To give up working at 52?

[caniquitwork]

I am a teacher, but I've had enough.
I have a small teacher's pension- small because only paid in 15 years and even then mostly only part time. Have some other private pensions which will eventually pay out about £1000 a month, but not till I'm 60. Would not touch teacher's pension until then either.
So here's the aibu part - I have a house I own outright so no mortgage, but to live on until 60 I have about £250000 I inherited. Would obviously invest but don't think interest would be enough to live on, so would also just withdraw from the pot iyswim.
Would that work? Would it be selfish- should I keep this money safe for my children?
No dh in the picture. Keep
going round in circles. Wouldn't mind working in another job to supplement but worried if I could even find anything.

I would love to work in a different job, part time, even just to see what it's like, as teaching is all I've ever known. But I have so little confidence that anyone would employ me!

When your in your own it’s a bit scary to say, actually here is my notice and quit

but in reality you would have interest on £250k at 4% so £833 per month coming in and a gap of 8 years until other income

If you took away £50k

uoud still have £666 a month income before any tax if due

only you can work out how much you need to pay the bills

then take the £50k and go and enjoy yourself for 2 or 3 years

then reassess at 55 and see how your doing

but take the leap

I would if I could in your position. You could always choose to pick up some part time work if you wanted to increase your income. Enjoy!

I would if you've done a spreadsheet and think you can afford it. You are very fortunate with the 250k inheritance. You'll easily get another job, it may give you a new lease of life.

16 years later and feels like 5........I can honestly say I haven't missed work for a single second nor have I been bored.

Remember when you were little and summer holidays felt wonderful - it's been like that for me.

I initially thought I'd take a job after 6 months or so - but I was loving it too much. 😁

Strange way of looking at it

if it's invested at 4% that's £10k in interest

so depending on monthly costs, no mortgage, OP wouldn't be taking £25k a year off the capital.

What job would you like to try?

bus driving
chamber maid
MR Benn tried lots of jobs

Yes, I would.

Would you still be allowed to do some supply?

We've calculated we spend £25k per year (house paid off, no debts) excluding holidays so i would go for it but perhaps look for seasonal work from time to time, like exam invigilating, or how about some tutoring to pay for luxuries, this is our intention

Thing is with part time jobs, often they want regular hours and commitment

if you can get a zero hours job through for a few months and then go travelling for a few months, it gives you more freedom

Jesus I am envious OP! You would be mad not to. You can always get a little p/t job - my DF did that after leaving teaching in his 50s.

I love MN but I especially love it when I read posts like this. It just gives me some sort of strange hope even though I am not sure how I will stop working before 70!

Quit and get an easy low stress job to supplement your income.

OP, there are lots of groups on Facebook/reddit etc. for teachers who are trying to leave classroom teaching. I’m a teacher who loves teaching, but I often research opportunities outside the classroom, just out of curiosity. There is so much out there for you to do.

If I were in your position, I’d quit the classroom and start my own tutoring business in my subject area. Work whenever I want with whichever students I want. Make the most of my last 15 years of work to do something new and exciting for myself.

Im not sure I could give up work completely, but I appreciate how knackering teaching is. I’m not sure how I’ll feel at age 52, after more than 30 years in the classroom.

I'd buy a buy to let (or two) and live on the rental income. Then you can always sell and get hopefully all your money plus extra back.

There are lots of online calculators to work out when the money will run out.

I just put the figures in now of:
£250k balance
Interest @ 4%
Withdrawing £20k a year from age 52

Calculator says the pot will run out at age 66.

Could you do babysitting for extra cash? Pays pretty well and as an ex teacher you would be in demand

Or even just the title. All six words of it.

I'd buy a buy to let (or two) and live on the rental income. Then you can always sell and get hopefully all your money plus extra back.

I'm looking to do this but I haven't done my sums yet. Being a landlady/lord also has its drawbacks such as getting and keeping good tenants. Expensive things going wrong - like the boiler which might need replacing. However, it is a way of keeping the capital in an asset. I'm very tempted.

Surely you can live on 25k per year for ten years with no mortgage .
I'd go for it. No one knows how long they have to live. Why do you feel the need to invest all the 250k?
Live and enjoy

Sounds very young to Quit working, is there something else u want to do

I really hope your wish comes true somehow!

No because savings interest is taxed. So a chunk of that is being lost every month. It can't go into an isa since you can only put in £20k per annum.

Obviously she could chose to rake a lower capital amount to top up her income but anything she take from the capital will reduce the savings interest.

The OP has done the maths I'm sure. Only she knows whether its enough for her to live on.

Thank you :)

Maybe try for a part time admin role in the NHS.