Your Sixties
You are probably going to retire during this decade but retirement planning doesn’t stop. You will remain an investor in the stock market throughout this decade and beyond.
You need to protect what you have in your pension pot so do not undertake any unnecessary risk. Your asset allocation might need to be adjusted towards cash and bonds at this stage.
Make sure understand what you will spending your money on in retirement so there will be no surprises. Have you got adequate health care coverage for example? Will you be downsizing your house and therefore have house purchase costs to consider?
Top tip for your 60s: Consider a part-time job or a side business if you still want to generate some additional money for yourself.
Your Seventies (and beyond)
Keep an eye on your money. You still need to be fully engaged with your finances. If your living costs start to drop and you have surplus cash that you will never need, then start considering how to pass your wealth on to the next generation.
If there anything you wish you had done at a specific time in your life that you didn't? What advice would you like to share with people just started to build long-term savings?