A short guide to our Life Stages support

There are broadly four key life stages when considering Financial Planning.   However everyone is different and many of us reach these life stages at different points of our life.   CB Benefitss’ role is to tailor our advice to you as an individual.   We make sure that the plan we create is relevant to the below life stages, but also right for you as an individual.

Generations and different life stages

Life Stages

The Four Life Stages

Young, free and independent

This is the time of time where financial planning is most likely a faraway thought. You may have just starting out in your career. Maybe you’ve just finished school or university and earning a solid income is a new experience. This is a fantastic time in your life and enjoy it. Seeking Financial Advice may not be in the forefront of your mind; however, this is the perfect time to start implementing the basics —You should make sure you have a detailed budget plan, documenting how much you earn and how much you spend.  When budgeting, it is a good idea to take account of big one offs such as car tax, birthdays and Christmas.  You should put a monthly amount away for these events.You may have disposable income.  We’re not saying you should save it all.  But, be mindful that this is also a good time to start taking advantage of the power of compound growth or interest.  Put simply, compound is; earning growth on growth or interest on interest.  So the earlier you start saving, the better it’ll work for you.For those of you who are good at managing your finances, you may be thinking about clearing any debt and saving a deposit for a property.

Settling down

You may now be in the process of settling down. You’ve got your wild years out the way, and waking up with a regular hangover isn’t quite as appealing as it used to be. The settling down life stage can naturally lead to a number of events.  You may now have a partner.  You may be married or be thinking of marriage.  And you may also have started, or be thinking about starting a family.This life stage can traditionally be one of the most financially challenging. Whilst your income has no doubt improved, you will typically have more liabilities.This may be also the first time you’ve started seriously thinking about your future and receiving Financial Planning.  Specifically, the most common areas of advice during this life stage will be:

Purchasing your first home

Protecting your family

Replacing income in the event of losing your job, or being unable to work

Planning for your children’s education

Saving for your future

Retirement Planning

During this life stage, you may start to think about when you can stop working. You may have started to make inroads in paying off your mortgage. Your children may be older and may be thinking of flying the nest.  Your salary has hopefully improved and you may have more disposable income.   The earlier people start saving for their retirement, the better their position will be later in life.During this life stage our main objective will be helping you to establish:“How much money you need, to reach and maintain your desired lifestyle for the rest of your days, without fear of ever running out of money.”You may also be able to balance this with enhancing your current Lifestyle.


We at CB Benefits don’t like the word ‘retirement.’ We feel that this life stage needs re-defining.
Here’s why:

Number 1
Statistics show that the earlier you retire, the shorter your life expectancy. Humans are social and purposeful individuals so having a reason to get up in the morning is a good thing.

Number 2
In countries where retirement is not widely recognised, life expectation tends to be longer. Japan being a great example.  Japanese individuals will often stop working in their jobs, but will very rarely stop being active.Now we’re not saying that you shouldn’t aim to wind down later in life, or that you should stop doing the job you’re currently doing.  We are saying that you should plan to:“Reach a point in your life where you can I afford to live the life you want, out of choice, and not obligation, without fear of ever running out of money.”

The most common concerns in retirement are:

  • Ensuring you have enough money for the rest of your days, without fear of running out.
  • Leaving a large tax liability to your family on death. You may need to take practical steps to gift more and spend more. Receiving quality Estate Planning where trusts and other policies may be in order could be very valuable.
  • Lastly, one of the key areas that people are concerned about is Long Term Care should you reach a stage where you’re unable to continue living the same quality of life without support.