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Retirement Courses - are they useful?

Discussion in 'Retirement' started by Cakemate, Apr 20, 2012.

  1. I'm considering taking early retirement next year.
    While opening the post this morning there was a flier from the Teachers' Retirement Agency advertising a one day 'Planning for Retirement' course.
    Has anyone attended one of these and was it of value?
    Some of the topics to be covered look useful, but I'd be happier to book if someone was able to give a personal recommendation - I don't want to waste a day and £168 if it's unlikely to be worth it.
    Thanks.

     
  2. I'm considering taking early retirement next year.
    While opening the post this morning there was a flier from the Teachers' Retirement Agency advertising a one day 'Planning for Retirement' course.
    Has anyone attended one of these and was it of value?
    Some of the topics to be covered look useful, but I'd be happier to book if someone was able to give a personal recommendation - I don't want to waste a day and £168 if it's unlikely to be worth it.
    Thanks.

     
  3. ljr

    ljr New commenter

    I attended one of these courses last year and found it very useful, it gave me lots of food for thought and one of the financial advisers has recently contacted me to see if I'd like to have an update chat on a one to one basis. By the way - school paid for the course, my husband came along as well (I think his fee was half price) but we obviously paid for him. I do recommend the course.
     
    TRAinfo likes this.
  4. Wesleyan, through the LEA, contacted those of us who were made redundant, inviting us to a retirement seminar, which involved the company making a grab for our lump-sums or redundancy money. Little information was given about obtaining alternative work, other 'look in the paper or online'. I was saddened by the cynicism of it all, espeically as meagre 'refreshments' were laid for which we were overcharged.
     
  5. ljr - I've just looked at the flier again and seen that it states 'partners are welcome to attend'.
    Not sure whether it would be a good idea to take my husband as he is already green with envy that I'm in a position to retire - his company pension is so miniscule that retirement isn't really an option for him any time soon.
    I think I will try one of the sessions and hope there's nothing in it like George1164 experienced - I'm happy to listen to any advice and consider various options, but I certainly would not expect any high-pressure salesmanship at such an event.
     
  6. ljr

    ljr New commenter

    Hi, the course I went on was by TRA & there was no hard sell - a good lunch was provided & other refreshments were very good.
    My husband was in the same position as yours, but as we were basically going to be relying on my money we both though it was a good idea for us both to be there to understand all the options. Also I am a little uneducated when it comes to financial matters, my fault entirely I know. I admit to finding the whole thing confusing & boring, but as he IS interested it made sense for him to come & make notes.
    I hope you find it as useful as I did.
     
    TRAinfo likes this.
  7. warning - the providers of these retirement forums / seminars are private companies including Wesleyan and TRA - none are given approval by DfE not Teachers' Pensions. They are in it to make money - ask yourself what was the main thrust of the course - was it how to cope with retirement, is their a choice to full retirement, or was it we know how to invest? Better you try your union for courses they approve.
     
    plot71 likes this.
  8. We had a similar contact from Wesleyan not long after we had consulted the NAS about our redundancies. The area rep apologised for this and advised us to ignore them
     
  9. Wesleyan is recommended by NASUWT and gives free advice to members. The FA I have dealt with has been very helpful in outlining my options but I am sure he is expecting me to invest some of the lump sum in their funds when it comes through.
    I looked at their website and their ISA rates do not look competitive compared to others .... don't know much about anything other than cash investments though..... where have others invested?? There won't be too much left after paying off mortgage.
    BW
     
  10. Wesleyan, if they get hold of your contact details, will pester you with phone calls and e-mails, not only for 'financial advice' but also to offer you life assurance, car and house insurance, etc., etc.
     
  11. I must have been lucky.
    I have not been pestered at all for any reason but the FA has been helpful answering any queries.
    BW
     
  12. I urgently need advice about retirement but don't know where to go for it.
    I phoned the TPS but was basically told to just read the website. When I asked my union they sent me information about a meeting with Weslyan and from the information given here I think I am better off not going to it.
    My contract at school finishes in August anyway so do I just apply to take my pension?
    Would I be better off waiting a bit longer and maybe try to find some supply work?
    I am 55.


     
  13. lindenlea

    lindenlea Star commenter

    You know if you apply to take your pension early you get less each month but over a longer time. The longer you stay in employment the better pension you get. Can you afford to take a lower pension? Do you want to keep working? Are you desparate to stop? Would supply suit you? Are there other short term contracts that you would like to apply for? Only you know the answers to these questions and they should be the foundation of your decision.
    Some people on here are redhot at answering specific financial questions and explaining "stuff" but you'll need to be less general.
     
    plot71 likes this.
  14. I was made redundant at the age of 54 and, initially, I was hoping at least to get some supply work, or some other work to tide me over until I got another teaching job. How niaive can you be? After six months, I realised that there was no chance of getting another teaching job (too old, too expensive); although I registered with eight teaching agencies and four general employment agencies, I got nothing at all. Very occasionally, I might get some TA work, but hardly enough to cover the cost of getting there. When I got to 55, I put in for ARP just to get some sort of income and the lump sum, as two years of nothing had choffed what meagre resources I had.
     
  15. It all depends on how much you need the money now and how long you manage to survive after falling off the chalk face.
    Taking early retirement gives you up to 5 extra years pension, but waiting untill 60 gives you a larger lump sum and pension. The break even point seems to be somewhere around about mid 70 (but you need to check with your own figures!!), after which the teacher delaying pension untill 60 starts to make a 'profit'.
    If you do go for the early pension work out the best day of the month to retire as the ABR reductions apply in jumps of whole months. You might also consider waiting for the new tax year as you will already have used all of this years tax allowance.
     
    plot71 likes this.
  16. Colin's point about taking your pension in September when you've already used your tax allowance for the year is one I had not considered and yet, now he's pointed it out, it seems fairly obvious. This is the sort of advice I'm hoping will be on offer at the TRA's course. I've decided to give it a try and have booked a place for next month...I'll feedback on its usefulness.
     
  17. Oh dear I am really being dim ..... can you explain that tax implication please?
    Many thanks
    BW
     
  18. Thank you for your helpful replies .
    There is such a lot to consider but I really do think I've had enough of teaching.
    The point about tax implications was interesting. How do you find out about these things? ( apart from this forum of course! [​IMG])



     
  19. Hi Bird. If you've worked from April to the end of August you will have probably used all your tax-free allowance for the whole financial year. This means if you start to draw your pension in September you must calculate for tax being charged on the total amount until the beginning of the new tax year. In my own case, this will be a significant deduction in my first seven months' pension and is something that I hadn't thought to factor in to my calculations.
     
  20. lindenlea

    lindenlea Star commenter

    That really is the point isn't it. Good luck.
     

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