Navigating your financial life stages from 18 to 80-plus

Financial planning: a task so often mentally filed away for later in life.

But as you progress through the decades, so too should your financial strategy evolve to reflect your changing circumstances.

The decisions you make today will shape your tomorrow, and by acting now, you can secure your future while laying foundations for generations to come.

And providing expert guidance to help you achieve such goals is Chartered financial adviser firm Perspective (North East) Limited, whose dedicated teams work with clients to tailor support around unique circumstances.

Here, managing director Ian Wilkinson highlights how a staged approach to financial planning can deliver lasting benefits. investment planning, managing debt and setting up a pension.

And by making minor adjustments to your financial roadmap at this stage, you can deliver a big impact further down the road.

Our expert teams will support you on areas including:

• Better ways to grow your savings

• Finding the best plan to help reduce debt

• Early pension contributions

Aged 18 to 30

Starting out: Building foundations

In the early days, you’ll likely be focused on laying the foundations: building savings,

Aged 35 to 50

Mid-career: Growing and protecting wealth

As your career progresses, your focus shifts towards growing wealth and protecting your family.

You may already have a solid plan in place, but by taking a fresh look at your financial situation, often from a more family-oriented perspective, you can uncover new ways to balance wealth building with protection.

Our expert teams will support you on areas including:

• Aligning investments with current goals and tax strategies

• Decisions around saving for education or funding large purchases

• Safeguarding your wealth against unexpected events

Aged 50 to 60

Pre-retirement: Securing your future

As retirement approaches, ensuring your financial security becomes the main priority.

We will work with you to refine your approach, making sure you are ready for the next chapter.

Our expert teams will support you on areas including:

• Timing retirement without exhausting your finances

• Moving from growth-focused investments to enhanced income

• Adapting your plans to factor in longer life expectancy

Aged 60 to 75

Retirement: Managing your lifestyle and income

Retirement. A new lifestyle and new issues to address.

Financial planning is often more critical at this stage, as regular employment income options diminish and you switch to spending your capital.

Our expert teams will support you on areas including:

• Efficient withdrawals to reduce taxes and extend income

• Protecting assets for the long-term

• Enjoying retirement while ensuring savings last

Post-75

Legacy planning: Securing the future for your family

Many people leave legacy planning too late in life.

However, by starting early, you gain peace of mind, knowing your legacy reflects your values and intentions, and will provide for your loved ones in the most effective way possible.

Our expert teams will support you on areas including:

• Updating your estate plan and aligning it with your wishes

• Using all available options to reduce the tax burden on your family

• Regular and one-off gifting to reduce your estate

Tell the children

While mapping out your financial journey, it is vital to engage loved ones in discussions, not least younger members of the family.

Doing so fosters familiarity with your financial affairs and equips them to manage wealth responsibly and face their futures with confidence.

You can make a significant difference by:

• Involving younger generations to boost financial literacy in money management and investment

• Discussing shared objectives to align family goals for education, care and other needs

• Communicating inheritance plans clearly to prevent conflicts and misunderstandings

• Using tax-efficient strategies like trusts to enhance tax efficiency across generations

• Co-ordinating wealth transfer and estate management to secure long-term stability for your family

• Protecting against risks with joint planning, ensuring everyone is prepared with strategies such as insurance and estate planning

• Planning ahead for future financial needs of older family members

Perspective (North East)

Operating from more than 50 bases across the UK, which include Perspective (North East) Limited sites in Newcastle, Darlington, Stockton, Hexham and Harrogate, North Yorkshire, Perspective Financial Group’s local offices provide financial planning advice with client relationships that endure, on average, for more than 26 years and often span four generations of a family.

To find out more about its services, how it could support your financial plans and for office contact information, visit – www.pfgl.co.uk/northeast