Concern about finances in retirement

Goodness, that's a big question! It so depends on individual circumstances - have you not retired yet?

Roseyk it is too big a subject, can you break it down a little? For example are you actually retired yet or do you still have some options about your pension.

not retired yey

I meant to say not retired yet

If you are in position to save then I would suggest the first thing you should do is to get your ISA this year if you have not already done so.

Then if you have an employee pension you need to look at whether you can make additional contributions and whether that would be to your advantage. It does depend on the individual scheme.

You can contact the DWP to get a pension forecast and if you have any missing contributions decide whether it is worthwhile buying them back. Is usually is.

Apart from that your best option is probably to talk to an independent financial advisor.

Aren't ISAs paying a derisory rate of interest now, though? I've got one with Halifax and it's hardly worth keeping my money in it!

We downsized about the time we retired and although the mortgage by that time was very small we cleared that and have not had one since and we have paid for everything we have bought with no loans etc.
There are a lot of savings when you retire - depending on the job of course - you do not need as many clothes or shoes and there is no money needed for transport to work - our fuel consumption went down a huge amount. Also there is more time to cook meals but also leave time to have some fun!!

That's right. It's not what you don't earn but what you don't spend.

I would recommend taking advice from a professional financial adviser. They don't just deal with people with loads of money and can give a range of options. If you belong to a union one of the benefits may be a free consultation. alternatively, ask friends for a recommendation or go to your bank.

Later life is quite a good website on retirement

I really appreciate your help and will take up all the advise given, am about to check out the Later Life web site, Thank you so much everyone.

Sorry but I don't agree about going to your bank as they will only offer their own products which may well not be best for you.

Roseyk If you are in the fortunate position of having a lump sum to invest I would strongly suggest you speak to an independent financial advisor, in fact, speak to several - the initial consultation is usually free but do check that first. I saw 3 advisors before choosing the one I finally went with - do check what they charge as ongoing commission. (One advisor's charges meant that if I invested through him my money would have to produce 10% income a year just to cover fees!)

The rules on IFA have just changed - they charge for advice now and can't rely on just commission - the aim us for them to give you best advice and not advise product paying them most commission. Advice re union if poss very good idea - my husbands was really helpful and had all sorts of fact sheete

The Money Advice service, an independent organisation was set up by the government to give free impartial advice. I give their website below and should be able to give you all the help and advice you require
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www.moneyadviceservice.org.uk/en/categories/retirement