Now is the time for making choices. This is a crucial time for you and your partner to make sure your financial plans are properly in place and that you’re really in control of your money.
- Have your children grown up or are almost there?
- Are you getting close to retirement & thinking about what happens to you after you finish working?
If the answer is yes for either of these, then now is a great time to review what you want out of life and how you can achieve it. Whether it’s saving to help your children buy a house, planning a long expedition or even landscaping the garden; make sure your finances meet your goals.
You may also be starting to think about selling your business or winding down but not sure if you can or not. This is no doubt a very important time of your life.
Some useful tips
Work out your goals and your budget
Not just for the present but for the future too. How much will you need to live on in retirement? Figure out how much you will need to live the life you want, then work out a plan to get there. Try this budget planner to get you started.
Review your existing assets
Draw up a schedule of all your assets including their current values.
Work out your “net worth”
Work out what your assets are worth in total, less your liabilities (debts) to work out your “net worth”. Identify the shortfall between this and the amount you need to achieve your goals then work on accumulating that additional money through saving.
Make a Will
Ensure you and your partner have valid Wills in place. It’s quick and easy to arrange but a serious problem if you die without one.
Preparing for retirement?
This useful guide might be helpful. It covers a range of things to think about as you prepare for retirement – from the Money Advice Service.
Next life stage → In retirement