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These days the idea of retiring at 60 or 65 is a thing of the past as people look to work into their seventies – but have you thought about how your finances would cope in old age?

If not , you should be because other people probably are – in fact, 1.8 million people are expected to be working beyond traditional retirement ages in just 10 years.

The findings are from new research by Prudential. It found that nearly a quarter of companies expect staff to work beyond retirement age in the next 10 years. This could mean that 6.3% of the workforce in the UK by 2019 will be made up of people working beyond statutory retirement ages.

If you are one of these people who are fit and well enough to carry on enjoying their work, how will you cope financially? Will you have paid off your mortgage? Will you have enough savings? What about a pension?

Martyn Bogira, director of defined contribution solutions at Prudential, says: "The statutory retirement age for men and women is due to rise to 68 by 2046, so working longer will be a fact of life for those entering the workforce today but these findings suggest that increasing numbers of pensioners will be forced to work later far sooner than this."

It is never to early to think about the future. You may want to work past 65 and you may want to start working towards retirement. You may want to think about your pension, or you might want to think about beginning on that nest egg. And then what about your mortgage? Do you want to have paid off your debt? Can you be sure you will be debt-free by the time you finish working?

Don't start worrying, talk to a financial adviser. They can help you see into the future and help you choose the right financial options that will make your long-term plans a reality.

SOURCE: Prudential, 10/11/09

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