With increasing life expectancy and poor demographics, the expectation is that the UK's state pension will have to rise further to keep the system affordable.

This could mean that people starting work today might not see their state pension until they are in their 70s.

On one hand this is perfectly sensible provided that they remain fit and healthy. It also allows them longer to accumulate the necessary funds to be able to afford to retire with a decent standard of living.

But on the other, not everyone will be fit and healthy, nor will they have jobs that are suitable for those in their late 60s.

Any further increase in the state pension age will increase the need for good private, or works based, pension provision. In simple terms if the state isn't going to pay for you to retire at 65 (or earlier) then you're going to have to make your own plans.

If you'd like to have the option of deciding yourself when to retire, rather than relying on the government, you should be working with a financial planner today.