So what is “retirement” these days?  And what will it be in the future?  This is a pretty important question for anyone planning their life and finances with a view to having one – a retirement that is.

Everyone “of a certain age” will be at least aware (and possibly acutely aware) that along with a number of other retirement related changes, consistently low investment returns, longer life expectancy and low annuity rates mean that you need to save significantly more than you might have a few years ago to deliver the same level of income.

The answer to saving more has to come from one or more of: spending less (to save more), saving for longer, retiring later, working longer or reducing your financial targets. Different combinations will work for different people.  There’s no “magic formula”.  Some will even choose to carry on working (not necessarily doing the same thing) seeing a “traditional retirement” as something to be avoided – regardless of the financial position.

Whatever your situation, the first step to securing a future with choices is to recognise the challenge you face in saving for retirement – and commit to doing something about it.