Money Matters Sponsored by Gareth Chalk of Blackstone Partners

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Q I am working full time and do not have a pension as I see them as a waste of money. I am a bit concerned that the state won't look after me in old age. What other options do I have? A The most important thing is to save regularly - retirement is the longest holiday of your life. All a pension is, is a pot of money that grows tax-efficiently. The biggest downside is that you are not free to spend the money as and when you choose. If you still feel pensions are not right for you, alternative ways of building money are either investing in property, or saving into flexible savings such as ISAs. Talk to an independent financial adviser to talk through the options Q My pension has a retirement date of 70! Do I have to wait until then to retire? ANo.

You can take your pension benefits at any time from age 50. However from April 6, 2010 the minimum age will increase to age 55. Depending on the type of contract you have, there may be penalties if you take benefits earlier than your chosen retirement age.

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Money Matters Sponsored by Gareth Chalk of Blackstone Partners

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