Today’s retirees are, on average, financially better off and can expect to live much longer than any previous generation. Life expectancy statistics show that you could spend up to one-third of your life in retirement.

Most people need to establish a financial plan that will help provide adequate income for 25 to 30 years.

Not only do your retirement savings need to last for many years, they also need to be protected from rising prices. While official inflation figures have been low in recent years, it is important to plan for future increases in basic items over the next 20 years.

When the time arrives to take retirement benefits more people seek financial planning advice to help them manage their affairs post retirement.

Financial brokers will usually start by discussing your goals in retirement and your concerns, such as increasing medical costs, longevity, lack of guaranteed income and outliving assets. Some retirees will still be supporting an elderly parent and/or adult children.

While severe illness and disability can strike at any age, it is mostly older people who suffer.

Financial Brokers supply the wakeup call about financial preparedness for health and estate issues.

This normally involves a full discussion about your resources—assets, insurance, even family assistance in case of an emergency.

It also involves a discussion of how possible long-term care expenses will be covered including nursing home or home-based care costs and passing assets to the next generation.

Your financial broker will also take about basic things like setting up a file containing all your relevant personal documents.

It should contain Wills, Trusts, Enduring Powers of Attorney, House deeds and a Statement of your Assets.

List your bills and due dates, mortgage and other loans, utilities, insurance premiums, credit cards, property taxes, tax returns, Social Security Benefits and pension income details.

Set up reminders of when tax deadlines or other important medical appointments are approaching.

You should have a list of contacts in case of an emergency including family members, advisors and carers and your medical information.

If you organise this information in advance you will save time and a lot of frustration later on.