1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Hi Guest, welcome to the TES Community!

    Connect with like-minded education professionals and have your say on the issues that matter to you.

    Don't forget to look at the how to guide.

    Dismiss Notice

Phased retirement

Discussion in 'Retirement' started by annasmagala, Sep 20, 2019.

  1. annasmagala

    annasmagala New commenter

    Hello all again. Having posted yesterday about going part time at 57 I am wondering whether phased retirement might be a better option. Am I right that I should do this asap - ie before end 2019 - to benefit from best interest rate? Feel I read something about this but can’t find link ... thanks for any help
     
  2. 50sman

    50sman Senior commenter

    Read your other forum @diddydave and myself have commented on it
     
    annasmagala and diddydave like this.
  3. diddydave

    diddydave Occasional commenter

    The timing on its own is not going to help you decide as there are too many other factors - you really do need to get your own exact figures and work out different 'what if' scenarios.

    I did a spreadsheet to help me out which you can make a copy of but bear in mind there are no guarantees it is correct (though I think it's ok): https://docs.google.com/spreadsheets/d/10x-lKLuc0PXi9C5JftanxmFVVh0PxNYKYEa70xljn38/edit?usp=sharing

    You can get your salary history from the TPS online and put them in...there's no point going further back than October 2009 as that's the maximum 10 years back that will be used in the calculation.

    You can ask TPS for a list of your revalued salaries as well but they can take a few days to get back to you.

    You can ONLY take phased retirement at the point where your pay (hours) drops by 20%+, so it's not something you can just choose to take - you will need your school to agree etc.
     
    annasmagala and PeterQuint like this.
  4. annasmagala

    annasmagala New commenter

    Thank you for this - I am going to have a go with your spreadsheet - thank you for sharing
     
  5. annasmagala

    annasmagala New commenter

    Thank you!
     

Share This Page