Buy yourself choices in your 40’s and 50’s

Helen Baker, Financial Adviser and Director of On Your Own Two Feet, a Career Money Life certified supplier, writes about women who are securing their financial future in their 40s and 50s. 

The mid-40s through to mid- 60s can be an exhilarating time for many women. Their 20s was for fun, 30s to solidify their careers and now they want to make the most of their 40/50/60s to set themselves up for the future. They want to buy themselves choices.

No one really wants to work full time until 70… unless you really love what you do of course. But health changes and the desire to get out there and explore whilst you still can are key targets women want to achieve.

There have been many women coming to consult with me in this age bracket. These women have much in common. They are all earning reasonable incomes, some have children, some don’t, but they all shared one thing – they are totally focused on making wise decisions about their money. And they want to lay the foundation for their future security before it’s too late.

You can’t buy back time, and time is the biggest friend when it comes to investing.

They all stressed that they didn’t want to be still working at 70 but they accepted that working part time in their 60s was ok. They wanted work to be on their terms – not out of pure necessity. Travel and consulting rather than being an employee were often cited as important passions for their 60s.

Most of these women were paying too much tax when they could be reducing their tax and saving more for their now and their future.

I’ve seen women of all ages fall for ‘get rich quick schemes’ which drain their savings and cause enormous stress. It was such a delight to help the latest client in this category see that she can pay her home off in five years rather than wait until retirement.

And even more special is that by doing the strategies we have recommended she actually doesn’t have to borrow any more money which is usually what she would be advised to do given that she has surplus cash flow and equity in her home.

She is chuffed that she can sleep well at night knowing she will reach her goals.

View the original article here.

If you want to seek personal advice or if you’re looking for financial education programs for your people, we have lots of great financial planners like Helen Baker, who can help. Contact Career Money Life now to learn more. 

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