What financial commitments should I be making at 32?

csa

I'm 32 have a husband and new baby. After the recent bereavement of a close friend, it has got me thinking about what financial arrangements we should have in place.

I have a pension which my company only started a year ago, an ISA with a small amount of cash in. I also have a life insurance policy and that's about it. My husband has no pension but puts some money away in a high interest account and that's about it. We don't have a will or any other life cover, if anything happened to my husband other than getting the mortgage paid, I don't know how we would survive.

Is there some other financial arrangement we should really have in place? We do not have a lot of surplus income so any suggestions need to be realistic and of real benefit.

Thanks

EdInvestor

Assuming you have a mortgage, and term life cover to pay it off in the event of death, then it sounds as though you both need additional life cover, which is fortunately cheap these days. You should check what death in service benefit might be available through your jobs though.

You should both get a
state pension forecast and make sure you are fully paid up, no missing years. You should both check you are contracted in to S2P and you getting all home responsibility credits you are entitled to.

If you are basic rate taxpayers,I would suggest you open an investment ISA, choose a few good funds, and start making contributions into that to boost your retirement fund long term. See the Savings and investments forum for more info on this.

Paying off the mortgage would be another goal.