Your 40s and 50s are a great time to take stock and reflect on your health, career and finances. Are you where you want to be? Are there changes you could make now that would make a big difference to future you? What should you be prioritising?
Knowing where to begin is often the hardest part. Luckily, the government has recently introduced a new ‘Midlife MOT’ website with resources to help you answer these questions and more.
What’s a midlife MOT?
It’s effectively a check-in with yourself to make sure you’re in the best position you can be. The website is split into three sections: health, work and money. Each section points you to different tools, services or charities to help give you the support you need.
The work section can help you with understanding more about flexible working arrangements, learning new skills or finding a new job; the health section helps you reflect on your physical and mental health; and the money section helps you with budgeting, debt, benefits, pension saving and much more.
If you’re going to make some big changes to your habits or routine, midlife is a pretty good time to do it. You’re far enough away from retirement to make changes that could make a big difference to your future. But you’ve been working and managing your money for long enough to have a good understanding of what works for you and what doesn’t.
Plus, for most people, big life changes may have settled down a bit by this point. You may be more settled in your career, own your own home or have a family. These are big milestones which often take a up a lot of your financial focus in your 20s and 30s.
Even if you think you’re in a pretty good spot, it’s always worth a refresh. Remember: things change! Not just your circumstances, but your environment too. The plans and habits you made for yourself in your 20s and 30s might not be right for you anymore, even if they feel like they’re working. Especially after all the economic changes we’ve seen over the last few years. You never know, a shake-up could be just what your finances need.
How do I get a midlife MOT?
Simply visit the new Midlife MOT website. From there, you can navigate to the sections that interest you the most.
If you want to focus on money, MoneyHelper has a dedicated Money Midlife MOT tool which can help you understand where you’re at and help you plan for where you want to be. You won’t need any documents or extra information to complete it, and it only takes about five minutes.
Need to make changes to your retirement plans?
If after getting your results you’ve got a couple of advisories when it comes to saving for your retirement, we can help.
Our pension or retirement guides might have the answer you’re looking for. Or explore our bank of MoneyPlus articles for more tips and guidance on all things pensions, retirement and savings.
The information here is based on our understanding November 2023 and shouldn’t be taken as financial advice.
Standard Life accepts no responsibility for information in external websites. These are provided for general information.