Desperate to retire...

Couldsavemore

Well, I've managed to save another £11.25 into the 1p challenge..
Currently crossing days of in December,  which is slow going as its most expensive month.

I've some how got 50 quid in my spending tin too.

It's an unexciting house cleaning and sewing weekend. 

Hoping for snow days next week

Couldsavemore

Had another 3 NSD's

Tomorrow's empty the purse into saving pots day..ohh excitement of it all.

My mam brought round my son's pocket money.. I add it monthly to his card for spending..  she pays in arrears  so got a surprise of 60 quid.. whoop whoop

Odd how it threw me,in terms off what to do with it

Roll on friday

Couldsavemore

So it's Wednesday..  so it's emptying out my purse time.

Went to put this week's money in my 1p challenge pot, noticed I'd got more than I thought.
I counted it up and so far, I have £68.41

I've been crossing off days in December which means it'll take ages but am starting where progress will take the longest and I'm the most motivated!
Also means, that I'm ahead of where I need to be if I was counting how much I'd need to put in each month.

I've also counted up the money in my cash tin which is over 100 now.

It's to cold to go outside which means yet again I will skip yoga. I've been in and out day  so been hot and freezing cold. This leaves me exhausted.
So this means I've not touched the pathetic 50 I give myself to waste.

Hopefully some of that will end up in the challenges! Tins.

Couldsavemore

Quietly trotting along.

Am pleased that I've got nearly £90 in my 1p challenge and just over 100 in my spending tin.

Pay day on Wednesday, but it's 5 weekly shops out of my 300 budget. So 60 a week so less to put in the 1p challenge and cash tin.

My sister came round to work out if quitting at 55 is do able. 

If I pay of my cc and caravan loan and sofa by then  I'd need to earn about £500 a month to be the same as I am now.

I have QTS so can do supply  currently gives a take jome of over £100 a day.

I can also put in to do more exam marking.

I can also tutor.

Makes it feel do able.

That would be 11 terms left.. 

Baron_Dale

Thirty years in the TPS should give you a decent foundation for your retirement income. However, be aware if you take it at 55/57 there will be an actuarial reduction. As you also have service under the previous scheme, as well as the career average, you should also receive a lump sum. How are the figures looking ? The calculators on the TPS website are quite good to estimate your potential pension.

I taught for 35 years full time and 7 years part-time. I took phased retirement in two parts at 55 and 58. I also earned some additional pension  for part-time service from ages 58 to 64. Part-time was good for me. I was lucky in that my school asked me back to do a variety of roles part-time, both teaching and pastoral. It was easier as the students and the parents knew me!

Have you considered phased retirement? Lots of information on the TPS website.

Best wishes.

Couldsavemore

Baron_Dale said:

Thirty years in the TPS should give you a decent foundation for your retirement income. However, be aware if you take it at 55/57 there will be an actuarial reduction. As you also have service under the previous scheme, as well as the career average, you should also receive a lump sum. How are the figures looking ? The calculators on the TPS website are quite good to estimate your potential pension.

I taught for 35 years full time and 7 years part-time. I took phased retirement in two parts at 55 and 58. I also earned some additional pension  for part-time service from ages 58 to 64. Part-time was good for me. I was lucky in that my school asked me back to do a variety of roles part-time, both teaching and pastoral. It was easier as the students and the parents knew me!

Have you considered phased retirement? Lots of information on the TPS website.

Best wishes.

Hi

I've had a look at TPS, it looks like my lump some will pay off my mortgage.
The monthly amount on my pension would be similar to my earnings minus my mortgage and debts..
I do intend to do supply, I'd get just over 100 a day. So 5 days in a month would really help.

It's both exciting but scary.

I do need to get out at 55, my mental health really can't take much more.

Couldsavemore

So it's pay day.

I've taken out my diesel ⛽  allowance.. it cost 94 pound to fill the tank up. So I put the 6 pound left over into the purse in the car. I drive more when it's warm.

I need to take out 300 for groceries, it's a 5 week month for me. So it's only 60 a week. This will impact my spare change gor the 1p challenge. 

It's also my cars MOT month.. I think my exhaust is going or the clutch is slipping.. so my savings might take a hit.

My ex has paid for half of my sons school trip abroad. So I made sure to pay off the trip but it leaves me with a bit spare as I'd paid off more than half.

I'm also going to book a few caravaning breaks

kdalwayskint

I wish I could afford to retire at 55, I'm 52 this year and ready for it now! not a teacher though so I will have to keep going for at least another 15 years, by the time that happens my grandchildren will all have grown up!

Baron_Dale

@kdalwayskint. Have a look at the threads in my signature. They may help you plan an earlier retirement. How are things looking at the moment? Are you on course to receive a full state pension?

kdalwayskint

Hi @Baron_Dale

Thanks, I'll take a look.
Yes, I checked last year to make sure I will get the full amount as I was worried about time not in work when I was a stay at home mum for a while.