Over 50s Financial Checklist: Are You on Track?

Turning 50 is a good time to take stock of your financial situation. This checklist covers the key areas to review.

Pension

• Track down all old workplace pensions (use the government’s Pension Tracing Service)
• Check your State Pension forecast at gov.uk
• Fill any National Insurance gaps if cost-effective
• Review your pension investment strategy — consider reducing risk as you approach retirement

Savings and Investments

• Build 3–6 months of expenses in an accessible cash account
• Maximise ISA allowances annually
• Review any investments for tax efficiency

Protection and Legals

• Write or update your will
• Set up Lasting Power of Attorney (both property/financial and health/welfare)
• Review life insurance and critical illness cover
• Update beneficiary nominations on pensions and life insurance

Debt

• Aim to enter retirement debt-free if possible
• Prioritise paying off mortgage before retirement
• Avoid taking on new long-term debt in your 50s

Self-employed? Visit Self Employed Money for UK tax guides and financial tips for freelancers.

📖 Further reading: Our expenses guide for the self-employed covers what HMRC allows.