Never forget that the value of an investment can go down as well as up!

Think about the long term practical and taxation issues relating to the receiving of pension income if you choose to retire abroad or if you have been investing offshore. If you choose to retire in a country not classed as being within the European Economic Area your State pension (such as it might be) will not necessarily increase in line with inflation.

Seeking professional advice is the first step in the right direction to finding the right financial solution it will save you time and money in the long run and reduce your cost of delay significantly!

Is it too late for me?

Some people reading this article will agree with what Ive written so far and then say - Great, but Im 55 years old already, is it too late for me?

The simple answer is that its never too late!

You just have to plan differently.

Being realistic is essential - if you dont have a private pension, if you have little in the bank and have had no great luck on the lottery recently then it may be wise to shelve the yacht plans.

But taking the popular retirement plan of a house in the sun for example, that dream may well still be possible.

Consider North Cyprus or France for example - the difference in property prices between UK and both countries often means that there is a good opportunity to sell a UK home and buy in North Cyprus or France and put some cash in the bank.

Being careful is essential - lets just say that you discover you can trade your 3 bed semi in for a 5 bed villa with a swimming pool and a Jacuzzi. Well, maybe a better deal for you would be to trade in a for a 2 bed bungalow, leaving a surplus of cash in the bank for further retirement enjoyment - the lower running costs of a 2 bed bungalow versus a 5 bed villa would also mean that your savings could go a lot further.

Never give up on your retirement aspirations - just massage them to fit your financial capabilities!

Wise - Spiritual Wellbeing in Retirement

According to current research around 74% of the British population dream about retiring abroad.

What with the lure of sunnier climes and the fact that the UK housing market has boomed in recent years enabling people to consider selling up, retiring to the sun AND putting some extra cash away in the bank, it is unsurprising really.

But if you decide to move away from your friends and family in retirement, or if your friends and family decide to leave you behind, how will you cope?

Loneliness and depression among the over 50 age group is an all too commonly reported problem nowadays. The death of a much loved partner, divorce, separation from friends and family or the departure of children from the family home can affect this age group particularly hard. And loneliness can often come to those people who do not prepare for their retirement when they suddenly feel the shock of leaving the day to day routine of a job behind.