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'm doing a zero hours contract in my old school (I'm 61) which gives me some money but boy do I feel the difference. I'm not exhausted at half term even though I worked four days last week in a pretty tough school but I did no planning or late night worrying or paperwork. No longer my monkeys to fret over. Other friends work at museums/NT properties.

In your situation I'd leave and do something else.

I would! My parents also left teaching in their early 50s in a similar scenario to you. They are very happy and spend lots of time with grandchildren and on hobbies now.

If you can afford it do it

2 years ago we had a terrible year of 5 sudden unexpected deaths all below retirement age youngest being 46 undiagnosed cancer dh db a week after his 60 birthday had a heart attack ironically the same day his army pension went in. Dd boyfriend mum aged 52 went in for a routine planned op and died I don't mean to be all doom and gloom but that year certainly opened my eyes that life is for living making memories as nobody knows how long we have left

Me and dh work opposite shifts me days Monday to Friday him nights on a rolling shift pattern not long left on the mortgage we plan to either reduce our hours or retire as soon as we can comfortably afford to

Although i joke dh can never retire or reduce his hours as he has a really good death in service policy at his work

I would do it. Life really is too short and you can always pick up something part time of you decide you change your mind.

Exactly! OP has raised her DCs, they're doing fine and will probably inherit her house. Why the hell should she carry on working for their inheritence FGS. I say that as someone who always defends millenials and younger people on here.

How is a holiday or a horse (really?!) not frittering money away
come on @ViolinsPlayGentlyOn a horse can be passed down for generations upon generations to canter gently on.

I don't mean to be all doom and gloom but that year certainly opened my eyes that life is for living making memories as nobody knows how long we have left

@Spendysis what’s the point in ‘making memories’ then. I’d guess you forget them when you die.

I'd want to really think about my children's situation first.
You say they have deposits, but are they likely to still need long mortgages?

It wouldn't seem quite right if you retire at 50 but they have to work till their 70s, or have to have the children in full time nursery etc.

But depending on that, I guess it's up to you. I suggest easing off /going part time first though rather than a cliff edge retirement?

Lol at some of these comments re the DCs. I must speak to my DM who never really had to work for long due to inheritance and tell her to get a job to ensure I don't have to work until I am 70! Nevermind the fact that she gave us our house deposit!

You could probably retire early, but not quite yet. Maybe at 55 on that money. Or find another less stressful job to tide you over.

I would probably work till I was 55 in your position. Then the end is in sight in a few years and you can save as much as possible to add to the savings. There's alot of financial uncertainty ahead and 52 is pretty young still. I'd be too worried to stop before 55.

Hi OP

Just checking - the £1k a month at 60 from other DB schemes - are these on top of anything you can receive from the TPS?

Any way to go very part time? I think that helps with the inflationary increases for the TPS. I'm sure that someone on a teachers forum would have some ideas.

If you are able to stick out your current job for some time, or act quickly before the end of the tax year throwing some of your savings into a SIPP to get the tax benefit might be very worthwhile.

The interest is taxed if the op has income over her PA. The interest is £10k on 4% and even at 4.9% which is a decent paying ISA it’s £12,500

the PA is usually £12,550

so it’s doubtful there would be tax to pay on the interest, if op got another income then there’s going to be tax to pay on the income over her PA

Yes I have other private pensions which will
pay about £1000 from age 60.
So £1000 at 60, plus state pension later, and Teachers Pension but how much and when is to be seen with the last one.

Ideally by the time you’re 60, you’ll have had 8 years to deposit £160k into tax free ISA so any interest is tax free income.

Of course they will! You will have so many transferable skills. Honestly, you only get one life, go for it! Teaching is a tough gig to try and ride out for another 15 years. It’s sad because so many children are going to end up losing good teachers but do it! Good luck.

She can’t just keep working because her adult children will have mortgages and children. What an odd way of thinking. I’d rather my mum had a good quality of life than slaving away to help me as an adult.

Why the f**k not? If I was in a financial position to retire now (I’m 41) I bloody well would! I’ve got no interest in fuelling capitalism and being miserable for 8 hours a day if the other option is having the time to do what I actually want rather than what I need to survive. What a bizarre outlook.

I would see a financial advisor/pension planner and talk through your options with the actual figures in front of you. If it’s affordable I would do it. Several of my ex colleagues took early retirement due to burn out and now have much lower stress jobs, garden centres, supermarkets, working part time etc and are enjoying life again. Just check you have/will have made enough contributions for a full state pension or plan to make up any deficit.

Your owned property will increase in value so you’ll have something to leave your DC.

Having been a saver all my life I’m realising the current government is going to penalise me for that, so I plan on spending mine while I can.

8 years. OP gave her age in the thread title.

Look up Rebel Finance -the Donegan’s - they are a youngish British couple who retired early and do a free financial course (next one starts in June I think) call rebel finance school, which aims to sort out and build your finances to be in a position to retire early. There is a big FIRE community (financial independence retire early) with lots of info to look at to work out what to do with your lump sum and investments. Best of luck!

Could you buy a small property and live of the rent? Try to find a part time job, 2 days per week.

It also depends on how much money you need to live on atm.

OP you could join an agency and do supply teaching just 1 or 2 days a week. I don't know where you are but in London its about £130 per day for supply teaching. Then you don't have any of the stress of meetings, planning, parents evenings etc

Incredibly stressful career. You sound done; I have a teacher friend who is exactly the same. Go for it. I volunteer for the local library and most of the library assistants are ex teachers. I think you will walk into an admin/library job even though the job market is dire for young people without experience.

Out of interest what subject do you teach?

Do it. We're born, go to school, work all our lives to afford a comfortable old age and then die. Many retirement dreams end up shattered because people have waited too long to give up the grind.

Sorry if this has been said before, but I’d make an appointment with a Wesleyan advisor before making any decisions. They give free financial planning advice if you’re paying into teacher pensions - I’ve had advice and it’s been absolutely brilliant.