With the number of those currently approaching retirement age rising rapidly, planning for the future is becoming more and more pressing for many people and their families.

In a study by the charity Centre for Ageing Better, 20 per cent of people who retired in the last six years admitted to having a number of concerns, while only 56 per cent of workers planning to retire in the next five years said they were looking forward to it.

Unfortunately, information aimed at retirement planning can often be difficult to find, confusing and unclear, so it is no secret that many older people come to a stage where they find themselves suddenly in a property which is simply too big for their needs.

A report for the Local Government Association previously estimated that older people occupy 3.3m homes that are now too big. If more older people downsized, this would free up their old property and so have a big impact on the current pressure on new build developments.

In addition, a report for the Homes and Communities Agency estimated that, on average, a person downsizing into an extra-care property could save the public purse about £440 per year.

However, downsizing can also have personal benefits for individuals, not just on their finances, but it also offers both health and social benefits too. Living in an appropriately sized property can help people maintain their independence for longer and give them better access to essential services.

Also, if done in a timely fashion, before a person finds themselves struggling in their old property, the experience can be less stressful and the transition easier for the individual and their families.

According to studies, most people who downsize into an extra-care property, as recommended by the Department of Health, will never need to move to a care home. This is because extra-care living offers its residents a better quality of life, allowing people to maintain their independence for longer with easy access to onsite flexible care that adapts to their changing needs.

While the prospect may be daunting, it’s best to bring up the subject of retirement planning as soon as possible. Few people actually plan ahead for their retirement and even fewer discuss the options with their family.

So, whether you are approaching retirement yourself or feel the need to broach the subject with a parent or family member, it’s best to explore the options available sooner rather than later.