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Workers targeting a gold standard who retire gradually will have to work until 79 before being able to afford to retire.

If you didn't get to ask a question, or our experts ran out of time before they could answer yours, you can always email us at [email protected], where Steve picks up his questions for his regular weekly column.“Those who opt for a gradual retirement, drawing a state pension as soon as they can and cutting their working hours could easily find themselves unable to afford to retire fully until they are in their late seventies or beyond unless they have built up a significant private pension pot.“The good news is that there is an antidote to excessive working lives and this is higher rates of pension contributions.With average pay of £27,600 per year, an additional one per cent of qualifying earnings – anything over £5,824 – would be just over £4 per week, including contributions from the employer, the employee and tax relief.Could you do with a bit of help with planning your retirement or have a pensions question to ask one of the country's top pension experts?“These findings need to be considered carefully by the Government as it reviews the rules around automatic enrolment in 2017.” Sir Steve’s report, The Mirage of Flexible Retirement, looks at how late someone will have to work if they have only saved into a pension at the legal minimum level and wants to draw a state pension as soon as they can and cut down to part-time work.

It considers those who are targeting a “gold standard” retirement – a post-work income at two-thirds of pre-retirement levels – or a “silver standard” retirement with a pension worth half their final salary.

There will be extra fees to pay to cover the buying and on-going administration of having a property as an investment.

Secondly, you must run the B&B on a commercial basis and not get any personal benefit from it.

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But for every extra one per cent added to their pension savings, people will have to work one year less to achieve a decent standard of living in old age.