Along with the certainty of ‘death and taxes’ comes the other one – that our lives after full-time work are likely to mean having less to spend than in the past.
The best way to allay those fears is to take control of our finances, rather than just hope for the best.
More than that, we should also remember the words often used in church when the offering is presented, ‘All things come from you O Lord’. And the Bible’s wisdom that, ‘Whoever trusts in his riches will fall’ (Proverbs 11.28). Whatever financial resources we have, they are not primarily ours.
With that in mind, here are my four top tips when it comes to your money and your life after work.

1. Maximise your income: Have you had several employers during your working life. Then be sure to track down all your pension entitlements. Also, use the advice of an Independent Financial Adviser about consolidating your pensions – there’s admin costs and fees to save here – and making the most of them.
Recent changes allow the flexible drawdown of pensions. However, this is a complex and specialist area that calls for qualified and independent advice.
If you have little private pension income, investigate the benefits and help that may be available to you. Citizens Advice is a useful source of information on things like:

• Council Tax Reduction, and Housing Benefit.
• Utility companies that may offer special rates to those on a low income.
• Disability benefit.

2. Think it through: With the help of your spouse or partner, if that is relevant, work through:

• Where your income and savings should be kept, how they are accessed (sole joint accounts and passwords) and what the survivor’s financial position will be.
• How long you may stay in your current home. Will it be easy to run as you get older? Will it always offer easy access shops and services? Will there be a time when you need some of the capital from your property?
• Do you need the car or cars you have at the moment or are there savings to be made?
• Splashing out or penny pinching – your early after-work years are when you are likely to be fittest and able to get reasonably priced travel insurance. So is now is the time to take adventurous trips or visit distant relatives.

3. Look for savings: Check out the concessions available to all ‘seniors’. Things like:

• Free bus pass and reduced travel on Network Rail and via Senior Coach cards
• Entrance to theatres, cinemas, sporting events and other attractions – it never hurts to ask
• Retailer’s special discounts such as B&Q Diamond and High Street Opticians

4. Pay off debts: Take all possible steps to pay off any high interest rate credit cards, store cards, overdrafts, and personal loans.If your debts become seriously out of hand, seek the help of specialist Christian charities such as Christians Against Poverty , Community Money Advice or the charity I work with Frontline Debt Advice. All offer wise advice and practical help in circumstances like these.

Of course there’s more to money issues in your after-work life than these four key issues. To explore more see the AfterWorkNet web pages on money.
And if you’ve found a way to be wise with money please join our Facebook community and share.

Malcolm Lemon
Malcolm worked for 40 years in local and community banking. He has been Treasurer of a large church and for 6 years was Chairman of Trustees for Frontline Debt Advice, where he continues as a trustee and adviser. He enjoys baking cakes with his granddaughter, and eating them even more.