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Retiring Early in 2019

Discussion in 'Retirement' started by Gainingcontrol, Oct 28, 2018.

  1. Gainingcontrol

    Gainingcontrol New commenter

    Thank you to those who have contributed to this TES retirement forum. Your experience regarding the process and the benefits of retiring early have inspired me in my decision and have allowed me to take this step with confidence. I will be retiring in April 2019 at the age of 56+, after almost 20 years of teaching. The demands of a secondary sector senior teacher role have been taking their toll in recent years and I have decided to forgo some pension in exchange for additional time and a hopefully healthy retirement.
    I am fortunate that I also have 20 years of banking pension to fall back on, due to an enhanced voluntary severance package offer that prompted my career change in the 1990s. I am enjoying counting down the days and am looking forward to spending more time doing what I enjoy, without the unrelenting pressure of bureaucratic administration and ever reducing resources that have made teaching so stressful in recent years.
    I consider myself very fortunate to be in this position, although I have focused on paying off my mortgage and building up savings over the past 8 years. It has been well argued on this forum that if you have enough money to support you comfortably, then having additional time, less stress and more control over your life are more important than holding out for extra money that you may not live to enjoy.
    bevdex, 1970devon, Jamvic and 11 others like this.
  2. lindenlea

    lindenlea Star commenter

    Good morning @Gainingcontrol .Sounds like you've made a great decision. Only three half terms to go. Enjoy them. Lets hope next summer is as good as this one was.
  3. eljefeb90

    eljefeb90 Senior commenter

    You have done the most difficult part: stepping off the hamster wheel, taking a step backwards and making the decision to take early retirement. I can sense the relief in your post. You seem to be in a very healthy financial situation, but remember the extra pension you forgo is offset by accessing your pension early. I am sure you are well aware of this, having worked in banking! I love the possibilities of being retired. You have a secure income and you have the time to explore opportunities for travel, hobbies and work, if you fancy it. Good luck and download that retirement counter.
  4. PeterQuint

    PeterQuint Lead commenter

    20 years in the teachers pension + 20 years in an 'enhanced' banking pension, no mortgage and some savings...I'm guessing you'll have enough money to get by. :D

    Congratulations, and enjoy.
  5. Gainingcontrol

    Gainingcontrol New commenter

    Thank you all for your supportive comments. I was fortunate to get accepted on an over 55s early retirement scheme that will employ a RQT instead, so there is no ARB reduction. I'm happy to accept the c.14% ARB reduction due to claiming early retirement at 56 years 5 months from the bank scheme. I'm feeling a little guilty when I consider my colleagues, and I still enjoy the job overall, but there comes a time when preserving your health becomes the priority. Teaching has become what banking became in the 1990s; all data, jargon, targets, spin and sales pitch.
    Startedin82, PeterQuint and eljefeb90 like this.
  6. lindenlea

    lindenlea Star commenter

    What! What! It's your life - you have a duty to do the best for yourself where this is concerned. It's a job. Your colleagues will make their own decisions.

    That pension scheme sounds good. Is that in England?
  7. Gainingcontrol

    Gainingcontrol New commenter

  8. catmother

    catmother Star commenter

    I must be dim but if OP is 56 and has got 20 years in a banking pension,followed by a change of career and 20 years in the teaching pension,they must have started in the bank aged 16. When did they get a degree and qualify as a teacher?
    Gainingcontrol likes this.
  9. Gainingcontrol

    Gainingcontrol New commenter

    My 15 years in banking (1980-1995) was enhanced to 20 years of pension as part of a voluntary severance package (a no brainer!). Started work at 17 and did an Economics degree p/t after completing the Bank Institute exams. Then did another degree full-time, a PGCE at Cambridge, and a masters p/t while teaching. Started teaching at 36. The arrival of my first child in 1994 caused me to reevaluate my priorities and exchange a higher salary for a more family friendly lifestyle. No regrets about that. They trained me as an accounts controller and then to be a foreign exchange dealer (legalised gambling with other people's money), but I could see that banks were starting to chase short-term profits and share price over sustainability. We all know where that led!
    Last edited: Oct 29, 2018
  10. Yoda-

    Yoda- Lead commenter

    Time to get your Lamborghini and drive off into the sunny hills of retirement....
    SUPER.SUPPLY, Jamvic and Startedin82 like this.
  11. Jamvic

    Jamvic Star commenter

    Welcome to the ‘sigh of relief and contentment’ club. :)
    Gainingcontrol likes this.
  12. Guest

    Guest Guest

    Gainingcontrol just out of interest how is your banking pension calculated? Has inflation been added during the last 20 years?
  13. Gainingcontrol

    Gainingcontrol New commenter

    Yes. It was indexed linked up to 5% pa. It will have fallen behind in buying power over the 24 years since 1995, but it is still more than my teaching one (inc. the lump sum), even after 14% ARB is deducted. They gave me a voluntary severance lump sum at the time as well, equivalent to 1.5 year's salary tax free. A no brainer offer at the time! I am fortunate. I'll not be sitting around from next April either. I will hopefully have the time, health and financial freedom to do what I want.
    Last edited: Nov 4, 2018
  14. AnotherDayTowardsRetirement

    AnotherDayTowardsRetirement Occasional commenter

    Congratulations. You deserve every penny. Happy ‘counting down the days’
    Jamvic and Gainingcontrol like this.
  15. Gainingcontrol

    Gainingcontrol New commenter

    I am counting them down on my wall planner (91 working days from today). As others have said, it is liberating to be doing each thing for the last time. I'm in charge of planning (inc. the school calendar, SDDs, duty rota etc)., as well as being SENCo & specialist assessor, so there is are a lot of tasks to mark off!
  16. greensofa

    greensofa New commenter

    I was fortunate to get accepted on an over 55s early retirement scheme that will employ a RQT instead, so there is no ARB reduction.

    I have not heard of this, could you elaborate?
  17. Gainingcontrol

    Gainingcontrol New commenter

    Greensofa, click on the link in comment 7. Though the scheme has now closed for this year and may or may not be repeated.
  18. eljefeb90

    eljefeb90 Senior commenter

    Being an erstwhile linguist, what I want to know is whether , once retired, you will change your name ? @holding on has set a precedent and has gone from a present to a past participle.
    heldon likes this.
  19. Gainingcontrol

    Gainingcontrol New commenter

    Control is relative and never absolute, and therefore will always be aspirational to some degree. We are always at the mercy of events that are beyond our control, and we will always be responsible for and accountable to others. Bringing order out of chaos is part of a teacher's vocation. Gaining greater control over our own lives allows us to be available to help family & others.

    The great financial crash has only been delayed. All the increased debt and QE since 2008 will only ensure that it will be deeper and longer when it arrives, except that governments are now too indebted to 'solve' it this time. A great reset is coming, if not our children and grandchildren will be debt-slaves all their lives in a permanent 'greater depression'.
  20. hairyfairy

    hairyfairy New commenter

    Gainingcontrol I took advantage of that scheme last year though I have quite a modest pension. I now work a couple of days in a non-teaching role. It’s lovely not having the pressure within school. I too liked teaching it was all the other stuff that got to me in the end.

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