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Fancy having your name up in lights on LOF50? Here's your chance, simply write something that interests you and we'll post for the world to see.Top 5 financial tips for the over fifties
If you've scrimped and saved through your 20s and 30s and worked hard through your 40s, you'll be pleased to find there should be some financial reward for you in your 50s. If you are looking to make the most of your finances and want to ensure you are well-equipped for the future, here are a few points to consider.
1) The over 50s age group is seen by many businesses as a great sector of consumers to work with. This is because individuals that fall into this demographic are seen as more loyal, prudent and ultimately safer. With this in mind, lots of deals and opportunities can start to become available to you as you age, allowing you to access cheaper premiums on insurances in particular. To make sure you are making the most of this, look at products from specialist insurers such as Castle Cover Home and Contents Insurance.
2) The tendency of over 50s to be loyal may mean they miss out on good financial deals. This can happen with bank accounts in particular, with individuals showing reluctance to change accounts they rely on to make direct debit or standing order payments. However, taking a second look at your account could lead to some serious rewards. In recent years packaged accounts have been increasing in popularity and it's possible you may find the benefits they offer sit well with your needs. Examples of the features offered by these accounts can include travel insurance, phone insurance, breakdown insurance and even access to first class lounges at airports. Banks and other institutions usually charge a monthly fee for these packaged accounts, but it is common to find that this can be less than paying for the features separately.
3) Whether you plan to retire in the near future, or know the prospect is a long way off, you should make pension planning a priority. Government changes may mean you are looking at working longer than you expected, but it's important to know just what provision you have in place. If you suspect you are due some private pension from previous employment but have lost track of the details you can hunt down the information for free via the Pension Tracking Service.
4) If you have got more income at your disposal it can be tempting to sit back and enjoy it. While everyone should be able to do this to an extent, it makes financial sense to keep some sort of budgeting plan in place and to review your financial products regularly.
5) Keeping point four in mind, if you do use credit cards or other credit you should make sure they are doing as much for you as they can. If you have a high earning threshold you are likely to be able to access lower interest rates, but you should also be looking to see if you could net other benefits such as cashback or even charity donations made on your behalf.