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.

Personally I think you could do with some good quality financial and retirement planning advice. My mum has similar- happy to pay for the advice as it has been so helpful for her to work out a budget post divorce.

Honestly do it ! Life is too short it really is. My DFs DS quit and got a p/t job as a barista 2 days a week. Similar income as you as I understand it but just felt she ‘should’ be bringing in some income. Apparently they love it and would never look back. I’m 52 and not expected to live for another 12 months due to cancer. I would have filled my last 2 years with way more than work if i had had the chance

Loads of ex teachers go into Driving Instructing. It is hard training but once done you are self employed and can dictate your own hours. If it is only for a supplemental 5k to 10 k you would need to do 10 to 20 hours a week.

I think that changes things.
Are there any low stress part time jobs that appeal (museum, garden centre, something arty, train to do nails... Anything that appeals).

With £250k I'd talk to a financial planner about investing the money to provide an income over the next 10-15 years until your pensions kick in.

As well as advising you what to do with the money for the best chance of return taking into account your attitude to risk, they'll be able to show you predicted returns and what income you'll have.

As for whether it's enough, it's almost certainly enough for a fairly decent standard of living, which you can supplement with something part time and less stressful.

Even if you have to dial back your lifestyle a little, surely being free from a job you hate is enough compensation?

I would retire from something as stressful as teaching if I was in your financial situation!

I think I would then take a few months to relax and think about what I want to do next. You might end up getting a part-time job or just deciding not to work anymore.

Unless I'm missing something - £250K invested in 10-year UK gilts would yield about 4.45% at the moment, with a guaranteed return of your capital at the end of the term.

This would give you about a £10,920 year stable fixed income, I think. No need to risk the capital at all. (It's purchasing value would decrease over time due to inflation - but it would be a secure income and nominal capital return on bond maturity).
Top up your income with a few days supply work each month.

Could you do some private tutoring for the next few years? Income from that plus interest on the capital could give you a reasonable income.

Go for it. Without being morbid, you may not be alive at 60. My friend died at 58 without ever touching her pension. I retired at 49 & love it. The reduction in stress will be worth it.

Maybe they’d think that. Easy words from you though, you’re giving your opinions having also received an inheritance.

I think I'd look at middle ground options. You've said there's not much demand for your subject in tutoring. So what about invigilation and/or the odd bit of supply?

Hell no don’t put yourself out to pasture you’re only 52 that’s young. You’ll probably live another 30. Retirement can’t surely be your dream as a young woman

I'd go for it.

You've got enough to slowly draw down say £10,000 a year which along with the interest gives you @£20,000 per year income - which mortgage free could be doable.

Over the 8 years until 60 that only drops you to £170,000 capital and then your pension kicks in. Even if you draw down £5,000 more for the next 7 years until state pension that will get you to £135,000 at state pension age.

Sounds okay to me. Still the house and some cash for your children, as long as it doesn't end up in care fees.

Definitely give up the high stress job and take some time off. I’d probably get a low stress part time job to top up income from savings. Something chilled and sociable like working in a book shop.

Or you could look at Exam marking/ invigilating? My gran did that when she left teaching.

There will be ways to top up your income without working too many hours.

although they're contemplating changing this to 71

Who is?

OP if you hate teaching then definitely quit, and maybe take some time to reassess your life and what you want the next chapter to look like.

That doesn't necessarily mean never working again, but maybe working part time in something low stress, or retraining. Given your house is owned outright, you have a decent lump sum and some pensions coming your way in a few years, you have some flexibility regarding what to do next. And you can take some time to decide.

If you lack confidence can you try a career coach? They can look at your skills and strengths and also give you ideas.

I would also be taking stock of your health (mental and physical). Are you active? Do you have a good social circle? Are there any hobbies or classes you want to take up? Is there anything that you have always wanted to do? An adventure you wanted to go on? Start planning some fun stuff.

I would 100% and then just do one day a week supply.

I think the key is I need to build my confidence that I can find something different. Part time in a low stress job sounds very attractive.

I’d do it. And if money became a bit tight, I’d get a retail job at Christmas or something to boost the savings pot. Invigilating is also a good idea, or supply TA. Ad hoc babysitting.

Really appreciate all
the good advice. Have been stuck on such a treadmill I haven't had time to think what I really want. Need to take the leap I think.

Blimey yeah! Go for it. Retire at 52 if you can. Good luck!

Go for it. Teaching has ruined the mental and physical health of so many people I know. Get out while you can.

I would not. If you are a qualified teacher you have lots of part time options and other alternatives as PP have said. It's not all or nothing.

You could easily live for another 40 years. I'd rather make money while I still had the choice than get to 70 and scraping by on £20k a year (which will buy absolutely nothing in 18 years) when I might need money for a private operation or house repair or an unforeseen personal crisis and have nowhere to get it from.

I think this is the answer. I'd consider if there's anything you can do on "the bank" or as cover. That way you'd have the flexibility to do a few weeks work and then go away for a week or two or whatever. Make the most of a last minute holiday deal you saw etc etc.

With 10k a year as a base income from £250k, that should cover council tax, water, electricity etc and probably your food. Certainly my bills on that lot are only about £350 per month, plus food at about £200, so I'd have enough leftover to pay my car insurance and petrol as well. So you just need enough for clothes/presents/self care/travel/meals out. Presumably you could draw down on capital if something like your boiler went.

I came to say invigilating, I can see someone else suggested it. I have a friend who does that and finds it great work, bursts of busy times and then good stretches of time off. Or how about working online doing tutoring, or doing primary school/ 11+ tutoring or working part-time in a library or school library.