Scottish teachers-advice welcome

globetraveller

I just typed a long reply and managed to lose it!:(
Triumph- I have actually been thinking along the lines of moving somewhere cheap, cheerful and warm but OH still has another 7 years of work to do( and he enjoys his work). But the idea was hopefully to sell our rental properties and fund somewhere abroad, whilst keeping our house here and renting out. My properties were always going to fund an early retirement but the world depression got in the way.
Jem- thanks. That was very useful. I'm not liking the amount though

jem16

globetraveller wrote: »

Jem- thanks. That was very useful. I'm not liking the amount though

Sorry about that! Will it not be enough? Remember you will have no pension contributions or NI coming off so it might not be that bad?

globetraveller

It may be enough but now its down in black and white , it does make me think I should try to keep going for a further year.
There is just so much to work out as this is not going to be my only income. At the moment my rental income is paying off the mortgage for my home. With another couple of investments that I can cash in I can get the mortgage paid so rental income will be mine then and not the banks! And then of course I am paying taxes on the rental income just now.
Thanks everyone! Its given me some food for thought.

atush

Glad you have looked at the figures- some just go ahead and retre early w/o doing the maths.

I am thinking you and Jem dont like the daily rates for supply teaching. And I can get that. ]

It was some years back (perhaps when teachers retired at a young age of 55 or less) but like I said all the Primary school teachers I knew did supply teaching in the side.

I presume you could double dip and pay into a private pension on the side as well/

Freecall

atush wrote: »

It was some years back (perhaps when teachers retired at a young age of 55 or less)

When was that?

Source?

atush

I dont have a source but think that some years back teachers could retire at 55. I know the ones that retired from my kids school were not over 60 that is for sure.

And I see them now, at the airport mostly going on jaunts. Possibly funded by supply teaching while taking their pensions? They seem happy that is for sure. And why not?

Triumph13

rpc wrote: »

It can be very hard to get extra income later on in retirement.

Apart from invigilating exams of course, where the average age always seems to be around 103...

globetraveller

Now that I can do- walk around the exam hall while everyone is working silently. Sounds like a dream :rotfl:

jem16

atush wrote: »

I dont have a source but think that some years back teachers could retire at 55.

Your memory must be playing tricks on you atush.

I have been a member of the Scottish Teachers' Scheme since 1977 and in all that time the NRA was 60. Before 2010 you could take an actuarially reduced pension from age 50 just as with any other pension scheme. Now it is age 55 of course.

Any teacher who joined after 2006 has a NRA of 65. From 2015 it will be the state pension age.

And I see them now, at the airport mostly going on jaunts. Possibly funded by supply teaching while taking their pensions? They seem happy that is for sure. And why not?

Good luck to them!

A few years ago the short term supply rate was cut to Point 1 on the scale, regardless of their experience. They were also not paid for any preparation/marking time so literally you are only paid for time actually in front of the class - how any proper teacher can do that is beyond me. The short term supply rate was for the first 5 days. From April 2014 this has been renegotiated down to the first 2 days.

Any teacher doing short term supply work will be lucky to clear £50 a day after tax and NI.

atush

Perhaps they retired early or were very young looking lol. they certainly seemed under 60. Probably retired at 55.

and this was 10 years ago (boys are at Uni now) so I am thinking the rates may have been better back then. As they all seemed to do it.