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Retirement Planning

Retirement Planning Advice

What lifestyle do you want after you retire? What have you aimed at to deliver such a lifestyle? Many people have these questions in mind but are stuck on how to answer them. Whether in your 30s or 60s, you should always contemplate a retirement planning scheme.

The primary purpose for most people in life is to earn a good living and retain a comfortable lifestyle, but very infrequently do we think about what we will do when we retire. You should work towards organizing your finances more virtually to receive a better outcome once you retire.

The UK government has opened up many doors for clients aiming at their retirements, such as the pension freedom 2015, which gives retired individuals more flexibility and possibilities. At Care Financial Services, we facilitate all our clients to begin planning their retirement regardless of age.

A pension plan is an incredible way to plan for your future as they are tax-free, letting you save money for retirement. Give us a call to schedule a meeting for Retirement Planning Advice.

Retirement Planning Guide

You can think of many options and choices to secure your financial condition after you retire but sometimes, it is tough to understand how to go about it. We have briefly listed down a checklist to tell you more about how and where you start with.

Retirement Planning Checklist

It’s always good to start considering your retirement options and the decisions you will have to make around two years before you stop working. You can use our checklist to make sure you’re prepared for retirement.

  1. Determine How Much Money You would Require in Retirement.

When you retire, you’ll undoubtedly need to adjust to a different income and spending pattern. This is because you will likely have less money to live on. It’s a good idea to create a budget to help you plan and to help you get ready for these changes. You’ll be able to determine the amount of money you’ll likely need to spend once you have a decent notion of your retirement spending requirements.

  1. Work out Your Likely Retirement Income.

Now is the moment to estimate how much money you’ll likely have in retirement. Doing this around two years before retiring is an excellent idea.

These things are involved:

  • Obtaining a State Pension Statement.
  • Calculating the value of any defined benefit pension (if you have any).
  • Calculating how much you have in your defined contribution pension pot.
  • Add up your savings and investments available.
  • Locating any lost pensions.
  1. Assess your Income Options.

You might need to determine how to take your money, considering all types of pensions you have.
Defined Benefit Pensions
A defined benefit pension will often start providing you with a guaranteed income at the age you would normally be eligible for retirement. The typical age for this is 60 or 65 but verify with your plan.
Defined Contribution Pensions
A defined contribution pension will have accrued savings that you can typically start withdrawing from at age 55.
Other Income
In addition to your pensions, you may have additional sources of income that you might use in retirement. This income may not be guaranteed for life and will likely change over time.

  1. Check Your Financial Position Before Making a Retirement Plan.
  • Will there be any tax you will have to pay?
  • Will there be any gaps in your income and needs?
  • Will you still have any payable debts at the time of your retirement?
  1. What Do Next

Now it’s time to get advice and finalize your decisions. Verify that your pension investments are suitable for you. Think about strategies to boost your pension.

Common Retirement Planning Options

Accomplishing a decent income for a lifetime demands statistical planning in various areas. Many individuals are substituting their pension sources with other alternative options to pitch into their retirement plan, such as: 

  • Investment 
  • Product conservation
  • Acquisition of real estate

The only flaw of such options is that they mandate a lot of time, energy, and professional assistance. 

Many people also struggle with deciding when they should retire and, if they own a business, what they should do with it- trade it or pass it on to someone in their family. 

It is always a reasonable idea to strategically plan your time of retirement and assess where you stand in your tax statuses so that you can rectify any hurdle. At the same time, you still have access to adaptable possibilities.

Lastly, if you want to preserve a comfortable lifestyle when you retire, it is also essential to consider factors such as: 

  • Life Assurance Planning 
  • Healthcare Insurance 
  • Long-term Provisional Care

Since everyone’s retirement is different from others, our highly qualified experts can help you by providing you with a professional independent retirement planning advice.We can help you with

  • Studying your circumstances and coming up with tailored individual retirement plans 
  • Providing knowledge and market research 
  • Estimating the costs you may face in achieving your goals
  • Regularly study your plan and ensure it is up to date with changing circumstances
  • Examine existing retirement plans to make sure your tax return is maximised in the right way. 

The most tax-efficient way to prepare for retirement are Pensions, and as people are living longer, it may be necessary for your retirement savings to last longer. 

The earlier you can start contributing to your pension fund, the better your retirement will be. The tax reductions available inside your pension will help your savings grow more quickly.

We evaluate your progress by considering changes in your way of life, tax law changes, and your current financial situation. Therefore, we are here to support you whether you are a business owner, a family, or interested in preparing your own finances.

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How can Care Financial Services Help?

The retirement world is a repeatedly evolving and intricate place, and that is why you must have some professional help. At Care Financial Services, our specialists work with our tax and finance department to develop well-constructed retirement plans for our clients with a vision that nourishes them with a comfortable life that can continue to their retirement phase. 

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.


What should save for your retirement varies from person to person. While making an estimation, you should take into account the inflation rate, your current income, future increments, and payable taxes.

You must have an idea of what you have saved so far and how much more you can put away before you retire.Your ideal way of life when you retire  includes your expenses such as health care, housing and travel and entertainment. To help you calculate how much you’ll need, ask our advisors.

You probably don’t want to consider the possibility that you might want assistance with self-care. But if you do require assistance, you might value a way to pay for long-term care costs. You may be able to avoid the financial consequences of using up all of your retirement funds to pay for certain medical and non-medical long-term care expenses by purchasing life insurance with long-term care riders. It can shield those you care about from the responsibility of providing care. Insurance may help with eligible costs if you have a chronic illness or disability and require home health care visits, nursing home care, or adult day care services; normal health care may not. Discuss long-term care options with our financial advisor right now.

Disability insurance cover can protect your retirement savings in case you are sick or injured and are unable to work. Discuss your alternatives with one of our advisor to get a free advice.

How can I establish a reliable source of income to support my other sources?
An annuity can be used to provide lifetime income for retirement as part of a thorough financial strategy. Find out what’s best for you by speaking with one of our financial advisor.

A thorough estate plan ca specify which heirs receive what after your are no more with them. An estate plan is typically drafted with the assistance of an attorney. Your savings can be transferred on to your loved ones with the help of life insurance with an income tax-free death benefit.  Consult a professional advisor who can assist you in providing for the people you care about financially about your beneficiaries and assets.

Everyone put a lot of effort into saving for retirement and keep adding to it to make sure that your loved ones are taken care of both now and in the future. A death benefit is paid out through permanent insurance, which also permits the building of cash value. You can preserve your retirement assets by using policy alternatives or hybrid policies to help pay for long-term care expenses as well. Talk to our financial advisors about retirement solutions to learn more.


The content on this page is based on our understanding and knowledge at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. Please contact us if you require further information about the content included on this page.

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