When you are in your twenties you are invincible and take things as they come. In your thirties the children may have arrived so you are now cautious and plan their and your life events carefully, from the school run to the family package holiday.

In your forties the children are still having plans made for them and your future planning is probably still centred around children's education and some thought now going into your pension years and what your needs maybe.

Your fifties see that glorious time when the children have flown the nest and suddenly you have some spare money and the pension planning is now at full steam.

Sixty is a funny age as you suddenly realise that your fifties have gone so quickly and all the time you had to save for pension has gone as retirement seems to hurtle toward you. Then it arrives. No more work, reduced income however you have your pension fund and all those PEPs and ISAs and Unit Trusts and Bonds that the papers said were the top performers in their class.

This time of your life is the most important to maximise the funds and savings you hold by ensuring they are in the correct place for your risk profile. If the stock market drops by 20% can you accept that loss reflected in your investments? You are then at the mercy of the market, living and waiting for a quick recovery but what if you need to realise capital quickly? You are forced to sell at a low unit price therefore losing out on what is a realistic value of the investment.

Investments purchased when you were working will not necessarily be suited to a retired person and should be reviewed. Is capital growth still your main objective? Would some income be more suitable? Do you now want to be involved with American Small Companies Unit Trusts or would a UK Corporate Bond be more suited? Do you know the difference?

Your Financial plans need to be reviewed. Invite an Independent Financial Adviser to review your situation once you are retired for a few months, so you know your income and expenditure.

The use of a National company is recommended rather than a local high street adviser. The national company will have a compliance department to check written advice and could also be part of a network which offers a second layer of checking. The national company will almost certainly offer specialists should they be required rather than a general adviser covering your requirements.

You need to be open-minded to the written opinions of an Independent Financial Adviser. They may well advise a radical shake up of investments however this may be correct for you. Any recommendation should be in writing, justified as to why a change is correct and recommending an alternate fund and justifying that funds recommendation.

Your estate planning needs should also be covered by the advisers report as they are part and parcel of any financial planning as tax planning needs also to be considered. Income tax, Capital Gains Tax and Inheritance Tax liabilities should be carefully assessed so the use of investments and trusts can legally remove your future liability. This simple example will save £114,000 of unnecessary tax on the death of the second spouse.

Inheritance Tax (IHT) planning should commence with a Discretionary Will Trust to utilise two IHT nil rate bands thus giving a married couple 2 x £285,000 allowance before IHT is charged. Most people view IHT as the biggest threat to their estate yet long term care costs will effect many people and possibly remove the IHT charge from estates completely.

Obtaining professional advice is essential. Have two or three advisers from different companies offer their written recommendations.

You will have to pay for the adviser who completes the business, if you go ahead, otherwise this should be a free service.

This is paid either by commission or fees, with both negotiable so do not be worried about negotiating. The best method for you will be suited to you needs and you should ask the adviser how much the commission is and how much the cost would be in fees and the hourly rate charged.

The fees will be paid from the commission so you should not be required at any point to have to hand payment to the adviser and should receive a commission rebate, subject to the business completed.

'Michael Allen is a director of four companies and acts as Attorney for Nationwide Care.' Web-site  www.ncare.org.uk