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What age are you considering retiring at?

Discussion in 'Retirement' started by llanman, Feb 20, 2011.

  1. Deciding when to retire is such a difficult question. Should I wait until I am 60 or do I stop in the September before? Is it better to stop at 58 or 57 and take the cut? Looks like I will be going at 58.5. How about you?
  2. Have the same dilemma- to go or not to go-I'd love to go at 58 next year (well this July would be even better!) but taking a reduced pension is a big decision to make on your own, especially when the state pension has been delayed yet again. Anyone out there gone a couple of years early and survived financially?
  3. ljr

    ljr New commenter

    I am hoping to stop class teaching at the end of this academic year, when I will be 58, and hopefully do two days cover teaching for the next year and stop completely when I am 59. I really can't do another year in the classroom, my health will suffer, I would rather have a slightly smaller pension but have better health to enjoy it.
  4. sadika

    sadika New commenter

    I'm in this age group too and trying to decide what to do ...
  5. I will be 59 and 5 months when I finish in summer- all sorts of health issues mean I cannot go on any longer. Many friends have gone from 55 onwards
  6. I'm going on my 55th birthday. I want the time to follow other interests and will take the financial hit. I've been part time for the last 5 years and know pretty much what to expect. I intend to do a bit of Private Tuition and if desperate will do Supply.
  7. I forgot to say find out how much less the pension will be-for me it is worth it given all the aches and pains!
  8. In my experience it wil be. Going part time at 50 gave me a taste. I now enjoy the simple things in life that don't cost a lot; I sleep better, eat better, am much more fun around my family and enjoy my hobbies and pastimes to a much greater degree.
  9. Peter99 were you able to negotiate part-time in your own school or did you start again somewhere else?
  10. Does going early make you feel a sense of failure ie you couldn't quite make it to the end, which everyone expects you to do?
  11. ljr

    ljr New commenter

    Absolutely not! I know I have done a good job over the past 35 years, and that I am not as good now - I just don't have enough energy to be with KS1 children all day. I am being sensible to myself and fair to the school & children.
  12. polly.glot

    polly.glot New commenter

    Not sure that teaching is indeed just a young person's game - it's the hours and workload that are challenging. I retired at Christmas, aged 60, to a .5 post, and am so happy. The school respects the experience and wide knowledge base of older people, and many of the staff are 60-ish and working part-time. It's great working just 3 hours a day, Fridays free, and time to read, walk, garden, spend time with family after all those years of slaving in a boarding school.
  13. jacob

    jacob Lead commenter

    I would love to be able to go early, and at least felt a bit better when I read the stuff on the TPS website about the actuarial reductions. I thought they were greater. However, i cannot really consider going because of rather large financial committments (personal). If the Hutton review is followed (only the interim yet) our contributions will go up by three percentage points (from 6.4% to 9.4%, i.e. by about 1 and a half times) this could be anything from about £75 a month up (after three years). The gulf between 60 and 66 (as it will be for anyone aged at least 56 now) is a big space of years to bridge, when you still have the same tax allowance as the working stiffs, don't get any OAP freebies like bus passes, and (obviously) don't get the guaranteed state pension of £140? a week. When you hit state pension age you get the £7000 a year, and your tax allowance goes up to somewhere between 9 and 10 grand (currently). That means you suddenly become much better off at 66, but might be too decrepit to do anything with it!
  14. Many good points and the key is planning your finances well in advance. Your point about 66 is well made. My sister in law has just hit 60 and gets a full pension and all the attached benefits including a winter fuel allowance. She tells me it paid for a few tanks of petrol in her Saab and a new pair of hiking boots. My wife, who is 6 years younger than my sister in law, will have to wait over 10 years to receive the same deal.

  15. I don't feel a failure either -have definately done my bit for young people as most of my career was in challenging schools and increasingly am not confident I relate to where they are coming from. Also children are changing so fast in secondary schools. As it happens my subject Food tech is about to be annihilated by the NC review and Ebacc so my sell by date is gone I feel. I made my decision over a year ago and have had plenty of time to come to terms with it and do some planning.
  16. Will probably go in the summer - aged 56. Put simply I cannot do the job as I would like to do it. I find myself becoming more irritable and have less patience, so I think it is time I got out. SM has not helped, but I feel I am becoming a person/teacher that I do not want to become.
    I always said that when I stopped enjoying teaching then I would get out. The time has come, I feel, eventhough, I will have to take a 20% cut in my pension.
  17. jacob

    jacob Lead commenter

    Have you had a look at the TPS website and the reductions? It might not be as bad as 20% and they do work it out based on exactly how many months you are to 60.A nd, these days you just resign, so you should be able to get paid until the end of August, then claim your pension thereafter.
  18. Dunteachin

    Dunteachin Star commenter

    I took my pension last summer at 55 because I was made redundant and had no other job to go to. (It isn't brilliant, because I worked part-time for 25 years.) However, I don't look at it as taking a cut; I'm getting part of my pension in advance. I've worked out that I'll be in my 70s before I actually make a loss. As it happens, I have been getting regular supply at a local school and have just been offered a maternity leave. None of this will affect my pension because I took ARB. It's a win-win situation as far as I'm concerned, but it all depends on your circumstances.
  19. The process to apply for ARB looks fairly straightforward. Are there any potential pitfalls or advice from anyone who has gone through the process?
  20. Dunteachin

    Dunteachin Star commenter

    It is very easy to do. If you have any questions I found TP helpful when I rang them, although they are not allowed to advise you financially. The website has lots of information and you can track the progress of your application on it.

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