Retired teachers should follow these tips


Life after teaching can be a daunting prospect, with research by the Teacher Support Network revealing that financial concerns are right at the top of the worry list.

Plan to beat worry

More than two-thirds (69.5%) of retired teachers admitted that they were worried about money. With this in mind, resources such as the Teacher Support Network Guide to Retirement provide helpful tips on budgeting.

According to many financial advisers, including those using IFA software, most teachers find they are better off when they retire than anticipated; however, this is not necessarily enough comfort.

IFAs, who regularly use software from companies say that teachers typically have to live on a maximum of two-thirds of their previous income.

Top ten tips

1. List essentials

List all income and essential expenditure, excluding savings and luxuries.

You can maybe pick one hobby as a luxury whilst being retired like football and to save money maybe buy Cheap Football Kits from companies like  This could keep you active and we wall need to keep exercising.

2. Lump sum caution

Use your pension lump sum wisely. Do not be tempted to waste it, as it is an integral part of your ‘pension salary’.

3. Invest wisely

Ensure your money works in the most effective way, especially as some people will need their pension for around four decades.

4. Defer your state pension

This is an option if a private pension can meet your shorter-term needs, and is likely to lead to increased future payments.

5. Mortgage redemption

It might not be best to pay off a mortgage, as just £1 outstanding can mean that the lender keeps the deeds, saving on storage fees. Paying off a mortgage with pension funds can also reduce your standard of living.

6. Avoid interest

It may be worthwhile paying off high-interest loans, however, or looking to change lender to make the most of better deals.

7. Equity release

This could be an option if money to live on is tight, especially as such schemes are now better regulated; however, independent financial advice is crucial.

8. Make your money work

Look at swapping bank savings for other investments that work better.

9. A balanced portfolio

Avoid putting all your eggs in one basket; instead, make use of expert advice to achieve maximum returns with an acceptable level of risk.

10. Manage your estate

Protect inheritances from unnecessary tax bills and make things simpler for your dependents by ensuring you have a will in place.

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