Need a Retirement Financial Planner for Teachers?

Wednesday, February 22, 2023

When you are approaching retirement, it can be wise to start considering your personal retirement plan. A financial advisor can provide a clearer view of best timing according to your personal circumstances as there are various superannuation retirement scenarios for teachers.

If you are a practicing Teacher in Queensland, your superannuation is likely held with QSuper. If you have been a teacher for a few decades, teaching prior to 1993, then your superannuation may be in the form of a Defined Benefit. If a teacher has a Defined Benefit Superannuation, then market fluctuations do not affect your retirement nest egg. This can position you with more choice as to when you may choose to retire because markets that are in a contracted phase will not affect your total payout.

The other format for teacher superannuation is known as an Accumulation Account. This form of teacher superannuation is exposed to the fluctuations within the markets. In recent years, you have been given more choice about your investment strategy for the Accumulation portion of your superannuation. There is now the option to rollover your investments to another Fund Manager if it is deemed more suitable for your needs and circumstances. This offers more flexibility for your teacher retirement investment plan.

When you are approaching retirement, it can be wise to start considering your personal retirement plan. A dedicated financial planner for teachers, like Maher Digby, can provide a clearer view of the best timing according to your personal circumstances as there are various superannuation retirement scenarios for teachers.

The Advantages of the Pre-and-Post Teaching Retirement Phases

Teachers also experience some advantages in the pre and post retirement phase. Many teachers choose to extend the front end of their retirement by taking long service leave as part of their pre-retirement strategy. In addition, some retiring teachers will keep a small amount of investment in their Accumulation Account to keep it open, and then utilise Supply Teaching as a form of part-time income in their post-retirement phase.

A personal financial adviser will design an investment strategy according to your individual circumstances and financial goals. They will also advise and manage the Estate Planning portion of your teaching retirement plan ensuring your monies will be dispersed according to your wishes, usually via a Binding Nomination and/or Reversionary Pension to your partner.

Once your plan is in place and you are retired, you can relax into receiving a regular income from your Pension and enjoy your newfound freedom.

Receive Financial Planning Advice Throughout your Retirement

Throughout your retirement it is also important to receive the best financial planning from specialists well-versed in providing financial retirement advice for teachers. A personal adviser will oversee the ongoing management of your investment portfolio within any market fluctuations. They will keep their finger on the pulse of the markets and recommend any beneficial changes to your investment strategy.

As your retirement progresses, you may need advice regarding a range of circumstances that can occur during the retirement phase. As retirement evolves you may move through lifestyle changes such as downsizing your property and taking advantage of the allowable superannuation downsizer contribution - currently $300,000. You may sell an investment property or perhaps receive an inheritance and need advice on how to invest some of those funds to boost your retirement income.  

In addition, Age Pension entitlement changes can be monitored by your Adviser, or perhaps the transition into Aged Care for a partner may need to be managed along with all the financial arrangements that accompany such a life change.

Overall, a personal retirement investment adviser can assist you in taking into consideration your individual circumstances, overall investment strategy and retirement income plan. Maher Digby are experts in retirement planning for teachers. You can contact a financial planner for teachers at Maher Digby, Nambour, on 5441 1266.

For more Information contact Mark Digby at Maher Digby Securities Pty  Ltd - Financial Advisers – AFSL No. 230559. This document was prepared without taking into account any person’s particular objectives, financial situation or needs. It is not guaranteed as accurate or complete and should not be relied upon as such. Maher Digby Securities does not accept any responsibility for the opinions, comments, forward looking statements, and analysis contained in this document, all of which are intended to be of a general nature. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend consulting an experienced financial planner for teachers.