Are you financially secure?

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When you're young and carefree, the last thing on your mind is how you will provide for yourself financially in your old age. Then as you get older and financial security becomes more of a priority, you're faced with so many different investment options it's hard to know where to put your money. But if you don't plan carefully, you could end up relying on the state pension of around £100 a week, and this amount is likely to decrease over time - and if retirement is a long way off for you, who knows if it will still be available by then?

Investing in a private pension used to be considered an excellent plan because the money you put aside in your youth should grow to a considerable size by the time you retire. But with the current grim economic climate, people are rapidly losing faith in pension providers. They are having to consider ways of protecting their savings as well as knowing how best to invest, and are seeking alternative means of investment such as ISAs, bonds, shares and property. Although, these alternatives aren't necessarily secure either. Also, by investing in a private pension you could jeopardise your chances of means-tested benefits in the future.

Nobody wants to work beyond retirement age or lose money through unsecured investments. Perhaps the answer is to have your fingers in many different pies - if you're able. But whatever you do, plan as early as possible!

Are pensions worthwhile these days? Please leave a comment and share your advice and experiences.