You’ve got savings, a pension, perhaps even stocks and shares. You’re on track… right? The truth is our financial health could do with a check-in every now and again, and making some small changes can pay dividends, especially in mid-life.
Although you might have begun your adult life on the right foot, cut to thirty years later, and changes in the meantime – both in individual lives and society – means that your retirement plans could be deserving of renewed attention, to make sure all is well.
Statistics show that people in the 45-60 year old age group are often looking after younger members of their families and friends, and also increasingly looking after older members of their family and older friends. So it’s a group that’s under a lot of additional financial strain.
Previous generations had their retirement planning put in place by their employer: you started work, your employer put in place a pretty generous pension, and then you retired at the age of 60 or 65. Later generations have more responsibility for looking after their financial planning, but traditionally this hasn’t always been a priority during a busy working life
A higher percentage in this age bracket are renting their current property, which means more people will need to factor in accommodation costs when thinking about the future.
Small tweaks with a big impact
This could involve easy fixes, like moving savings to an account with more interest, or more significant ones, like dusting off all your old workplace/ personal pensions in order to find out what you’re getting and when.
Never too late for a check-up
Our advice is to speak with one of our financial advisers, as it is never too late for a financial check-up to ensure that the plans you have in place are still on track to meet your objectives.