Is your financial plan evolving? Top priorities to consider at each stage of life

22 Oct 2026

By Chancellor

Think back over the past ten years. How have your life circumstances changed in that time?

Often, people’s priorities, goals, and attitudes evolve over time. As you move through life, your financial plan should move with you.

Without regular reviews, your financial plan can quickly become out of date. As a result, it may no longer be supporting you to build towards the life and future you want.

Knowing how and when to update your financial plan isn’t always easy. Life doesn’t follow a fixed timeline, and your priorities will depend on your personal circumstances. But by being aware of the key considerations that you and your loved ones might need to think about, both now and in the future, you can help keep your financial plan relevant.

To help you get started, read on to learn about common financial considerations at each stage of life.

Early adulthood (18 to 30): Building your financial foundations

In early adulthood, many people are finding their feet as they start their careers and begin managing their own finances.

Common goals include:

Building savings: This is the age when money habits really start to form as young adults learn how to budget, spend, and save responsibly.
Managing debt: Learning how to use credit, such as overdrafts, credit cards, and buy-now-pay-later schemes.
Buying a home: Hinckley and Rugby Building Society’s 2026 survey found that getting on the property ladder was a top priority for 22.4% of 18- to 24-year-olds, making it one of the most popular goals for this age group.
Travelling: The study also found that the same proportion of 18- to 24-year-olds (22.4%) said saving for a holiday was their main focus.

Despite 82% of 18- to 24-year-olds and 86% of 25- to 34-year-olds having cash savings, the Financial Conduct Authority found that just 22% and 28%, respectively, held investments.

Early adulthood is the ideal time to start planning and building wealth for the future. At this stage, you might start by creating a savings goal, with a target amount and timeline for achieving it, while also considering investing.

30s and 40s: Balancing short-term needs against long-term goals

At this stage, you may be growing your wealth and building your career. However, you may also have more financial responsibilities than in your 20s, with many people having children in this age bracket.

For example, you might be working towards:

Meeting your family’s needs: Expenses such as childcare, meeting your family’s basic needs, and enjoying holidays can soon add up.
Saving for your children’s future: You might be contributing to a Junior ISA or other savings account to give your children a head start into adulthood.
Repaying your mortgage: Mortgage repayments may consume a large portion of your income, with many people aiming to pay off the outstanding balance by retirement.
Protecting your family: You might consider taking out insurance, completing a will, or registering a Lasting Power of Attorney to protect your family’s finances against the unexpected. Read more: 5 practical steps to help protect your family’s financial future in 2026
Building long-term wealth: You may be growing your pension pot, investments, and savings as you build wealth for the future.

At this stage, it can be difficult to balance your family’s short-term needs against your long-term goals. A financial planner could support you to strike the right balance, helping you to enjoy time with your family today while building stable foundations for the future.

Pre-retirement (50s and early 60s): Preparing for retirement

The decade before retirement can bring a variety of financial priorities. According to interactive investor, 41% of people aged 55 to 60 are worried about saving enough for retirement. As a result, you might be focused on:

Boosting your pension contributions to grow your pot
Tracking down lost pension pots
Considering consolidation if you have multiple defined contribution schemes.

But getting your savings on track can be challenging, especially while juggling multiple other financial priorities, such as:

Reducing debt: You may be aiming to repay your mortgage ahead of retirement.
Supporting family: Many people in this age bracket simultaneously support their children and their ageing parents, putting their finances and their time under pressure.
Tax mitigation: As your earnings rise, you might be looking to reduce your tax bills. Read more: 4 tax traps that could stop your wealth from growing
Estate planning: According to Today’s Wills & Probate, 50 is the average age for making a will in the UK. If you made a will earlier in life, it may be worth reviewing to ensure it accurately reflects your current estate and wishes.

With so many financial goals to manage, it’s perhaps unsurprising that this stage of life is the most common for seeking financial advice. According to Intelliflo, 24% of people seeking financial advice are in their 50s, while 28% are in their 60s.

Early retirement (late 60s and early 70s): Shifting from accumulation to decumulation

This is when you might experience the most significant shift in your financial mindset, as you start decumulating your wealth after a lifetime of building it.

At this stage, top priorities might include:

Drawing an income: Planning a sustainable, tax-efficient income is a key step to ensuring your savings last throughout retirement.
Updating your will: While you may have made a will earlier in life, this can be another good time for a review. You might check it accurately reflects your current estate and wishes, while considering strategies for reducing your wealth’s Inheritance Tax (IHT) liability. Read more: Not ready to gift? 5 alternative Inheritance Tax strategies
Supporting younger generations: You may be offering financial support to your children or grandchildren, or gifting as part of an IHT mitigation strategy. In fact, Quilter suggests that retirees spend £1 in every £16 supporting younger generations. Read more: 5 costly gifting mistakes and how to avoid an accidental Inheritance Tax charge
Retirement goals: You might be planning to fulfil a variety of bucket-list goals for retirement, from holidays to home renovations.
Revisiting protection needs: After you stop working, your protection needs may change.

The transition from accumulation to decumulation can be quite disorientating. Remember, Chancellor is by your side to support you through this transition and help you continue building towards your goals.

Later life (80s and beyond): Managing your changing health needs

In later life, many people find they spend less on luxuries such as holidays and nights out, and more on accommodating their changing health needs.

Healthcare can be costly if you’re a self-funder. According to Carehome.co.uk, residential care costs £1,298 a week on average, while specialist nursing dementia care fees are approximately £1,564 a week as of July 2026. At-home care may be less costly, but still requires some careful planning.

Of course, you may not need care later in life. But for many people, having a plan in place to pay for it if necessary may be a key priority.

You may also still be managing existing financial priorities, such as keeping your estate plan tax-efficient and up to date, supporting family, and continuing to draw sustainably from your pension.

Get in touch

At Chancellor, we’re here to support you in working towards your goals through every stage of life. Whether you’re building your pension pot or planning a retirement income, growing your wealth or planning to pass it on tax-efficiently, we can help you create and maintain a plan that works for you.

Email info@chancellorfinancial.co.uk or call 01204 526 846 to speak to an adviser.

If you’re already a client here at Chancellor, contact your personal financial adviser to discuss any of the content you’ve read in this article.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate estate planning, tax planning, Lasting Powers of Attorney, or will writing.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.

Note that life insurance and financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.