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When should I retire? Your views please

Discussion in 'Retirement' started by voodoo child, Mar 7, 2011.

  1. voodoo child

    voodoo child New commenter

    I'll be 60 in 2012 when I will have about 37/80 pension. Should I hang on for a bit longer to boost my pension or should I go? I could ask to go part time to supplement my pension as I still have a mortgage to pay until 2014 so a bit extra would help. I am feeling very tired these days and am cheesed off with the new specs I have to teach but I am in good health and never take a day off. I'd like to hear advice from those who have retired and continued part time and from those who have retired completely. I do realise that the extra pension will continue for years to come so it is a big loss if I don't get the full 40 years.
  2. Dodros

    Dodros Star commenter

    I stayed on until I was 61 to get 37 years in and then "officially" retired. I went back two days a week, on a voluntary basis, helping with admin work and delivering a few hours of 1:1 literacy tuition. I enjoy this arrangement as I keep my hand in with teaching and stay abreast of what is happening in the world of education, which remains one of my strongest interests.
    When contemplating retirement, people kept on telling me how much they envied me for having the opportunity to get out of what can be a stressful occupation and to do what I want to do for once. Well, at the time, I didn't see matters in such monochrome terms. First, living on a reduced income takes a bit of getting used to. You have to budget more. But more importantly, you have to have a reason for retiring, beyond just being 60+. You are entering the unknown. The senior teacher who gave me a lift to school in the 1970s was very much looking forward to retirement after doing a challenging pastoral role for many years. He was dead within the first year of his retirement, which he planned to focus on gardening. I'm convinced that the sudden removal of occupational stress played a part in his demise. It's no good going from a hectic life punctuated by bells to a tranquil and sedentary existence with little reason to get up in the morning. One of the key reasons why I wanted to work two days a week at school without remuneration was that I counted many of my colleagues as my friends. Friends are very important in retirement, particularly for a bachelor like myself. It's also important to have a structure for the week, otherwise time can stretch out without much to fill it. Having all day to do a hobby which you've only had a few snatched minutes to enjoy may sound like a dream come true, but I suspect you'd end up doing the hobby to death.
    I can't, and won't, tell you what to do because the decision must be yours alone. I will just say that when you do retire, don't just consider what you are retiring from. Think about what you are retiring for.
    plot71 likes this.
  3. lindenlea

    lindenlea Star commenter

    Every year you go on working is a year less you will have in retirement. Retirement doesn't have to mean slobbing out btw but it can be quite tricky so don't jump if you don't want to. When you are ready, look on retirement as a new occupation and take time to build a new life. I'm glad I turned my back on teaching - I was overdue some different experiences. It's entirely individual but just go when you're ready if you're lucky enough to have the choice.
  4. voodoo child

    voodoo child New commenter

    Thank you for your thoughtful replies. It is hard to know what to do for the best. Good days mean that it seems daft to give up but when it is a long hard slog (and this winter has been a very long hard slog) then it seems very inviting to turn to other things. It is good to hear other people's views.
  5. jacob

    jacob Lead commenter

    When will you get the state pension?
    With the increase in state pension age the "plot" gets ever more complex. When state pension age for women was 60, you got that, plus free bus pass, stopped paying National Insurance, and got a bigger personal tax allowance (I know this from a colleague who stayed on to 61 and was better off). But since they have started faffing around with all this I do not know what you might get.
  6. lindenlea

    lindenlea Star commenter

    I think it's better to base the decision on what you want to do. The differences in future income are not huge in this case.
  7. voodoo child

    voodoo child New commenter

    I'll get it at 62 and a quarter. So if I can manage to go on till I'm 62 then I'll have a full pension and a state one so that would be good. I'm also aware that we are very unlikely to get any increases yet pensions are uprated with inflation so perhaps going earlier may be a better deal. I agree though that it isn't about money but also life style. I'm a busy person so I'm unlikely to sit at home and rot but do want to have enough to enjoy my retirement. It's more of advice from those who have thought this through and can shed some light on what is a very important decision.
  8. lindenlea

    lindenlea Star commenter

    The lump sum is a great help. You can spend it on riotous living or invest it for security. Whichever you choose it does make a good retirement a real possibility.
    We moved house before we retired to get the expense of a new home over with and that was a good decision. Is there anything major you want to do while money is not a problem.
  9. voodoo child

    voodoo child New commenter

    I am a cautious person with money so will probably invest most of my lump sum but think I will try to have a good long distance holiday in New Zealand once I can go over the Xmas period for a while. What a good idea to get the expense of a new home over whilst working. I won't move for a long time as I'd like to be able to spend more time in my house and garden instead of rushing off to work every day. The abolition of the management allowances means that will the uprating for inflation I may have a bigger final salary than I am currently earning so will look into that as well. It is so complicated and I'm sure lots of people have exactly the same problems in deciding what to do.
  10. jacob

    jacob Lead commenter

    You mentioned that you have a mortgage until 2014. If you go in 2012, would the lump sum not be enough to pay off the last bit of mortgage?
  11. voodoo child

    voodoo child New commenter

    Yes it may though I want to buy up the last of my past added years I've been buying. I'd prefer to keep the lump sum for the rainy day. Am considering doing the acturially reduced now as you can then work full time after you take the pension as long as you take the pension before 60. If you wait then you can only earn up to what you had been earning - they take away pension if over. It is really complex. Thanks for your comment.
  12. davidmu

    davidmu Occasional commenter

    I called it a day after 36 years, at 59, but went back for two years part-time. I still had two to go through University, but not at today's cost. I have done a variety of short term contracts, not teaching, and live very comfortably. I am now 70, perfectly fit and very active. I know of colleagues who went on for a few more years and never lived to see retirement. The HT retired one August, nearly 62, and was dead by the November. Go now, while you have your health, moneywise you will cope.
  13. If possible go part time and the decision to retire becomes very easy. You can always earn more money but earning more time is a little trickier.

  14. Finally decide to call time and am retiring in the summer. My wife had a pensions person in her school, last week, and he said if you leave at 55 your life expectancy is far greater than if you stay till 60. So that's me going, will tell the HT this week and can't wait.
    Start clearing my storeroom from tomorrow. Everything straight in the bin, I already feel much better, like a weight lifted off my shoulders.
    Roll on 23rd. July.
  15. razziegyp

    razziegyp New commenter

    I love it........ good luck and be happy!!!
  16. voodoo child

    voodoo child New commenter

    Thanks everyone. I have written to teachers pensions yesterday asking about ARB so will wait to hear what they say. I am pretty sure that I will take the ARB ( retiring 2 days before my 60th) so that I have the flexibility to either pack it all in, work part time or continue full time depending on how I feel nearer the time. It certainly doesn't get any easier each day having had another mega one with a long parents evening till late. It is the tiredness that I am finding hard to deal with so that is making me think carefully. I really appreciate your advice - it is such a big decision and it is good to hear what you all think. Hope this helps others (there must be loads) who are going through similar things.
  17. imateachertoo
    Congratulations! Are you going to work part-time or take reduced pension?
  18. Reduced pension. Have a good rest and then maybe do a bit of supply during that awful half term up to Christmas, when loads of people are off sick. Stick to schools I have worked in, know the routines.
    It has been hard telling people because a lot want to leave, a good few in their late 40s, and I do not want to sound too cheerful.

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