The government has announced it’s to abolish the default retirement age at 65. What will that mean for older employees?

Many people want to work beyond the age of 65, but under the current rules employers don’t have to let them. That’s planned to change in October 2011.

The government plans to make it illegal for companies to force someone to retire at 65. The default retirement age was introduced in 2006 to stop companies from forcing out workers before 65, but it doesn’t help those who want to work beyond that age. The government announced its plans to abolish the default retirement age in the emergency Budget in June and said the new rules would apply from next April. Now it says that the rules will be phased in over a six-month period.

More »
If you’ve got a problem and you’d like some advice, why not contact a money expert?

Whether you want to find out how to get the best mortgage, are worried about your debts, have an elderly parent who needs care or don’t see eye-to-eye with your partner over money, one of SavvyWoman’s panel of experts can help.

More »

Top Tips : Figures from the Insolvency Service show that 40% of people going bankrupt are women. How can you reduce your debts?

Many women who go bankrupt do so following a dramatic change in their circumstances (such as illness, losing their job or divorce) but some - particularly younger women - end up taking on a lot of store and credit card debt that they find they cannot manage.

Going bankrupt or taking out an IVA (an individual voluntary arrangement) should always be viewed as a last resort. Although you won't have to pay back your debts in full they are both serious steps that will have long-lasting consequences. There's more information about bankruptcy elsewhere on the site.

Get debt advice sooner rather than later. Most people who see a debt adviser have struggled with their debts for a year to 18 months before they've tried to get help. Charities such as CCCS and National Debtline are worth contacting. You can ask SavvyWoman's debt expert a question about debt problems.

If you're not struggling but you just want to know how to clear your debts as quickly as you should, read the article entitled 'how to pay off your debts double quick'. If you have several cards or loans, the most efficient way is to pay the maximum on the debt charging the highest rate of interest.

Try and stay focused on how you'll feel once you've cleared your debts and what you'll be able to do when you don't have to worry about making the payments. Keep a spending diary so you can cut back on your spending and plough more money into repaying your debts.