Question:
I am 55 and will retire this year, but won’t receive my pension until I am 65. I am debt free and do not have to pay anymore contributions.

I have two houses that I rent out and want to sell. I also own a third house that I live in. Because of the tax implications and my need for a monthly income I am looking at putting part of the proceeds into a guaranteed income plan, initially over five years.

What do you think of these plans and do you have any other suggestions?

Answer:
This stage of financial planning can make or break you. At first glance you seem to have planned well for your retirement. However, what you need is to chat to a reputable financial advisor who can structure a tax efficient investment portfolio going forward.

Many people who retire early think they have enough put aside, but get a wakeup call 10 years down the road. It’s better to be safe than sorry.

An advisor will do scenario planning with you and it will be a great way to ensure that you will be home and dry. People are living longer and longer and if you live until you are 80 you still have 25 years to go — a long time that your money has to last.

You can’t afford to make any mistakes. It’s better to find out now than when it’s too late for you to get another job to shore up your income.