Retired, single teachers (UK) – how are you getting on on reduced income?
I’m starting to think about when to retire – I can go at any time from 60 to 65. I started teaching, full-time throughout, in 1987.
What income do you need to live in London (mortgage paid) and have a reasonable life extending into the foreseeable future?
What sort of things are you still doing to make money? Which are most enjoyable/stress-free/ worth it even if they require a bit of effort?
I know my union and my employer do retirement seminars and shall go. What are other good sources of information? Any traps I should avoid?
I’d be very grateful to hear of your experiences.
No doubt you will have calculated your pension from the TPA which will amount to 1/80th part of your final salary per year for each year of teaching. On top of that you will receive a lump sum equal to 1/80th of your salary again for each year’s work. So if you have worked for 40 years (or get enhancement to take you to 40 years as I did) then your pension is more or less 50% of final salary, index linked to the rate of inflation in the October (I think) of each year. Your lump sum would be about half current salary. However, you seem to have been in teaching for 21 years so your pension and lump sum would be about half of this. Did you work before teaching and, if so, is there a pension attached to that employment? If you intend to carry on working for some more years then seriously consider taking out an AVC, an additional voluntary contribution to your pension by increasing your superannuation contribution from 6% to 9% and this will add to your pension. As you are single, this minor subtraction from your monthly salary would not prove too difficult to cope with.
After you retire you can always do supply work. I’m nearly 70 and do regular supply teaching which pays almost £170.00 per day – quite handy for paying unexpected bills.
Do consult a financial adviser, either through the union or privately, as to the best way to invest your lump sum to bring in a regular income. I retired (voluntary redundancy) aged 55 and my lump sum still brings in good income even tho’ I have used some for such projects as a new kitchen and bathroom.
Retirement is fine but you do miss the children!! Supply work can be stressful but, if you are not desperate for the income, you can choose your schools and only work in those that are supportive and where discipline, etc. are not problems.
I don’t live in London so have no idea what costs are like there (altho’ my brother who does live in Greater London seems to live reasonably well on a lower pension than mine!)
My idea of “living well” means that we (my wife and I, she’s on a Nursery Nurse’s paltry pension) can afford to go out regularly for meals, have weekends away both at home and in Europe and have reasonable holidays – often with our touring caravan – in France or Germany as well as in the Lake District or Devon. My wife is at present on her way to Mexico with a party of Guide Leaders for 2 weeks, paid for out of her lump sum.
So, as I’ve said – retirement can be very enjoyable indeed.
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