Once again pensions are in the news. The headlines proclaim the same old story…we are going to have to work longer and save more.  Is this really news anymore?

This time it is the turn of ‘most’ Public Sector pension schemes – the Armed Forces, Police and Fire Service are excluded. Retirement dates will be linked to the state pension age, and higher employee pension contributions will be required. They’re up in arms and threatening strike action.  Have they not seen the media over the last few years?

At the same time a report by HSBC, has confirmed that only 39% of people have a financial plan in place to save for retirement with 21% still relying only on the State to provide them a pension.

The 2011 report, The Power of Planning, is the sixth in the series, looking at The Future of Retirement and is based on interviews with more than 17,000 people in 17 countries.

41% of people felt that they were under prepared for retirement to some extent, whilst 64% admitted to be concerned that they may not be able to cope financially when they retire.  Are you one of those people?

A step change will be required if workers are going to continue to ignore the pension problem.  For these people (who remain in denial that there’s even a problem) the question isn’t – “At what age do I want to retire?”, but “At what income?”.

As Mark Twain said: “Plan for the future, because that’s where you are going to spend the rest of your life.”