Mr Gregory added: “Creating a forecast for retirement funds is important to ensure you are able to realistically set expectations for your retirement, your goals, and what your day-to-day will look like.
“Although you can’t always predict unplanned life events or expenses, having some money set aside for such is vital to ensure you can fulfil those fun-filled activities you have planned too.”
Evaluate your current lifestyle
Mr Gregory then recommends that people should evaluate their current outgoings and where they can cut back on their day-to-day routine, such as scaling back on the weekly food shop, or opting for public transport more frequently.
He said: “If these changes to your outgoings are not significant enough, then you may want to explore alternative ways to fund your retirement.
“A common solution for pensioners is to downsize their home or even move in with close relatives. In situations where this is not viable or desirable, another option is to consider equity release.”
Mr Gregory explained that people usually look towards equity release as an option to pay off debts because, unlike residential mortgages, there are no regular mandatory payments required.