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Retirement

Mullardman said:
P.S. I still have dreams.. I wouldn't call them nightmares.. where I'm trying to get something done by a deadline.. They are really no more significant than those lovely days when you wake up thinking 'Oh Shit!!! Work!!..'... then suddenly realise it's the weekend...
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That’s interesting Mull. When I started working I’d have the odd febrile dream about being back at university and sitting my finals, for which Id done no preparation but these faded out when I became middle aged. Now you’ve raised the prospect that I might dream about work similarly when Im retired!
 
Mullardman said:
P.S. I still have dreams.. I wouldn't call them nightmares.. where I'm trying to get something done by a deadline.. They are really no more significant than those lovely days when you wake up thinking 'Oh Shit!!! Work!!..'... then suddenly realise it's the weekend...
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Me too Mull. I've been retired for ten years and I still have the occasional dream about work, or suddenly find myself thinking about ancient work problems, usually because something similar is in the news again. I think if you've had a full and interesting work life it never really leaves you.
 
lordsummit said:
46, always planned to retire at 60, but the amount Id lose looks really punitive at the moment. Everything was set up for that, but the kicking my career took due to the changes in the last seven years have pretty much ruled that out. My areas of specialism seem to have been pretty much the ones unloved by the present administration.
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Younger than I thought. On a positive note it is now a 1/57th pension. You can also pay extra to take this to 1/45th. I’m almost 54 and have 34 years in the old scheme, currently a tapered member until February when I move on to the new one. The pain with that is I can take my old pension in a year but must take any new one with a massive actuary loss. If I wait till 60 then I only have to take my old pension and wait until I’m 67 to take the new one!
 
Schnitger said:
I heartily agree, but that's not possible for some of us. As a 54 year old teacher (there's a confession for you) I find that the recent changes to teachers' pensions mean I can't retire until my state pension age of 67. Many of us will probably die on the job. I've no doubt - seriously - that was considered by the then government.
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Having baled out from Teaching fairly recently I really feel for you. I agree that many teachers will probably die earlier because of these changes and its hard not to see it as a cynical move by those in power. As a 54 year old you are in the middle band of those in Teachers Pensions so you are in a better position than those who joined the scheme after 2015. I think you could still take early retirement (from 55 with an actuarial reduction) so it might be worth looking at the figures and see if its possible.

Plenty of information here although its a pretty poor website:

https://www.teacherspensions.co.uk/members/what-type-am-i.aspx
 
Did anyone find the adjustment to having less income a major challenge? That’s probably been the biggest psychological barrier to me doing this. I’m going to have to stop ogling hifi adverts and reversing the major clearout I’ve just gone through.
 
I used to work with someone who had a calendar on the wall, with 'days to retirement' on it and would cross off each day as it passed.
It's a great shame that some people have to endure jobs they hate so much, especially if that's only so they can claim their full and rightful pensions.

As for me, I found much to my surprise that I was financially better off than when I was working. People don't always realise how expensive it is to go to work (travel, meals, clothing, etc etc)
 
An interesting fact on the Chase last week - when the (UK) state pension was first introduced, life expectancy was 50 but payments didn't begin until 70.
 
TheDecameron said:
Did anyone find the adjustment to having less income a major challenge? That’s probably been the biggest psychological barrier to me doing this. I’m going to have to stop ogling hifi adverts and reversing the major clearout I’ve just gone through.
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I need my inheritance to fund mine. But my parents don't seem too keen at the moment.
 
Spike said:
Younger than I thought.
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Brilliant, the perfect back-handed compliment!!!

The only favour Gove did was change the pensions scheme and freeze my old pension on my Deputy Head Salary. I do have a decent chunk there, an index linked 14k. I’m also now working in a Music Service, so as I age and the mortgage is paid off flexible working will be an option. I’m happy the way things have turned out. I would’t go back to the classroom for all the beer in Boddington’s Brewery.
 
At least you can take that at any time from 55!
Teaching is a very different game these days, even in the last few years. I have a fantastic Head, yet still more pressure! It’s a nice feeling to think I could go in a year. Although I still intend on going to 60.
 
So Spike, lordsummit and others have all summed up what I began to feel about teaching from about the time the Great Recession started. I used to love teaching but what has been asked of teachers over the past ten years is ludicrous and destructive. Headteachers are often part of the problem so if you have a good one Spike, you are lucky.
 
TheDecameron said:
Did anyone find the adjustment to having less income a major challenge? That’s probably been the biggest psychological barrier to me doing this. I’m going to have to stop ogling hifi adverts and reversing the major clearout I’ve just gone through.
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It will depend on your personal circumstances, the type of pension you have and your outgoings. Try running the numbers through a spreadsheet and see what they looks like.

Don't forget also that you won't pay NI on your pension, and unless you have a really good pension, you probably won't be paying 40% tax - if you do then you really shouldn't have much of a problem! Again, run the numbers through a spreadsheet. In my case my nominally 50% gross pension is about 60% net. And then your state pension kicks in at 65, which is nice. I've not really noticed the difference, except I now save and invest less, on the basis that I don't really need to.

Go for it. You'll be fine.
 
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Schnitger said:
I heartily agree, but that's not possible for some of us. As a 54 year old teacher (there's a confession for you) I find that the recent changes to teachers' pensions mean I can't retire until my state pension age of 67. Many of us will probably die on the job. I've no doubt - seriously - that was considered by the then government.
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You can still go at 55 or anytime after that. Presume that you are a tapered member at the moment.
 
I retired at 57 due to either having to compete for my job or take redundancy. The decision was made easier as my wife was being made redundant at the same time although not from the same organisation. I used my lump sum to set my wife up in business. After dossing for 18 months I got a job in Sainsbury's. A not very pleasant company to work for. I was there 6 months when a job to cover a years maternity leave came up where I worked before. Still there today at 63. I plan to leave at 66 when my state pension kicks in. I will of course expect my wife to continue working to keep me in the style I prefer.
 
Lordsummit. Have a word with your local Wesleyan Financial Services Rep. The advice is free. They will come to your home and talk you through all your options. I did after much pushing and I was staggered to find that I would be much much better off if I retired and claimed my pension and then worked for three days a week, earning just less than £24 000 than to do what I am doing at the moment.
 
I'm 60, with a nine year old and a 4 year old. Wont be retiring anytime soon (lottery win excepted).
However, there are compensations, my beautiful wee boys
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