miktec
retired
On the whiteboard was one of those baffling charts with boxes and arrows all over the shop, designed to illustrate something or other.
Ah yes, models - the favourite 'Training Day' treat:
On the whiteboard was one of those baffling charts with boxes and arrows all over the shop, designed to illustrate something or other.
I get a lot of leave, so I cannot use working as an excuse to put things off.
A very different situation for Americans with tiny holiday allowance
If the property prices weren’t so insane
I always wanted something back beyond money I was far too tired or time-limited to spend.
I think that the real function of these things is to confuse the workforce, make them feel inadequate and insecure. A less confident workforce, one that constantly feels menaced by new ideas which they can’t quite follow, is meeker, easier to control.Ah yes, models - the favourite 'Training Day' treat:
Of course, sensible retirement planning requires an estimate of life expectancy based on lifestyle, pre-existing medical conditions, family history etc. I’ve found these two estimators to be very helpful:
1. https://media.nmfn.com/tnetwork/lifespan/#8
2. https://www.livingto100.com/calculator
A few minutes on Google will show others. Not all will give the same answers, but one can look at results from different calculators to get a good sense of where one stands. It is illustrative to vary the inputs to these calculators and observe the effects of diet, exercise, weight, etc. on expected lifespan.
Again, both are geared towards US residents, but I see no reason why they cannot be used by others.
Daughter and SIL considering relocating to Tyneside now they no longer need to visit an office. Their 2-bed flat at Crystal Palace looks like selling for north of £450k. Plenty of choice up there with that money.
That's the balance I've never quite managed. Doing IT in The City I was cash rich but time poor. Now working in education I have more time but a fraction of the cash. Though most days I'll happily choose the latter.
A very different situation for Americans with tiny holiday allowance
It still is up until April 2022.Not been that for a while.
And you could have always taught if it’s so lucrative.
Not really saying much unless you know how many years she has been in the TPS. You can be a “senior teacher” (which is a meaningless term these days) and still only have a few years in the TPs. How many years does she have? If she has 40 years then it’s half salary and 3 times this as a tax fee lump sum. If she has only say 30 years the 30/80ths. Which will still be a reasonable pension. However, if she is taking it at 55-60 then this will be reduced at about 4% per year. tell her to look at:I'm very pleased to hear that. The last time I was in a primary school one of the senior teachers there, a full time SENCO, had just got a forecast for her pension and she was horrified by how little it was.
I wonder if the SE price divide can continue to grow indefinitely. The last 6 months have shown that for many jobs, the only reason to go into the office was to justify the middle managers jobThey should think very carefully about that in the long term. Things change (as we’ve seen). Once they sell up out of London / South East, history suggests it’s very difficult to buy back in. Other options could be to rent it out and either buy or rent another place elsewhere (I realise that’s not very tax efficient in the short term). When we moved to the sticks we kept a place in the SE and very glad we did.
My parents and retired teachers and put aside a LOT of investment s in the 90s. One year they made more in their additional pensions etc than they did salary. They now have a very comfortable retirement. Good for them, it's bought and paid for and they gave up on flash cars etc to fund it.Not really saying much unless you know how many years she has been in the TPS. You can be a “senior teacher” (which is a meaningless term these days) and still only have a few years in the TPs. How many years does she have? If she has 40 years then it’s half salary and 3 times this as a tax fee lump sum. If she has only say 30 years the 30/80ths. Which will still be a reasonable pension. However, if she is taking it at 55-60 then this will be reduced at about 4% per year. tell her to look at:
he’s a retired maths teacher and has a number of excellent videos.
It also surprises me how many teachers such as your friend have no idea until it’s too late. There are numerous ways that she could have boosted her pension over the years, and still can.
On a personal note, I’m 57 and plan on retiring from teaching in 3 years. This will give me 38/80ths and three times my annual pension as a tax free lump sum. I will have 2 1/2years on the new pension which kicks in April 2022. This will be reduced by about 27% if it take it at 60. I’ve calculated that overall this will give me approximately the same net monthly income, as I have now due to no NI, pension contributions, additional contributions etc. Plus not paying £300 per month for fuel. (My fault as I like my Audi S3). Thankfully no mortgage to pay. I will continue working for the Exam board and OFQUAL, which I thoroughly enjoy, so I will be much better off. I could be tempted to do a partial retirement and reduced maternity cover for a year. Some of my department are planning kids in a few years! When I reach 67 with my state pension I will definitely have the biggest disposable income I’ve ever had.