It seems that the older you get, the more interested you become in certain issues; often these new interests involve subjects you’d never even consider thinking about in your youth. For most men this occurs at around the 30 mark, when 90% of the male population suddenly develops a complete fascination for all types of televised sport, including darts and snooker.

Towards the age of 40 things begin to turn grey and the word ‘pension’ suddenly becomes much more apparent and relevant, as you find yourself becoming keenly interested in the future and your own personal financial security. As you stumble blindly towards marriage and children, looking after yourself and your family becomes of paramount importance – before you know it you’re drawing up a will, squirreling as much money away as humanly possible and flicking through an over 50’s life insurance catalogue.

Planning for retirement

This year the government decided to completely phase out the compulsory retirement age which previously stood at 65. This now means that there is no enforced retirement limit on employees and you can conceivable carry on working for as long as you’re able. But with global food prices on the rise and the price of nearly every other commodity reaching new heights, it’s now more important than ever to adequately prepare for the future…

So what can you do?

Premium Bonds

Created in 1956 by the then Prime Minister Harold Macmillan, premium bonds have been a roaring success since their inception and an estimated one in three Britons holds an investment within the scheme. Premium bonds can be purchased relatively easy from the NS&I in blocks of £100 and a single person can hold a maximum of £30,000. Every month a prize draw occurs in which bond holders can win up to a £1m tax-free, other smaller prizes are also awarded ranging from £25 – £10,000.

ISA’s

ISA schemes have been around for some time now and every the year the government tends to tinker with them; during the last budget the chancellor raised the annual investment limit to £10,680. ISA’s work like a normal savings account, accept that there are limitation to how much you can deposit each year and the interest earned on the accounts is tax-free. Withdrawing money from an ISA is slightly more complicated than using a cash card, but within a short number of years you can amass a considerable sum at a much more favourable interest rate.

Life Insurance

Life insurance comes in all shapes and sizes – the secret is to find the best one for you and your family. Policies can vary dramatically from insurer to insurer and payout schemes can be awarded for a variety of different reasons depending on your cover. As with most things in life the devil is in the details, that’s why it’s so important to shop around and to read all documentation provided. You can find a whole host of life insurance schemes online, including over 50’s and over 60’s coverage – you can also find a whole host of internet resources and comparison sites to help you identify the best policy for you.

Before you embark on any financial, especially those linked to share price or annuities, make sure that you are fully aware of all the possible outcomes and have read all the policy documentation. Seeking independent financial advice from an FSA is always advisable when dealing with larger sums of money.