THE MONEY MAKING EXPERT

check that you have no pensions that you have forgotten about from former employers.

Make sure you are receiving the full state pension to which you are entitled. You may also be able to top up your state pension by making voluntary contributions.

Find out more at: gov.uk/statepension/increase-the-amountyoull-get.

If you own your home, you could also free up some cash through equity release. This is not for everyone and, ideally, should be put off until you are at least in your late 60s.

However, it can be a good option to allow you to increase your income and live in your own home as long as you are able.

When you pass away or go into a care home, the home will be sold for the loan to be repaid.

You may also find that when you hit your 60s you are still feeling fit, healthy and raring to go. In this case, there is nothing to stop you setting up your own business and using that as an income – or doing some paid part-time work.

The number of self-employed people aged 65 and over has more than doubled in the past five years, according to charity Age UK.

As well as providing an income, setting up a business can fulfil a long-held dream for many.