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Financial planning for professionals over 40 involves refining strategies to ensure long-term stability and a comfortable retirement.

Here are key considerations:

Retirement Savings 

Intensify your focus on retirement savings. Maximise contributions to current schemes to include AVC’s. Take the opportunity to track down benefits from previous employments now rather than waiting until retirement when companies may not be as easily contacted.  Look at your funding levels to see are you on track. To read more on pensions, click here.

Debt Reduction 

Prioritise paying off high-interest debt, such as credit cards, and work towards reducing or eliminating mortgage debt. This approach can free up more funds for savings and investments.

Investment Strategy

Reassess investment portfolios to balance risk and growth. Reassess your current risk profile to make sure your investment strategy is in line with your expectations. To read more on savings and investments, click here.

Protection

Health & Life Insurance protect against unforeseen expenses. Having protection policies in place and reviewing them regularly will give you peace of mind knowing that you and your dependents will be helped financially in the event of loss of income, death or serious illness. To read more on protection products, click here.

Estate Planning

Update or create wills, trusts, and powers of attorney to ensure assets are distributed according to your wishes. Regularly review and update beneficiaries on retirement accounts and insurance policies.

Emergency Fund

Maintain or build an emergency fund covering 3-6 months of living expenses to buffer against unexpected financial shocks, such as job loss or medical emergencies. To read more on emergency fund plans, click here.

Financial Goals

Reevaluate financial goals, including plans for children’s education, travel, or starting a business. Adjust savings and investment strategies to align with these goals.

By focusing on these areas, clients can enhance financial security, helping to ensure a well-prepared and comfortable future.

For more information on the above or if you have a query contact us here.

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