Your 50s and 60s
Once you reach your 50s and 60s, you may be starting to think more about retirement, and whether your pension is on track to provide you with the sort of lifestyle you want when you stop work.
Not everyone wants to stop work completely, so you may be considering reducing your hours gradually, or perhaps continuing part-time for as long as you can.
You might still have big outgoings to cover, especially if you’re helping children to make ends meet at university. Or, if your kids now fend for themselves financially you might find you’ve got a bit more of your income free each month.
This period is often a time to reflect about the sort of legacy you might leave, not just financially, but also in terms of the difference you’ve made and can still make to others lives.
Your 70s and beyond
Health is a priority at every stage of life, but in your 70s and beyond, it often becomes even more of a focus thanks to age-related ailments.
Of course, not everyone suffers ill health as they get older. Many people are hale and hearty long into their eighties and nineties, but it’s worth thinking about what you might do if perhaps in future you aren’t able to be as independent as you are now.
You might think about downsizing, for example, or making changes to your home to make it easier to live in as you get older.
And it might not be the cheeriest of subjects but this may also be the time you’re thinking about inheritance tax planning, covering funeral costs and making sure your will is up to date, so that you can be certain your loved ones will be looked after when you die.
Everyone’s priorities change over the years, depending on our personal circumstances at the time.
Why does this matter? Well, understanding our priorities can help us work out what we need to do to achieve them.
Just remember to take stock every few years and think about what’s changed and the things you now need to focus on. That way, hopefully you’ll be prepared for what’s to come.