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Contemplating retirement...

Discussion in 'Retirement' started by Beauherne1990, Oct 10, 2019.

  1. Beauherne1990

    Beauherne1990 New commenter

    I am 54, have been working in various roles in education for 29 years. I'm currently working as a full-time teacher & finding it hard physically & mentally. Early retirement sounds appealing but I do not have a pension pot equivalent to my many years of experience. I also have a teenage son to support. Anyone else had a similar situation? I just don't think I can do many more full-time years..
     
  2. lynneseptember

    lynneseptember Senior commenter

    Is there a possibility that you could look into part time teaching once you are 55 and also look into taking part of your pension then, too? A former colleague of mine did this, and actually ended up taking home slightly more each month with the combined part time salary and part pension. ( Their pension pot was also not huge due to career breaks, etc). You would need to seek the advice of a financial advisor, but if you are in a union you should be able to use the one they recommend (NUT and NASUWT advise Wesleyan, though of course, there are others out there but do your research on costs, and look for one that understands the education pension system). My colleague did 3 days per week before retiring completely at 59.
     
    Beauherne1990 and Lara mfl 05 like this.
  3. diddydave

    diddydave Established commenter

    The best advice I can offer is to take stock and plan for it.

    Find out what your pension is worth
    Find out what you need as income

    We did this and then spent a year, whilst still earning, living within what we projected our reduced income would be. Because you are not paying National Insurance, pension contributions etc you don't need as much as you might think. We have no dependants, apart from dogs and cats, so that is a variable I cannot advise on though one of my friends is worried that the lump sum he's about to receive will make the student finance for his child more complicated as apparently they take it into consideration when working out all of that.

    Once we decided we wanted to retire early we stopped having holidays, cut down on other expenses and swapped to unbranded foods...doing so saved thousands a year...putting this into the AVC scheme and a private pension meant we could go about 2 years before we'd actually set as our target.
     
    lynneseptember and Beauherne1990 like this.
  4. heldon

    heldon Occasional commenter

    Good advice diddydave. We focussed on minimising costs and paying of all debt for about ten years and have been free for over a year. We budgeted for 24k per year for both of us but are living on less, maybe 18k. Good luck, being free of the stress is great.
     
  5. Kandahar

    Kandahar Established commenter

    Some good advice from Mr Diddydave. Bear in mind that you can easily set yourself up self-employed and enter into tutoring and other avenues of income-making that are far kinder to your well-being - whilst continuing to pay class 2 NI for your eventual state pension.
     
    Beauherne1990 likes this.

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