As you approach the age where your earnings are around their peak, and your expenditure may be starting to reduce, you would be forgiven for thinking about starting to sit back and relax.
This is a great time to continue to think ahead and consider what your aspirations are over the next few decades, and to decide what is important to you in the future and what you want to do once you have stopped working.
When considering your financial plans, you may wish to consider a range of areas, including when you want to stop working, how you will support yourself financially once you have, and whether you want to leave anything to your family.
Perhaps you’re also being pulled in many different directions and have found yourself a member of the sandwich generation; someone in their 40s, 50s and even 60s who is still providing support for your children while also providing care for their parents.
Taking the necessary steps now to have a clear idea of what you want your future to look like and what you need to do in order to achieve it, could help to reduce financial strain in the future.
It is also important to consider the financial resilience of your and your family’s plans if the worst were to happen or you needed higher than expected financial support later on in life. It may not be a topic we enjoy thinking about, but it is one we should dedicate time to if you depend on your income or your loved ones depend on your financial support for their livelihood.
You may not know the precise challenges that you will face in the future but having a clearer idea of how your needs may change over the coming years will help you to be better prepared.
It can be difficult to know where to start so we would be delighted to help you to establish your priorities, create a plan, and help you to stay on track to achieve what is important to you.
If you would like further information on the topic discussed in this blog, please contact:
Louise by email: firstname.lastname@example.org
The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray Financial Management.