As you enter your fifties you might look forward to your children leaving home or be closer to paying off your mortgage.

For many this is the time to focus on improving your chances of a relatively comfortable retirement by saving as much as possible. You will need to take advice as to whether this is best done through a pension or other types of investment.

However, it is important not to take too much risk now with your investment portfolio as a major stock market slump could devastate its value and there may not be enough time before you retire for losses to be made good. Less risky asset classes such as bonds, gilts and cash might be more appropriate. You will also need to update your will in case circumstances have changed. For example, you may have grandchildren now.

It’s also worth seeking help on tax planning, which might include minimising the potential inheritance tax your beneficiaries are liable to pay on your estate when you die. Many people living in high value homes could easily be caught out by inheritance tax if they do not plan ahead so professional advice is important.

This is also the age to start thinking about what might happen when you get older and you need professional care. Long term care insurance is a means of providing for your care if you are unable to feed, wash or look after yourself, for example. It is a bit of a Catch-22 that if you have savings of £21,500 or more you won’t get any help from the state. You may also be forced to use any assets you have (for example the family home) before you will get any state help, at least in England. Different rules may apply in Scotland, Wales and Northern Ireland depending on your circumstances so it’s worth taking financial advice.

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