If you are already retired, you may well be used to living on a fixed income level or you may have been using some of your savings to help your finances.
Either way, in an economic climate of low savings rates and relatively high inflation, it’s always worth thinking about ways of making your money go that little bit further.
Your tax allowances It comes as a surprise to some to find that their retirement income is still taxable. So it is all the more important to find out about the taxable allowances you are entitled to and ensure you use them. Check your income tax and National Insurance calculations are correct plus ensure you have the correct age-related allowance. Up to date information is always available from the government's website Direct Gov .
Your state benefits The main benefit for people in retirement is pension credit. The amount of pension credit you get depends on how much income you have each week and how much you have saved or invested. There are a range of other benefits available from the government from help with your council tax to winter fuel payments - for all these, it is best to check your entitlement with Direct Gov.
Taking advantage of your age It's always worth looking out for senior citizen discounts on items such as holidays, insurance and travel and asking tradesmen to apply a discount for you to any repairs or building work they do to your home. Also remember that people over the age of 75 are eligible for a free TV licence even if there are younger people in the home.
Other money-saving tips Clip those coupons; traditional money-off vouchers and coupons all add up, and you can now subscribe to a range of websites dedicated to keeping you up to date with the latest offers by email (see our useful links, below).
Making your home more energy efficient: by insulating your lofts, doors and windows you can reduce your energy bills significantly. For those over 70, the government provides grants that either help towards the costs, or even provide the costs in full - particularly for loft and wall insulation. Find out more at DirectGov.
Useful links Moneysavingexpert.com keeps you abreast of offers and deals
Direct Gov - the government's website
GroupOn - a website featuring discounted gift certificates
Myvouchercodes.co.uk - vouchers and deals for many items
QuidCo.com - a cashback and voucher codes site