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Phased retirement or go completely??

Discussion in 'Retirement' started by Beauherne1990, Jan 2, 2020.

  1. eljefeb90

    eljefeb90 Senior commenter

    Unless @Beauherne1990 mentioned it and I missed it, there doesn't seem to be much about the other side of the balance sheet. Not everybody is in the same boat, obviously, but , by your mid fifties your outgoings in the form of a mortgage and dependent children will be diminishing or disappearing. Most will have assets in the form of property , vehicles, savings and these will be boosted by a tax free lump sum. As @diddydave says, union fees, tax, national insurance and , ironically, pension contributions , all take a big bite out of your headline gross salary.
    I have also found, without too much effort, several casual jobs (mostly invigilating professional and university exams), which supplement my pension to the tune of about £400 -£700 net per month. This means I have quite a busy life at times, but it's not stressful , unlike teaching, and I can choose when and if I work. All this extra income is spent on extras, like holidays or discretional spending. You get the pluses of a job..the social interaction , sense of purpose and pay..without the sense of compulsion and feeling put upon and trapped.
  2. Dorsetdreams

    Dorsetdreams Occasional commenter

    What a shame. I've had several colleagues return on phased retirement expecting to stay for just a year and in fact lasting for several as they've enjoyed it so much. Each was lucky enough to work in a stable department which expected no more from them than to teach well. When it works like this phased retirement can be a fantastic way to bridge the rather daunting jump into retirement and bow out of teaching with grace.
  3. RepelloInimicum

    RepelloInimicum Lead commenter

    @eljefeb90 Do you mind me asking how the invigilating job works? Can you be employed by different establishments at the same time? Do you have to commit to doing every date they want you?
  4. eljefeb90

    eljefeb90 Senior commenter

    I have several contracts, the main ones are with the British Council, invigilating accountancy exams and English exams for foreigners and with a local university. They have various systems, sometimes online forms, sometimes just emails with attachments. I let them know my availability and they let
    me know what days I shall be working between a month and a fortnight before the session. So, I basically decide when and whether I want to work. Obviously, I know when the Winter and Summer exam sessions take place and the dates for the accountancy exams are advertised well in advance, so I go away on holiday when I am not required. I have been doing it a few years now and have picked up a few more invigilation gigs here and there.
    Recruitment agencies like Indeed advertise for invigilators and it helps if you live in a large city with universities .
  5. RepelloInimicum

    RepelloInimicum Lead commenter

    Thank you @eljefeb90. That has given me something to add to my growing 'Things To Consider For Retirement' folder.
    eljefeb90 likes this.
  6. eljefeb90

    eljefeb90 Senior commenter

    Another nice gig is working on the electoral roll for the local council and being a polling officer.
    RepelloInimicum likes this.

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