Not only are we all living longer, but many of us probably feel younger than we actually are, particularly if we believe reports that 60 is the new 50. What hasn’t changed too much is the journey our financial lives take. Most people begin work in their early 20s and, while the state retirement age has recently shifted a few years further out, the vast majority of workers retire at some point in their 60s. This consistency gives you a framework to plan around and a plan that starts to come to fruition when you reach your 50s.
If you are in your 50s, and if you haven’t already done so, you should consider making a financial plan. Why? Simply because you have more options now than you will do when you are in your 80s. Reaching your 50s is the call-to-action decade. Getting a head start with your financial plans then will give you greater visibility on how your retirement will pan out and you will know how much you need to maintain your current lifestyle. It will also enable you to make the most of rules to ensure that you are managing your wealth in the most tax-efficient way.
You don’t want to be battling administrative financial tasks in your 80s, or 70s for that matter. By the time you reach your 60s you’ll need to start planning how the wealth you have accumulated can be used effectively and efficiently throughout your retirement. Ideally, it will be plain sailing during your later years, safe in the knowledge that the wealth you accumulated is working as efficiently as it can – and that your future generations have been cared for.
Our latest guide looks at your options, decade by decade, from the age of 50. To download your copy please click the link below.
Important information
Past performance is not a guide to future returns. Please note that the value of investments can go down as well as up, and you may get back less than you originally invested.
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