A simple way to save for your retirement

The retirement age is rising, and the state pension isn't getting any more generous. So if you want to have a comfortable old age, you need your own savings. And you need to start building them up now. Ruth Jackson looks at your options, and explains the best way to save for your retirement.

One of the big announcements at last week's spending review was on the state pension age. It is to rise to 66 in 2020.

This shouldn't have come as too much of a surprise to anyone the retirement age was clearly far too low given therapid rises in life expectancy. So in that sense we should only be surprised that it has not been raised further. Note that in 1925 when the age at which men could start claiming a state pension was set at 65, life expectancy was 56. Now someone turning 65 has, on average, another 17 years to live.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.