13th February 2024

Just to be clear, we’re not talking about your physical health here (that’s the doctor’s remit). We’re talking about a check-up to assess your financial wellbeing. 

And we’re asking because nearly one in six people aged between 45 and 54 are now making significant financial sacrifices to ensure their pension pots are up to scratch for retirement1. At the same time, they are still juggling a multitude of other financial responsibilities, including childcare and mortgages, at a time when cost of living pressures persist. 

Just like you’d go to the doctor for a check-up if you were feeling a bit run down, a financial MOT could be just what you need at this crucial time in your life to ensure your finances are working for you. 

Here are some key aspects to think about: 

  1. Retirement planning – as you approach retirement, now is the time to take stock of your pension savings to ensure you’re on track for your goals 
  1. Protection – your health needs can change as you get older, so a review of your protection cover could be a good idea to ensure you and your family are properly protected 
  1. Debt management – a review can help you assess your current debts and work out how to best pay them off 
  1. Investments – are your investments working for you? Can your portfolio be rebalanced to better align with your risk profile and long-term financial objectives? 
  1. Estate planning – now is also an excellent time to review your long-term plans for passing your wealth onto the next generation and to make a Will and Lasting Power of Attorney (LPA). 

Here to help 

If a midlife MOT sounds like it might benefit you, then please do give us a call – we’re on hand to help you review each aspect of your finances and develop a comprehensive financial plan. 

1Phoenix Group, 2023 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.