Unless you are an unreconstructed workaholic, there comes a time when you bid your desk, your workshop, your last job a fond good-bye and join the post-work club – in which you will spend the rest of your life.

To many, retirement signals a period of downsizing. It is important to recognize that at retirement, your accumulated wealth is probably at its peak. Advances in medicine, surgery and pharmacology have substantially improved life expectancy, and now make it likely that the “rest of your life” could be a long period.

Sensible people will make sure that they prepare for this likely eventuality. Without the regular income they received during their working life, the urgent need for replacement income is self-evident.

Age brings on many potential threats to your financial health. There are a number of steps you can take to ensure your money lasts as long as you do.

As the probability of a residency in a retirement home looms, it is worth assessing the massive dents into accumulated capital of such costs. Assume a daily expense of €100.00 which is €3,000.00 a month or €36,000.00 a year. Depending on the duration of one’s stay, your accumulated capital could melt away like a block of ice being hit by a powerful blowtorch.

Will your finances, as currently organized, cope?