Dont stop dreaming and hoping and longing! Stay future focused. You will find that your motivation, desire and anticipation for the future and the realisation of your dreams will keep you positive and active and that your stamina will be boosted, your energy levels heightened and your mental attitude will stay young.

Wealthy - Financial Wellbeing in Retirement

Financially speaking, the cost of delay in terms of retirement planning can be illustrated like this - if a 25 year old and a 35 year old were to start saving today for retirement at age 55 and the 25 year old invested 300 a month towards retirement, the 35 year old would have to increase his contributions to 803 a month to achieve the same potential returns!

I know, I know, talking about money especially pensions - is the fastest way to send anyone to sleep. But seriously, its never too soon to take charge of the financial aspects of retirement planning!

And if youre still not convinced, according to research out of 100 young people now aged 25, 1 will be rich in retirement, 4 will be financially independent, 5 will still be working, 12 will be completely broke, 29 will be dead, and 49 will be dependent on their friends, family and charity. That means that of those who live to retirement, 93% will be dependant on friends, relatives and charity!

Scary isnt it? So now that youre ready to start your retirement financial planning (!) here are some important aspects that you need to consider.

Your own personal circumstances are unique: consider seeking professional and personalised independent financial advice before taking action but do so as soon as possible.

Consider joining your employers occupational pension scheme (if one exists!) or getting yourself a personal pension and the sooner the better!

Be realistic about how much you should be contributing towards your retirement based on your age now, the age at which you hope to retire, and the lifestyle you hope to achieve in retirement.

Increase your contributions as your income increases and pay in as much as you can afford while youre earning.

If youre on a lower income you may wish to consider alternative savings vehicles ISAs, National Savings or mutual funds for example. These can all be accessed prior to retirement if needs be. However, consider the tax effectiveness of any savings vehicle and remember that pension contributions generally have a higher rate of tax relief.

If you have a pension plan already in place but are unhappy with it or wish to change it, know that pension surrender or early encashment are rarely the best options available to you.

As you get older, consider topping up your pension.

Find out about your State pension entitlements and plan when you want to start receiving your private pension income. You can access funds from the age of 50, but of course it goes without saying that the longer you save, the longer your fund has to mature and the more likely you are to get better returns on your investment.