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At what age do you plan to retire?

(15 Posts)
annie987 Tue 13-Nov-18 00:40:57

I’m not quite 40 yet but have been desperately calculating for the past few weeks how early I can retire.
I started teaching at 22 and am hoping to retire at 60 rather than 68! There’s no way I can do this until 68 but the difference each year beyond 60 makes to my pension is quite staggering!

It wasn’t long ago that most teachers I knew seemed to be planning to retire early at 57 / 58.

If you’re a teacher, what are your plans regarding retirement?

OP’s posts: |
PrincessJuanita Tue 13-Nov-18 19:03:47

I'm a few years older than you, have also been teaching since 22 and am hoping to retire at 60. I've worked it out on the teacher's pension calculator and as long as I do the odd bit of supply or tutoring then it should be manageable (as long as things don't change again confused)
I've worked with a few people who've gone past 60 and it's never been a good move.

Yumyumbananas Tue 13-Nov-18 22:59:06

I’m hoping to go at 55. I have been on a (low) leadership pay since I was relatively young and I’ve stayed full time after having children in the hope that I can retire as soon as my mortgage is paid off.

BackforGood Tue 13-Nov-18 23:32:24

I've worked it out on the teacher's pension calculator

What is this magical calculator and where can I find it ?

PrincessJuanita Wed 14-Nov-18 06:29:12

https://www.teacherspensions.co.uk/members/calculators/estimate-your-maximum-lump-sum.aspx

I seem to get a different result every time though 😝

Nuffaluff Wed 14-Nov-18 06:34:35

We aren’t very well off as a family, so potentially 67! I’m part time at the moment so will probably have to go back full time at some point. However, I don’t want to and I suspect the stress of working full time would shorten my life anyway (not even joking).
If we inherit money and pay off our mortgage early, then I’ll retire earlier or carry on working part time. This probably will happen, which is why I’m not too worried.
I could tutor too - I’d like that.

wentmadinthecountry Wed 14-Nov-18 22:08:31

I'm 55 in a couple of months, but won't be retiring any time soon. Too long off bringing up my children. Sigh.

Mumshotel Wed 14-Nov-18 22:09:19

Hopefully 60

cupofteaplease Wed 14-Nov-18 22:12:09

I rent, so I’ll have to work until I drop I guess! So not before 68.

C0untDucku1a Wed 14-Nov-18 22:12:29

What does the years / days thing mean on the calculator?

Littlefish Wed 14-Nov-18 22:19:39

When I'm 55 (hopefully!), 58 at the latest.

elephantoverthehill Wed 14-Nov-18 22:28:16

I have been looking at this recently. I found the teacher's pension calculator quite difficult, in terms of the fact it changes as it is index linked I think that was what I was told. Also a colleague has explained to me that the 'graph' is quite steep up until the age of 55 and then less so. So if you can pick up other work, to make up the shortfall in pension, it is possible to retire earlier. I wish I could find a way to just have all the possible outcomes past the age of 55 illustrated on one page. Also checking your employment record is accurate is important. I have 6 months where apparently I was not employed to chase up.

Didsomeonesaybunny Wed 14-Nov-18 22:46:56

I’m not a teacher but plan to retire at 50. I am ploughing in masses (well it’s all relative isn’t it?) to my pension, stocks, premium bonds, shares and property to enable my early retirement dream!

BackforGood Wed 14-Nov-18 22:56:51

Thanks @PrincessJuanita smile

KingscoteStaff Thu 15-Nov-18 19:04:41

All I know is that I CANNOT carry on doing this until I’m 68...

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