Establishing stage: 55 to 65

Establish your financial plans

As family life changes and you start to think about stepping back from work or retiring completely, you’ll want to make sure any decisions you make are backed by solid financial plans.

Take stock and think of the future

In your mid-50s to mid-60s you could experience many changes to home, family and career. It’s a good time to take stock and assess where you are in your life and what your financial plan needs to deliver going forward.

Changing family landscape

With your children having flown the nest, a four or five bedroom property can suddenly seem overwhelming. As many people hit their 50s or 60s downsizing to a smaller property can mean less maintenance and help boost finances.

High disposable income

After you’ve paid off the mortgage and your children have left home, you might be wondering what to do with the extra cash. Investing the money could help make your retirement that little bit easier.

Evolving career, new horizons

Even as you near retirement, learning new skills can keep your career thriving. You may even be considering changing careers for a more relaxing change of pace. Non-exec roles, consulting and training may offer opportunities.

Consolidating wealth and retirement income

Consolidating your wealth can help ensure your financial stability for the future. If you have several pensions now can be a good time combine them all into one as this can help you keep track of and manage your savings more easily.

Latest insights

Financial planning in your 50s
By Rob Morgan
Spokesperson & Chief Analyst
13 Mar 2024 | 8 min read

Free financial resources to help you

Our experts have put together a range of free resources to help you learn to manage money effectively in your 50s and 60s.

Calculate how much you’ll need to retire

When it comes to planning your retirement, you can’t afford to leave anything to chance. Use our pension contribution calculator to understand how much money you’re likely to have for your retirement. You’ll learn:

  • An estimate of your total pension fund
  • Any shortfall (money you’ll need to reach your desired amount)
  • Your withdrawal breakdown over time

Navigating the challenges of personal wealth

In times of economic instability, your personal wealth can provide as many challenges as it does rewards. Explore our range of free guides revealing common UK attitudes, worries and aspirations around growing and preserving wealth for the future.

How to prepare for retirement

Are you saving enough for the retirement you want? Get informed on the latest pension information and read our helpful guides to learn how to generate a retirement income.

How can we help you create a secure financial future?

Sometimes all you need to get your financial goals on track is a step in a right direction. Explore our range of services and accounts to help you towards a more secure financial position in your 50s, 60s and beyond.

Self-Invested Personal Pension

Often the most tax-efficient way to save for your retirement is with a pension

  • You can shelter up to £60,000 each tax year, depending on earnings.
  • No capital gains tax on profits.
  • No tax on dividends from shares or the income earned on bonds.
  • Additional tax relief on your contributions.
  • A SIPP is in your name only.
  • If you’re looking to save for your retirement and don’t need access to your money until you’re at least 55.
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Holistic Financial Planning

A carefully designed financial plan can give you the freedom to do even more of the things you want to do and maybe even things you never thought possible.

  • We'll create a financial plan that matches your individual needs and objectives.
  • We can help you become more tax-efficient with your savings with our range of planning tools and techniques.
  • Professional expertise on hand to organise your investments to ensure you are comfortable with your financial decisions.
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Investment Services

We provide a wide range of investment services suited to your different needs, offering flexibility and choice so you can be involved as much or as little as you like with your investments.

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Request a call back

Get a better understanding of your current situation and the options available to you, take advantage of a free consultation with a financial expert.

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