer certain groups of people free boilers, loft and cavity wall insulation to make homes toasty for nowt. You'll generally need to be on a low income to be eligible. Find how to apply in the Free Insulation guide.

    • Search for energy grants: The Government, energy suppliers and local authorities provide grants to help you implement energy saving measures. The Energy Saving Trust has an advice and information helpline on 0300 123 1234 (see info for Scotland and Northern Ireland).

    See the Home and Energy Grants article for loads more, plus full info on all the above.

  2. £1,000s in free cash for your home

    Millions available in grants for home improvements

    There are loads of organisations offering free cash to use on your home, whether to improve safety or do essential repairs, but sadly many UK grants go unclaimed.

    Here's a rundown of the top home grants – get claiming!

    • Search for grants: Turn2us has a grant search to check for charities that can help with things like furniture, decorating or bills. The grants usually depend on an individual's circumstances, illnesses, nationality, occupation, age or income.

    • Help in the home: If you're elderly, disabled or on a low income, your local Home Improvement Agency (HIA) can help repair, maintain or adapt your home, from putting up furniture to looking after your garden. It's Care and Repair in Scotland, and Care and Repair Cymru in Wales. For NI, see the Housing Executive's info.

    • Home safety: Age UK's Local Handyperson services run across 70 areas in England. Here, security-checked staff can visit elderly people's homes to do small repairs, install arm rails and boost security. Call Age UK Advice Line on 0800 169 2081.

    • Fire safety check: Many fire stations give free home fire risk assessments to check for risks and help you plan what to do if there's a fire. You'll usually get a free smoke alarm if you don't already have one. Find info at the Chief Fire Officers Association (or call your local fire service to check it's participating).

    • Help with utility arrears: Some utility companies also offer grants to help if you have large arrears on your gas, electricity or water bills. You'll usually need to be a customer of the company, but if yours isn't listed it's worth contacting it to see if it has a similar scheme.

      For full info on these and more, see the Home and Energy Grants guide.

  3. Do a quick check for further benefits

    You may be missing out on £100s of extra cash

    Do a 10-Minute Benefits Check-Up to find out if you qualify for extra help.

    This'll help you to check your eligibility for all the main benefits, including council tax, pension credit, and housing.

    About £3.5 billion in benefits go unclaimed by pensioners every year, according to Age UK.

    If you'd like more information and advice on what you could be entitled to, call the Age UK Advice Line on 0800 678 1174.

    It's also well worth checking out Council Tax Rebanding to make sure you aren't paying over the odds, while the Grant Grabbing guide has more info on other funds available.

  4. 140,000 are missing out on carer's credit

    There's special protection to ensure carers get enough NI contributions

    While you can be a carer at any age, many over-50s are carers, and many who need care are over 50 (so their carers will likely be reading this bit). 

    There is a special protection to ensure you get enough National Insurance contributions for the state pension, but many are missing out. So do check this in Carer's credit help.

  5. Claim winter fuel payments

    Get a lump sum of up to £300 to help with winter bills

    Winter is a tough time for many as the cold sets in, but there's help available.

    • Winter fuel payments. If you were born on or before 5 May 1953, you're eligible for the up to £300 winter fuel payment. 

      If you get certain benefits, eg, state pension, pension credit or jobseeker's allowance, you'll usually get it automatically – otherwise you may have to claim.
    • Cold weather payments. Anyone on certain benefits, eg, pension credit, specific income support, jobseeker's allowance, gets £25 for every seven days there are sub-zero temperatures. It's paid automatically.

    See our full info on cold weather payments for more.

  6. Get free cash to study

    Fund your learning with grants and free short courses

    Study isn't just for spotty teenagers. Whether you want to get a degree, learn a new language or just brush up on your core skills, there may be a grant or a free course to help.

    • Scholarship search: The Scholarship Search site often has a few results for mature students, while Student Cash Point also searches for bursaries, scholarships and award funding.

    The new fees system, which started in September 2012, means you won't have to repay a student loan if you never earn over £25,000 – perfect if you're retired! See the Student Loans Mythbusting guide.

    • Free numeracy and literacy courses: Virtually every college in the country has free courses to help improve maths and English skills, from basic literacy and numeracy up to GCSE level. See Learndirect and Hotcourses for local classes.
    • Learn a language for free: There are lots of free websites and online tools to make it easy to pick up a new language – see Learn A Language For Free.

    As grants are dependent on individual circumstances, it's worth noting it may not be easy to get one, though there's no harm in trying. More in the Education Grants guide.

Dealing with unpleasant issues

Hopefully you'll live healthily and happily until you're 190. But in case problems arise, it's best to give some thought to a few issues in advance. A few changes now could save thousands for those you care about. See the Death Happens – Plan For It and What To Do When Someone Dies guides for full info, but here are a few pointers to start:

  1. Sort your will & inheritance tax

    Act now to secure future cash for your loved ones

    It's all too easy to put these off, but they're well worth tackling as soon as possible – both for your beneficiaries and for your own peace of mind:

    • Where there's a will... Don't leave a financial nightmare for your loved ones – make sure you've an up-to-date will. Solicitor-drafted wills can be cheap or even free to make or amend. Find info on all the options in Free And Cheap Wills.

    • Plan for inheritance tax. When you die, the Government assesses the worth of your estate, from cash and investments to property and business. If this exceeds the inheritance tax threshold, you'll pay tax on 40% of the extra when you die.

    It may not be easy, but tackle this now with your relatives – there are plenty of legal ways to reduce the bill.

    If the only certainties in life are death and taxes, this affects everyone on both counts. Dealing with it is one of the single biggest MoneySaving things you can do, yet many people ignore it. See Inheritance Tax Planning to find how much you'll pay and what you can do about it.

  2. Consider setting up a power of attorney

    Hope for the best, but plan for the worst

    Thinking and talking about what would happen if our faculties deserted us is uncomfortable. Yet you need to consider how much worse the situation would be if you became incapacitated through a stroke, accident or dementia (eg, Alzheimer's) without sorting it first.

    To help, a Lasting Power of Attorney (LPA) is a legal document where someone (while they still have mental capacity) nominates a trusted friend or relative to look after their affairs if they lose mental capacity.

    It's best to do this whilst you're in good health, as the financial and legal complications can be huge if you want to do this after your health has deteriorated. See the Power of Attorney guide for full help.

    Regardless of health, everyone should stop for a moment to think about whether to do this — don't wait until it's too late.

  3. Do debts die with you?

    Your estate will be used to cover what you owe

    It's often said that "when you die, your debts die with you". But it's a little more complicated than that. When you die, anything you owe has to be paid first, before any assets can go to your beneficiaries.

    So if you owe more than your assets are worth, your debts do die with you. Your beneficiaries get nothing, but they won't be asked to pay the rest of the debt.

    But if your inheritors are jointly responsible for the debts, your debts don't die with you. In fact, they'll have to make up the shortfall. If you're concerned about the impact this may have, contact Citizens Advice or consult a lawyer.

  4. Have the 'unpleasant issues' chat

    Don't put it off – talk with loved ones about your wishes

    Some things aren't best avoided. Hopefully once you've hit 50 or beyond, you've still got several dozen years of fit body and mind ahead. But there's a chance you won't.

    The mental incapacity or death of a loved one is hard enough to deal with, but often the financial complications can add a huge unnecessary blow to the pain of it all.

    Whether it's you who wants to avoid the subject, or your loved ones who'd rather not face it, it's not something to put off.

    Difficult as it is, it's better to deal with it head on than face the consequences of having not considered it.

    One solution is to simply have a day when you discuss with your partner and/or dependants what you want, and how things should be organised. Doing it in one go makes it easier – it shouldn't be morbid – and it's best to be open and practical. As well as equity release and wills, issues worth considering include:

    • A financial factsheet. Are you the only person who knows the details of your bank accounts, pension, gas and electricity provider or more? When someone passes away, often merely the process of finding out these facts can be painful. 

      Putting all the crucial info somewhere secure so it can be taken over by someone else can be very helpful. The safest thing to do is simply to list the providers with a rough indication of the product, but don't list your passwords. Age UK's free LifeBook is a handy resource to help keep track of this info, and can be sent in booklet form or via email.
    • Inheritance tax planning. This needs doing early. If your estate's likely to have inheritance tax issues (joint assets, including property, of over £650,000), the sooner you tackle it the better. Ways to mitigate it involve giving assets away at least seven years before someone dies. See Inheritance Tax Planning.
    • In case your faculties fade. If you had difficulties that meant you couldn't make decisions for yourself any more, who would you want to take over your finances? It's far easier to arrange the potential for a power of attorney while you're still fully aware and able to take the decisions yourself. See the power of attorney.
    • Are you in the right house? The family home in which you've lived and brought up children may not be the right place in later life – eg, the stairs could become difficult. Not deciding what to do early could hasten a need to move into long-term care if your accommodation becomes unsuitable later. Plus remember while many in their 60s have good intentions about downsizing later, there's the chance that by the time you need to, you may not feel up to it.
    • Whose money is it? Perhaps not one for a discussion, but it's worth thinking about yourself. Far too many people deprive themselves in their last years, trying to retain some money for their children's inheritance. Thinking through how to balance this early is certainly worthwhile.

    Remember – you have a right to live as well as you can in your old age.

    Please share your tips on how to broach this subject and what to talk about in the Unpleasant issues chat forum discussion.

  5. Beware of over-50s' life insurance

    Many waste a fortune

    He's a lovely man, that Parky – but don't listen to what he says about insurance. Michael Parkinson's caring voiceover makes SunLife's over-50s' life insurance seem simple, yet for many it's a seriously bad bet.

    Over-50s' plans promise to pay a fixed lump sum on death, with no need for a medical, which you could then use to cover your funeral costs.

    While this sounds like an easy way to protect your loved ones, there's a crucial term in the small print: "Premiums are payable for life. You could pay more in than is paid out on death."

    The amount it pays out is fixed, and if you live a long time you may end up paying more for the plan than you'd ever receive. For full details see our Over-50s' life insurance plans guide.

    However, don't think this means every over-50s' plan is a nightmare for every customer. Understand what you're doing, weigh up the risks and you can win (see our best buys). 

    For someone with an already diagnosed medical condition, or perhaps heavy smokers or the seriously obese, these plans can be a good gamble. This is because there's no medical even though your life expectancy will be lower.

Sort out your cash

Now's the time to get organised – battle your bills, sort out your savings and ditch your debts. Spend time plugging leaks in your finances and you'll soon have more in your pocket.

  1. Save £100s on gas & electricity bills

    Plus cashback when you switch

    It's a national disgrace that a young web savvy person often pays less to boil a kettle than a 90-year-old on a state pension struggling to understand the system. That's why switching to a cheap tariff to save £100s a year to break the energy loyalty habit is so important.

    Switching isn't a big faff. It's the same electricity, same gas, same safety. Only service, billing and price changes.

    Our unique Cheap Energy Club is designed to keep you permanently on the cheapest tariff – fighting the fact most cheap deals only last one or two years before their rates rise. It does this by...

    • Finding you the cheapest deal. If you're already on it, great. If not, it'll help you switch. You usually get £25 cashback on top for a dual fuel switch or £12.50 cashback for switching just gas or electricity.


    • Then constantly monitoring your tariff. Each month, without you doing anything, we do a background comparison to check yours is still cheapest.


    • Alerts you when it's time to switch (again). If you can save by switching either because your rate's changed, or others have, we'll tell you.
  2. Save £100s on car & home insurance

    Don't fall for over-50s' policies – they're OFTEN beatable

    Age is often a factor in certain types of insurance. For example, with home insurance, the older you are, the less likely you are to claim, which makes premiums lower. But with life insurance, being older can increase the price.

    Companies such as Saga, Rias, Castle Cover, Staysure and Age UK provide services aimed at those aged 50 or 60 and over, offering a range of financial products, including insurance, targeted at older people.

    Don't assume these will always be cheapest though – often, they're not. All insurers use risk-based price assessments, so age will be factored in already. The so-called 'special price' for older customers may still be broken by a non-age-targeted quote from elsewhere, so always check first.

    And if you drive a classic car - or are thinking of buying one - don't tread the usual route and try for quotes using a comparison site. Our classic car insurance guide shows how with vintage motors, specialist brokers will be best placed to find the right insurance policy for you.

    How to get the cheapest car insurance – a 60-second summary:

    • Step 1: Lower your risk category. Start by choosing your cover, then ensure you're as low a risk as possible. Fully comprehensive cover can be cheaper than third party, so always check. Use the Car Insurance Job Picker tool – tweaking your job description could nudge you into a lower risk band and save cash.
    • Step 2: Combine comparison sites correctly. Comparison sites don't always compare the same insurers, check the top three to get the maximum number of quotes in the minimum amount of time: Gocompare*Confused.com* and MoneySupermarket*.
    • Step 3: Grab hidden cashback and haggle. Check cashback websites to see if you can get paid for taking out your insurance, and make sure you check for special deals not mentioned on comparison sites. Once you've got your overall cheapest price, get on the phone and see if you can haggle it down further.
    • Step 4: Bookmark next year's renewal. Diarise a warning at least eight weeks before your renewal date to give yourself plenty of time to find a new provider, and maybe lock in a cheap price before your renewal arrives. 

    For best buys and full info on how to speedily find the cheapest price, see the Cheap Car Insurance and Home Insurance guides.

  3. Age limits for mortgages have risen

    A number of banks are raising their upper limits

    Many lenders have relaxed upper age caps to let people borrow deeper into their later years. Several high street giants now allow people to borrow into their 80s, while some smaller building societies have no cap whatsoever (though small lenders' rates are sometimes higher, see our mortgage best buys tool to find the best rates).

    We're talking here about the maximum age you can still hold a mortgage, which could be 20-30 years after you first take it out. But whatever your age, other rules remain the same including the need to pass tough affordability checks. These may be very stringent if it means taking you into your 70s and beyond given people's income almost always drops at retirement.

    Say you're 55 and want a 25-year mortgage, taking you to 80. You'll need to prove you either already have cash set aside to pay your mortgage in those later years or – even after making mortgage payments – you have enough now to put away for the future. See our mortgages section for lots more help on picking the best home loan.

    Here are major lenders' upper age limits (though many stress these are their standard caps and they can go further on a "case-by-case" basis):

    Upper standard age limits


    70 (or your retirement age)


















    75 (2)


    (1) Age applicant will be at end of mortgage term (2) 70 for interest-only
  4. Should I release the equity in my home?

    If there's no alternative, it can be a quick way to free up cash

    Many older people find themselves asset-rich and cash-poor – with low incomes but valuable homes. Equity release is commonly marketed as a way to spend a home's value while still living in it, either by taking a loan or selling part.

    Yet while rates don't sound much higher than ordinary mortgages, they often cost much more – currently, rates are between 5% and 7%. Usually, no repayments are made until you die, at which point the cash comes out of your estate, so the interest compounds rapidly.

    For example... Borrow £20,000 aged 65 at 5.5% on a £120,000 home and live 25 years, and when you die £76,000 needs repaying from your estate (though house price rises can offset this).

    We're no fans of these deals, but for some there's no alternative. Make sure you read these key points first:

    • It's less of an issue if you've no dependants. If you've nobody to leave the property to, you lose nowt as the debt's repaid from your estate when you die.

    • It can affect your benefits. Having cash rather than a property can hit you if you're eligible for benefits such as pension credit.

    • Explore downsizing instead. For many, a cheaper way to release equity is to downsize – sell and move to a smaller home. So explore this, but do it sooner – anecdotally, while many still feel up to moving in their 60s, as they get older the disinclination to move sets in so it's much tougher.

    • You typically have to be 60+ to equity release. Plus the younger you are, the less you can usually borrow.

    • Ensure the company's a member of the Equity Release Council. This trade body's members all promise your estate will never owe more than your home is worth, a "no negative equity" guarantee.

    • Wait as long as you can. As a rule of thumb, at a rate of 5.5% the amount you owe will double every 13 years. So the longer you wait, and the less you borrow, the lower the impact on your estate.

    • Don't think "I may as well do it in one go". For example, if you think you may need £40,000 from your house to cover 10 years, see if it's possible to get £20,000 now and the rest in five years. It'll usually work out much cheaper, plus you may need more cash later for long term care.

    • Speak to an independent equity release specialist. If you're seriously considering this, speak to an independent mortgage broker or financial adviser with an equity release qualification to find the best deal. See the Mortgage Broker Finding guide.

      For more information see Martin's Equity release guide.

  5. Are you in the wrong council tax band?

    Check now – you could save £1,000s by lowering your band

    Many homes are in the wrong council tax band, and have been since 1993. Yet in 10 minutes you can check and challenge it.

    Thousands have tried this and many succeeded in getting £1,000s back. One MoneySaver reports:

    Last week got the letter from VOA saying we were being reduced to [band] E, effective from when we moved in, back in August 2000. Next day, we got the letter from the council stating the same and that the refund was £2,369. The money was paid into my account yesterday. Total time: less than 4 weeks.

    It won't cost you a penny to check your band; plus it could cut what you pay now and get you a backdated payout if you've overpaid. For full info, see the Council Tax Rebanding guide.

  6. Get lost Tesco Clubcard vouchers back

    Check your account online – you may be owed over £100 worth

    If you've ever lost or misplaced vouchers, you can access the codes online for instant redemption, or get the vouchers re-issued.

    Some MoneySavers have found over £100 of vouchers they didn't know they had! One reports:

    Thanks to your article, we found that we had nearly £150 of unclaimed Tesco vouchers! We have already used them to double the vouchers value online, incredibly useful for Christmas.

    It's fast and free to check your account – see the Get Back Lost Tesco Vouchers guide for a full how-to.

  7. Give yourself a full money makeover

    Make yourself £1,000s better off in just one day

    It's likely you'll be living off less cash than you had before in retirement, so it's crucial to make sure you're budgeting correctly. First, use the free Budget Planner tool and guide to help work out exactly where your cash is going.

    Don't ask "What's the cheapest way?", ask "What can I afford?"

    Next, give yourself a full Money Makeover. This guide overhauls your finances, taking you through everything you can cut costs on, from debts to utilities. It'll take time to do, but it's time well invested – some end up £1,000s better off in a single day.

    If you still find it difficult to keep cash in your pocket, see the Stop Spending guide.

  8. Boost your savings interest

    Always compare over-50s' accounts with standard rates

    A clarion call to silver savers – with interest rates at horrendous lows, the only way to get a decent amount is to treat your savings a bit like a job. You need to put the time in to maintain the best rates, especially if you want to live off the interest.

    • How to find the best rates. It is not always as simple as you think to make the most from your money. Not only are there different types of savings accounts, but in some cases you can be better off with a current account. For full details and more best buys, see the Top Savings Accounts and Top Cash ISAs guides.

    • Over-50s' savings don't automatically mean better rates. Some banks offer special accounts for over-50s or 60s, such as Saga's Internet Saver account. Sadly, these don't tend to offer anything unusual and can often be beaten elsewhere.

    • You've £85,000 savings protection per person. These days, all UK-regulated savings accounts are Government-guaranteed up to £85,000 per person. Though for full safety, don't save more than this with any one banking group. See Safe Savings for more.
  9. Pay off debts before saving

    Forget old logic – debts cost more than savings earn

    This quick tip will drastically improve the health of your finances. If you've both debts and savings you're seriously overspending. Debts usually cost more than savings earn.

    So pay off your debts before you start to save and you should be better off in the long run. Full info on how this works in Pay Off Debts With Savings.

  10. Transfer old cash ISAs

    Instantly boost your interest further

    If you've been saving money in tax-free cash ISAs, don't assume you can't touch them. Cash ISAs are some of the worst offenders when it comes to paying paltry rates, as the banks offering them know that once opened, many people believe they're a done deal.

    This isn't the case – you have a right to transfer your cash ISA, which can instantly boost the interest you earn. 

    However, a quick warning: don't simply take the money out. To do this, you need to set up an account with a new provider and ask it to transfer the cash across for you.

    Though these days, all savings are paid tax-free, so it's also worth asking if a cash ISA is worth it. For full info on this and the current best rates, see Top Cash ISA Transfers.

  11. Find lost accounts

    Billions of pounds go unclaimed – find yours now

    Sadly, billions of pounds lie unclaimed in old bank accounts, pensions, life assurance and investments.

    But you're unlikely to know if you've got one, as accounts are declared dormant if the bank can't track you down through your last known address.

    The good news? Most are easy to reclaim. It's well worth a 10-minute search to see if you're entitled to any hidden cash. See Reclaim Forgotten Cash for full info and tips on how to find yours.

  12. Avoid prepayment meters if you can

    Try to switch to a billed meter for gas and electricity if possible

    While a push from the Government means it's getting better, those on prepayment meters are still pretty hard done by, certainly compared with those who pay by direct debit. If possible you should try to switch to a billed meter. All of the big six energy companies now allow you to switch for free, but some smaller suppliers still charge so always check.

    Often they won't let you though, due to credit score or income difficulties. For full info on how to ditch a prepayment meter for a credit meter, or if you can't, save on a prepay meter, see the full Cheap Prepaid Gas & Elec guide.

  13. Over-50s' travel insurance – get it for less

    Save £100s a year by choosing the right cover for you

    Though some travel insurance best buys are available for over-50s, travellers aged 65 and over often get milked by insurers. Yet scour hard (we've done it for you) and there are still decent rates.

    If you've had past medical conditions, always declare them (see our Pre-Existing Conditions guide). See Over-65s' Travel Insurance for full info, including prices for couples' policies and details on what happens if your insurer were to go bust mid-policy.

    Looking for the cheapest way to spend overseas?

    Debit cards can be the worst way to spend, but the right credit card can mean you get perfect exchange rates that beat even the best bureau. Never change money at the airport; use the Travel Money Maximiser tool to find the best deal. See Cheap Travel Money for full info.

  14. Cut the cost of your water bill

    Switching to a meter could save you £100s a year

    For some in England and Wales, switching to a water meter could save hundreds. A quick tip can help you work out if you could be better off with a meter:

    Rule of thumb – If there are more or the same number of rooms in your house than people, consider getting a water meter

    Sadly, in Scotland it isn't free to have a water meter installed (it's actually quite expensive) so, unless you live alone in a manor-type property, you should stick to billed payment.

    For full info on meters vs standard billing, see the Cut Water Bills guide.

  15. Boost your income

    Make £100s from car boots, cashback, comping & more...

    Whether you want to pay off debts or supplement your pension, there's a huge amount you can do to boost the coffers.

    See the Boost Your Income guide to find a wealth of ideas, from renting out your parking space to recycling your old mobiles.

    Also check out eBay Selling Tricks and Facebook Selling Tips for how to easily declutter your home and make money at the same time, whilst the Gold Selling guide has a full rundown of the best ways to turn old jewellery into extra cash. The Over-50s and Old Style forums are also excellent places to ask questions and get tips.

  16. Save on health bills with a cashplan

    Cover medical & dental costs for a few pounds a month

    If you often have medical, optical, dental or alternative treatment bills it could be worth taking out a healthcare cashplan.

    Whether you're with the NHS or get private treatment, you can potentially use a cashplan to cover the cost of hundreds of pounds of treatment.

    Does age matter? Though most of the top-paying cashplans have a maximum joining age of 70, there are still plenty of options if you're looking to join after this. See Healthcare Cashplans for full info.

Freebies and discounts

One of the best things about getting older is there are loads of extra freebies and discounts to make the most of, particularly once you reach 60. They're often hidden, so spread the word if you've found a good 'un.

  1. Grab a free bus pass

    Save £100s with free local travel

    Free bus travel is a major perk of getting older. What you can get depends on where you live:

    • England: You can get free off-peak local bus travel anywhere in England once you reach the state pension age. The entitlement age will gradually rise to 66 by 2020 but see Gov.uk to check when you're eligible.

    • Scotland: If aged 60 or over you can get free bus travel. You'll need a free National Entitlement Card for this, see TransportScotland.

    • Wales: If you're aged 60 or over you can also get free local bus travel. Just contact your local council to get your bus pass.

    • Northern Ireland: You can get free travel on nearly all public buses and trains within NI if you're 60 or over. You'll need a free 60+ SmartPass for this, or a Senior Citizen SmartPass if you're 65 or over.

    Local discounts, including Freedom Pass in London

    It's also worth checking with your local council for regional discounts. For example, the Freedom Pass gives older Londoners free travel on almost all London public transport.

    The qualifying age for the Freedom Pass varies depending when you were born, but if you're aged 60 or over and live in London you can now get a 60+ London Oyster photocard for free travel on bus, Tube, tram, DLR and most rail services in the capital.

    There's a £20 fee, but you can use it as many times as you like until you become eligible for the Freedom Pass (it expires then). To get it, apply to Transport for London.

    There's also ScotRail's Club 50 which gives a 20% discount on online advance and off-peak tickets, along with other offers.

  2. Check if you're eligible for a free TV licence at 75

    Save £150, plus it covers other household members

    You're now only eligible for a free TV licence if you get pension credit, though over a million people are eligible and don't realise it. It's well worth checking as you can get a host of other benefits, including council tax reductions and free dental treatment.

    Even if you're not eligible, you may be able to reclaim what you've paid since turning 75 – see Over-75s' TV licence refunds for more info.

  3. Get free prescriptions

    Save up to £9.15 per batch of meds if you're over 60

    If you're over 60 you can save masses on medication, depending on where you live. Also see 20 Medicine Savings for more tips.

    • England: You can get free NHS prescriptions and NHS sight tests if you're 60 or over, and you are also covered by the NHS Minor Ailments Scheme

      Your date of birth should be printed on the NHS prescription form; complete and sign the back of the prescription form, and show proof of age if your date of birth isn't already printed on it. For sight tests, just tell your optician and ask for form GOS1. See NHS Choices for information about help with prescription costs and eye tests.

    • Scotland: Everyone in Scotland gets free prescriptions, plus the NHS Minor Ailment Service entitles over-60s to free medication for minor illnesses too. See the Scottish Government.

    • Wales: Prescriptions are free regardless of your age if you have a Welsh GP and get your prescription from a Welsh pharmacist, or if you're a Welsh patient with an English GP and an accompanying entitlement card. These patients also have to have their prescriptions dispensed at a Welsh pharmacist.

    • Northern Ireland: Prescriptions are free for all. No registration's needed, as there's simply no charge. See NI Direct.

  4. Get 10% off selected B&Q products on Wednesday if you're over 60

    B&Q offers a free B&Q Diamond Card* for over-60s, it's valid online and in stores nationwide for 10% off selected products on Wednesdays. The discount used to cover any purchase, but since September 2018, it's been limited to selected gardening and Christmas products. See the full list*.

    To get a card, ask in store for an application form, then hand in to a B&Q staff member with proof of age. You can't use the card with any other discounts.

    However, even bigger discounts may be possible if you haggle. Our latest Top 10 Places to Haggle poll revealed 60% of those who tried at B&Q were successful. So if you were buying an excluded item, for example a household appliance, it's likely you could haggle at least 10% off anyway.

    MoneySavers have reported special seniors' discounts on everything from car insurance to gyms, so always ask. Share ideas on the What discounts can I get? forum, or see Discount VouchersDIY DealsSupermarket Coupons and High Street Sales for more savings.

  5. Find cheap glucosamine

    Make big savings on health supplements

    If you take widely used health supplements such as glucosamine, forumites report prices can vary widely, and recommend keeping an eye out for bulk-buy deals if you're looking to stock up.

    Always compare prices with as many retailers as you can before you buy (though there's much debate over the efficacy of this supplement).

    The Glucosamine forum discussion is also a handy place to find and discuss news of discounts and bargains, and is well worth a visit. See the 20+ Medicine Savings guide for more info on how to save on meds.

  6. Get 25% off at Specsavers

    Nab extra over-60s' discounts on glasses and lenses

    Glasses are an unavoidable expense for many, so use discounts where you can to bring costs down.

    High street optician Specsavers gives over-60s 25% off glasses and lenses if you buy any single pair of glasses from its £69 range or above. The deal isn't valid with other offers.

    Yet you may be able to do it cheaper – check out the Cheap Glasses guide for more info and also see Cheap Contact Lenses.

  7. Get extra points and discounts at Boots

    Over 60? Get 8 points per £1 spent on Boots' own products

    Members of the Boots More Treats For Over-60s club can get eight Advantage Card points rather than the usual four for every £1 spent in store on Boots' own brand products, as well as 25% off glasses. If you buy non-Boots brands you get the four points per £1 everyone else gets.

    It's free to join (online or in store) and you'll need to be aged 60 or over. You can only sign up to the scheme if you have its free Advantage Card.

    One Advantage point is worth 1p to spend at Boots. See our Loyalty Points Boosting guide for loads more info on Advantage Card and other retailer schemes.

  8. Grab a free £75+ passport

    For those aged 89ish or over

    If you're a British national born on or before 2 September 1929, you can get a free 10-year passport. They're usually £75.50, so this is a great saving for globetrotters.

    How to get it: You'll need to fill in an application form. You can either do this online, or request one from HM Passport Office, the Post Office or Passport Adviceline on 0300 222 0000. See Gov.uk for full info.

  9. Extra discounts at Odeon, Vue & Cineworld

    Save £s on a night at the movies if you're over 60

    If you're a keen cinemagoer, getting older means there are a raft of extra discounts to make the most of:

    • Odeon runs Silver Cinema showings for £3 at all cinemas. Odeon says the films selected for Odeon Silver Cinema are aimed at a 'mature audience', aged 55+. You'll also get tea, coffee and biscuits before the film starts.

    • Vue offers discounted screenings via its Senior Screenings if you're 60 and over. The discount varies by area at these selected screenings, but you'll also get a free cup of tea and a biscuit. You'll need to show proof of age, and it's on at participating cinemas about once a week – just check online or pop in to your local. Senior discounts are also available for standard Vue screenings, though discounts vary.

    • Cineworld offers nationwide discounts on all films at Cineworld cinemas for senior citizens (it doesn't specify an age). Prices vary by region, but you'll save about £2 on standard rates. You'll need ID to get it – just show a Senior Card or bus pass, London Freedom Pass or state pension letter.

    Also see the Cheap Cinema Tickets page for more discounts and deals.

  10. Free internet & computer courses

    Brush up on your web skills for nowt

    If you're not online, you're missing out (we're presuming someone's printed this guide for you) – most deals are quite simply more expensive away from the internet.

    Learn My Way has launched Online Basics, a free short course to do at home or at a local UK online centre. It's great if you want to know more about using a computer, or introduce the internet to friends or family. Your local Age UK may run free courses. Find more free ways to learn in Education Grants.

  11. Find hidden over-50s' theatre ticket discounts

    Local venues may give big reductions – check with yours

    There are masses of reports on the MSE forum that theatres can give good discounts for seniors.

    However, as with many concessions, these aren't often advertised. To check, just call or drop into your local theatre and ask about senior concessionary ticket prices.

    Many MoneySavers have got lucky, include forumite Cimscate.

    I got tickets for Jersey Boys for £19.50 in row B of dress circle, normally £60. You had to ring the theatre direct to get this discount.

    Plus check out the Cheap Days Out guide for more theatre ticket discounts.

  12. Save £s at historic sites, footie clubs & more

    Get out more and spend less with over-60s' ticket discounts

    One of the best things about retirement is that you'll have more time to do the things you love. If you can keep more cash in your stash while doing it, so much the better:

    • English Heritage offers those 65 and over memberships of £49/yr for a single membership (normally £56) or £74 for couples (normally £99).

    • Historic Scotland offers folks aged 60 and over membership for £39.60/yr via direct debit (normally £49.50). It's £69 for couples (normally £86).

    • Cadw Wales offers those aged 60 and over membership for £30/yr, reduced from £46. It's £50 for couples (normally £70).
    • National Trust offers 25% off membership for over-60s, but you'll have to have been a member for a total of five out of the last 10 years. If you're eligible, call 0344 800 1895 to check the latest rates. National Trust membership gets the holder entry to most of its public sites in England, Wales and Northern Ireland. 

      If you're 60 or over, nab National Trust Scotland membership for £45/year for the first year (if paid by direct debit) instead of £57.

    • Sports fan? MSE's forumites report football clubs and racecourses often give concessionary rates, so it's worth checking with the club first.

    Always bring proof of age, and when you're out, check if any further discounts apply – these often aren't advertised.

    There's also masses of entertainment discounts in Cheap Days Out and Cheap Zoos. If you're ending the day with a meal out, make sure you bring your Restaurant Vouchers. Also see Free Museums and Galleries for activity ideas that won't cost a penny.

  13. Haggle for a pensioner discount

    If they offer a student one, it's worth a try

    There's absolutely nothing wrong with asking for a discount in shops – in fact, student ones are built into some shops' official policies. Our tip is (this works better for pensioners) if they offer a student discount, try asking for a pensioner one too. They can only say no.

    Remember, haggling isn't reserved for backstreet bazaars – it's alive and kicking on British high streets. You can barter £100s off at shops such as John Lewis, Tesco and Debenhams. See How to Haggle for a full guide to this.

  14. Nab reduced rates at your local gym

    Extra discounts aren't always advertised, so do check

    Canny forumites have reported that some gyms give extra discounts on their standard membership rates for seniors. Yet these reduced rates often aren't advertised, so you may have to ask to get the cheaper prices (and don't be afraid to haggle).

    If you've got the gym bug, it's well worth checking out the Free Gym Trials guide for a full listing of free gym passes.

  15. A third off train travel with over-60s railcard

    If you're 60 years old or over, a Senior Railcard gets you a third off most standard and first class off-peak fares across Britain for a year. It's usually £30 but watch out for discount codes on our Railcard Deals page.

    Even if you don't use the train that often it's still a stonking buy as just one decent-length rail trip costing £90+ can usually save you more than the £30 railcard cost. 

    If you have a Tesco Clubcard, you could use your points to get a railcard for £10* instead of £30. What's more, some local councils give discounts on this card, so it's worth checking before you buy.

    Other services can offer reduced rates or discount cards, such as the National Express Senior Coachcard, so it's well worth asking before you buy. Also see the Cheap Train & Coach Deals page for more travel discounts.

  16. Shave £s off your haircut costs

    Look out for seniors' reductions & discount days

    Depending on your 'do, haircuts can easily cost £20 or more, so it's well worth using your 50+ status to see if you can get this down.

    Keep your eyes peeled for senior citizens' discounts or reduced-rate pensioners' days at your local hairdresser. Not all offer reduced rates, but if you find one that does, it can be a handy way to shave off a few pounds.

    MSE's forumites have reported this can be a good way to get your hair done for less, particularly if you're happy to go on a weekday when the shop's less busy.

  17. Fill yer boots with freebies - household goodies, beauty products & more

    The best things in life are freebies! Use our Hot Bargains and Freebies pages to get loads of everyday items for free at the click of a mouse, from tea and tissues to perfume and pet food. Plus see our guides on How to get free (or cheap) food and Earn freebies for testing products.

    If you're after something bigger, the Freecycle guide explains how to make the most of giveaway sites. These are great if you're looking for free furniture, electricals, garden gear and more, and they're also handy if you're having a clear-out.

    For totally free activity ideas, see Free Museums and Galleries and Free Gym Trials.

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