Guess what? More than a third of the babies born this year could receive a 100th birthday message from her or his majesty, according to figures published by the Office for National Statistics.

In 2012, there were 13,350 centenarians in Britain*, a number which is expected to increase to 110,000 in 2035.

Great news? Yes of course! The problem is, as a country, we are extremely poor at forward planning. Our tendency is to only deal with the problems that are under our noses, a tendency that could have implications for health, housing and retirement.

I can’t give advice on the first two, maybe the politicians can (stop chuckling to yourself)? But consider these simple rules to stretch that hard earned pension a little further.

Rule No. 1 – You are not obliged to take your retirement income from the same company you saved with. Unless you have special guarantees, YOU MUST shop around to get the best deal.

Rule No. 2 – Check whether you qualify for an enhanced income. You’d be surprised how easy it is to get one. Specialist providers out there will offer you additional income for being a smoker, raised blood pressure or even tripping over a pebble in 1953…well, maybe not the last one but you’d be surprised.  It may be the only time in your life when being unhealthy pays off.

Rule No. 3 – Consider putting off purchasing an annuity for a few years.  Think about income drawdown. Or take out a fixed term annuity that will provide you with a guaranteed income for a fixed period.

Rule No. 4 – Don’t be too tempted by the new pension rules which come into effect in April 2015 which enable you to take out your whole pension in one lump should you wish. Firstly, you’ll probably get stung for tax. Secondly, if you do end up living to a really ripe old age, you might run out of funds.

* Source: http://www.bbc.co.uk/news/health-26681306

If you have any questions about this article call Bob Wilson at GreenSky Wealth on 01603 340800.

This article is for general use only and is not intended to address your particular requirements. It should not be relied upon in its entirety and shall not be deemed to be or constitute advice.

GreenSky Wealth Ltd is an appointed representative of Financial Limited which is authorised and regulated by the Financial Conduct Authority. FCA No: 516410