How a Mid-life MOT can put you on a better road to retirement
The earlier you plan for your retirement, the more likely you are to be in good financial health when it happens.
Reading time: 15 mins
As we all continue to live longer, the mid-point of our lives continues to shift. Some of us will still be able to retire at 55, but for lots of people the retirement age is creeping up, with the over-45 employment group growing at a rate of a quarter of a million people a year. At Markland Hill Wealth, we recognise that although many of our clients are aware of their new retirement age, not everyone has looked at whether this means they need to change their plans for the future.
This is why we’ve introduced a Mid-life MOT for all our clients. We want to make sure they’re in good financial health as they head into the last few decades of their working life.
What is the Mid-life MOT?
The mid-life MOT is a check-up on a person’s finances, much as someone might receive a health check-up from a doctor. It concentrates on three main areas to encourage more active planning in the key areas of work, wellbeing and finances.
There comes a point in life’s journey when we need to take a closer look under the bonnet, when retirement no longer seems a million miles away but there’s still plenty of road ahead before we need to turn off towards retirement.
A mid-life MOT can help you make sure everything is heading in the right direction – so everyone is fit for the road for years to come.
Why is this important to me?
At some stages in your working life, you could be at risk of falling out of work unexpectedly, including through redundancy. Additionally, health problems and caring responsibilities disproportionately affect people over 50. Once out of work, it can be difficult to get back in.
Many people underestimate what they will need in later life. Planning ahead can boost your resilience in crucial areas.
What does the Mid-life MOT involve?
Our Adviser will start your MOT journey by asking about your work, health, and your money.
Brief examples would include:-
- Are you confident you can continue in your current job until your retirement?
- Will caring responsibilities or other priorities mean you need to work more flexibly?
- Depending on what your financial situation looks like when taking your pension into consideration, do you actually want to stay in your current job until you retire or would you like to explore other opportunities, like a phased retirement or change of career completely?
- What steps are you taking to maintain or improve your health?
- Do you need to consider taking out (or upgrading) Protection Insurance in the event that your health does not allow you to continue in your job, or any job?
- Are there any Pension Schemes or Protection Plans that reward you for maintaining a healthy lifestyle?
- Do you know when your State Pension will start and how much it will pay you?
- Do you know the value of your work or private pension and how much it will pay?
- Do you have a number of pensions from previous jobs?
- If you’re confused about pensions, what are your options?
- Do you have enough savings to maintain your current lifestyle?
- Are you making the most of your tax-free allowances on your savings, investments or pension?
- Do you know how to pass on your assets including your home and your pension in the most tax effective way?
Contact us soon to book a meeting. Our first consultation is always free of charge.