Over the past couple of years I have seen many of my contemporaries turn 60. While I still have a way to go, it’s creeping ever closer!

Aside from all the gatherings and parties, my friends and colleagues are also making plans for their retirement. Am I ready? When should I take the leap? What will I do with myself?

For those who have already stepped away from the world of work, it has recently been announced that the state pension could rise to £13,000 a year. This is due to the government’s ‘triple lock’ pension policy which guarantees the state pension will increase with wage growth, inflation, or 2.5%; whichever is higher.

So, an average pensioner could receive an extra £500 a year as of next April.

Welcome news if you are retired but not if you’re the chancellor. The current state pension spending is already around £154 billion so where on earth will they find the money for this?

Sadly, this is exactly why many of the Gen Z generation (born between 1997 and 2012) are giving up on investing in their state pensions and focusing on private pension pots instead. They believe the state pension won’t still be around when they retire largely due to the UK’s ageing population and lack of government funds. The numbers simply don’t add up.

Working hard in your salad days to save for those autumn and winter years is wise. Although it is often last on your list in your 20s and 30s, it shouldn’t be. The future is uncertain on so many levels. If you are fortunate enough to reach an age where you can step back from working and enjoy some well-earned downtime, make sure you plan for it. You won’t regret it and you’re worth it.