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Taking early retirement

Discussion in 'Workplace dilemmas' started by bwilberforce, Jan 7, 2019.

  1. bwilberforce

    bwilberforce New commenter

    I was thinking about retiring at 55years which is 4 years away - I appreciate it will be a loss in pension etc. I wonder whether I will make the next 4 years - Has anyone looked into or taken their pension at 50ish - Is there a dramatic difference from 55 years
  2. 50sman

    50sman Senior commenter

    If you are in to you cannot take it before 55 assuming your npa is 60.
    Check with to that you can
    Also the career average part of your pension may not be accessible until you are 57 ie 10 years before state pension but again check with TP - they know all the answers!
    install and nomad like this.
  3. 50sman

    50sman Senior commenter

    Should say check with TP
    grumpydogwoman likes this.
  4. thejudgesscoresarein

    thejudgesscoresarein Occasional commenter

    Check with the TP, I considered early retirement at 55 back in 2015 as I was going to move to Spain, but that plan changed when I realised there would be a massive impact on my pension. Instead, I’m going to be retiring in December 2020, just after my 60th Birthday when I will have sufficient amount in my pension in order to retire.
    install likes this.
  5. grumpydogwoman

    grumpydogwoman Star commenter

    I retired in 2013 at the age of 57.

    I can't remember how much I "lost" by getting an actuarially-adjusted pension i.e. a bit less than if I'd waited until 60 but for 3 years longer.

    When would I want it most? From 85 to 88? From 95 to 98? Or from 57 to 60? I wanted it at 57. Who knows if I'll even get to 85? Even if I do? I'll be gaga by then if my mother and grandmother are anything to judge by.

    The opportunity to say "Duck you, mate, I'm outta here," was worth thousands that morning in February when I'd just had enough. Bliss. Put my letter on his desk and a few short weeks later I was gone. Marvellous.

    That was important to me.
  6. skellig1182

    skellig1182 Established commenter

    Mums just took hers at 55. She’s got plans!!.
  7. roydenkeith

    roydenkeith New commenter

    You need to slightly realign your thinking.Taking your pension early at 55 reduces your pension if you compare it to working and paying in for five more years. But it means you get your pension at 55 years old. That means you get five years pension before you are sixty. Add that up. You get your lump sum five years early. Pay off your mortgage and save all that interest or stick it in the bank and earn interest. Get another job as well and be like me . With my pension and working three days a week I am better off and actually have a life. I honestly don’t know why there are any people over 55 still working if they have been teachers for their entire career
  8. Dunteachin

    Dunteachin Star commenter

    I took it at 55 then did supply for 5 years. No regrets.

    Go over to the Retirement forum where you'll find plenty of info.
  9. hammie

    hammie Lead commenter

    having read all the comments on many threads, I am counting down to 55. Then carrying on in some way but with no pension payments coming our and some extra income to top it all up. Getting out hopefully before the government messes with our pensions again and blames it on Brexit.
  10. geraldbeattie

    geraldbeattie New commenter

    You basically loose 4% for every year before 60 you take the pension, or 1% for every three months before 60, assuming 60 is your usual pensionable age. Go on the TP web site and put some figures into their ready-reckoner. Yes you will get 20% less at 55 than you would have got at 60, but you will get it for five years longer, as well as the lump sum earlier too. Sort yourself out a spreadsheet with age against pension money from 55 and pension money from 60. The amount of money you get overall will be higher from 55 until you get to about 80. Started taking mine at 55 1/2 having escaped from the teaching and do not regret it at all. It supplements my current support job salary wonderfully. Whatever you decide to do I hope you are content with it.
    install, Jamvic, tonymars and 2 others like this.
  11. grumpydogwoman

    grumpydogwoman Star commenter

    A bit less jam today or a bit more jam if you wait 5 years!

    You could be run over by a bus in those 5 years or they government could change the rules to your detriment.

    It was SUCH an easy decision for me to make. Stick it out and be miserable and get a few more quid or tell 'em where to stick it. OK, we're not on the breadline so that made it a bit easier. But does anyone see things getting better for teachers in terms of pay and conditions? Is it worth toughing it out? For a few measly quid?
  12. blazer

    blazer Star commenter

    I went at 59 and now do occasional supply to top it up. Through your union you can get free advice on pensions. NASUWT use the Wesleyan. I think the NUT (or whatever they are called these days) use Aviva. I can recommend the former as they gave me excellent advice which enabled me to go early. Up till then I thought I was going to have to work right up to State pension age (66).
    install, Jamvic and BelleDuJour like this.
  13. Flowersinspring

    Flowersinspring Senior commenter

    I'm thinking of retiring at 48. What are my chances?

    I'll get my coat.
  14. BertieBassett2

    BertieBassett2 Lead commenter

  15. lindenlea

    lindenlea Star commenter

    @bwilberforce Are you asking about going at 50? You cannot take your pension until you are 55 and then it would be reduced as has been said. You would probably need to find another way of earning an income to fill the gap. Plenty of people think it is worth going at 55, it depends on the individual. Go on the Teachers Pensions website or phone them to find what you would get at 55. As others have said, there is a huge amount of info on the Retirement pages.
  16. yodaami2

    yodaami2 Lead commenter

    This. 4% approx per year. So 20% of the value quoted for full. Personally I'm thinking 8% isn't too big a drop so going at 58, if I can make it 1.5 more years.
    Catgirl1964 and bevdex like this.
  17. blazer

    blazer Star commenter

    Funny enough I got an email from the NASUWT today advising me of the next advice seminars.
  18. BelleDuJour

    BelleDuJour Star commenter

    I'll look for NASUWT seminars.
  19. Dragonlady30

    Dragonlady30 Star commenter

    When I retired early-did she fall or was she pushed? :confused:-my accountant said to get as much as you can as soon as you can because no one can read the future.
    mothergoose2013 and Jamvic like this.
  20. tonymars

    tonymars Occasional commenter

    Wise words grumpy.
    grumpydogwoman likes this.

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