Your earnings potential is at its lowest point however your outgoings are likely to be too. You may want to purchase your first home and saving a sizeable deposit will stand you in good stead for the future. You might not consider yourself to have many other financial objectives, however although retirement feels a long way off, the sooner you start to plan for it the better it will be for you.

Goal Setting will help you get into the savings habit early, and find the right balance between saving a deposit and starting to plan for retirement without over committing to it. It will also show you what your monthly outgoings are likely to be when you buy your own place – you’ll want to make sure there’s enough left for a social life.

Investment Management will be of most use with regards to your retirement planning. A pension policy may not be the best option for you at this stage as there are many useful products out there which could be better at this point. Either way, your retirement savings should be invested for growth and good advice can help you make the most of the money you put towards it.

For the first time, your priorities will shift from yourself, to other people. Your aspirations for them will be added to your own and they are likely to require access to cash at specific points in the future. Your focus may also turn to providing security, protecting them against unfortunate or unplanned events.

Goal Setting will help you consider these aspirations in monetary terms and identify the points in your life where cash will be required from your savings. It will also show you the level of savings you will need to make in order to provide for them. When it comes to insurance policies, your financial plan can be used to determine the amount of cover you need making sure that if misfortune arises your family’s future is secure.

Careful Investment Management will involve identifying the minimum level of growth you need from your savings to meet the future cost of your new goals, avoid the risks that you can’t afford to take and achieve the correct level of growth within the parameters you are comfortable with.

Your earnings potential is at its highest with many of your debts close to being repaid. Much of your outgoings have reduced and you are now in a position to commit more to your retirement which will be in much clearer focus. You’ll have an idea of when you’d like to spend less time at work or reduce your responsibilities but are struggling to find the balance or understand what is possible, and the many choices you have in front of you.

Goal Setting will give you a much clearer picture of the money you have available and how long you need it to last. Identifying the best way to structure your retirement income by assessing all of the options for you, based on your own specific needs, is key. The effect of a phased retirement where you continue to work in some capacity can be considered, or identify the most likely date by which you will no longer rely on earnings, giving you the freedom to choose whether to work at all. Your adviser will identify the minimum level of growth you need to achieve in order to get there so that the level of risk you are exposed to can be decreased without impacting your future plans.

Through Investment Management you will gradually begin to move your savings to safer investments to protect you from the impact of negative market movements. You wont need to take on any more risk than you absolutely need to in order to achieve the minimum level of return you need. The focus is to protect the savings you have built up thus far from the unpredictable nature of short term investment market movements, without removing the potential for further growth.

You have reached the point where you are financially self-sufficient. Any continuing vocation is a choice rather than a necessity. However, you have a finite resource of money to spend and an unknown time during which to spend it. You will be more willing and able to spend money during the earlier active years of retirement, but possibly apprehensive about over spending to the detriment of your future income. You will have concerns about maintaining enough money to fund your lifestyle and may also be considering family legacies. The effect of Long Term Care is a potential risk to your finances and may also be a concern.

Goal Setting will identify the highest level of income your savings can reasonably sustain, for how long, and to what extent it can be front-loaded in the early years. Your finances can be structured in a way that you can enjoy your savings to the fullest without the risk of outliving your resources. Once your ideal income strategy has been identified, the money you are unlikely to rely on can be quantified, meaning legacy planning can begin without risking your future income. Your estate can be safely planned, protecting it from unnecessary taxation and the costs of long term care.

Investment Management remains a critical feature in retirement. It allows you to maintain the right balance between flexibility and security. Investments which are too sensitive to markets can leave you at risk of a reduced income due to untimely negative market movements, however too little will lead to insufficient growth putting you at risk of exhausting your savings too quickly.