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Diversify Beyond Pensions
While pensions are powerful, they’re locked until age 55 (rising to 57 in 2028). Smart planners build parallel wealth streams. Options include:
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- ISAs: The £20,000 annual allowance can be used for cash, stocks, or the new UK ISA (launching July 2024), which offers tax-free growth in UK-focused investments.
- Property: Buy-to-let remains an option, but with tighter regulations and lower yields, many now prefer rental property via limited companies or property crowdfunding platforms like Bricks&Loft.
- Investments: Low-cost index funds, ETFs, and dividend-paying stocks in an ISA or GIA (General Investment Account) provide liquidity and growth.
Protect Against Life’s Risks
Financial planning isn’t just about saving—it’s about safeguarding. Men over 40 should consider:
- Life insurance, especially if they have a mortgage or dependants.
- Critical illness cover, which pays a lump sum if diagnosed with a serious condition.
- Income protection, which replaces up to 70% of salary if unable to work due to illness.
Get Expert Advice
Pensions and tax rules are complex. A fee-only financial adviser, especially one specialising in mid-life planning, can help create a tailored roadmap. The cost—typically £1,000–£2,500 for a full review—is often recouped through better investment choices and tax savings.
In 2024, retirement isn’t something that just happens. It’s built—deliberately, consistently, and wisely. For the British man over 40, the next decade is the last real window to make a meaningful impact. The time to act is now.
