For people in their 40s and 50s the two themes of financial planning remain the same: protection and savings.

Savings, particularly pension entitlements, will be building up.The death before retirement benefit should be a return of fund and should be written under a discretionary trust.

As term life policies, similarly written under trust, expire they can be allowed to lapse.Periodically check that the sum of a client's income producing assets and term life policies is sufficient to protect his or her family.

Children may be leaving home but they will still have expectations of financial support from their parents.Many years ago, my father-in-law warned me: 'The trouble with children is that they can get worse as they get older.'DebtIf a client still has debt, review how it is to be repaid.

There is far more commission for an adviser to propose to let debt run and cover it from an endowment or tax free cash portion of a pension policy than to take out an ordinary repayment mortgage.Returns on packaged savings plans may be less than expected.

Solicitors should be able to boost the client's savings by switching to a repayment mortgage.In the last four or five years of a repayment mortgage, more capital is repaid than interest on it.

If the interest on the capital is only calculated annually, then the true interest can be shockingly high.

At least one bank is still advising borrowers to take out a fixed rate mortgage in case interest rates rise.It is far more likely that there will be a substantial fall in rates, so fixing rates now on debt may be expensive for the client, but correspondingly profitable for the bank.For almost the whole of living memory, controlled debt has been advantageous because it depreciates with inflation.If we enter a deflationary era, the converse would be the case.

The value of cash would increase in real terms as would debt.

If a client has funds available it is always prudent to repay debt.MIRAS is now of minimal advantage.

If the debt attracts, or is rechannelled to attract, full tax relief on interest payments, the decision to repay is more finely balanced.

The client could possibly use the income 'saved' to find a unit or investment trust savings scheme.PensionsIt is at this stage in life that the benefits of a secure final salary pension scheme are appreciated.

Unlike a money purchase personal pension, the investment risk always stays with the employer.Last month I saw a civil servant in his late 40s whose key financial objective was to be able to retire at age 55.About seven years earlier he had been to his financial adviser, with whom he played golf, and since then had invested £100,000 in free-standing additional voluntary contributions.

His adviser had omitted to tell his client of the advantages of buying added years into his existing occupational scheme.Since then the stock market and the value of the client's personal pension policies have fallen noticeably with the possibility of greater falls to come.Keep savingAt least one eye should now be fixed on retirement.

After taking a free lump sum there are various ways in which income can be taken from a pension fund.In all cases that income is taxed as earned income, currently an academic point.

It is the tax relief obtainable on making contributions that makes building up a pension the conventional priority.The client will need good advice on the choice of provider and type of policy, which will depend on many factors, including risk appetite and retirement aspirations.Spare funds should be used to top up savings.

Again, have a spread of investments.

Arguably the best buy for a cautious investor is index linked national savings certificates.A maximum deposit of £10,000 per issue, a five-year term and a return currently equal to inflation plus 2.25% per annum.

If we have deflation, then the investor will still receive the 2.25% coupon and the return of the capital, all tax and risk free.

This would not be the case with index linked gilts.Towards the other end of the risk scale, PEPs are worthwhile but watch charges and performance, particularly for collective funds.

Appreciate that a client will not avoid deductions equal to or representing commission by going directly to a provider.If a client went direct to a commission paying company, the usual procedure is to deduct a fee akin to commission in any event and either keep it for general expenses or allocate it to an outside financial adviser.Inheritance taxDeath can strike at any time.

Always keep the client's will under review.

If the clients are married and the size of their estates warrants it, try to ensure the full nil rate inheritence tax band is used on the death of the first.As our colleagues who speculate in probate know, there are various ways in which this can be achieved.Another of my father-in-law's dictums was: 'You always need money most when you are young.' With youth on their side, small sums invested now can make a substantial difference for children when they reach the client's age.

Be bold and look at direct unit or investment trust savings schemes under a PEP umbrella or, from next year, an ISA.Do not advise the client to give away sums which, in comparison to his or her own wealth, are disproportionately large.Remember the three Ds that can strike: death, divorce and debt, ie, bankruptcy.

Also remember that the client may have children one day and want to provide for them.HealthAt this stage in one's life, health problems can often develop.

A client may find comfort in having private medical insurance for their own needs or those of the whole family.The ability to choose a medical specialist is reassuring.

A patient will normally be seen almost immediately and, after making a few discreet inquiries, can ask his or her GP for a referral to a particular specialist with a good reputation.On courseThe fundamental message is to keep reviewing the client's position and for the client to keep saving.The years from ages 35 to 50 flash by.

The next 15 years will go even more quickly.

The vast majority of the population retires with insufficient pension income.

Do your best to persuade your client to be in the minority.My managing partner told one of our retiring partners a few years ago: 'Retirement is just like going on holiday, except you do not come back to the office.'A client will want to be able to enjoy that holiday and that means having good health and sufficient income.