Claiming pension early and dropping to part time

[nearden]

Hi, I'm into my 28th year of teaching and the majority has been full time. I'm 52 and seem to be thinking a lot more about my pension and when best to access it. I have watched a number of Dave F videos and regularly check my TP statement. I am now considering early retirement at 55 (I will be 55 before the changes occur) but still working on a fairly part time basis such as 0.4. Any experience or advice on this would be much appreciated. I have a nice job and still enjoy teaching but have noticed a big drop in my energy levels and also a need to have a bit of a break! Anyway, any advice would be much appreciated. Thank you

Hi

I was 60 and took my pension. Lump sum and a small amount monthly. For every year under state retirement age you lose a bit of the money. Just be aware of that. However after such a long time teaching you should have a fantastic pension. Good Luck!

I'm retiring next year, I'll be 56 and 6 months and I've been teaching 29 years, the last year at 0.8

I'm going to supplement my pension with a part time job but not in teaching as I've totally lost the love for it.

I had breast cancer 3 years ago and just have a different mindset now somehow. I've downsized and paid off my mortgage so it's affordable....just about.

Loads of people do it if you go on Dave Fountains Facebook group.

Thank you both for your responses. I hope you enjoy your retirement from teaching. I just don't think I have the energy to teach until 60. I have also considered getting a job out of teaching and supplementing that with pension drawn early which shouldn't affect abatement. There is such a lot to get your head around! In my 28 years of teaching I only recall one occasion (late 90s) where someone came to the school I worked at to give a presentation on teachers' pensions and answer any queries.

I retired at 59yrs 4mths. There was a tiny penalty on taking my pension before 60 (sliding scale to more of a hit at 55) but was a complete no brainer!
i took a days break in service and continued in my same job but 0.6. It has made the job a lot more manageable, and pension plus earnings is nearly as much as working full time!

Yes. I still work too but freelance and or supply.

Thanks.....that's what I was hoping!