Almost everyday we hear in the news about the deteriorating condition of our senior citizens. What is even more depressing is that most of these people who are now compelled to live an impoverished life were at one point of time quite well to do working individuals.

Then how did they all come to such a sorry state? The answer is quite simple; they did not save for a proper retirement plan. The have it, so spend it policy that majority of us follow is in a way leading us to the same conclusion.

You cannot even completely rely on the state funds. With the everyday newspapers being loaded with reports of gaping holes in state pension funds and its inability to take care of the longer living population, it will be foolish to not save up for those greying years.

So, if you want to look forward to a comfortable and a respectable old age start saving now. As a rule the earlier you start a pension plan, the better it is for you. If your workplace has a pension plan in place, then you must join it, as your employer will be contributing to it too.

If you are apprehensive in joining a workplace related pension scheme for the fear of losing your money should the company become insolvent, dont be. The government has improved the member protection by means of a pension protection fund.

Dont think that once you sign up for a pension plan, you can forget about it. Instead, you must constantly check your pensions statements to make sure it is on the right track. Do not ever hesitate from seeking professional advice or asking any number of questions about your pension plans. Pensions can be quite confusing and remember you are saving for your own good.

Besides pension plans you must look at other options of saving as well. Property, ISAs (Individual Savings Account) and even works of art should be considered as profitable investment opportunities.

Remember, a little sacrifice today will secure your future. So do not delay at all and sign up for a pension plan right away.