Savings for retirees and over-50s.
Where to put cash you don't want to invest - easy-access accounts, fixed-rate bonds, cash ISAs and Premium Bonds - explained without the jargon, with the rates that actually matter for retirees.
Guides
What's in this section
Why savings matter in retirement
Most retirement income planning focuses on pensions - the State Pension, drawdown, annuities. But almost every retiree also holds cash: an emergency fund, the next year's spending, or the tax-free lump sum from a pension. Where you keep that cash matters more in retirement than at any other life stage. A 1% difference on £30,000 is £300/year - more than enough to pay for a TV licence, a Senior Railcard and a Cold Weather Payment combined.
The right home for retirement cash depends on three things: when you'll need it (today, next year, in five years), whether you've used your ISA allowance, and whether your savings income tips you into a higher tax band.
Related
- Benefits for pensioners - for the Pension Credit and Council Tax Reduction angle
- Is the State Pension taxable? - savings interest can tip you over the personal allowance
- Pension drawdown calculator - for the pot side of the picture