The process of transitioning from a career you’ve been doing a long time, to the point that it’s been ingrained in your very being, can be immensely difficult. Especially when moving from the world of teaching, where your primary goal is to consider others first, to then shifting that focus to your needs when you retire.
Looking at what kind of lifestyle you want, whilst considering what’s best for you and your family, can also be difficult.
NAHT Personal Financial Services’ aim is to get your investments and pension planning in a good place, so you can enjoy your retirement.
It’s not too late to plan for your retirement
Everyone knows the sooner you start saving the coffers, the more time you’ll have to grow your retirement pot down the line. What if you’re a late starter or planning on retiring in the next 12 months though? Whatever position you’re at with your retirement planning, getting expert financial advice could help you work out how much money you might need in retirement and suggest ways you might be able to achieve it.
NAHT Personal Financial Services can help NAHT members like you with your retirement options, through clear and trustworthy financial advice. A financial adviser can recommend different investing opportunities too, which could be a good way to grow your savings. Whichever path you decide to go down, there’s no commitment to act on the advice – and no upfront fee to hear the recommendations.
An NAHT Personal Financial Services Financial Adviser can discuss your situation – and see if you could benefit from a financial advice review and then arrange if you agree. If you decide to proceed with any recommendations, the cost will then be based on the level and type of service provided. Whatever happens, the charges will be explained really clearly before you make any decisions, so you’ll never be left in any doubt about what you’re paying for.
Considering what it actually means to retire
Beyond the fact you will no longer go to work every day, you might have a lot more time on your hands. A period of adjustment is expected. It’s also important to remember that your situation and income needs may change throughout retirement.
And as you get older, you may need money for unexpected events – such as short-term, and even long-term, care.
- In the first few years of retirement you’re more likely to be relatively fit and healthy. You may spend money on keeping active and life could be more expensive.
- As you get older, you should settle into a more regular lifestyle and need less income. So your retirement costs could reduce for a while.
- At different times in retirement you may have periods of heightened expenses; for example if something about your situation was to change, or if you might need some healthcare or assisted living support.
It’s really important you have an adaptable strategy that considers the possibility of your income needs changing over time. NAHT Personal Financial Services can’t predict your future. But we can help you prepare for it.
Tackling bumps in the road ahead
As part of this personalised service, you will benefit from a retirement income plan that’s suited to your circumstances, to help you prepare for both inflation and longevity during your retirement. Not only will they include these into your long-term strategy, they will also flag other important factors you may not have considered:
Do you have enough income to cover your biggest expenditures in retirement?
- There may be times where your spending is greater than at other points over retirement. For example, you may go on more holidays during the first few years of retirement, or have a one-off lump sum need, like buying a car.
Will you have a guaranteed income for day-to-day spending?
- Regardless of what happens in the future, you’re always going to need money for food and bills. While the State Pension will cover a lot of this, on its own it probably won’t be enough. At NAHT Personal Financial Services they’ll help you explore ways your savings and investments may be able to provide you with a guaranteed income. One option may be annuity. Annuity rates depend on your individual circumstances such as age and health at the time of purchase.
What tax-free allowances are available to you?
- Using your money in the most tax-efficient way can make a big difference in helping to make sure your money lasts. This is an important consideration, as you won’t be receiving a regular salary anymore.
If you’re ready to talk, NAHT Personal Financial Services is ready to listen
During these difficult times we understand that getting out and about isn’t recommended, which is why NAHT Personal Financial Services offers an award-winning, and easy to use, video link service, called Skipton Link.
This service gives you the opportunity to have face-to-face retirement advice appointments at home, that are tailored to your needs. All you need is a computer, laptop or tablet with access to the internet to get speaking to a friendly face. It’s as simple as that.
To book a financial review and discuss your retirement goals, call 0800 121 4596.
Remember, there’s no one way to do retirement. But there are things you can do to prepare for it
NAHT Personal Financial Services is a trading name of Skipton Building Society. Skipton Building Society is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.