Later life.

As you reach the age when your children go to university and leave home, your life – and your finances – will change noticeably.

This is also an important time to make the most of your ability to save while your earning power remains high and your financial commitments level out in the run up to retirement.

There's a lot to think about and we've got some handy tools and tips to help with your planning.

Your finances

• Reconsider your attitude to risk and adjust your pension strategy if necessary.  As you move nearer to retirement you may want to think more about where your pension is invested and moving to less risky funds.
• See if you’re on track to fund the retirement you want with our retirement planner.   If you have more disposable income, you might want to increase your pension contributions.  
• Register or login to manage your account to monitor your savings or change your contributions and where your money’s invested.
• Learn about debt, savings and planning your money with our fun and interactive Cash Family Challenges.
• Consider your retirement options.
• Think about long term care planning for the future. Review protection to make sure your family is financially covered should you lose your job, fall ill or die.

Key events

• University fees. Graduating students will owe an average of £20,000 (The National Union Of Students). Can you afford to help your children through university?
• Inheritance tax planning. Make sure you pass on your wealth to your family, not the tax man.
• Inheritance or windfall. Make sure you make the best use of any money you inherit and consider tax-efficient savings options.
• Redundancy. If you lose your job, you’ll need savings to tide you over until you find a new employer. You may also have a redundancy payment you can invest.
• Divorce or dissolution of registered civil partnership. Dividing up your assets can mean the sale of a house, the loss of shared equity and new financial independence.
• Early retirement. Short of winning the lottery, you’ll need to plan well in advance if you want to retire early.
• Career change. A change or break in your income will have knock-on effects for your finances and pension.
• Grandchildren. Plan ahead, you may want to pass on some of the wealth you’ve built up for the next generation.
• Falling ill or becoming widowed. Thinking ahead means you’ll be covered if you fall ill or the unthinkable happens to you or one of your family.