As the children approach higher education you will need to see to what extent you can help meet a share of the education and living costs. Although the maturation of savings plans which were begun when the children were born can help at this time, you might also need to consider making extra provision as many students now leave higher education with debts in excess of D45,000. Do you wish to assist your children in this area? Are you able to?
By now you may have reached your earnings peak, and as the children leave home and begin work you should review your strategies to ensure you are on target for a comfortable retirement. What are your realistic objectives? You might, for example, want to consider moving to a smaller house, acquiring a second home, or increasing your retirement funding.
Alternatively, you may find yourself in financial difficulty. If so, remember there is always a way forward. The first step is always to acknowledge the situation. The second is to quantify the amounts involved. This may not be easy, but only when this is done can you design a path toward loosening debt’s grip and advancing your investment plans.