Over 50s 'to see savings benefits from ISA limit increase'

The government's decision to raise the ISA allowance has been hailed as a good move for over 50s by uSwitch.

Over 50s could enjoy a broader range of finance options following the government's decision to increase the ISA allowance.

This is the view of price comparison site uSwitch, which described the measure as a "much-needed boost" for people in this age group.

Rumina Hassam, savings expert at the website, said those who can afford to save 425 a month will enjoy a guaranteed tax-free lump sum when they end their working life.

This, she stated, would serve as an added incentive for over 50s to save in a more tax-efficient manner and use up their full ISA allowance if possible.

Mr Hassam said the move would also help them build up a "substantial" nest egg in the run-up to their retirement.

"ISAs are progressively being regarded as an alternative or additional route to the traditional private pension pot," she observed.

"This is a route that more and more consumers should be considering."

The comments come after Principality Building Society advised over 50s to maximise their tax-free savings opportunities if at all possible.

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