Early retirement – it’s a hot topic amongst those in the world of teaching. It’s also something which should ideally be considered alongside careful financial planning. Especially as research has shown that people who receive professional advice from an adviser felt twice as confident about being able to retire*.
Which is exactly what headteacher, and NAHT member, Ann Brown did.
Ann got in touch with Skipton Building Society after hearing about them through the NAHT. She was looking to take early retirement and wanted to begin her planning process around 18 months to two years before she planned to retire.
Appointment one – accessible advice
Ann was able to arrange a meeting at a time that suited her. She also opted to have the appointment at home – this way her father could easily attend.
The first meeting was centred around a discussion on what Ann’s goals were during retirement. Ann’s adviser also provided some advice around making a Will – something Ann did straight after the appointment, as she had not yet made one.
After having some time to assess the information discussed during her review, Ann decided to delay her retirement until the summer after.
Appointment two – a lesson on investing
During their second meeting, Ann and her adviser began to talk about different types of investments. The adviser spent time chatting with Ann to determine what level of risk she was prepared to take with her money – establishing that her main aim was to be comfortable and have a portion of money she could do what she wanted with.
After the appointment, Ann was left with all the information she needed and given plenty of space to think things through again. Two weeks later, her adviser contacted her for a third meeting.
Appointment three – finalising your plans
This appointment involved deciding on what actions Ann would take next. Including how much money Ann would invest from her pension pot and where. Ann’s adviser also provided some extra advice on the additional voluntary contributions she had paid into her pension – meaning she received some money back from the tax man just in time for her holiday.
‘It was very easy for me’
Ann told us, “Throughout the whole process I was given advice and then given plenty of time to go away and decide what I felt comfortable with. My adviser was very knowledgeable, and I felt comfortable talking with him.
“All in all, I was provided with advice, but I wasn’t pushed into anything I didn’t want to do. There was plenty of time between each meeting in terms of being left with information to read and having time to digest everything.
“I’ve already recommended Skipton’s services to a colleague of mine who is thinking of retiring.”
What Skipton can do for you
If, like Ann, you’re a school leader looking to start making plans for your retirement, doing your homework could pay off. That’s why we’ve partnered with Skipton Building Society – they’re here to help you with your financial planning needs.
Skipton have advisers across the country that can help to de-mystify your money worries, give your finances a health check and help devise a personalised retirement plan. There’s no obligation to act on their advice and no upfront fees to pay. So it could prove worthwhile finding out if Skipton could support your financial well-being. You can also sign-up to insightful monthly emails from Skipton, exclusively produced for NAHT members.
*Sanlam (2019) ‘Half of Brits opt against financial advice’
For stock market based investments your Capital is at Risk and you may get back less than you invested. The tax treatment of your investments depends on your individual circumstances and prevailing legislation both of which may change in the future.”