Have you reached your peak?

If you’re approaching your 40th birthday, you may be approaching your earnings peak. Turning 40 is a major milestone. This is the age many people find that their concerns lie not only with the everyday expenses providing for their families but also their worries for the future.

Partners, children or other relatives may depend on your income to cover the cost of paying the mortgage and other living expenses so it makes good financial sense to think about the protection and peace of mind that life insurance can provide in the event of your death.

Research shows that couples with mortgages who are bringing up families very often don’t have any protection policies in place. Amongst 35 to 44 year olds; just 43% of them have any life cover. There’s a variety of plans available on the market which can be tailored to your needs, and you can add on additional cover for critical illness and income protection too.

It’s really important to think about how you want your wealth to be passed on in the event of your death and to make your Will. Not having one could create a lot of heartache for your family.

Pensions Matter

Putting as much as you can comfortably afford into your pension now means you’ll get the benefit of tax relief and give your money time to grow. Within annual and lifetime allowances, the tax man also applies valuable tax relief on contributions. The longer you leave before contributing to your pension, the more you’ll need to save in order to help ensure you have a reasonable fund at retirement.