Retirement countdown has started

[Countdown2023]

So I have had enough of teaching. It was great but now it is just draining. I have spent half term crunching numbers, watching DiddyDave pension clips and know what my bottom line is. I know what I will get from TPS and I know what I will get from my state pension when that kicks in much later. Just need to get all my ducks in a row.

My plan is to be out Easter 2023 and I want to enjoy the ride. And yes I know I am lucky that I have the option to go at 60.

We're just giving your thread a bump, @Countdown2023 - and wishing you the best of luck in your retirement. Just over a year to go!

Aw good luck! I have just started in my 30s, hoping to make 25 years.

I retired at the end of last year at 67, with 43 years of teaching. I went 4 days for my penultimate year, 3 for my last.

As ex-colleagues who had retired earlier noted, it takes time to get into retirement, but the truisms of being as busy as ever are so true; it's just stuff that is meaningful all the time.

All the best, Countdown2023. 👍

Why has it done that? I like the yellow hand.

I've been looking into retirement recently - not ready yet but preparation is key. I'm 53 and hoping to retire at 57/58. I just need to look at the figures closer to.

I've been off work since September after a cancer diagnosis and due to go back just before Easter, it's definitely given me much to think about.

Good luck. What are your retirement plans?

I’m planning to take my pension in August 2023 aged 55. I will have been in the job for 31 years which is enough. I can’t wait! In fact, it’s the only thing that’s keeping me going at the moment!

I’m also planning the escape and have found the DiddyDave videos and comments so useful.

I plan to work for another 4 or 5 years to take me to mid 50s. I can fund the period from 55-60 by DH working and drawing down a bit of savings. I will get most if my pension at 60 from the final salary scheme, but also pull forward the bit I will accrue in Career Average from April 2022. I will take an actuarial reduction of about 30% to take that chunk at 60 rather than 67. I can do it because it won’t be much to start with, as I’ll only get about 5 years in that part of pension. Given I will get my state pension at 67, I’m happy to have that bit more at 60 than otherwise, and face a bit less from the TPS at 67 than if I’d waited to take the career average section until then.

The thought of teaching beyond this is impossible for me. It might also be that in my last couple of years I reduce my hours further (already part time) to enable me to keep going.

I’m fortunate in that I have no mortgage now, my DH likes work and earns reasonably and we don’t have expensive tastes anyway. Am trying not to start counting down yet though, as I think it’s too long to go still…life isn’t for wishing away, but I’m afraid that teaching feels like that very much.

I've just got an email from TPS about changes coming in for April this year. They don't affect me, but might affect others.

I resigned aged 54 following bullying by the Head. Half the teaching staff left at the same time but that's a different story! I worked out what my approximate pension/lump sum will be and it's more than I'm living on at the moment,so I will be officially retired at 55 this summer. I had always dreamed of retiring at 55 but always assumed I would have to soldier on until 60.

What with the strikes happening and surrounding uncertainty of coming out of the TPS plus the vitriol aimed at those of us who strike as 'not caring for the children', I am thinking sooner rather than later. I was hoping to go until 60 as I cannot cope with the insane workload for longer than that but may bring that forward. If I go next symmer that is just four more terms to do. I came into teaching later so only have 25 years service and a significant amount of that was part time so my pension isn't great. I think I may go and see if I can get a part time job somewhere or perhaps do cover.

I'm retiring in the summer after 40 years,. I used to enjoy the job but there are too many changes (none for the better) and I'm fed up of seeing endless fads come and go in education. The vast majority are shite and I've seen it all before.

We broke up for easter yesterday so my countdown is officially under way. This term has been made with lots of inspection prep for that just in case phone call that didn’t come. Staff off sick and not enough supply (we probably pay supply rubbish amounts anyway)

We paid off mortgage a few years ago and kids have finished uni.

The plan is to do a couple of house things this year

So penultimate Easter break

Good on you, Countdown2023.

Doing significant house stuff while you're still earning is a good idea; I did the same, and with added dental work💲 .:o

I am glad for you Countdown2023. I recently made the decision to retire in 2027 when I will be 60 after talking through my pension with the Wesleyan . I won’t be well off as I have had time out / worked part-time with a large family but it is possible and I am so relieved .

We break up on Friday so when we return I'll have 11 weeks left. I handed in my retirement forms yesterday.

Lots of things planned like booking cheap holidays and going where I want when I want!

So Interesting to read all the comments. Like BG15 I had an operation to remove a cancer last year. I wanted to return part time but they fudged that and delayed until I said fine I’m leaving end of year when I’m 60. I even have got an MA in the arts lined up. But I feel conflicted. I worked hard to get to top of pay scale - only been there a few years after starting teaching at 30 and time off for family. And now I’m leaving just when I think I’m a pretty good teacher and have more to give the kids in my class. BUT I find it demanding, exhausting, the LSA’s talk about me behind my back, I am friendly with some staff but none are my friends plus my pension is a fraction of what I earn, but planning to use my lump sum to fund my MA. I just wonder is 60 a good time to go?

@RaraRachael that is good news. I am looking forward to travelling during term time, being able to go to the loo when I want and not always having a lid on my drinks.

I have spent this morning on the TPS website making sure my service history is right and seeing what needs to be done. Checked out Diddy Dave’s stuff too

@BelJ. Could you get a part time position elsewhere where? Could your masters mean that you could branch out a do other things to supplement your pension?

It has been a funny week. One 30 year former colleague has resigned in order to get out of teaching for a better work life balance. And an older retired colleague who was a art teacher is now a Wedding Artist taking commissions to do a few sketches on the day and from wedding photos. Cool idea

Countdown23 Yes the idea is to earn in the Arts sector and get part time teaching or supply to help me through the 2 years - I just have to take that leap into the unknown. I’m more risk averse than i’d realised.
It’s fab that people are writing with certainty that they are ready to leave teaching and happy to take the financial hit in return for time, energy and enjoying life while we are still young and fit. (60 is the new 40:)

@cou

See message above - just getting the hang of this

I'm going to put my name on the supply list and just do odd days here and there. I've been in ASN recently and this year has been awful - I'm constantly put in to cover classes for staff absences so it will be nice to be able to refuse and only do it when it suits me.

Countdown23 I'd advise you to get your service history sorted out pretty soon as it took me over a year to sort mine out. I had quite a lot of years missing then, after chasing various different councils and bodies, it turns out this was either part-time or temporary service where you didn't pay into the pension anyway! I wish somebody had told me that as obviously I haven't got 40 years of payslips to hand

Rararachael
I’m a bit the same with missing service history. Chasing things up is time-consuming but I quite enjoyed being a super sleuth. It got me a few extra months and it is awful that they were missed. One college I worked at said that the records are simply lost because they go back to the 90’s.
I’ve decided I have to be laid back about it - you can only do so much chasing and then accept. One philosophy of happiness is ‘acceptance’ we have so little control over our lives, and thinking we have complete control makes us unhappy. Just sayin