No matter your age, there will come a time when you need to lay down your tools and put up your feet. Some people would like to retire earlier than the government stipulated retirement age.

Many like to retire to Tropical destinations in SE Asia like Thailand, Philippine’s, Indonesia where they hope their money will give them that little bit more spending power, as well as a reasonable quality lifestyle .

The questions you need to ask yourself:

Can I afford to retire now?

Do I have sufficient income to maintain my current lifestyle and standard of living?

How long can I maintain this?

Should you respond more negatively than positively to the above questions, you would not be alone.

In a recent research report by Prudential (May 2015)   ( ) 100,000 Britons retiring in 2015, will face a life of poverty.

15 per cent of those that will retire, will be relying on the State pension to support them

And 111,733 of those aged 65 will have to survive on the ­poverty line with an income below £9,500 a year.

In a survey of 8,000 British savers carried out by financial services group True Potential in Oct 2014, showed that the average UK person is not saving enough to afford an income close to the average earnings for the rest of their life.

The figures then showed that a 65-year-old man could expect to live until 83 while a 65-year-old woman could hope to live until 85.

The paltry state of savings means either a more modest retirement or serious financial hardship,.

“For a person wanting to live on two-thirds of their final earnings, they will need to save well over 30 per cent of their salary every year to have a pension of that level from the start of their working life!

“Many people cannot afford to save that much.”

Start now, start today, and get prepared for that day, that you do, “hang up your gloves “!

It’s never too late!