10 tips for retirement

The FTSE 100 has halved twice this century and savers should be prepared for the possibility it may do so again.

Remember that “pension freedom”, or the right to do what we like with our life savings, involves risk.

Keeping most of your money in cash deposits at the bank or building society is not the risk-free option many people imagine.

Keep an eye on costs.  Don’t let advisers take too much of your money.

Life is not uniform – with a little care it is possible to calculate approximate cash flows covering the early years of retirement.

Keep a rainy day fund.  An amount of cash means that when stock markets fall you can live from cash for a while.

Make the most of state pensions.  Gaps in national insurance contributions can be made up from voluntary contributions to boost the state pension.

Income from your investment portfolio can be taken as natural yield.

Make the most of personal allowances and lower tax rate bands.

It is nice to have no financial pressures in retirement but health is often more important.