Ensuring that they will have enough money to find a care home and enjoy their retirement is no doubt at the forefront of the minds of many nearing the pension age.
Dianne Bown-Wilson, chief executive of In My Prime, has said that as retirement is lasting longer, individuals must ensure they have enough money to sustain the sort of lifestyle they envisage.
In addition to wealth, health and happiness are also essential in retirement, according to the expert.
"Once the initial honeymoon period of being newly retired is over, some people may become depressed and increasingly lonely and unmotivated," explained the expert.
She advised that by planning far ahead rather than just hoping for the best, older people can avoid such a scenario.
This follows University of Missouri research which found that planning for health and lifestyle changes in old age is associated with a better retirement for married couples.
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