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Retirement Age

Discussion in 'Teaching abroad' started by StrangePanda, Oct 5, 2018.

  1. StrangePanda

    StrangePanda Occasional commenter

    Just curious, really.

    There have been a few recent retirees on here and some general chatter about retirement finances. What age do you intend retire/leave the international teaching scene (or what age did you stop, if you are willing to disclose!?).

    At the moment I love my job and the lifestyle it offers me and my family. I do feel like I am very much without a concrete plan, though. I'm wondering how far this approach will get me...
     
    tiler and mrrwilliams1983 like this.
  2. tb9605

    tb9605 Established commenter

    I can only envisage retiring if I needed to care for a family member (as my wife is some 11 years older, this is quite likely). I enjoy working too much and would get bored otherwise.
     
  3. LCass

    LCass New commenter

    I'm in my mid-thirties and really enjoy my job and am not planning on retiring soon. However, I would love to cut down to a 60-70% timetable in about 5 to 10 years (some time after turning 40), as there are a lot of other things I also enjoy doing but do not have the time for while teaching full time. My husband and I used the 'Millionaire Teacher' book to set up our retirement fund and in about 5 years we will have enough of a nest egg to buy a small house (or a big one in a cheaper location) and for the basis of our pension that can then mature until we retire fully (enough for a comfortable but by no means extravagant life style). We then no longer need to save a single cent, meaning we just need to bring in enough to live off until our early 60s. That is when we are planning on retiring. However, if by the time I reach 60 and I will have worked part-time for the past 20 years, I might be more than happy to keep going. Otherwise, if we feel like we want to retire earlier, we just need to work full-time a few more years and save up the money needed to bridge the gap to when our retirement fund has grown enough to fully support us.
     
    Leonardo1983 likes this.
  4. edmundstavros

    edmundstavros New commenter

    This sounds like a great plan. I'm just curious, if you don't mind me asking, what age were you when you started on the Millionaire Teacher route, and did you find it a simple process? Just looking ahead to a fairly long international career (hopefully), which requires an alternative to TPS, and torn between this and the property route. Thanks.
     
  5. LCass

    LCass New commenter

    Not at all! We started this about 4 or 5 years ago - the money we saved in our first year at an international school was used to wipe almost all debt/loans we accumulated from undergraduate and master degrees, plus teacher training - apart from my husband's PGCE student loan. If all goes to plan, it will take us 9 to 14 years in total to save up the 'nest egg' and for a house. If we finish later, we will have to save up more.
    We were going to split it between properties and stock market, and might still do so in the future. Based on our calculations, it seems to come out roughly the same, as long as the property does not require frequent repairs. Also, the stock market seems like a lot less hassle - just transfer money in once every two months or so, done. Both routes have their benefits and both have their disadvantages. A mixture is probably best but we are not currently planning on retiring in the UK, so property investments there may not be the best idea for us.
     
  6. the hippo

    the hippo Lead commenter Community helper

    Hum. Retirement is a tricky one because, in most cases, we only do it once. Therefore you do not get a lot of practice! I was really looking forward to retirement and some of my hopes have been realized, some not. I thought that it was going to be good and it has been good, On the other hand, I do miss my students a lot, their banter and repartee. Mrs Hippo and I have retired in Bulgaria and that means that we do not have a lot of the money worries that retirees have in the UK.
     

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