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Here are some top money tips for people nearing retirement or already retired.

1. Don't waste your pension savings

Make sure you don't waste your pension savings. If you're still working, you don't need to take any income from them, or you may just want to take some tax-free cash but no more.

Make sure your pension savings are in a good-value scheme and you aren't paying too much in charges.

If you're not sure, use a financial adviser to help you.

2. Make the most of the New Isa (Nisa) allowances

You can now put £15,000 each tax year into a combination of cash and shares, as you wish. If you hold investments elsewhere, you could transfer them to a Nisa to avoid capital gains and income tax. For more info download the New ISA Fact Sheet from Gov.uk

3. Budget carefully

During retirement, income tends to be lower than it was in the prime earning years, and that means older adults need to look for ways to limit make their nest eggs last. After 55 one key is to track living expenses to make sure you don't burn through savings too fast.

4. Make sure your bank is on your side

Some banks cater to older clients more than others, with perks such as using larger print in communication, meeting outside of the bank and speaking clearly without being condescending. Asking about your bank's age-friendly policies before you need them can help ensure you don’t get frustrated with its policies later.

5. Put fraud safeguards in place

Older adults are at a greater risk of financial fraud, but there are ways to reduce that risk. Family members can be alerted to large withdrawals from accounts, debit cards can be programmed to only work in certain locations, and names and numbers can be placed on 'do not call' lists.

6. Don't be too generous

When grown children are struggling with their own finances it can be tempting to open up your bank account to them. The problem with this approach is that it can stress your finances and lead to family tension.

It's important to make protecting your money a priority, even while trying to help your children.

7. Prepare for cognitive decline

When it comes to managing money, signs of cognitive decline tend to show up in one's 60s and 70s. Cognitive decline means a decline in memory and thinking skills. It can then become harder to manage bills, calculate tips and make a change. Sometimes adult children or others can help prevent bigger problems, like falling behind on bills, by noticing those red flags and then stepping in to help.

8. Get money help from your adult children

Adult children can often play a useful role in helping their parents manage their money as they age. It's important to enlist the support of children before experiencing a crisis or cognitive decline, so they know the basics of where to find account information if they need to. Talking through plans and wishes, and even writing out an overview of how you want to manage money as you age, can also help.

9. Teach your grandchildren about money

Grandparents can play a significant role in teaching grandchildren about the value of money and taking care of their finances. Surveys have shown that many young people say they are open to talking about finances with their grandparents, but only a small percentage actually have those conversations.

Still, most grandchildren say their grandparents do influence their financial habits.

10. Plan with your partner

Even if you've been married to your spouse for years, it's possible that you have different visions of how to spend your retirement years. Once you've talked about your dreams for the future, then you need to start planning for them together, in order to realise them.

Let us know what works for you in the comments section below.

Header Image by Steve Buissinne from Pixabay 

Budget Image by Steve Buissinne from Pixabay 

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