With the fact that most companies do not have special second pension plans for their employees as much as they used to have in the past, it has become necessary for young people to start thinking and planing their retirement age. In UK some statistics shows that more than 70% of young working population is aware of the fact that now is the time to plan the pension future while only a small percentage of them believe that they do not have to think about pension so early in their life. Even though this information is nice to hear, there are more disturbing information's telling us that due to the growing economical crisis in all countries of modern world, it is not so uncommon that some employers are not fair to their employers and fail to pay the necessary amount in their National Insurance or Social Security contributions fund. You should be reminded by this detail that you need to check with your pension adviser are your contributions in order before it is too late. There are some things you need to bear in mind when you start your retirement planning. First and foremost advice is to plan in time. To be able to prepare yourself a financially stabile future it is crucial to start on time. Of course, it is not the point to become overly obsessed with your retirement and to focus all of your extra income on your pension plan. Having a nice and secure retirement does not mean to deny yourself from a fulfilled and active life and this is why planning early is important. This way you will be able to take out just a smaller amounts of your extra income and forward it to your pension plan. In the same time, you will have some many to spare and to spend of your current entertainment and at the same time with years a nice amount will be pilled up on your pension account. In order to be able to plan your financial future, you need to know what weekly income would be sufficient for you when you retire. The lifestyle you would like to have as a pensioner will determine just how much income will you need each week of your retirement. If you wish an active retirement with a lot of travel and similar activities it is certain that you will need more money than usually pensioner. These issues you should think about while planning your retirement future. At the end you need to decide at what time you would like to take your retirement. Usually pension age is between 62 and 63 years of age but it can change over time. Of course, if you belong to some special classes they you will probably have the option to retire sooner. An early retirement is an important decision and if you are considering it, you should then be prepared for some financial issues that it carries as well. To be able to compensate a smaller pension because of an early retirement you would need a bigger pension plan. Also, in some pension policies, there is a case of a penalty for an early retirement that is usually in the amount of 10%. If there is a penalty then it will be taken of your pension account before your pension is calculated and of course it will have a negative impact on your pension.
When you decide to start planning your pension you should ask for a state pension forecast. A forecast is possible to get even when you are not close to your retirement age so it will leave you with enough time to plan a nice pension future. Of course, this calculation is not 100% accurate and it can change over time and depending on your special circumstances, but at least it will give you a rough estimate and you will be able to start making plans for you retirement future.