Advice for all Ages

It is always the right time to speak to your Financial Adviser

No matter what your age there is always a reason to have a regular meeting with your financial adviser. As you go through life though this reason may vary.

Here, we look at some of the typical financial challenges during our life stages where professional advice can help.

The 20s – 30s. These clients are just starting to be financially dependent. While they might not have much saved, they are accepting jobs, starting families, and buying property. They have invested in their education and careers and their ability to earn income over the next 40 years is their greatest asset. Financial decisions will affect their future and it is important that they look for financial planning and protection advice.

Don’t forget, make a will.

The 40s – 50s. These are the peak earning years. This is the time where they are looking to the family’s future, saving for college and other opportunities as well as their own pension planning. In some cases, they may be looking after ageing parents, dealing with their finances and long-term care. Financial advice will help with the accumulation, protection and growth of the wealth they are generating.

Don’t forget, make or review your will.

The 60s. Clients at this stage are focused on being retirement ready. The drop in income is clearer and any gap between target income and projected income is identified. For many the mortgage has been cleared and this gives scope to increase pension contributions to close any gap, optimise the tax benefits and protect your standard of living. You need to review your investment strategy as you get closer to taking the 25% cash lump sum. This is also a good time to review protection plans as children are becoming financially dependent themselves. Your financial advisor will help guide you through these planning conversations.

 Don’t forget, make or review your will.

70s+. Financial planning in retirement is different to planning for retirement and your adviser can help you during this change of focus. You will want to review your attitude to risk as you start to withdraw funds rather than add contributions. You are also older and will need to consider estate planning and the cost of long term care such as the Fair Deal scheme. Speak to your family and solicitor on when enduring power of attorney or power of attorney might be appropriate.

 Last call, don’t forget your will.

 
So, no matter what your age, arrange your meeting with Mind My Money today.