The number of people aged over 60 in the developing world is predicted to rise from 375 million in 2000 to 1,500 million in 2050. This note outlines the economic and social challenges which come with old age. It documents some of the common traditional practices adopted as a security measure against these challenges. It outlines the general saving methods, focuses on educating people on why and how to save. Further it discusses the potential market for long-term contractual savings services which provides security in old age.