best way to save for retirement when you are already 64!

[Swifey]

This is my dm, she works full time, doesn't own a house, and has a state pension if about £600 per month, also, no savings. Any ideas as to what would be best? She would have about £500 per month to invest.

[Sunseed]

Does she have any personal pension plans? She could make pension contributions and potentially benefit from tax relief which will boost their value. Downside is that she will be taxed on withdrawals after 25% tax free cash, so may not suit depending on her tax status now and when she wants to take retirement income. Alternatively she could look at using ISA allowance - no tax relief on contributions but none on withdrawals either. Again, depends on her tax status now and in future and on any other investments/income she has in retirement.

Where she invests is another matter entirely and depends largely on her experience of investing, attitude to risk, capacity for loss, health and longevity expectations, required income levels, etc.

[Antiopa12]

OP get your DM onto the Martin Lewis money saving website. There is an imminent deadline regarding how the over 64 years women can boost their state pension by paying in a sum now . She should check whether she is eligible. She must act NOW if she wants to do this

[Imbroglio]

How long does she intend to work?

[Swifey]

She intends to work as long as she can, probably 6 years full time, until 70, and then a couple of days a week?? ATM she is very fit and well, long may that continue!

[Swifey]

Thank you Antiopa, I passed that on last week to her!