Ready to finish

[smileylady1]

Hi everyone

i plan on retiring from education next summer age 62. I’ve done 25 years and my body has shot it now-especially working with the little ones in EYFS.
i’ve got to bridge the gap for 5 years (I can do the odd day supply) before I get my SP so my figures are as follows. I’m wondering if it’s enough to live on.
£19000 per annum
£1583 per month
No mortgage or debt
husband covers holidays going out meals/drinks etc
from the above the outgoings are around £700 a month and the rest would be spends for me.
around £800 a month (food would be deducted from this)
we’ve worked it all out I just feel excited and apprehensive about it all.
Thanks for reading if you’ve got this far.

Plus you have your TPS lump sum.

I was apprehensive at first but its absolutely fine. My DH is far happier now I am happier and no longer have all the teaching/assessment/report writing stress.

depends if you are going to spend £800 a month on just you stuff.

I retired from teaching at 57. I got my TP at 60 plus a nice lump sum. I had been saving into a Sipp for years so took that as an annuity to last 10 years to take me to state pension age. You don't say if £19k pa is gross or net. It makes a difference because if gross you'll pay tax on it. With no mortgage to pay and a DH paying for holidays and meals/drinks out £800 pcm should be enough for you to enjoy your retirement. Do you have expensive hobbies like private gym/ spa membership or will be driving a lot or do you like things that don't cost a lot like gardening, cooking, knitting/crochet, walking etc? I lunch out a couple of times each week, have dinner out once a week, have membership for county cricket and private gym/spa, drive 400 miles most weeks to visit sister or a DC and still end up with over £100 PW left over, plenty enough to cover cost of treating sister or a DC for lunch. I hope you have a lovely retirement OP and very well deserved after so many years of teaching. As you say if you find you need a bit more you can do an odd day supply teaching or you could consider private tutoring too.

We both use the local gym to keep fit several times a week which is cheap and cheerful. The figures are net after tax and I will also get some equity from a house sale soon. I don’t have expensive habits. My luxuries currently are an Amazon Prime subscription and I love buying and selling on Vinted. I enjoy meeting up with friends for lunch and walking our dogs. I love to cook and read and I also look after our grandchildren who live nearby so I don’t think I’ll get bored.

Thank you for your insights

@smileylady1you will have lots of money with those sums. Plus if you a cautious for the first year or so you'll be fine.

Aww thank you 😊

Exciting times for you OP.

I'm a similar age as you and also in the gap between retirement and state pensions. I'm certain you'll have enough money to enjoy your new freedom.
I've found I live on much less than I thought I would. I save money because I have time to make better decisions and shop around. I'm astonished how much I save by not working. No grabbing a bottle of wine on the way home after a hard day or buying a coffee, croissant and magazine to cheer up a dreary commute.

Your buying and selling on Vinted sounds interesting. I buy and sell vintage things and often take stands at vintage fairs and flea markets. Thoroughly enjoyable, very sociable and I make a bit of beer money.

If I could give you one tip it's don't sign up for lots of activities, clubs or volunteering stuff the moment you retire. Just enjoy the feeling of being to do exactly as you please and the things you really will enjoy will become apparent.

I retired early in March this year, once I made up my mind to retire (about 6 months before) I started cutting back on frivolous spending, scrutinising subscriptions etc so that I lived a more frugal life. It’s taken a while to get used to so I would suggest getting started now.

I’m not saying you have to live like a pauper, just get used to not making spontaneous purchases, and now I live in the same clothes all the time so no need to buy more just now.

i also sold jewellery and did car boot sales to increase guilt free fun money. My verdict, I love it! And after a month or so I felt a century of stress leave my shoulders!