Retirement Planning For Teachers
Choosing to teach for a living is extremely rewarding in more ways than one. You literally shape the next generation and challenge them to be the best humans they can be.
However, navigating a teacher’s salary and making sure you have enough to reward yourself in retirement can be an entirely different kind of challenge.
Teachers hold an esteemed position in society and also have unique retirement needs. At MyFuture, our retirement planners understand these needs and have the knowledge and experience to provide you with a personalised service that builds the retirement savings to secure your future.
Retirement should be a life stage that you look forward to and spend your days dreaming about. Enjoying your golden years in your dream home with your favourite hobbies or exploring the world with the people you love. We want to help make your retirement years as enjoyable and comfortable as possible.
Retirement Planning For Teachers
If you’re a teacher in New Zealand, hopefully you already belong to a superannuation scheme such as the:
- Teachers’ Retirement Savings Scheme or the State Sector Retirement Savings Scheme, each of which have employer contributions of up to 3% of your gross salary.
- The Government Superannuation Fund with an employer contribution of 6.5% or 7% of your gross salary.
- National Provident Fund with an employer contribution of up to 3% of your gross salary.
Whether or not you participate in any of these schemes, you may find it’s not enough to warrant the type of retirement you deserve. There are many ways you can supplement your retirement savings and the experts at MyFuture can show you how.
Reach out today for your FREE no obligation Discovery Session to get started planning your dream retirement.
How To Plan For Retirement For Teachers
Planning for retirement can be a lifelong process, so we suggest that you:
- Start planning as early as possible
- Determine your ideal retirement age
- Picture your ideal lifestyle (to understand how much that lifestyle is going to cost)
- Explore your ideal location
- Evaluate your savings plan
- Adjust your finances as necessary to make your dream retirement a reality.
Understanding these factors when planning for retirement will ensure you’re better equipped to achieve the retirement lifestyle you want.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your goals with a tailored financial plan and proven financial expertise.
Retirement Planning Goals For Teachers
Whether you have more traditional retirement plans to live comfortably and simply or if you have loftier goals of a luxurious lifestyle, your retirement goals are within reach. Whichever path you follow to your dream retirement, we’ll help you put the plan in place to get there.
It’s important to ask yourself these questions when making a plan for retirement:
- How much income do you have or expect to have?
- When would you like to retire?
- Where do you want to live?
- What are you looking forward to?
- What lifestyle do you want for retirement?
- Do you intend to take any trips or make any large purchases?
- Do you want to continue working?
- Do you have any health concerns?
- What are your debts?
Once you’ve thought about how you intend to spend your retirement years, there are some more practical questions that will guide you in figuring out how much you need to save:
- How much do you normally spend from month to month?
- What is your life expectancy?
- How much money do you have saved?
- How long do you have to save and invest for retirement?
- What wealth building sources are available to you?
When Should I Consider Retirement Planning?
Get started today! If you haven’t started planning for retirement, now is as good a time as any. The earlier you start, the more time you have to secure your future and achieve your dream retirement.
Retirement planning doesn’t have to mean making sacrifices when you’re young, but it does mean investing in your future. By understanding your finances, setting goals, saving, and investing, you’ll be well on your way to financial freedom regardless of your age. It can give you the freedom to spend time or money on what matters most and the confidence that your future is protected.
Retirement planning is not a rigid process. Instead, it means balancing your priorities and choosing how much you spend on the things you value most.
So, what are you waiting for?
How Much Do I Need to Retire?
NZ Super (Superannuation) will provide a reasonable base income during retirement. Currently, the NZ Super rates after tax are $437 a week for those living alone and $672 for qualifying couples. A 2019 study by Massey University found that most Kiwis spend more than that in retirement, particularly in urban areas.
Depending on lifestyle, from ‘no frills basic’ to ‘a comfortable’ one, the study highlights that those living alone in Auckland, Wellington, or Christchurch spent between $602-$1,190 a week, while spending outside the city was $574-$831. For couples, the difference was similar, falling between $899-$1,436 in the city and $640-$1,136 in other areas.
Acknowledging that the NZ Super will not meet your needs is a start, but the exact figures you will actually need depend on your lifestyle goals. Schedule a FREE Discovery Session with MyFuture and get started crafting a retirement plan you can look forward to.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions