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Countdown to summer 2018

Discussion in 'Retirement' started by heldon, Aug 27, 2017.

  1. steveroberts61

    steveroberts61 New commenter

    I am planning to go Christmas this year. My wife is retiring in May this year and we intend to spend the first 3 months of next year touring round European ski resorts in our camper. We will then hopefully winter sun from August to December most years. Thats the plan, just got to hang on till Christmas!!!!
     
    tall tales, frangipani123 and Yoda- like this.
  2. Bedlam3

    Bedlam3 Star commenter

    Sounds wonderful and not long now.
     
    tall tales and steveroberts61 like this.
  3. steveroberts61

    steveroberts61 New commenter

    Cheers bedlam3. Even though I have been 0.8 since 2015 I have had enough. All the targets, successful completion rates, useless staff development. It will also be nice to travel in the cheaper periods and not in the holidays paying top dollar. Always motorhomed for both skiing and summer so its not new to us. Just need to sort out refillable gas for longer stays away. Thought about buying a cheap property abroad but someone else cuts the grass and we can change the view in a camper.
    My only concern now and it seems like everyones concern is CPI. Should I freeze the TPS now and take it in December or let it run until then. Awaiting Last 10 years revalued info from TPS to see if it falls off a cliff in April!!!
     
  4. Dorsetdreams

    Dorsetdreams Occasional commenter

    I've done so much work on this (when I really should have been doing school work) and I've managed to create a spreadsheet which, given my historic earnings and RPI/CPI rates, comes out with just about the same average salary as my latest pension statement.

    I've rolled this on for two years, assuming CPI is 3% next year (I'm 53 and looking to get out at 55, if I can hang on that long).

    I'm delighted to confirm (as some others on here had already suggested) that there isn't a cliff edge, in my case at least. Just stagnation after this year.

    This might not match everyone's situation and it might not even be correct, so please don't take this as advice.
     
    steveroberts61 likes this.
  5. binaryhex

    binaryhex Lead commenter

    Yes, you need to look carefully at the reindexed value of your last 10 working years. You could end up paying good money into the TPS but seeing your pension go down as a result, as great reindexed years fall out of your last 10 working years and you are left with years which have much lower values!! It is likely to happen now in 2018 because the years around 2008 are some of the best. Do the sums!
     
    Dorsetdreams likes this.
  6. Marisha

    Marisha Established commenter

    Submitted my request for early retirement this week. Head appears to be supporting it. Hallelujah.
     
    Dorsetdreams and Jesmond12 like this.
  7. heldon

    heldon Occasional commenter

    14 weeks to go, getting there!
     
  8. poppy45

    poppy45 New commenter

    I thought that if you are over 55 you would be eligible for early retirement whether your school approved it or not. If they were not to agree to it surely you could just resign and then apply for early retirement anyway. Have I got it wrong?
     
    Yoda- likes this.
  9. Jesmond12

    Jesmond12 Star commenter

    Get this term out of the way and then you are on the last lap:cool:
     
  10. binaryhex

    binaryhex Lead commenter

    When I went, it was from about now until the exam classes left that was the most painful stretch, then it was plain sailing all the way to July. I enjoyed the teaching, did what I want, never went to any more pointless staff training sessions and enjoyed a few spells off with a "cold".
     
    tall tales likes this.
  11. Dorsetdreams

    Dorsetdreams Occasional commenter

    I've wondered about this too. Your school can refuse consent for early retirement/AAB for up to six months (https://www.teacherspensions.co.uk/employers/member-retirement/early.aspx) . But who is to refuse you once you've ended employment?

    I guess this might become an issue if you need the pension to start paying out from the moment you end employment. To resign and then apply once out of employment will inevitably involve a time lag. (But if one's finances are so tight that delay is intolerable then early retirement probably isn't a great plan.)
     
  12. Dorsetdreams

    Dorsetdreams Occasional commenter

    Yes, indeed. And of course your historic salaries matter too.

    In my case, my salary didn't stagnate until September 2010. Therefore, the drop-off of the 2009 5% inflation uplift is somewhat eased. The next biggie will be the loss of the 5.2% figure from April 2012, which happens (I think) in 2021 (although at least two posters on here have evidence that suggests it will be a year later).

    Also, the averaging of the final salary calculation over three years means that the effect is diluted. No cliff-edge. After much panic on my part, I can now say that don't panic is the sensible approach. But do keep investigating if retirement is an option for you before April 2021.

    Oh, and I've just heard a news article on the radio. We don't have to work so hard now. Nice.
     
  13. heldon

    heldon Occasional commenter

    I have been saving for the last 10 years to cover the gap. Will not take pension until 60 and at least when it goes into deferred mode it will get cpi rises. Binaryhex, I think you are right, get the seniors to study leave then happy days.
     
  14. Sundaytrekker

    Sundaytrekker Star commenter

    Just make sure you give six months notice, that’s what I did and I was the headteacher. Most schools would say yes if within normal resignation dates.
     
    Dorsetdreams likes this.
  15. stopwatch

    stopwatch Lead commenter

    Had my last ever set of parents' evenings this week. 13 weeks to go...... and counting........ down! :)
     
  16. heldon

    heldon Occasional commenter

    Me too. 13 weeks to go and no more parent's evenings ever.
     
    Dorsetdreams, BELLACJ and stopwatch like this.
  17. the hippo

    the hippo Lead commenter Community helper

    I have one more parents' meeting and I am not looking forward to it.

    This is my fifth year of teaching in China and it will come to an end on Thursday, 14th June, 2018.
     
  18. Shedman

    Shedman Star commenter

    I've just got one more to go - Y11 and I shall be reporting back on mock exam scores. I'm going to really enjoy piling on the agony for some of them knowing that I don't have to suffer the Spanish inquisition which is the interview with SLT about GCSE results in September.
     
  19. stopwatch

    stopwatch Lead commenter

    Yes, so many things now where, previously I would have worried about the 'consequences' of certain things, or putting things into place ready for next year and now I can just sing - 'Let it go, let it go, Can't hold it back anymore, Let it go, let it go, Turn away and slam the door, I don't care what they're going to say, Let the storm rage on, The cold never bothered me anyway' etc etc

    But now, I am getting flippant - naughty!!
     
    Sundaytrekker likes this.
  20. Yoda-

    Yoda- Lead commenter

    Happy times ahead...

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