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Saving for the Future

Your 40s and 50s can be a crucial time with financial planning.

Your children may be looking at their education and careers prospects – and you may be looking at helping them with education costs or setting up home. However while your focus may be on providing your children with financial support, you must also make sure that your own finances are not neglected.

Although you might find yourself settled in a good job, with career prospects, and you might have employee benefits such as a pension scheme and life insurance it is easy to rest on your laurels and assume that no further planning is needed. However, regular reviews and checks can make sure that your plans are on track.

Importantly, you might be in a position to rectify any previous financial mistakes and you also have long enough to use compounding to your advantage for long term saving.

Increasing pension saving, particularly for higher rate tax payers can be advantageous, and/or directing savings towards reducing your mortgage might be an option.

Both of these can make your retirement more comfortable or enable you to retire earlier than you had envisaged.