Any other ideas?

There are of course other ways of saving or investing for retirement – some orthodox, some less so - and some that are scams.

You can invest in the stock market, bonds, savings accounts, in property (to live in or to let), antiques and all kinds of collectibles that may go up (or crash) over time.

Some of these can be done within a pension scheme and thus get tax advantages. In April 2006 the government lifted many of the rules about what can be invested in a self invested personal pension or SIPP, though they went back on earlier plans to include holiday homes.

Anyone thinking of using a SIPP should take specialist advice. We don't cover these here, but they can be risky, have high charges and are only suitable for people with a great deal of money to save.

Other ideas such as putting all your savings into buy-to-let property are popular with some. Most experts however would think it highly risky to put all your savings into a single type of asset. Just because someone featured in a newspaper or a friend of a friend made a killing in the property market does not mean everyone will.