Pensions never seem to be out of the news at the moment. The proposed Government levy on pension funds, along with increases in statutory retirement age, have brought retirement planning sharply back into focus in the last few weeks. But what is retirement; and does the notion of retiring differ for each of us?

Until 30 years ago it was associated with a certain age; women, if they worked retired at 60 and men at 65. Now it has taken on an altogether different and personal meaning. With careful planning some people can give up work and “retire” from 40 onwards. There is also a strong trend also towards second and even third careers. Others continue to work on after the traditional retirement age, enjoying and relishing the company and camaraderie of the work environment. They also offer a wealth of experience to their workplace. I particularly enjoy going into B & Q Stores, who actively employ staff of retirement age- which makes the whole shopping experience really rewarding.

So retirement is not just about giving up work, it is about having enough money to make the choices that YOU want! I see planning for your retirement in a similar way to business planning, where are you now, where do you want to go and how do you get there?

Where are you now?

Start by taking stock of where you are now in pension terms; already part of a company/ occupational pension scheme? entitled to state pension? entitled to non-contributory old age pension?, have you started a pension plan in the past?

Also look at your other assets, will your home be paid for by the time you retire? Do you own the freehold/ lease on your business premises?, have you any other savings or investments?, have you ant debts that you will need to discharge prior to retirement?

Where do you want to go?

You may spend 20 to 40 years in retirement thanks to longer life expectancy. What do you want to do during this time- remember retirement is about giving you the financial freedom to do what YOU want!

How do you get there?

After taking stock of you present situation and where you want to go some may be lucky enough to realise that you are right on course. However for most of us there will be a gap, the real question is how to close that gap…  To help answer this question here are a few pointers:

• It is never too early, or too late, to start your pension planning

• Your retirement planning should be top priority

• Understand all of the options available to you

• Seek professional help from independent advisors.