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Changing circumstances in retirement

Your life will change when you retire. You may have much more time on your hands to do the things you enjoy, but you'll probably also have to adjust to having a lower income.

In addition, depending on the product you choose, your retirement income may be fixed at a certain level, so if the cost of living rises, your money will buy you less over the years.

You may want to boost your retirement income. There are several ways you could do this.

Take care of your money

If you already have existing savings and investments, it's worth reviewing them to make sure that your money is working as hard as possible for you.

It may be that the funds you originally invested in are no longer suitable now you're retired or there is another investment that better suits your current needs.

Find out about savings and investments from Aviva

Get the most out of your home

Your home is likely to be the most valuable thing you own. You could sell up and downsize or rent, but, alternatively, you could supplement your income by releasing some of the cash locked up in your home.

Find out more about how you can use your home to help fund your retirement.

With equity release, you get a lump sum to do with as you please.

Equity release isn't suitable for everyone, so it's essential that you speak to a financial adviser. They will tell you if it's suitable for you. You must meet the minimum age and your home must be worth at least the minimum property values. Equity release will reduce the inheritance you leave. It may also affect your tax position and entitlement to some means-tested welfare benefits.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Get help from a professional

We strongly recommend that you speak to a financial adviser before you make any changes. If you want financial advice, please contact your financial adviser. If you don't have a financial adviser you can find one via

Contact us

If you have any queries or need information, talk to a member of our team by calling 0800 256 5442.

Related FAQs

What is a will?

It's a legal document in which you say what you would like to happen to your estate when you die. Your estate is everything you own at the time of your death. Things like your house, money, investments, car and personal belongings.

Your will doesn't always cover possessions that you jointly own with another person - these will often pass to the joint owner automatically.

How do I make a will?

You can make a will whenever you like. We recommend paying a solicitor or professional will-writer to draw one up for you, rather than using a do-it-yourself will-writing pack.

Getting expert help makes it more likely that your will has a rock-solid legal basis.

If you don't have a solicitor, you can find a local one at You can also find more advice about wills at the Citizens Advice Bureau website.

Is the lump sum I get from the equity release on my home tax free?

Yes, you won't have to pay either UK income or capital gains tax on any money you release from your home. However, it's possible that the money will affect your tax position and any entitlement you have to welfare benefits.

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