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...physical and mental health in later life. Making the distinction can help if you need to make savings as you usually have more options to cut costs on non-essential spending. Your spending pattern will change in retirement Some spending items are likely to change in retirement – perhaps your mortgage will be paid off by the time you retire? Some travel costs may go down...

...physical things and are held in order to produce a flow of income and/or a monetary gain. Examples are money held in a savings account (which pays interest) or share holdings (which usually pay dividends). By contrast, non-financial assets are those assets – usually tangible, physical items – that do not normally provide a flow of income, such as property, jewellery...