Ideally, you should start saving in your 20s. The earlier you start saving, the more time your money has to grow, therefore improving your financial security in retirement. However, don’t worry if you didn’t save in your 20s - making a start is what’s most important.

There’s no set rule for saving. When and how you save depends entirely on your individual circumstances. So, what works for one person, may not work for another. For some general guidance, take a look at the sections above for advice on saving for retirement in your 20s, 30s, 40s, 50s, and 60s.

If you’re self-employed, you’re not bestowed with the luxury of being automatically enrolled in a workplace pension scheme - and that makes a private pension particularly important.

In the same way, your work requires your independent and direct management, and so will your retirement finances. When self-employed, it’s definitely worth considering setting up a private pension. The great thing about this is that you will be eligible for tax relief, meaning 100% of your deposits - or up to £40,000 a year - is tax-free.

For more information on building your pension, take a look at our guide to retirement savings for the self-employed.

Retirement planning can be daunting, especially when you consider all the factors that come into play. One important consideration is your mortgage, as it can have a significant impact on how much you need to save. If you're still paying off your mortgage by the time you retire, you'll need more money in your retirement fund than if you own your home outright. And let's not forget about those dreams of travel or other fun activities you've been putting off. You'll need to factor in those expenses separately from your everyday living costs.

As for how much you should aim to save, there are different formulas out there. Some experts suggest saving 10 times your annual salary. Of course, this can be complicated by career changes and salary fluctuations. In this case, it can be a good idea to aim for a retirement fund that equals about two-thirds of your pre-retirement income. To calculate a personalised retirement savings goal, you can use online tools like the Money Helper’s pension calculator. 

Don't forget to consider how your spending habits may change during retirement. You might find yourself spending more money at the beginning of your retirement on things like travel or home renovations. Later in life, expenses may shift towards healthcare or assisted living. 

As retirement can last 20 years or more, it's crucial to ensure that your pension fund is sufficient to cover your expenses throughout your golden years.

When planning for retirement, you may have encountered the '5% rule'. This rule relates to how much you should withdraw during retirement. It’s recommended to withdraw no more than 5% of your savings in the first year and make adjustments every year for inflation. Of course, how much you withdraw is ultimately up to you, but following this rule could help ensure your savings last throughout your retirement.