Everyday Ordinary Man Approaching Full Retirement at 59.

Whilst I loved my teaching job, and colleagues and lesson prep and, yes, loved marking! I have not looked back since I retired. After 8 years I do not know a single pupil as they have all gone through school now. Many of my colleagues have retired too, and I have moved away. So I have no interest in school any more and have built a new life.
We have more than enough to live on, we both have teachers'pensions, though not the full whack. I got 20 yrs in. I also had a small AVC which pays out in the form of an annuity. Then a tiny pension from France, and SRP. DH has a bigger teacher's pension and more SRP but we end up with about the same amount coming in. Our household costs are fairly low, the mortgage is paid. The main outgoings are food, and diesel for him. I use the bus a lot with my pass.
We both keep very busy with family, hobbies and voluntary work, so we don't have time to spend much money, but can afford to buy anything we want, though not everything we might want. There is a difference.
Personally I would love a long holiday or three, but family circumstances mean we are limited to short UK ones, so there's another saving.
You could say we are more content now than when we were working, as the stress and demands of the job have ceased, and we have more choices open to us, and money is not the worry it was when we had a young family and mortgage to pay.

I spend far too long on my laptop or iPad, which is not for neck or shoulders!

When you retire from teaching you'll find Sunday nights are marvellous!

And those holidays! You won't be writing reports finalising coursework or catching up on marking.

It's brilliant!

Hello Paul, great news on the health front, and your decision to retire next year reinforced by how much better you feel out of term time! Every teacher I've known has ended up looking years younger post retirement.

I'm intending to retire at the end of April. My finances are that I'll have an occupational pension of £395 per month, and will bridge the gap using savings frugally until my state pension kicks in in Autumn 2019. I have fatigue issues caused by a long term condition, and I'm running out of steam despite going part time some years ago. I want to visit family overseas, and feel that if I continue beyond April, that I would put that at risk.

I'm of a generation that didn't have gap years, so on a modest budget 2017 will be Wee Midgie's Gap Year, and I'll probably start a thread with that title just after New Year. After all, there is a wealth of knowledge on MSE to give me tips and wrinkles and help me with my plans.

In just wanted to pop in and wish you continuing health and happiness in your momentous year ahead, and of course a happy Christmas!

Hi excelpaul,, just found your thread,, I found it very interesting and I think its a great idea,,,I, m a great believer in shareing lifes experience, s with others especially when it comes to " big" finacial decisions, ,
I have recently retired at 56 and I found the whole thing a bit stressful and I still do worry a little about years ahead,, even though in my heart I will be finacially ok,, I, m just the worrying type,,,
I have learned loads from the mse forum, its helped me greatly over the last 2 years,,,,,as you know interest rates are pretty grim but for a bit of organising you can get decent rate,, as someone in an earlier post said that tesco account is a no brainer,, unfortunately its not applicable in N.Ireland so I cant avail of it,, but if was I, d be using it,,,, I, ve recently started banking with nationwide to get the 5% on balance up to £2500,,,it, ll pay me £125 per year,, I am also looking at a few other accounts, its only a bit of hassle getting things set up but over the year it, ll be worth it,,, may not be a fortune but I do get satisfaction knowing I, m getting a few quid of the banks,,!
my wife and I I hàve 50k in investments and around 45k in savings,, we have income of £500 per month and are mortgage free,,, I have requested a pension forcast from my final salary pension scheme,, it should be around 6k a year and lumpsum of around 35k,,, like you I will be doing a few exceptional holidays and a few normal trips to spain, france etc,,, I, m a regular punter who saved well for retirement so I, ll be very interested in your progress,, good luck to you,,, and be brave,, take that big step,, its well worth it,,,,,,,,,