Time for a midlife (financial) MOT? - Richard Stalley Associates

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.

Midlife MOT

Remember, a well-maintained financial plan can take you further with fewer bumps along the way.

It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.