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Is there a ‘right time’ to start planning for life after work?

June 10, 2024, 16:51 GMT+1
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Is there a ‘right time’ to start planning for life after work?
  • Wesleyan Financial Services shares advice on how you can secure a comfortable retirement...
Is there a ‘right time’ to start planning for life after work?

Retirement will bring lots of opportunity for you and your family, both in terms of time and lifestyle.

With the right planning in place, you can realise your aspirations – but is there a ‘right time’ to get started?

As a leading provider of lifelong specialist financial advice in education, Wesleyan Financial Services help professionals like you to achieve the brightest financial futures possible.

If you’re hoping to secure a comfortable retirement, here are some key planning considerations.

It’s never too early – or too late – to get started

There can be a misconception that retirement planning should only take place in the later stages of your career. In reality, it’s possible to start planning for your future goals at every step of the way.

You’ve likely heard the proverb ‘The best time to plant a tree was 20 years ago. The second best time is today.’ This sentiment can be applied to your plans, as it’s only once you’ve finished work that it becomes almost impossible to influence key factors, such as your income streams.

The earlier you start, the more considered your decisions will be as you progress through life. This will be particularly important if you’re hoping to retire early, as you will need to know exactly which streams of income you’ll be able to access, and when.

From savings and investments to understanding how to get the most out of your pension, there’s a lot that can be done to support your later-life goals whilst you’re still working.

Understanding all of your options is essential

With phased retirement, early retirement and everything in between, there are many options for teachers. However, they may not all suit your specific circumstances.

This is where specialist financial advice can make all the difference.

With specialist financial advisers who work exclusively alongside education professionals and families, we can help you to understand which options will best suit your needs and goals.

It may be that you’re hoping to reduce your hours, whilst also being able to dip into your pension pot. You may be looking for clarity around how your retirement age could affect when you’ll be able to access your pension benefits.

For phased retirement, you will also need your employer’s permission, and the earlier this is sought, the clearer and more accurate your plans will be.

No matter where you’re currently at in your career, we can help you to envision, achieve and protect your future goals.

Joined-up planning requires a considered approach

If you’ll be spending your retirement with a spouse or loved one, planning together is really important. You’ll have a lot more time to fill, and you may have ambitions to travel the world, or move into your dream home.

It could be that you’re entitled to access different pension benefits at different times, which would have a direct impact on your future goals and lifestyle.

You may also have different minimum pension ages, so this would need to be factored into your plans as early as possible.

If you’re hoping to retire with financial peace of mind, we are here to help.

The importance of flexible planning

Your retirement will have different stages, and your income and outgoings are likely to shift as new priorities emerge, such as your family getting bigger, or enjoying new hobbies.

With a specialist financial adviser by your side, you can make sure that you’re able to allocate the right money, in the right way, at the right time.

They’ll also work with you to ensure your plans are able to accommodate any evolving needs, including funding private school fees for loved ones and making sure your money’s working as hard as you are.

Your specialist financial adviser can help you and your family to prepare for life’s ‘what if?’ scenarios. These could include:

  • How can you make sure your income is protected?
  • When is the earliest you’d be able to comfortably retire?
  • Is there a best way to use your tax-free lump sum?

Consider specialist financial advice to stay on track

Planning ahead is a simple way to make sure that your retirement stays on track.

No matter where you’re at in your career, Wesleyan Financial Services, which has its roots in the Wesleyan Assurance Society, a mutual established over 180 years ago, is here to help.

Supporting you at every step, we can help you to achieve the retirement you deserve – find out more about specialist retirement planning for teachers.

Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you.