The transition to retirement can be a difficult time if you have not given time to thinking about your finances and how they will change when you finish work.
There are some common financial queries that people tend to have during this stage of their life, all of which are legitimate queries as you face life without a regular income.
Making sure you ask these questions in good time is the best way to stop retirement coming as a shock and instead helping you live your years how you had always hoped.
How can my money last longer?
Living on a restricted income can seem daunting, which can lead some older people to wonder how they can make their money stretch further.
Obviously the first step is to speak to a financial planning advisor, as they will be able to look at your assets and offer advice on how to maximise them.
Your retirement plan should be suited to your individual needs, so make sure you take the time to understand your finances and calculate how to make the most of what you have.
Am I entitled to any additional benefits?
You may find that you are entitled to government benefits that you had not previously considered, so it is worth doing your homework to discover what is available.
A financial advisor may be able to offer guidance, otherwise it might be worth speaking to any friends or family members who are already retired.
Should I work in retirement?
Some people don’t finish work completely when they choose to retire, instead they use it as an opportunity to take on a menial position to bring in some extra cash.
Even a part-time job can help retirees feel that little bit more financially secure, but before making applications, think carefully about whether continuing work fits in with your retirement strategy.
In some cases, people will have to continue working to bring in extra money, in which case the considerations will be completely different.
When should I retire?
It should be up to you to decide when you retire – for some people it is a case of realising it is time to finish work, while for others it may be forced upon them due to ill health.
Once you know when you are hoping to retire, use the date as an end-goal for having all your savings and investments in order so you can enjoy your post-work years without worry.