Many people would just love to retire early but in practical terms it is often just not possible due to financial restraints. While some people are happy to take lower annuities in order to be able to draw them a few years earlier, others prefer to be as financially secure as possible before making the move.

If you are looking to retire early, you should also check the terms and conditions of your private pension if you have one. Taking it easy at fifty may sound appealing but many pension companies have minimum age limits for taking retirement.

If you are in favour of an early retirement, you should start planning it as early as possible, to make sure that you are financially secure by the time you want to stop working. Any remaining mortgage will have to be paid off and a steady stream of income taken care of.

If it is not possible to retire fully, one option could be to work reduced hours instead. This will stop you getting bored at home, as well as providing more free time – and, of course, the extra income.

You should also remember that people are living longer and while we may dream of retiring early, those of us who have not yet even reached middle age may end up working longer than the current retirement age and we could be working into our seventies.