Millions of people may be unable to maintain their standard of living post retirement. If you think that you may fall in this category, there are three options available to you. You can:

• Retire later.
• Start saving more.
• Adjust downwards your expectations of what you’ll be able to afford in retirement.

Once you’ve decided to start saving for retirement, you need to choose how you’re going to do it.

Pension Plans are advantageous in the sense that you savings will grow more than might otherwise be the case.