Yesterday, I told you about the effects of the recession on people already retired and those nearing retiring age. As well as how the baby boomers are affecting the global economy... And, ultimately the average retirement age.

Just to recap, if you retired early – at 60 – and lived another 30 years... 

Which isn’t unrealistic given the advancement in healthcare these days...

And, if you wanted to... Say, go on holiday every year, play some golf and dine out with your friends... You could be looking at a cash figure, before inflation, of R6,000,000 when you lay your tools down...

If your palms feel sweaty right now, you could be having a little anxiety attack, as I did. It’s only natural when you realise the REAL price you’re going to pay for your retirement.

So, have you worked out how you’re positioned for your big day yet?

If your palms are still sweating, I suggest you take Lewis Geary’s advice below on how to rescue your retirement...

6 Ways to rescue your retirement...

1) Your first priority is to clear your debt, starting with the one you pay most interest on first. If you can consolidate all your debt into the one you pay the lowest interest on, typically your bond, you should. You can save thousands a year off your overall burden this way.

2) Rein in your spending wherever you can. Get quotes before you buy, control your monthly budget, cut back on the things you don't use a lot of. Every cent you don't spend now, will add to your retirement kitty.

3) If you don't have a retirement fund, look into it. Go through your monthly budget and see how much you could put by in. Then consult a financial adviser to discuss your options...

4) Invest CLEVERLY! Think about those industries that stand to gain from an ageing population with more time and money on their hands...

Perhaps healthcare companies that specialise in breakthrough treatments for example...

Or what about investing in leisure and travel firms who specialise in products for the over 50s?

Even though I’m not a qualified investment adviser, I’d imagine these industries would be VERY active over the next 30 years or so.

But don't just go for straightforward shares - ask about "ETFs" (Exchange Traded Funds) which offer a broader basket of investments to spread your risk.

5) Don't invest your retirement money for short-term gain. Your investment strategy should be LONG TERM.

6) TRADE for short-term gain - but only if you can afford it! Chasing short-term gain is risky, ONLY trade with money you can afford to lose should it all go belly-up.

Okay, I'm not saying the advice above will automatically make you a rich retiree. But, if you do it right and consistently, it will make all the difference...

Here’s to your success,

Pascale Barrow
Managing Editor of Personal & Finance Confidential