Retiring on a lower income may mean your money becomes stretched. Budgeting helps you see how much money you have coming in and how much is going out.

Once you’ve worked out your budget, think about what else you want to do (for example saving for a rainy day or making improvements to your home). Doing a Financial healthcheck regularly can help you decide what you need to do first.

There are lots of savings accounts around which offer different interest rates and notice periods for taking your money out without penalties. Some, like cash ISAs (Individual Savings Accounts), let you receive your interest free of income tax. Check the level of interest payable before you open a savings account. You can use our Savings calculator to find out how your savings might grow in the future or to help you work out how you can meet your savings goal.

If you rely on investments for income, remember that the level of income you get may vary and that the value of the investment can also go up and down. If you are looking to buy a new investment to get a higher income, make sure you understand the risks of the new product before investing.

Be very wary if you see an investment promising a high return at little or no risk. Fraudsters can appear genuine and can be very convincing but if an offer looks too good to be true, it probably is. Find out how to protect yourself and think about getting some professional advice.

You may have accounts that you have forgotten about. This is easily done if you’ve moved home and you’ve forgotten to tell any firms your new address. Some organisations offer a free or fixed-fee service to help you trace these accounts.

If you’re thinking about staying on at (or going back to) work after you retire, find out how you’ll be taxed and how this may affect the level of benefits (such as Pension Credit) you’re entitled to.

If you're a homeowner, you may be thinking about equity release, which allows you to convert some of the value of your home into either a lump sum or monthly income. Equity release schemes can be helpful but they are not suitable for everyone. You should always consider taking professional advice before making any commitment.

Check out what benefits and allowances you may be able to get to help boost your pension income or help with day-to-day costs. The first £10,000 of your savings will not be taken into account for assessment for Pension Credit, Housing Benefit and Council Tax Benefit.

If you need help paying for heating and insulation improvements in your privately owned or rented home, you, your partner or civil partner may be able to get money from one of the government's grants scheme, if you're receiving certain benefits.

If you're 60 or over, you can get discounts on coach and train travel as well as free bus travel in some areas.

In Northern Ireland, if you are over 65, you can travel on buses and trains for free.

If you need help and support to stay in your home, extra help may be available. If you are a carer, you may be able to get financial help and support for you and the person you care for.

You usually pay tax on your income whether it’s your pension or interest from your savings. You may pay less tax than when you were working and may also be able to apply to get your interest paid tax free.

If you’re on a low income, you may be able to claim back tax you’ve paid on your pension or on interest from your savings.

When you die, inheritance tax may have to be paid if the value of your estate (broadly everything you own less your debts) is above a set amount. The amount of tax depends on the value of your estate.

If you’ve got a will, now is the time to check that it’s up to date. If you die without one, the law specifies how your money and assets will be shared out. By making a will you can also make sure you don't pay more inheritance tax than necessary.

You can appoint a friend or family member to administer your estate (an executor), or a professional who makes a charge for carrying out the work.

Many people worry that when they die they won’t leave enough money for their funeral. With a funeral plan, you arrange and pay for a funeral in advance.

There may come a time when, because you are less able to manage your property and financial affairs or personal welfare, you will need someone to do this for you. You can formally choose a friend, relative or professional to hold a lasting power of attorney (LPA) that will allow them to act on your behalf.

If you’ve got life insurance, it might be a good idea to review how much it will pay out on your death.

Insurance policies can protect you and your partner if you become seriously ill or need help with private medical costs.

As you get older, you may develop health problems and have difficulty coping with everyday tasks. You may need help to stay in your own home or have to move into a care home. The State may pay for these costs, but if you want better care than it can provide, long-term care insurance may be an option.

When someone dies, the executor or administrator normally sorts out their finances and then shares what’s left according to the deceased’s will or the law (if there is no will). In some cases an executor or administrator may not be needed.

If the deceased has left money in joint accounts, it normally means the surviving joint owner automatically owns the money. The money doesn’t form part of the deceased person’s estate and therefore doesn’t need to be dealt with by the executor or administrator.

If the deceased had more than £5,000 in accounts held only in their name, the executor or administrator may need to apply to the Probate Registry for a grant of representation to gain access to the money. For more information see Directgov’s website.