Friday, 13 February 2015

When to retire?

Recently the Teachers' Pension Agency sent out by e-mail a calculator for members to work out what level of pension they will get in the future.  After inputting a few details about our length of service, salary and date of birth, it tells us what pension we could expect when retiring at different ages.

Hubby is currently quite perturbed about the fact that his long-time colleague is retiring this year aged 55.  I have pointed out that he does not have children - a major factor in our continuing in employment.

So hubby and I had a go on the calculator.

55 is a no-no finance-wise.

70 would give me a decent pension, but I would probably have dropped dead before then if I tried to keep on teaching till 70.  It' a job that requires a lot of energy and how out of touch would I be with teenagers by then?

Hubby would get something reasonable by about 59.

Not bad, but I don't want to be liontaming teenagers until I'm 59.

Then I realised that I'm nearly a year older than hubby and could retire before him.

"No, you won't", said hubby, looking slightly aggrieved, "Either we retire together, or I retire first".

"Wouldn't you like to come home to a lovely home and your tea on the table every night?"  I tried to pursuade him.

"I already do".



Linda Metcalf said...

My advise ...go for it at the earliest possible date. I myself have never looked back. If finance need be, do a part time that is a wonderful happy job.

Working Mum said...

Linda - you're so right, I don't know anyone who has retired and says they wished they carried on working for longer!

Maggie May said...

I did part time work till my health ran out at 68. However, I don't have an industrial pension!
Husband was 67 when he finished. (Working on building sites) Quite hard going.

Wouldn't like to grapple with hormonal teenagers though!
Maggie x

auntiegwen said...

My husband is 4 years younger than me and will be 54 when he retires, sometimes I like him a wee bit less

ADDY said...

Husband retired at 55. I stopped working at 40 to be a stay at home mum and "retired" at 60. We both ended up at home with a teenage daughter at private school! Money is not everything. It's surprising what you can do without and still be happy. There's no commute for a start

Sarah said...

I'm not sure there'll be any money left for me when I retire. The system is already creaking here in France and is set to crash within a few years.

Take the money and run as soon as you can! :)