35+ Older and Wiser

You’re no longer in your twenties – you’re a legitimate adult member of society with responsibilities and possibly a family as well. It’s time to take on the world of investment and saving in a more serious manner.

Preparing for the future, with the help of a registered financial advisor, is one of the true signs of taking control of your finances. An advisor will help you select the right savings and investment options, and will also take into account other things you need to plan for – for example, your children’s tertiary education. Getting good advice is so important, especially at this busy, exciting stage of your life.

Chances are, you now have a spouse and perhaps even children, for whom you have a financial responsibility. By updating your nominated beneficiaries, you can ensure that those who are dearest to you will be cared for in the event of your death. It’s not a pleasant topic, but it is an important one.

If you are in the Life Stage investment option, your money is still being invested for you in relatively high-risk portfolios. However, if you are invested outside of the Life Stage model, it’s a good idea to check that you are still on track for a secure retirement, with the help of your financial advisor. Your replacement salary at retirement ought to be at least 70% of your final salary, but more is always better. As always, be sure to keep track of how far you’ve come, and how far you’ve yet to go, in order to achieve your goals. As you get older, time seems to go by so much faster. Don’t get left behind in the race to the retirement of your dreams.

Of course, getting older means getting wiser as well. You should have a much better idea now of how you intend to plan for the long term, than you did in your 20s. Make the most of the lessons you’ve learned, and remember that self-discipline is a sign of true maturity. And of course, by sticking to your savings plan, you’ll be setting a great example for you kids.