Please remember that starting your own business after retirement instead of consulting is highly stressful and probably not a good option for someone in poor health. Retirement capital used to fund a business start-up can also be very quickly lost if things don?t go as well as expected. It?s not usually possible to replace it.

Life cover will be more expensive once you begin to show signs of ill health. It is always best to apply for some cover when one is young and healthy and to keep it going for later when you can?t get it or it?s too expensive.

I suggest you see a financial planner to review your policies. It?s unlikely you will get cheaper cover, but you also need to weigh up the cost to benefit ratio.

(Click here to learn who needs life cover and who doesn?t?)

And finally, there is usually a risk of higher medical costs as one ages. This needs to be budgeted for in a financial plan. A financial planner can also help you to find a good medical plan should you not be able to continue on your work?s medical scheme after retiring.

In conclusion, you would be wise to seek out professional financial advice from a suitably qualified financial planner. He/she will assist you in implementing a meaningful financial plan and investment strategy that is aligned to your overall financial goals and objectives.

Best of luck.

acsis Limited is an authorised financial services provider. The response to the question covers some of the issues in a general and factual manner and does not constitute advice. It is important to consult with a financial planner who, after an analysis of the individuals? personal needs, goals and circumstances, will be able to provide comprehensive and appropriate advice.

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