With a rising state pension age and many more people living to 100-years-old, there is a greater need to plan and prepare for ones future life than ever before, according to the Chartered Institute of Payroll Professionals (CIPP).
It said the age 50 will increasingly become the halfway point of life and an important time to take stock, reflect and plan for the decades ahead.
Following John Cridland’s independent review on state pension age, that was published last year, were several recommendations for the government to consider how to help people save later in life.
One of these suggestions was the idea of a mid-life MOT. This concept is a point in people’s lives, roughly in their 50s, where they would be given help with the lifestyle choices which determine their financial position.
Cridland recommended that this would be in the shape of a web-based tool that connects to people through the pension dashboard. It would provide financial guidance and lifestyle diagnostic help to address the fundamental questions people face.
This lifestyle and employment help would be in the shape of careers guidance from either employers or the government’s National Careers Service.
The CIPP said it has been reported, on the Professional Adviser, that Guy Opperman, pensions and financial inclusion minister, recently spoke at a Association of British Insurers event and said the mid-life MOT was an idea he was "championing".