The Consumers' Association has published the latest in a series of investment guides, this one aimed at retired consumers who may not have looked at the state of their finances in awhile.
The watchdog says given that retirement can last 30 years or more it is not enough for consumers to review their finances when they retire and then forget about them.
The Which? Guide to Money in Retirement, aims at dispelling the mysteries surrounding annuities by explaining the different options available and looks at how attitudes towards investments often change throughout retirement.
It also considers working past retirement, equity release, sorting tax burdens, inheritance tax planning and benefits available through the state.
Author of the report Jonquil Lowe says: “Retirement is really a misnomer these days. Rather than drawing back from life, retirement has the potential to be a new and enjoyable phase when you can grasp life's opportunities to the full.”