When the school bell rings for the last time

As the school bell comes closer to ringing for that final time in your career, it’s important you start to think about your next steps in life.

The sooner you familiarise yourself with the options available to you for during your retirement, the more relaxed you’re likely to feel about the whole process.

Despite this, a recent study has shown there are big holes in people’s knowledge of their needs in retirement.

In fact, 1 in 3 Brits don’t know how big a pension pot they’ll need, and 1 in 5 don’t even know how much pension they have saved right now1.

One of the biggest problems is that many people aren’t sure what they want from their pension arrangements or for their retirement prospects1.

Put your thinking cap on

As a school leader, you’ve a lot of experience when it comes to planning – so it could prove useful to apply those skills to your retirement plans.

It’s understandable you might not be entirely sure how your lifestyle will change once you retire. But it helps to at least give this some thought.

Before you say goodbye to school life, it may be wise to put aside some time to come up with a solid strategy for during retirement. This involves thinking about having an income for day-to-day living expenses, as well as any bigger ambitions you may have.

There’s no need to finalise every last detail, but you should at least have a rough idea of how you’d like to spend your days.

All being well, the first few years will be the most exciting

You’ll have a lot more spare time once you’re out of the school environment. Which means if there’s something you’ve always wanted to do, this will be a great time.

Thanks to this extra time, there may be periods where your spending is greater than at other points. For example, you may go on more holidays during your first few years of retirement, or have a one-off lump sum need, like buying a new car.

As you grow slightly older, you’ll likely settle into more of a routine. Eventually, your spending habits are likely to become more balanced.

On top of all this, it’s really important you have an adaptable strategy that considers the possibility of your income needs changing over time. Whilst today’s retirees enjoy better healthcare and higher life expectations than previous generations, longer lives could also mean more expensive care bills later down the line.

Here to help you prepare

NAHT Personal Financial Services are here to help you put those all-important retirement plans in place.

One of our financial advisers could help you to look at your retirement options, through clear and trustworthy advice. Whichever path you choose to go down, there’s no commitment to act on the advice – and no upfront fee to hear the recommendations. You’ll only be charged if you decide to proceed with their advice.

By taking some time to talk through what you want to achieve, you could be better placed to make the right decisions about an important phase in your life – especially as people who receive advice from an adviser feel twice as confident about being able to retire when they wanted to2.

As part of the personalised service provided by NAHT Personal Financial Services, you could benefit from a retirement income plan that’s suited to your circumstances, to help you prepare for both inflation and how long you might need a retirement income for. Not only will these plans include your long-term strategy, they will also flag other important factors you may not have considered.

To find out more about how NAHT Personal Financial Services could help you, call 0800 121 4596 or request a call back here.

For flexible retirement solutions such as drawdown your capital is at risk and you may get back less than you originally invested. The value of investments and the income from them may fall as well as rise. If you take too much income too quickly your fund could be depleted or run out altogether.

1Unbiased, Pension questions? The UK’s favourite answer is ‘Don’t Know’ (2020)
2Sanlam. Half of Brits opt against financial advice
NAHT Personal Financial Services is a trading name of Skipton Building Society, which is authorised 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. N. Yorks BD23 1DN