How to make sure there's still money when you need it most.

In this article you'll learn:

• Why lifetime wealth planning is an important strategy to adopt.
• Five 'pensions and investments 101' tips for prudent wealth planning.

Life has a habit of creeping up on you. One minute you're climbing the career ladder, trying to boost your salary and savings, the next you're thinking about how you're going to support yourself when you decide you no longer want to work full-time. Taking a sensible and considered approach to financial planning is a great way to be ready for whatever the future holds.

Financially, many people never see beyond the next month or two. Sure, they may be conscientiously saving for a rainy day, but they won't look at their finances with any real long-term sophistication. This is where lifetime wealth planning comes in.

This sensible approach to financial planning ensures that you are fully aware of the impact of the decisions you make when you're managing your money and how these could affect the goals you have set for your money.

For example, how best you can save a certain amount for a deposit on a property or for school fees or for paying for a carehome for an elderly relative.

Where lifetime wealth planning can be of most use is in retirement planning. And as the state pension is unlikely to provide anywhere near enough income it's not surprising that most people will need another source of income from a pension pot they've accrued while in work.

We believe that lifetime wealth planning is the best way to achieve the financial future you want. Be that the income you need in retirement or a shorter-term goal.

So how can you get a piece of the investment action?

Do what the best lifetime wealth planners do

Here are a few widely accepted guidelines:

• Start early: It's never too late to start saving, but it's definitely better to begin earlier. Imagine how much a £1,000 investment made 10 years ago would be worth today. Then imagine how much you've missed out on if you leave it another 10 years.

• Set goals: the process of lifelong financial planning asks you identify the goals you want to achieve. When considering your retirement you should start by thinking 'when' you would like to retire...

• ...Then think about the retirement you want: How much income do you need during retirement? How many holidays do you want each year? What will leisure activities cost? Do you want to move house? Would you like to leave an inheritance

• Calculate your net worth regularly: no, it isn't just a vanity project for the rich and famous - it's a serious exercise to help you understand where you are and to help you make the best decisions about what to do next.

• Speak to a financial adviser: Well yes, of course, we'd say this. But we believe that the the financial benefits that can be delivered by working with a professional to plan how you arrange and manage your finances should massively outweigh the costs.

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If you want to know more about lifetime financial planning, or want to understand how to prepare for retirement and maximise your existing assets, speak to the expert financial advisors at Flying Colours today on 0333 241 9900.