It’s tempting to overspend in the early years of retirement, and underestimate your longevity. Reduce the risk of outliving your assets by fine-tuning your retirement income plan – work out your real spending and match it up with your expected pension income. Continue to manage your investments carefully, and if you need a top up, you may want to look at equity release, where you can use the value in your property to provide income.
It’s also tempting to let insurance policies lapse such as life and long-term disability policies, but if you still have a dependent spouse or children at university, you could still have a real need for protection. Keep your estate plan up-to-date with the changes in your financial situation, living arrangements or family matters that may occur after retirement.