Financial Planning By Age

One of the keys to a successful future in business and in life

In order to achieve and maintain long-term financial health, a financial plan should be put in place early on.

Equilibrium can help you draw up a plan that will work towards your long-term objectives and give you the very best chance of meeting your shorter-term goals as you go.

At each stage in life we will encounter changes in priorities, responsibilities and financial expectations and our goals and strategies should change in order to achieve financial happiness.

Contact our team today for more information about how we can help you put together your financial plan, regardless of your age. Call 0808 156 1176 or complete our online enquiry form and we will give you a call back. We have offices in both Wilmslow and Chester.

We have clients from in and around Manchester and Cheshire and elsewhere throughout the North West - find out more about how we can help with your financial planning by getting in touch with the team today. Simply call us on 0808 156 1176 or complete our online enquiry form and we will call you at a time convenient for you.

Financial Planning….in your 20’s

  1. Create a budget to figure out how much you can contribute towards your goals.
  2. As a top priority, create an emergency fund in an account which I easily accessible to avoid unnecessary debt.
  3. If you have any credit card debt, create a plan to tackle this.
  4. Even though retirement will seem distance, consider saving for retirement, the earlier you start saving the higher your changes of reaching your financial goals.
  5. Start saving for a house deposit as this will probably be your next big step.
  6. Lastly, put money aside to have fun, enjoy the money you earn.

Financial Planning….in your 30’s

  1. Pay off any remaining credit card debt as your first priority.
  2. If you have a home, look into homeowners insurance.
  3. Look at insurance options to protect your family and you in case anything untoward were to happen.
  4. Seek advice and create a will to ensure you know exactly where your estate will go.
  5. Appoint an adviser to ensure your money is being invested in the best way to help you achieve your financial goals.

Financial Planning….in your 40’s

  1. Return to your adviser to reassess your portfolio aims with potential new found wealth from salary increases or inheritance.
  2. Re-evaluate your will to ensure that you’re still happy with the allocation of your estate.
  3. Look at how much you’d ideally like in retirement and calculate how much you will need to put aware each month to achieve this.
  4. Your parents may be reaching retirement and may need long-term care; this will need planning to ensure the financial responsibility doesn’t fall on you.

Financial Planning….in your 50’s

  1. Investigate long-term care for your after retirement, maybe look at the costs of nursing homes and assisted living options.
  2. Once you have determined your retirement date, return to your adviser to review and ensure that your asset allocation and portfolio risk are in line with your retirement goals.
  3. Revisit your will and make any necessary changes.

Financial Planning….in your 60’s

  1. Pay off your mortgage if you’re in a place you wish to live during retirement, so you are able to live there debt free.
  2. Withing your regular meetings with your adviser you should look to discuss inheritance tax planning to ensure your loved once benefit the most from what is left to them.
  3. A great way to help with the future of your grandchildren is to start a pension for them to build on when they are able to contribute themselves.

Financial Planning….in your 70’s

  1. Ensure your will is up to date and ensure you have looked at options for inheritance tax planning.
  2. Consider sharing your financial planning tips with beneficiaries to ensure they continue to get the most out of their money.