Happy 30th Birthday! If You Haven't Got A Pension Plan Sorted Yet You're In Trouble!

High rent, wages not rising, tough competition for employment, these are the joys of those in their mid 20s or coming straight from university.

Either way, it is never too early to start thinking. The age of retirement is increasing gradually across the world, meaning relying on the governments post job handout is becoming less of a realistic option.

The pension age calculator on the UK governments Directgov site calculates that a 26 year old (born in the year 1984) will be able to retire at 68 years old, in the year 2052.

Excluding inflation, because we have no idea where that will be in 2052, but if the state pension rate in 2052 is equivalent of the current GBP97.65 weekly benefit. Then it is not great, but not stellar either, and that is only if you are financially sound with the mortgage repaid and no other debts hanging over yourself.

Getting to retirement debt free is less and less likely to occur however, so having a pension fund established from the very get go of your career should really be considered. As soon as you have enough disposable income, making payments into a pension pot should be a no brainer, there are numerous options and routes you can go down; so make sure you receive expert advice and know the small print and terms inside out before signing any contracts.

The majority of people just end up entering their employers joint contribution pension scheme, if they can get in that is. It is been a headline news story for years that the major and blue chip companies are closing the doors to new employees when it comes to the pension scheme.

Final salary plans are a dying breed sadly, if you are not already on board on the likelihood is you have missed the boat completely as they become too expensive for companies to maintain. The nest best step is research what the high streets banks and building societies are offering.

For some people, they will find the pension plans offered by the banks, insurers and building societies to be more to their taste and needs than your employer can offer. These institutions are better placed to offer personalised schemes to suit your needs, the one drawback being you will have to shop around the old way; no comparison site can help with pensions because of their nature and length, not to mention the market can be a bit of a maze.

Of course, you are only going to get information for that institutions products branch to branch and biased advice to make you sign up with them, you cannot be sure what the best advice is. This is one area you want to be certain about, as mistakes you make now you could only realise decades later. Seeking an independent expert for advice is the best course, with a market as complicated as this, with choices to be made between stakeholder plans to Sipps, being fully informed by an expert should be the only course to take.

Spending time researching into Independent Financial Advisors in your area will pay dividends, and even cash, in the long run. Always check their credentials, experience and expertise to ensure they are right for the job. Then get clear on what would be affordable, and relax knowing that in a few years you will wear a T shirt reading "I am spending my kids inheritance", while sitting on a Thai beach leisurely sipping cocktails.