Life is completely different when you retire, and you look at every aspect in different ways but one of the hardest things to adapt to is the new level of income, which is likely to be significantly lower than what you may have earned in your working days.

Every year thousands of people hang up their hats, but before you do it can be beneficial to start planning what you’re going to do with that income. Ask yourself whether it will last and whether it will be enough to ensure you do all things you’ve planned to do when you retire.

It can be relatively easy to find yourself with a much lighter account and a pension is what you will completely retire on, while it can be beneficial to not take any risks when investing. The market crash in 2008 punished many retired investors who were taking risky moves in order to earn more income.