How to get your finances on track at 40: From pensions to property, how to get where you want to be

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 14 January 2022

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Turning 40 is a milestone birthday – and perhaps the one that gets people thinking most about where they are at in life.

It’s an age that involves a lot of looking back and looking forwards and a fair amount of comparing yourself to where others are at.

But what do you need to think about in terms of your finances, from pensions, to property, investing and saving?

On this podcast – as a certain Georgie Frost turns 40 – Simon Lambert and her take the opportunity to have a look at the financial side of hitting the big 4-0.

It’s not just for those who are 40, it looks at people’s financial life in the decade around this age – and includes plenty of tips relevant to those who are much younger or older.

Plus, Simon takes us back in time to what Britain’s economy and finances were like 40 years ago in 1982. How much did a house cost? What did people earn? How high were interest rates? And was it better, worse or incomparable?

Transcript

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0:00.0	Welcome to a special This Is Money podcast. The reason it's special is because we are actually recording this earlier in the week, because COVID-willing, I should be out of the country sending myself on a beach watching cricket. Why? Not because I think I've worked really hard and I deserve it. I think I have worked hard and I deserve it, but because I will be 40. Yep, it's true. So it got
0:24.0	Simon and I thinking, not a huge amount because the brain fog gets in the way of that, of doing a 40
0:29.6	special. So we will be heading back to the 80s, talking about what's changed in the last four decades.
0:35.4	Hopefully Simon will be helping me to feel a bit better about turning 40, as well as looking at some key personal finance milestones,
0:42.1	such as how much should you have saved by 40, your pension pot, and what you can do if you're
0:46.3	falling short, plus the life admin that we all put off, but really should get round to doing
0:50.8	now with 40. This is going to be possibly the most painful 35 to 40 minutes
0:57.3	of my life. So far. Anyway, don't forget, you're up to date with all the latest breaking
1:02.6	money news just go to this ismoney.com. UK or download the app. But first, Simon, when we first
1:08.7	started this pod, I was a fresher-based 32-year-old.
1:14.4	I was listening to the podcast you did the other day with Stephen Bartlett, and you said,
1:18.1	oh, it's been a few years.
1:19.2	I'll have time flies when you're having fun.
1:20.8	It's a lot longer than a few years we've been doing this podcast for.
1:23.7	Now I am going to be 40.
1:26.7	Simon, as the older, wiser among us, what's it like being 40? Any tips?
1:33.6	I'd just like to say that I haven't been 40 for the whole time we've been doing this podcast,
1:37.7	only for some of it. I am 43 and the noticeable difference in my 40s has been minimal, I must admit.
1:48.0	You're not more sensible, not more mature?
1:51.3	No, not really.
1:52.2	I think you probably, you're either going to get there by 40 or you're not going to get there.
1:56.7	I think I'm probably never going to get there.
	...

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