Retirement age should not be a guessing game. As with any aspect of financial planning, planning towards retirement should start as early as possible and should be regularly reviewed, especially when circumstances changes such as marriage, children, divorce and changes to pay.

Using a budgeting tool and a pension savings modeller, even if only annually, will help to focus on the earliest point an individual could potentially retire. Or, it could highlight that some expectations may need to be revisited, such as can you  increase pension contributions, will you be content with a smaller income in retirement, or will you want to delay retiring for longer?

For those with time to plan, seeing the potential outcome, recognising that there are choices and that there are some things that can be done to improve your pension ahead of retirement, are the first step towards planning your retirement.