‘Retirement at sixty-five is ridiculous.  When I was sixty-five I still had pimples.’ 

George Burns

The UK Coalition Government agrees with Mr Burns. It’s considering raising the age for claiming a state pension to 66, for men, potentially as early as 2016, slightly later for women.

1.       The State Pension Is Moving Towards The Horizon

The traditional retirement age of 65 is likely to become a thing of the past. It is also likely that in future the age at which a state pension can be claimed will be raised to possibly 70 or beyond.

When the Work and Pensions Secretary Ian Duncan Smith says that it’s time to ‘reinvigorate the pensions landscape’ he means the above. Sounds bad? Doesn’t have to be.

I am assuming that there will be no state pension at all by the time I retire, so I am applying the following principles.

2.       Take Control Of Your Financial Future Now

You have time to make a difference now. The message is simple. Don’t rely on the state. Become financially self reliant. The earlier you start to invest in your future the better, even if you only have really small amounts to start with. Everyone has to start somewhere. Don’t use that as an excuse.

3.       What Kind Of Lifestyle Do You Really Want?

The concept of a retirement age is becoming no longer relevant. The real issue is one of investment against return, or to put it another way, what kind of life do you want to invest in for the future and how much do you expect it to cost?

 ‘The question isn't at what age I want to retire, it's at what income.’

George Foreman

4.       Plan For Your Future As It’s Where You’re Going

‘Retirement:  It's nice to get out of the rat race, but you have to learn to get along with less cheese.’ 

Gene Perret

You may not need as much money in retirement as you think. Kids, if you have them will have grown up; mortgage, if you have one, will likely be paid; and many bills are likely to be less. It is quite possible that you will be able to do more with less, and the Coalition Government definitely approves of that.

5.       Get Some Good Independent Financial Advice

Good advice would be to get some good independent financial advice. Start with the Government pension planning website located at:

http://www.direct.gov.uk/en/Pensionsandretirementplanning/index.htm

Also take advice from an independent financial adviser who knows something about planning for retirement.  You can locate one at www.unbiased.co.uk

Remember that if you are a UK male you are currently expected to live to be 77. If you are a female, 81. Take some advice and make a change. It is your future and your life. Shape it how you want it.

 ‘Don't simply retire from something; have something to retire to.’ 

Harry Emerson Fosdick

Jamie E Smith is the author of Making Money From Stocks And Shares

This content was provided by one of our users, Jamie