Already retired

You could be in one of two situations if you have already retired:

1)     You managed to retire before the pensions crisis and have a fairly comfortable income and lifestyle.

2)     You have retired on a pension income which is lower than you expected.

In both cases, there are a group of actions you can take to improve your situation:

  • Make sure you are claiming all the pensions and benefits you are entitled to.
  • Think about using other assets to buy an annuity that will last you for the rest of your life.
  • Think about using the equity in your home to create extra cash.
  • Seek employment and put the proceeds into a new pension plan for a later retirement date.

You also need to give some thought to your future healthcare needs.  You could choose to rely on the state, but if you go into long-term care, any assets you have will be taken into account by your local authority– so it is not as ‘free’ as you might think.  The important thing is to think what about route you would prefer and plan accordingly.

The book covers all the above in much more detail: also look out for relevant articles as they are published and think about registering and downloading our action plan.

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