Have you ever heard the saying "people don’t plan to fail; they fail to plan.” When thinking about protecting the future of your loved ones, this old cliché seems to apply. Planning is not the most exciting of activities, for most of us it isn’t fun – plus it’s often hard to find the time to do – but when it comes to planning your financial future, now could be the best time to start.

No matter what age you are, there are steps you can take that will help you secure your future financially. Here we offer some suggestions that could put you on the right path.

A decade-by-decade approach

If you are in your 20s, now is a great time to start thinking about retirement because time is on your side. If you start saving early, it can make all the difference. The way real wealth is built is with discipline and effort. Yes, you might inherit a load money unexpectedly or enjoy some other windfall. But saving more gives you the ultimate power to invest in your future.

For people in their 30s – it’s ‘no more excuses’ time! Time to get serious about your financial future. While your 20s may have been spent getting to know what your worth is on the job market, making some financial ‘school boy errors’ and possibly not putting saving at the top of your priorities list, your 30s are the time to be completely and absolutely serious about your financial future. More likely than not, you’ll have to consider the financial needs of your spouse and/or children, which means your financial responsibilities and expenses are likely to increase as well. Now is the time to plan for the “what ifs” by insuring what you have. Home insurance, car insurance, income protection and life insurance: they’re all important considerations.

If you are aged 40+ it’s time to take another look at what you have financially. With 20 years of work behind you and another 20 (at least) ahead of you, now is the time to prepare for the remainder of your career and to think about what happens next, in your retirement afterwards. If you have a disposable income, try not to dispose of it all. You may want to consider a retirement plan to boost any savings you have for retirement. Remember, you’re far more likely to need that extra income in your later years. To help you secure both your own and your family’s financial futures, here are four things you could consider during your 40s if not sooner:

1. Create a master plan: Figure out when you want to retire, how much you want to earn each year and create a realistic map to reach your goals.
2. Squirrel it away: Once you know how much you’ll need, stay disciplined and save consistently.
3. Don’t skimp: You may have more expenses than ever; still, it’s important to keep in mind that every pound you save now can potentially earn you a retirement income.
4. Protect your loved ones: Make sure the beneficiaries on all your policies are up to date. If you don’t already have one, create a will. And determine if your life insurance provides enough cover for your family’s needs.

If you have reached your 50s - time is of the essence. If you haven’t started your retirement planning yet, then now is a good time to start. The good news is that you probably have 10-15 earning years left to help you reach your goals. Additionally, many of your larger expenses, such as your mortgage, may soon be behind you, so one strategy would be to use those funds to save for retirement. If you haven’t considered life insurance before now, a plan could offer a straightforward and affordable way to leave some money behind when you go. Money that could pay towards funeral costs or to help your nearest and dearest when you are not around.

You can’t predict the future but you can make it more certain.

At Essential Insurance we can give you advice about life insurance based on your individual circumstances. To discuss your requirements and so we can help find you the best policy to match your needs, both on price and cover, you can call us on 0800 612 8005.