“Are RSA retail bonds still a good choice of investment over a 3 or 5 year period. And what interest rates are the offering at this stage?” writes Peter who is 65 years old.

Maya replies: If you are simply comparing interest rates to a bank deposit then the RSA retail bond is compelling with 7% for 5 years and 6% for a 2 year investment.

You must however remember that even in retirement you have many years ahead of you and your money needs to stay ahead of inflation, which currently is just below 6%. In fact for retirees inflation is expected to be closer to 7% as medical costs make up a higher percentage of your monthly spend. You need to have a balanced portfolio that includes some growth assets – especially shares that have a good dividend payout that can generate some income.

This article first appeared in City Press