Are your finances on track in your 50s?

For many people, the 50s are a turning point. The children may be more independent, earnings are often at their highest and retirement is no longer an abstract idea. Whether you picture more travel, more time with family or simply more freedom, this is the decade to make sure your money can deliver it.

1. Is your retirement plan on track?

Work out the income you'll need, covering essentials as well as travel and hobbies. Think about when you'd like to stop work and whether easing out gradually would suit you. Because inflation erodes buying power, test a few retirement dates and income levels to see where gaps might appear.

2. Are you making the most of your savings?

Look at whether you could pay more into your pension, use your ISA allowance or put spare income towards longer-term goals. Check how your money is split between cash, pensions and investments, and make sure that mix fits your commitments, timescale and attitude to risk.

3. Will your money provide a lasting income?

Retirement income can come from workplace and personal pensions, ISAs, investments, property and the State Pension. Knowing when each can be accessed, and how withdrawals are taxed, helps you draw on them in the right order.

• Several pension pots? Compare charges, features and investments before combining them. Some older plans carry valuable guarantees that could be lost on transfer.
• Get the risk balance right. Too much risk leaves you exposed to market falls; too little can leave your savings losing ground to inflation.

4. Are your debts and savings in balance?

Review your mortgage, other borrowing and easy-access savings. Helping family members can be rewarding, but make sure any gifts don't weaken your own retirement. An emergency fund means unexpected bills don't force you to sell investments at a bad time.

5. Have you protected your family and legacy?

Make sure your Will reflects your wishes and your pension beneficiary nominations are current. Consider putting a power of attorney in place (in Northern Ireland this is an Enduring Power of Attorney). Look at any potential Inheritance Tax liability and the estate planning options open to you.

6. Are you covered for the unexpected?

Ill health, bereavement, job changes and future care costs can all knock a plan off course. The right protection can help keep your finances resilient.

Make the most of the decade

Your 50s are the chance to turn decades of hard work into a practical retirement plan. We can help you identify shortfalls, explore suitable options and set clear priorities, so you approach the next chapter with confidence.

Important information

This article does not constitute tax, legal or financial advice and should not be relied upon as such. For guidance, seek professional advice. A pension is a long-term investment not normally accessible until age 55 (57 from April 2028, unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up, and you may get back less than you invest. Estate and tax planning are not regulated by the Financial Conduct Authority.