Getting to one of those ages with a zero at the end always generates mixed feelings…
When you reach 10 (can you remember that far back?) you feel you have become a “big person”. You’ve reached double digits – and it’s exciting! You don’t really need to consider anything right now, except what’s for tea?
Then you hit 20.
Again, this is an exciting milestone. Your whole life is ahead of you, and you’ve got some living to do! You might be at university, you might have already started working, or you might be taking some time out to enjoy some of the wonderful world we live in.
It’s pretty difficult to think about financial planning at this point. And yet, if I can ever have those conversations with my clients’ children or grandchildren, I tell them that the sooner they start investing in their pension, the better their pension pot will be. Even just a very small amount like £10-£20 per month can very quickly add up. The chances of achieving a £1million pension pot are far more likely if you start early. But I know I have some convincing to do!
When you get to 30 it’s often a time to reflect.
If you haven’t started a family you may well be thinking about it now. This means looking at your mortgage and if your current home is the right one for a growing brood. With that, comes life insurance, income protection and even considering ISAs. You start to feel like a real grown up!
They say life begins at 40. Does it? Well that’s up to you! If you don’t have a family by now, you may well be deciding what that means for you. Will you be a later parent, with a more settled financial set up? Will you gain an existing family through a new partner? Do you know what you want for your future? Now is the time to start thinking about all of these things, and planning your finances and lifeplan accordingly.
50 is the new 40!
Actually, I think I would subscribe to this one. By now, much of your life is settled. You may not be in your forever home, that depends on your outlook, but you will be in a home you are proud to own. Your financial situation is likely to be more settled and planned. And now is definitely the time to think about your pension and retirement. I would like you to start planning for retirement way earlier than this, but don’t despair if you haven’t started yet – it’s not too late.
By the time you reach 50 you will really know yourself. You will have learned what you enjoy; who you want to spend time with; what you want to do with your spare time; where in the world you want to visit. In other words, you should have a good picture of what your lifeplan looks like. And that will help us to organise your finances, so you live your best life.
You’ve reached 60?
This is the time to consider if you want to continue what you are doing now. Do you want to carry on working? Do you want to semi-retire? Are you enjoying life? Are you fit and active? If so, do you want to make the most of your good health and do some of those things on your bucket list?
60 is a great age to really drill down on your finances and make the adjustments you need to make the most of life, while everything is still in good working order!
By the time you reach 70 you may start to slow down. This is not about being maudlin – it’s a reality, but it doesn’t mean you can’t enjoy life. You might want to adjust some of your hobbies. You may wish to move to a smaller home, so you don’t feel like the housework is getting on top of you. You may even wish to support your children or grandchildren and get some enjoyment from their pleasure too.
So you’ve got to 80.
Believe me I have seen some very active 80 year olds, still able to dance, play a mean round of golf, cycle, run marathons and so on. For many people life continues as normal. However, unfortunately for others, that’s not the case. If your health is restricting you, this may be a good time to look at what you want to change. What can you do to make life easier?
You may want to think about setting up Trusts for loved ones at this point. Reviewing your Will is a good idea. Considering if you want a Living Will and just how you feel about medical treatment under certain circumstances. It’s really important that you have frank, honest and open conversations with your family about how you want to live the rest of your life. It is your life, and you must live it the best way you can.
You’ve become a nonagenarian! That’s 90 for the rest of us – as if you hadn’t guessed! You’ll probably want to slow down a bit now. You may well have roped in some help to keep your garden and home looking good. And I hope you’re spending time relaxing doing those hobbies you love, whatever they may be. I am really passionate that when you get to this stage in life you don’t have regrets. Don’t spend time doing stuff you hate – get on with what fills your heart with joy. And yes, if you can spare a bit of time to make sure all your financial affairs are in order, that’s a good thing to do. Your loved ones will appreciate your attention to those things.
And if you reach that 100 year milestone?
Well a telegram is in order for starters! And you should certainly expect a party! That’s a fab achievement. Don’t worry about anything now – just enjoy life.
If you have reached a milestone birthday and would like to talk about your lifeplan, please contact me on 01344 875 310.