In the grand scheme of life, your 40s and 50s can be a unique and pivotal period. It’s when you’ve accumulated a wealth of experience, both personally and professionally, but it’s also the time when financial responsibilities tend to peak. It’s no wonder that many turn to the concept of a midlife MOT to ensure their ongoing financial wellbeing during this critical phase.
Here are a few things to consider:
- Retirement Planning – your retirement becomes more tangible, so now is the time to evaluate your pension savings, ensuring they align with your retirement goals
- Protection – health can become a more significant concern, so it’s important to make sure your protection cover is up to date and make any changes to maintain peace of mind
- Debt management – middle age often coincides with mortgages, loans and other debts. A review can help you strategise on paying them off efficiently
- Investments – this is a good time to reevaluate your portfolio to match your risk profile and long-term financial objectives
- Estate Planning – ensuring your family is financially secure in case of unforeseen circumstances is essential. Time to make or review your will and lasting power of attorney (LPA) and consider how you can pass on your wealth.
Remember, a well-maintained financial plan can help you plan for the future with confidence and take you further with fewer bumps along the way.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 16/01/2024
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Inheritance tax planning, trusts, tax planning, will writing and estate planning are not regulated by the Financial Conduct Authority.