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Turning 50 is a good time to take stock of your financial situation. This checklist covers the key areas to review.PensionTrack down all old workplace pensions (use the government’s Pension Tracing Service)Check your State Pension forecast at gov.ukFill any National Insuran...
Key Information
- Last Updated:
- 31 May 2026
- Category:
- Retirement Advice
- Reading Time:
- 1 min read
Turning 50 is a good time to take stock of your financial situation. This checklist covers the key areas to review.
Pension
- Track down all old workplace pensions (use the government’s Pension Tracing Service)
- Check your State Pension forecast at gov.uk
- Fill any National Insurance gaps if cost-effective
- Review your pension investment strategy — consider reducing risk as you approach retirement
Savings and Investments
- Build 3–6 months of expenses in an accessible cash account
- Maximise ISA allowances annually
- Review any investments for tax efficiency
Protection and Legals
- Write or update your will
- Set up Lasting Power of Attorney (both property/financial and health/welfare)
- Review life insurance and critical illness cover
- Update beneficiary nominations on pensions and life insurance
Debt
- Aim to enter retirement debt-free if possible
- Prioritise paying off mortgage before retirement
- Avoid taking on new long-term debt in your 50s
Self-employed? Visit Self Employed Money for UK tax guides and financial tips for freelancers.
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Interesting point about filling National Insurance gaps. Remember, it's only worth doing if you'd receive more than £104/week in State Pension.
Just turned 51 and this is so helpful! I've been meaning to track down my old workplace pensions. Any tips on where to start with that?
I appreciate this comprehensive checklist, but could you elaborate on when it's cost-effective to fill National Insurance gaps? I'm curious about the break-even point.
I'm curious about the advice to fill National Insurance gaps. Could you clarify when it's cost-effective and when it might not be worth it?