Earlier on in retirement you're likely to have more energy for any physically demanding hobbies and things like travelling than you might have later on. This period is often referred to as the 'active' years of retirement. As you get older, it's more likely, though not inevitable, that you'll want to take things at an easier, slower pace – let's call these the leisurely or later life years.
It's worth making sure you plan for both stages and think about the support you may need.
Make sure your will is up to date – or have one drawn up if you don't have anything in place.
Thinking about the future, and the possibility that you might lose your mental capacity and be unable to understand and make your own decisions, can be difficult. But it's important to think about who you'd like to help you if you couldn't do it anymore in advance and talk this over with your family or friends. Think about setting up and registering a Lasting Power of Attorney.
Inheritance tax is a tax that may be due on your estate after you have died. Your estate includes all your property, money and possessions. You might need to start thinking about how to make your arrangements as tax efficient as possible.
Whether you stay in your home, move in with friends or closer to family, join a retirement village or need a bit more support, Age UK has some good resources to help.
