Planning
40-65

Age 40 - 65 - the crucial years for accumulating your wealth

Between the ages of 40 and 65 are when most people see the signficant change in their financial situation.

Many people have established their family, whether that is being a strong single, having children, or forging their way as a couple. 

Your career is likely to be well established (which doesn't mean that you won't want to have a change later on - maybe in your mid 50's). Your income is likely to be more stable than in your younger years, your KiwiSaver may have a solid balance from those years of saving.

You may own a home (on your own or with the bank) and you are starting to think about what retirement might look like.

As well as thinking about what your future is going to look like and making sure that any children you have are on track, you may be starting to have concerns about your parents, and be needing to factor in how you are going to support them (whether emotionally, with chores or maybe financially) to your lifestyle and your plans.

We find that these are the years where you are likely to have surplus funds that you can put into investments for your retirement, as well as enjoying some freedoms, travelling, taking longer holidays -maybe even a sabbatical if your career allows for that.

Making sure that your KiwiSaver and investments are working for you starts becoming more important at this stage of your life.  

This is the same with your insurances.  Having got this far, the last thing you want to derail your planning is to become unable to work and earn because of ill-health or injury, and have no income protection insurance or trauma insurance to tide you over until you are better.  The quality of your insurance cover becomes crucial during these years and you may need to change your insurance cover during this period, to make sure that you have the appropriate types of insurance for you.

As your investments and net wealth increase, and your debt vanishes, the types of insurance cover and the amount of insurance cover that you need changes and reduces.

That is why it is important to continually review your financial solutions - which is what Moneyworks do with our Membership Fee Financial Advice clients, meeting every year to make sure that they are still on track to achieve their goals, and that everything is working properly for them.

Find out more about all the things that you need to consider by scrolling down the page and clicking on the different boxes.



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Sue Watson - Waiheke and Auckland

With her advice, Carey has helped me focus on what is important to me and prioritise my financial and life goals. She remembers things that I have said in the past that are important to me and then reminds me when I’m making big decisions -bringing me back to what I want to achieve and how I want to live my life.

Carey pays attention to me and the fact that money is not the most important thing to me, that I have a real life and that all of those things (including my family and relationships) play a role in achieving my life goals. Financial security is part of that picture but not the whole.

She focuses on what success is for that person - it is different for different people and she helps me to define and stay true to my own definition of success.

Vanessa and ‘Ropes’ Ropitini – Palmerston North

We have been working with Peter for over 11 years and were (wrongly) concerned that he would dictate what we did with our money.  We make our own decisions.

Peter treats us like genuine friends, not as clients.  His manner is easy and personable and we have had consistently good returns on our investments.

We absolutely trust that Peter will only do the very best with our money and not take unnecessary risks.

Graeme Davies & Julianne Leggott - Wellington

Carey has been working with us as our Financial Planner since 2004. We have always appreciated the expertise and attention to detail that she has brought to our financial affairs.

We initially expected her to advise us on our retirement savings, but she has also helped us with goal-setting, insurances and estate planning.   She has a refreshingly balanced approach, encouraging us to realise our key short-term goals while planning for the needs and wants of the future.

 

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