The car you drove thirty years ago might not get you very far today. The chances are it will be slow, unreliable and not nearly as efficient as something more up to date.
The financial arrangements you made back then could be just as outdated. They could be costing you money too.
It could be time for a Mid Life financial MOT.
What is a Mid Life MOT?
The Mid Life MOT is a new idea to help answer a problem that has been growing for some time.
Many people prudently make financial arrangements at a young age, but then believe the job is done. But simply having life assurance and a pension plan in place is not enough. Like your old car, they will become less suitable as years go by.
The circumstances that made your financial arrangements ideal when you made them (when you may have been young and single) will have changed out of all recognition. Your earnings, career plans and commitments will be different. Your priorities and attitudes will have matured. And if your needs have changed, so will the solutions available. New and better products will have come along, while legislation and tax rules can mean measures that once saved you money now waste it.
A Mid Life MOT is aimed to help people in their 50s to consider their existing financial and lifestyle plans and look at the future. It entails sitting down with your advisor, examining all your financial arrangements with a critical eye to see what needs to be changed to meet your current circumstances and future plans.
It is a new idea that is being discussed by many leading financial providers – but of course, it is simply an extension of the lifestyle planning approach that has always been central to the Continuum service.
Are you ready for a Mid Life MOT?
The concept of a Mid Life Mot is certainly useful. It works as a reminder that like your car, your finances need regular care and maintenance from an expert if they are to deliver the performance you need. The industry is enthusiastic about how a Mid Life MOT could help the general public talk more openly about money and getting the arrangements they need. At Continuum we are already putting it to work.
What we do
We recognise that turning 50 can be a milestone. You may be close to paying off your mortgage, the children may be leaving home, and with retirement on the horizon, your focus may be switching to making the most of your pension and retirement income.
We provide Lifestyle Financial Planning, taking the long-term view. So if we have worked with you before, your Mid Life MOT may be more like a routine service. We will look at your current arrangements again, and work with you to update them.
If we have not worked together before, your MOT may be a little more extensive. We might help make a few repairs and replacements for financial arrangements that have run out of road, but we want to build a long-term relationship with you. Our focus will be on your future. We will follow up your MOT with regular reviews.
A Mid Life MOT can for part of Lifestyle financial planning that can help you make the most of your money and your life. You can see more about our services in our downloadable brochure.
The value of your pension and investments can fall as well as rise. You may get back less than you invested.