Would YOU pass a mid-retirement MOT? Take a quiz on how ready you are for later life

People in their mid-70s are to be offered an 'MOT test' on whether their pension savings will last and their other finances are in good shape for later life.The unofficial test was created by charity Age UK and financial services firm Aviva, but they are hoping their pilot will provide a blueprint for a Government-backed version in future.The Government already has a midlife MOT for younger people, as does its consumer website MoneyHelper, while the Open University offers a short course in association with Legal & General, and Aviva also has its own version.The new mid-retirement MOT, believed to be the first of its kind, will cover pensions, housing, inheritance, scams, household budgets, benefits and care needs, among other topics.Aviva and Age UK provided This is Money with a short sample version of their new MOT test, previewing some of the key questions to give our readers an idea of whether or not they are on track. Scroll down to take the test yourself. MOT test: Real-life vehicle MOTs result in a simple pass or fail - our marking system is not as harsh, but hopefully thought-provokingThe project follows joint research by Aviva and Age UK last year which found many people in their mid-70s are making some of the most complex financial decisions of their lives with little or no support.The 12-month pilot was co-designed with Age UK staff in four areas, Norwich, York, Bristol and Sheffield, where both the charity and Aviva have ties with the local community.Sessions will involve a check-up on financial and wider wellbeing, and combine telephone support and face-to-face meetings, with the latter carried out in people's homes or local Age UK offices.The MOTs will be available to people aged 72-76 who have a defined contribution pension.These are invested to provide an income in old age but involve financial market risk so can run out. That is unlike traditional defined benefit pensions, which are guaranteed to pay out until you die, but have been phased out in the private sector.The Government has already developed four readymade options for people with invested pension funds, and passed legislation this year which will make pension schemes offer people reaching retirement age clear 'default' options to turn their pension into an income.But these initiatives are aimed at helping people with their choices at the start of retirement not later in life. Michele Golunska of Aviva and Paul Farmer of Age UK believe people in mid-retirement need more help with their moneyMichele Golunska, managing director of wealth at Aviva, says: 'Retirement can last much longer than 20 years, but support often drops away once people stop working.'Midlife MOTs and pension wake-up communications are well-established, but there is a guidance gap in the retirement years.'By 2050, the number of people aged over 90 is expected to more than double, underlining the need for better timed interventions for people in retirement now and for future generations.'Paul Farmer, chief executive of Age UK, says the mid-retirement MOT comes at a crucial time, with ever increasing numbers of people relying on defined contribution pensions in retirement.'As there is currently no widely available structured support available at this point in people’s lives, as things stand many will be left in the difficult position of having to take important decisions about their pensions while effectively guessing how long their money needs to last.'Some people will be facing this challenge at the same time as they are experiencing physical and mental health problems too.'And it’s not just about pensions. The pilot will help address a range of issues, including care needs, tax, scams, and more besides.'We’re hopeful that it will provide a template for how best to help people in mid-retirement, a pivotal point in their lives, and that it can be developed into a widespread offer from which everyone can benefit.'Take a mid-retirement MOTAviva says the sample questions below are designed to give a flavour of the kinds of financial challenges the Mid-Retirement MOT encourages people to think about.Each question is followed by an explanation of why the matter is worth further consideration and potential action. Answer yes or no.1. Do you know where your retirement income comes from each month and how much it is?Retirement can last 20 years or more. Knowing where your income comes from is the first step to managing it effectively.2. If you faced an unexpected cost this year, would you know where the money would come from?Major home repairs, family emergencies or health-related expenses can arise at any stage of retirement.3. Have you reviewed your finances in the last 12 months?Many people review their finances before retirement but rarely revisit them once they've stopped working.4. Have you thought about how you would pay for care or support if you needed it later in life?Care costs are one of the biggest financial unknowns facing older people.5. Do you know who could make financial decisions on your behalf if you became unable to do so?Setting up Power of Attorney allows someone you trust, usually a family member or friend, to take control of your affairs if you fall ill.6. Could your current home still work for you in 10 years' time?Housing choices can have a major impact on finances, independence and wellbeing.7. Do you know what financial support and benefits you may be entitled to?Thousands of pensioners miss out on financial support every year because they assume they aren't eligible - see below for where to go for more information and practical help.8. If someone asked you what your biggest financial worry is for the next decade, could you answer?The Mid-Retirement MOT is designed to help people identify concerns around finances, housing, health and later-life planning before they become problems.How did you do?Real-life vehicle MOTs result in a simple pass or fail, and the initial fail rate is nearly 30 per cent, according to the latest official figures.Certain dangerous or major problems trigger an automatic fail, while more minor or advisory issues are listed as matters to monitor or fix in the future.This is Money devised a marking system which is not nearly as harsh as this, and merely intended to indicate whether you need to think harder about potential challenges in later life.Yes to 7-8 questions: Congratulations, but it's still worth addressing any 'nos'Yes to 4-6 questions: Borderline, review your 'nos' and consider further actionYes to 0-3 questions: Try again, go back over your 'nos' and work out goals for improvementHelp is available to retired people who are struggling to get by or find dealing with their finances more difficult as they get older.Age UK's free, confidential advice line is open 8am-7pm every day of the year: 0800 678 1602.It has specialist staff who can check you are receiving everything you are entitled to and help with claims if necessary.You can also contact the free, Government-backed MoneyHelper service: 0800 011 3797Help with financial advice and planning Financial planning can help you grow your wealth, sort your pension, or make sure your finances are as tax efficient as possible.Key reasons that many seek financial planning involve investing for retirement and inheritance tax planning.Services such as Unbiased can match you with a financial professional according to your needs:> Find a local financial adviser* Products featured are independently selected by This is Money's specialist journalists. 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