One interesting plot could be Naruto faking his death to go undercover and expose a hidden conspiracy within the ninja world. He might change his appearance completely and work his way into the enemy's ranks secretly.
One consequence could be that his friends are devastated at first. They might go through a period of grief and self - blame for not being able to protect him.
One possible plot development could be that Naruto fakes his death to outwit a powerful enemy. He might go into hiding, secretly gathering information and allies to strike back at the right moment.
Another possibility is that the main antagonist is a group. It could be a secret organization that Naruto discovers is plotting something big. Since they are so powerful and well - connected, Naruto fakes his death to infiltrate them and expose their plans from the inside.
In many fanfictions, Kakashi could be involved. As Naruto's former teacher, he has a deep connection with him. He might be the one who discovers some strange things about Naruto's 'death' and starts to look into it further. Hinata is another character that could be important. Her love for Naruto might drive her to not accept his death easily and she could play a part in uncovering the truth.
His friends might feel betrayed. They would be mourning his death while he was actually alive. This could lead to a lot of anger and mistrust when they find out the truth.
Well, he might use some substitution jutsu. He could replace himself with a log or something similar at the crucial moment, making it seem like he's been killed.
One possible reason could be to protect his family. After the war, Naruto might have made many enemies. By faking his death, he could draw the attention of these enemies away from his family, especially his wife and children. His enemies would think he's no longer a threat and stop targeting his loved ones.
Well, Naruto could have made a deal with some powerful being or used some sort of forbidden technique. Maybe he found a way to transfer his life signs to another object or being, making it seem like he was dead. He's always been resourceful and full of surprises, so faking his own death in a really elaborate and unexpected way is not out of the question.
Sakura would be extremely angry at first. She has known Naruto for a long time and would feel betrayed that he didn't trust her enough to tell the truth. But later, she would understand his reasons and might even help him if she could.