Early-retirement wannabe

tony4147

atush wrote: »

If she thinks she will be pushed, maybe she should look to transfer elsewhere, or to take a job at a private school, or if she gets the shove she should look to do supply work.

I for one would be onto the Union to earn their crust the second I got any such shenanigans off the head. It is constructive dismissal and is against the law.

I agree, and we have already taken advice from an employment Solicitor who has advised that schools do seem to be a law to themselves, and even a payoff wouldn't make up for 7 years lost salary.
Moving on to another school isn't that easy as a lot of schools now are going for graduates straight out of Uni on 1 year contracts because they are cheap......schools are strapped for cash.

atush

tony4147 wrote: »

I agree, and we have already taken advice from an employment Solicitor who has advised that schools do seem to be a law to themselves, and even a payoff wouldn't make up for 7 years lost salary.
Moving on to another school isn't that easy as a lot of schools now are going for graduates straight out of Uni on 1 year contracts because they are cheap......schools are strapped for cash.

And yet schools are filled with supply teachers? That remains an option for her to work a bit longer.

And a solicitors letter to the head and the local ED AU the minute he first starts playing the game will be a shot above his bow. Bullies tend to be cowards after all.

Goldiegirl

kidmugsy wrote: »

After I took early retirement my employer offered me a small part-time job, paid effectively as piece work. I did it for three months, just to help out with my expertise. I then decided that I'd rather be in the garden, and declined the offer of more work. Quite how they replaced my expertise was not my worry.

Part time work just messes up your otherwise enjoyable week. I thought two days a week would be fine, but it got more irritating than full time work. Who cares how they get on without me!

Goldiegirl

Marine_life wrote: »

But at the moment I think I’m expecting to do just less than two more years and we will see where that leads us.

I can't say I'm surprised that you have decided to stay at work, and I'm pleased that you have made a decision.


I'd keep it open ended and not give yourself timescales. You just know when it's the right time - it maybe next week, it maybe in ten years time.


I reckon you'll know when you are ready when you want to change your signature to 'does it really matter if somebody beats me' or 'I don't give a flying if somebody beats me'!:rotfl:

tony4147

atush wrote: »

And yet schools are filled with supply teachers? That remains an option for her to work a bit longer.

And a solicitors letter to the head and the local ED AU the minute he first starts playing the game will be a shot above his bow. Bullies tend to be cowards after all.

Supply work is not available like it was several years ago, my wife's school is a large school and they haven't had any supply teachers in the last 12 months.
Most schools are now Acadamies, and the Local Education Authority doesn't have the control over resources like they once had.
All we can do is make it as difficult as possible should they decide to go down that path and see what can be done with the pension when the time comes.
Unfortunately to try and fight it with a solicitor will cost mega books, going off what we paid for one hours advice from an employment solicitor.

atush

that is what the union is for?

tony4147

atush wrote: »

that is what the union is for?

Last resort, once the Union is involved at this school it really is goodbye.

Loughton_Monkey

alexmi wrote: »

.......Does this seem a reasonable plan or have I forgotten some glaring factor that would threaten it being viable? ....

At the end of the day, only you can answer this. You seem to have the right 'approach' - which I always strongly recommend should start with "what do I want to spend?". The job, then, is to refine your spreadsheets and calculations to model all your assets, and discover for how long they can support that spending.

I would just throw in a couple of observations from my own experience.....

1. Never underestimate the 'cost' of each year you retire early. Turning this round the other way, if you delay early retirement for just 1 year, you get (a) a full year's spending. Paid for from the extra year's income, and (b) more savings to bung into your assets as represented by the amount by which income exceeds spending, and (c) One year less for which your current assets need to support you. In other words, an ill-informed rash early retirement could leave you 2 or 3 years (of spending) 'short', whereas simply slogging it out for another year might have balanced the books perfectly.

2. In your calculations, make absolutely sure you have the tax implications worked out. I have read many past posts containing loose assumptions of spending savings for a while until pensions click in. Fine, but why throw away the bulk of £10K tax free allowance that you'll never get back? It's usually best to leave savings in ISA wrappers. If, say, you and your wife were to spend every spare penny from your current income, and bung as much into extra pensions as you can, you're not only getting 20% relief at source, you can then draw it virtually all out over 2,3 or 4 years as 'taxable' income - with >£20K relief between you and not pay any income tax.

3. At risk of preaching to the converted, I would assert that good budgeting is essential - especially in retirement. Many people I know probably do roughly 'the right thing' by common sense. i.e. they draw their salaries, pay for their food, utilities, luxuries, and 'stuff', and then hopefully have more than a couple of quid left over to bung into the ISA. Fine. When drawing an income, if you over-spend, making it up seems so much easier. Possibly overtime, or a promotion could come along.... But in retirement, there are few, if any, ways to make up shortfalls, other than your own investment or financial skills. So once you've worked it all out, be passionate about monitoring both top line and spending, and ensure that you control what you do to match the budget. E.g. you mentioned £31K spending. Fine. Break it down by month and by type (gas, electric, car, fuel, groceries, insurance, dining......). Then monitor actuals. Every day, week, month, you should be looking for variations (up or down) and changing future months/headings so that the annual result will never exceed the original £31K.

My own assumptions were 'cautious'. I would never have retired early on an "only just" projection. So much can happen - like the current lack of any interest on cash savings. Like the 2008 'crash'. Like (hopefully not) inflation in a couple of years getting up to 7/8% when my FS pensions will only escalate 5% max....

But the good points (for me anyway) have been the law of 'swings and roundabouts'. Then there's the natural tendency (when retired) to avoid buying new 'stuff'. We just don't need, or appreciate, a new wardrobe, or another cut glass vase, or an Apple watch! Finally, retirement gives you the time to get more 'savvy' and shop around continuously for best deals on insurance, utilities, travel etc. Or earn a few shillings from cashback, regular savings accounts, bonus current accounts etc. or perhaps discovering 'safer' investments that pay good returns with minimal risk...

Good luck anyway.

alexmi

OK, thanks for the advice LM. I think we are generally on the right track but as you say it's a case of when to jump, as early as possible or wait a year or two. If the time comes and I can manage it I would prefer to hang on for another wee while, just to maximise the safety margins as you say. However, my job isn't going that well and at the moment even waiting until 2018 is something that I don't relish. But I appreciate your comments, particularly regarding maximising the tax allowances and the budgeting (although I already do that pretty closely already).

kidmugsy

Loughton_Monkey wrote: »

We just don't need, or appreciate, a new wardrobe ...

Lucky you. Decades of use had made the sliding doors of ours heavier and heavier to pull back. So new wardrobes it was.

Mind you, the two wardrobes in the spare room do just fine. One was bought at a junkyard forty years ago, the other had been left behind by the vendor when we moved into a new house. Swing doors really do last. Our experience of cheap/free, second-hand hard furnishings has been very good. Mention that to the young and they say "ugh!".