December 2019 Directors' Column

Retirement

Decisions regarding the timing of retirement have become more complex for most people but for those in the teaching profession there has been a paradigm shift. Long gone are the days when superannuation schemes made retiring at 55 a financial imperative.

We have entered an era where low interest rates seem here to stay, so the opportunities to reap a benefit from accrued savings or investments are scarce.

Life expectancy has increased and I don’t think it is my imagination that as retirees we have greater expectations of retirement that include travel and ongoing physical activities.

For many, retirement can also mean greater responsibilities with very old parents to care for, less financially affluent offspring to support, and commitments to grandchildren.

Old notions mostly focused on retirement as an issue for men facing adjustments to their self images. A newer phenomenon is the retirement of women from well-established careers that have given them responsibility and autonomy.

Retirement can also involve a loss of a community. Educators (and I suspect others who belong to similar professions) have rich daily contact with countless individuals, both colleagues with whom they work closely, and the many young people they nurture. For me, this was the significant loss I confronted in retirement.

In the past, retirement generally implied moving from full time work, to no work. This has changed and many take on more fluid roles after officially retiring.

Financial Planners at Bank First support individuals through this period of transition. They are experienced, fully qualified and particularly knowledgeable about the legislation specific to those working in the education sector. They recognise that many contemplating retirement have fears regarding the longevity of their capital, and sometimes unnecessarily delay retirement because of this concern. Bank First’s Financial Planners are salaried employees rather than “product providers”. They provide ethical advice and have an understanding of the contextual as well as financial considerations regarding the decision to retire.

An initial appointment with a Bank First Financial Planner may well provide the impetus and peace of mind to take the plunge and make that transition to a wonderful new stage.

Judy Crowe
Director