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Full retirement at 58? Sensible?

Discussion in 'Retirement' started by -, Mar 28, 2015.

  1. emerald52

    emerald52 Star commenter

    Remember because our salaries have not kept pace with inflation, thatvyour salary of reference for yourcpension will be bigger than your earned salary. Mine was £5,000 more, which on a full pension equalled £2,500 more pension pa and £7,500 more lump sum.
    Yoda- likes this.
  2. jubilee

    jubilee Star commenter

    May teachers, especially in Secondary, find that they no longer have high petrol bills in retirement.
    You can retire with a just a day or two to go before your 60th birthday. It doesn't have to be a month prior.
    The pension claw back happens if you earn over a certain amount when you return to teaching after retiring at 60 or over.
    I'm unclear if it only happens for contract teaching or whether those employed via private agencies are affected too.
    Your pension is not clawed back if you take on other work instead.
    With an Actuarial Reduced Pension, no claw back is possible.
  3. giftbouquets

    giftbouquets New commenter

    Thank you Twinklefoottoe for helping me make the decision to quit in Sept 2016. Life is too short for all of the c*** I am putting up with in work at the minute.

    I will be 57 and my pension is really small (came into teaching late) but I really need to go. I went part time 4 years ago, thinking this would be a good compromise, but there doesn't seem to be such a thing as part time in teaching, just working full time for part time wages.

    Off to look at my 'retirement spreadsheet' again!
    catmother, Alldone, eljefeb90 and 3 others like this.
  4. Weald56

    Weald56 Established commenter

    Go for it!
  5. Twinklefoottoe

    Twinklefoottoe Senior commenter

    Well done. I finish in two weeks and like you, I've just had enough of the endless rubbish. I wish I could be allowed to get on and just teach and create great lessons, but I have to constantly waste time inventing levels, and then make up reasons to justify them, and then try and show progress between completely unrelated units of work, and then talk to parents about progress, then have meetings about it all, provide evidence of it all, check my department are providing evidence, then check up on them, then constantly get better and on it goes. I'm sick of it all. The whole thing has become a joke. So now, 2 weeks to go, then a month's holiday in Thailand, then a supply contract till Easter, then I'm off to Spain for a few months. I'm going to do what a friend did in May last year and walk from Seville to Santiago, about 1000 Kms - they reckon it was the bestest thing they've ever done. I wish I could leave my job with a feeling of satisfaction of a job well done, but all I feel is knackered, that I've been wasting my time for the last 20 years and an overwhelming feeling of sorrow for the students. But hey, onwards and upwards. My life has just begun ....
  6. Yoda-

    Yoda- Lead commenter


    Just in case Wilshaw does not send you a thank you card...
    Alldone likes this.
  7. frangipani123

    frangipani123 Lead commenter

    This sounds fabulous. I visited Seville and Santiago in October, both for the first time. Seville is particularly stunning. Must admit I didn't walk between the two, that will be a memorable experience. Good for you for taking back control.
  8. eljefeb90

    eljefeb90 Senior commenter

    Sounds brilliant, Twinklefoottoe. I'm in the same fortunate position as you. Two weeks to go - the best advent calendar I've ever had!
    However, don't discount all your years of effort just because the job has got unsustainable over the last 5 years (or more). I have been feeling somewhat bitter and exploited by SLT, being set impossible targets (hence my departure), but I've been buoyed by many students telling me how sad they were to see me go. Not exactly ' Goodbye Mr. Chips', but it does make me feel like I haven't wasted my life ! They'll miss us more than we'll miss them, believe me.
    Off to Valencia in January till April and then being an examiner. If you need Spanish lessons, I'm your man.
  9. Sundaytrekker

    Sundaytrekker Star commenter

    Sounds great. I intend to start my countdown after Christmas.
    eljefeb90 likes this.
  10. Guest

    Guest Guest

    I am still thinking about dates! I have spoken to head who is fine about offering part- time. Teacher recruitment is tough at moment so school is fine about being flexible. Will see how next few months go.
  11. plot71

    plot71 New commenter

    I'm now convinced to retire in one form or another from Sept 2016, however If going part time would you opt for the phased retirement or just quit and negotiate a fresh contract for the short week? I'm undecided which offers the most favorable option since the reduced week would unlikely be more than a couple of years, most probably one.
  12. Weald56

    Weald56 Established commenter

    If you can negotiate a reduced week, whilst in your current post, then I'd do that. Obviously you wouldn't be able to 'retire' (if old enough) and receive your pension & lump sum if you did so (but you can if you have at least a day's break before starting a different job...)
    wanet likes this.
  13. Guest

    Guest Guest

    Just to update you all on my current situation. I was turned down for voluntary redundancy as my department was not overstaffed. Head also wanted me to stay for continuity in KS4/KS5. So I decided to request part-time. I have asked for the equivalent of 2 days a week which has been accepted in principle. I don't mind spreading the teacher time over 3 days to avoid split classes. As I see it spending just 3 days total a week teaching, marking and planning will seem like bliss after 35 years of full on and weekends!!
    What I now need to decide is whether to take a second part of my phased retirement which I am entitled to do. Alternatively I can take all my remaining pension and have a day's break in service before starting a new part time contract. Will think about that one in the coming weeks. Feel quite content with how things may turn out.
    plot71 likes this.
  14. emerald52

    emerald52 Star commenter

    I took AAB a day before 60, had a day break then a new part time contract. Great!
  15. plot71

    plot71 New commenter

    I'm in a similar situation but about to try Phased Retirement for the 'first' time and drop to 2 days a week which I'm pretty sure they'll accept. Do you know if there is a template structure as a guide to apply for this sort of request?
    I want to study for a Masters ( yes pretty bonkers I know) and this seems the only way.
  16. Guest

    Guest Guest

    Thought I would post an update on my situation. I will take final phased retirement at the age of 58 and nearly 2 months from August 31st. I am still awaiting my final figures from the TPS (Currently on 60% completed!).
    I have also signed a new fixed term 0.4 contract with my school from September 2nd until the end of next June. Very happy with this arrangement as I will only be teaching 4 groups in Years 11 to 13. I will review how I feel next June to see if I want to do another temporary contract from September 2017.
    Already much better knowing I will have more non school time and no HOD responsibilities. Financially it also works well.
    Wishing you all a good summer.
  17. the hippo

    the hippo Lead commenter Community helper

    Hmm. This is an interesting thread that deserves to be revived.

    As for me, yes, I am planning to retire at the end of this academic year, June 2018. When I started teaching back in 1982, we had the Falklands War and Mrs T. Hey ho! I will only be just 59 when I leave my current job in southern China, so there will be a few months before my 60th. Between now and then I should have saved up more than enough to cover this financial gap.

    No, my wife and I are not planning to return to the UK for our retirement. It is just too expensive! We have two properties in Bulgaria, a villa in the mountains, north of Sofia, and an apartment in the city of Veliko Tarnovo. If we get bored with one of these, then we can go to the other one. No, I will not be retiring on a full teacher's pension because I have been overseas for quite a while, but I did manage to do a fair number of years in the UK before venturing into foreign parts. I am hoping that my lower lump sum and smaller pension will be more than offset by the lower cost of living in Bulgaria.

    What are we planning to do in my retirement? In no particular order, we are going to collect all of the walnuts that fall from the trees at the bottom of the garden, learn to speak reasonably fluent Bulgarian, cut up lots of wood for our central heating system and go camping in Turkey.

    But this walk from Seville to Santiago also sounds rather good.

    Startedin82 and Lara mfl 05 like this.
  18. stopwatch

    stopwatch Lead commenter

    I took my teachers pension last April when I got to 60. Because I have been teaching overseas since 2001 (and still am) I 'only' had 21 years, giving me around £10600 pa. This is obviously not enough to live on and maintain a nicely comfortable life in UK. Planning to use money to either buy/rent or to flip properties or just to pay my way to State pension in around 5 years after I return next June 2018 (same as you Mr Hippo).
    I keep asking my self "should I still work when I go back to UK?" and then quickly tell myself "Don't be so stupid!!"
    To be serious, I will try to get some low key work/part time/casual, probably swim teaching (about a tenner an hour - but soooo simple and easy) but definitely not full time UK schools.
    Startedin82 likes this.
  19. the hippo

    the hippo Lead commenter Community helper

    Stoppers, old chap, is retiring in the UK really a good idea? Yes, I know that I do go on about Bulgaria, just a tiny little bit from time to time, but maybe there are also some cheapie places overseas. What about central Spain, away from the costas? The Captain seems to like it. There are certainly some cheapie places in SE Europe and how about somewhere off the beaten track in France, like the Auvergne? (NOT Provence, thank you very much, Mr Mayle.) Or what about North Africa? Maybe not Libya or Egypt...
  20. baitranger

    baitranger Senior commenter

    If you started working in the UK about 1980 and moved abroad in 2001, I wonder how many years NI credits you have for your state pension. If you haven't been paying voluntary contributions, it's not too late to start now. Are you entitled to a full state pension? If so, it will give a significant boost to your income.

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