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Over 50? Claim your share of an extra £677 million in ISA interest

Over the next 12 months alone, savers aged over 50 could potentially earn an extra £677 million, or £32 each, thanks to an increase in the cash ISA allowance from £3,600 to £5,100, which comes into effect on October 6th 2009. The increase is a much needed boost for the 10.4 million savers aged over 50 who have been stuck with low interest rates over the last year as banks tightened their belts and the base rate plummeted.

The increase in the cash ISA allowance comes at a particularly good time for many people who are approaching retirement, and may be suffering financially given the recent instability of private pensions. Research from independent price comparison and switching site uSwitch.com found that pensioners who had relied on unpredicatable investments to fund their retirement are now paying the price and may not be able to have the retirement they had expected.

uSwitch's survey found that almost one in 10 people in the UK feel that they cannot afford to retire, and 18% of that number are over 65. A shocking 37% of over 65 year-olds said that they thought they would have to work until the age of 77 to be able to retire and survive financially. In addition, 14% of pensioners are already relying on their property to fund their retirement, while 24% are pinning their chances on the stock market. If the stock market and property prices do not recover, these people could face an uncertain financial future.

They may not have been regarded as an alternative to pensions in the past, but with the new limit for over 50s and the changing economic climate, cash ISAs can help people to build up a substantial nest egg as they approach retirement. They have the added benefit of being a tax efficient and safe way of saving and are a route that more and more over 50s should consider as they head towards retirement.

This latest increase in the ISA allowance could give over 50s a possible alternative to traditional pensions and, if used effectively, could provide a reasonable lump sum for retirement. By using their full cash ISA allowance from October this year, a 50-year old saver could earn almost £28,000 in interest and save an impressive total of £105,000 in the 15 years leading up to their retirement, if they were to invest their full cash ISA allowance (£425 a month or £5,100 a year) into an account paying 4% interest.

About the Author

Daniel is a writer based in south-east England, specialising in issues around personal finance

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