This strategy will suit you if you’re 55+ and looking to preserve wealth now to simplify your later years.

Minimalist life focus

• Declutter, downsize, and live intentionally – Do you need to live in such a big house, with so much stuff? It may seem like a mountain to climb, but decluttering and/or selling stuff you don’t need, with a view to downsizing, will l not only free up money and reduce bills, but reduce stress and give you options.
• Focus on meaningful routines and experiences, not possessions – Once you declutter (and downsize), consider what routines you have which are unnecessarily costly, and how you can spend money intentionally on experiences (it’s not just about retirement, you know!)

Financial strategy

• Move to dividend or income-focused index funds, or bonds – This depends on when you plan to retire, but keep in mind you can withdraw 25% of your pension tax free at the age of 57 if you wish, or keep money invested and earning compound interest.
• Consider selling or renting property to fund retirement – If you have a house larger than you need, could you earn rental income to fund your retirement, and buy or rent a smaller place? Living in a property too big for your needs could be income wasted.
• Reduce maintenance-heavy assets – As well as property, uneconomical cars too big for what you need are a drain on income.
• Make personal contributions to your SIPP to offset tax until you retire – If you have money from selling assets (such as car or property), contributing this to your private pension will offset tax from your employment income.

Your goal

Reassess how you live your life and what possessions could be better off offloaded.

Start transitioning wealth to a pension fund with sensible investments to maximise your retirement and protect your wealth for your children.