Retirement is something that some people plan very carefully. They consider when they want to retire, how much money they think they will need and sort out a selection of pensions and investments to keep them going. However, there are some people who have no plans and just do not think they can afford to make any provision for their retirement.
In retirement, a pensioner will get a certain amount of help from the government. They are entitled to a state pension if they have paid in to it while they worked. They may also be able to get income support and other financial help, if they have a low income or are struggling financially, but these may only apply if they do not own their own house or are in council accommodation.
This means that if you want to stay in your own home, then it is unlikely that you will get very much financial help. It also seems that the government are cuttings pending and with the debt the country is in, that seems likely to continue. This could mean that benefits and possible pensions could be cut in the future, so it may be wise to assume that they will not exist. This can be scary but it is realistic.
It is best to start saving for your retirement as soon as you possibly can. A company pension is still often a good option, especially if they are paying in to it as well as you. However, some are better than others and you need to check the details. What will happen to the pension if the company goes out of business? What will happen if you leave, can you transfer it? At what age will it pay out? Are there any costs involved?
There are people who do not have the option of a company pension, perhaps if they self employed or not working. This can make things trickier. There are private pension schemes, but these tend to not be as good as company pension schemes. There are many other types of savings and investments to choose from as well. Ideally you want something that will give you a passive income during retirement. This could be a property that you rent out, an investment that pays out interest or something like this. It is important to consider the risk of the product that you choose because if it does not pay out for a month or longer, you will have to manage without that income and you need to consider how you will do that.