Financial Planning Matters for Everyone

It’s never too early or even too late to set out your financial objectives for now and the future. Knowing what you have and how your spending it, then putting a financial plan in place is essential to ensure you have enough in the bucket for the life you want. We’ve set out a ‘Financial to-do’ list below for each decade of your life. What you should be considering if you want to maintain the lifestyle you have or hope to have.

 

20/30s

  • Start a Pension
  • Reduce/pay off your education and credit card debt where possible
  • Build your credit rating
  • Set up an emergency fund. Consider an online savings account or easy access savings plan.
  • Beware of predatory lending
  • Keep your debt to a minimum
  • Learn how to manage your finances
  • Save for a house deposit

40s

  • Avoid excessive personal and mortgage debt
  • Where possible put away 8% to 15% of salary
  • Where possible increase your retirement savings and capital accumulation
  • Work with your partner/spouse on the same financial goals
  • Children’s educational savings
  • Make a will and enduring power of attorney
  • Prioritise family & personal protection

50s

  • Start to imagine the career end game and target a retirement date
  • Begin discussing your retirement plans and expectations
  • Start retirement simulations with your financial planner using financial modelling programs
  • Consider how you can increase your pension portfolio
  • Begin estate planning and consult your family
  • Look at building an Investment Portfolio

60s

  • Firm up your retirement plans
  • Review tax implications of your retirement
  • Meet with your adviser about attainment of financial goals and necessary adjustments
  • Consider drawdown options for pension plans
  • Make big repairs/investments while you’re still earning
  • Consolidate your retirement accounts
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