Is it too soon to seek expert pension advice?

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  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    Do you need a 4 bedroom 3 storey house now - or is there any prospect of moving to a smaller property to release some cash (to invest now), lower running costs and avoid the price home improvements you are currently planning?
  • louby40
    louby40 Posts: 1,519 Forumite
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    I've only been here for 3 years and still have children at home. It was a very, very stressful (& expensive) move and I vowed I wouldn't move again for a long time.

    I'm not quite ready to move yet. It may be a possibility before my retirement- it depends on my youngest son whose looking to join the RAF.
  • Terron
    Terron Posts: 846 Forumite
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    louby40 wrote: »
    Do you actually know how much an average teacher earns???

    £28.6k it appears - https://gazettereview.com/2017/03/average-teacher-salary-uk-how-much-does-a-teacher-in-the-united-kingdom-make/
  • justme111
    justme111 Posts: 3,508 Forumite
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    louby40 wrote: »

    Sadly after a divorce and then a subsequent failed relationship I find myself in a worse financial position than I had hoped at 49. I think you will find that there a lot of women in similar (& worse) positions to me.


    I know the Wesleyan are offering financial/retirement planning for teachers. That may be the route I need to follow for further advice.

    Thanks again.

    You may find those that are in a worse oosition after a divorce are not only women but men as well, arguably even more so.
    Re Wesleyan - while they are going to be useful I am afraid it is not going to be comprehensive enough to include mortgages , downsizing , working out your expenses in retirement etc.
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    louby40 wrote: »
    Thanks for all of your replies. As always your advice needs a lot of thought.

    I'm a teacher, nowhere near higher tax rate! Do you actually know how much an average teacher earns???


    No, but i do know that averages are misleading and rarely useful and that plenty of teachers are on high rate tax , according to a quick google, around 25%
    louby40 wrote: »

    I certainly don't want to work partime. Apart from the years I studied for my degree I've been working full time since I was 18. I want to enjoy my retirement.

    Some simple maths, no need for an IFA, will lead to the numbers that show what you'll get. The maths doesnt care what you want and not wanting it wont make a jot of difference.

    Just write down each year what your income will be what your expenditure (inc mortgage) will be and see what the numbers say. An IFA cant magic up money from nowhere so if for example you dont have enough earnings between 60 & 67 to manage then something will have to give, either expenditure, or retirement date or the idea of not working at all.
  • louby40
    louby40 Posts: 1,519 Forumite
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    Or £100k equity from a property sale!
  • chiram2015
    chiram2015 Posts: 27 Forumite
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    Hi Louby40

    Its been a mighty long time since I trod this board but just to say that when we were looking at downsizing we found our Retireeasy Lifeplan really helpful. This would be far cheaper than using an IFA for this type of thing although I must say we do have a very good IFA and he helps us with our investments.

    Good Luck



    As others have said here you
  • saucer
    saucer Posts: 417 Forumite
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    I would have thought that having the security of a Teacher's pension is a good start, and that you are right to be thinking about getting the mortgage paid before 60. As to putting more in the pension, at this stage, this might be less of a priority than the mortgage.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    louby40 wrote: »
    Or £100k equity from a property sale!

    Thats ?obviously? included in the numbers you work on.

    Unless you are happy the £100k will cover it in which case you dont need an IFA or even the back of an envelope.
  • RD42
    RD42 Posts: 76 Forumite
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    https://getintoteaching.education.gov.uk/funding-and-salary/teacher-salaries

    Gives details, it claims the average is more like £37,000 (+Pension + Holidays)
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