How I came to be retired early from teaching
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- Опубліковано 27 вер 2024
- I'm speaking slowly in places as I'm thinking carefully about how I word certain personal details. This is my personal story of how I got to this position. Please be respectful in your comments :-)
I enjoyed listening to your story. I retired from teaching age 57 after 33 years full time. I managed to get a severance a real relief as I was beginning to really dislike my work it was making me ill. A tip I would give anyone is do a test before retirement try to live on your expected retirement income.
That's a great idea! :-)
I just turned 60 last week. Had shoulder injury 2 years ago, now other shoulder has gone, and I’m on the sick. And you pop up!
I don’t get state or private pension until 67. I have a husband and i like my job. Travelling internationally to see my 3 grandchildren is very important to me… it keeps me going.
Hearing you makes me realise that i need to learn to live on £772 a month as you do, so i can save and retire earlier. I too got divorced when my 3 girls were teens, it took a lot out of me. Keeping the girls on track until they were able to support themselves. I have no regrets. I put my girls first as a lot of mums do in these circumstances. House and cars are paid for. But i have debt.
Teaching is always a performance and you don't realize how taxing it is sometimes until you actually stop. Many people don't realize just how much it takes out of a person. I retired from teaching the end of August and it felt like a herd of elephants had fallen off my shoulders.
That's a great way to describe it!! :-)
I couldn't agree more. I was nearly 30 years into my teaching career and I was breaking. Post-pandemic it was just too much. Retired, like Ali at 57 and have absolutely no regrets!
@@pjo4622 it has taken me the best part of a year to shake off anxiety .
Try nursing !!!
@@caronnest4939 I'm sure it is just as taxing a career - both of my children are nurses and I doubt they will spend a whole career in that field if the working conditions don't improve.
Thanks for sharing your personal story Ali, you definitely did the right thing retiring early 😊
Very interesting and thought provoking- Thank you. What an inspiring woman you are.
Thank you for sharing your story with such grace.
My husband and I have found that accessing work is very difficult with disabilities. I also have chronic illness and have been in and out of hospital since my early 20’s.
He’s just about to start his first job on a pretty decent wage and I’m going back to uni this year.
We’re planning for retirement already, both in our mid 30’s. Part of me feels ashamed that we’ve reached this age and still not had proper work, but it’s not for lack of trying. We’ve been blessed to have a family and have been heavily involved in volunteering and it’s through that experience that he’s finally got a job.
Sorry I’ve written such an essay.
Good luck Rachel, I know that you are visually impaired, which makes life very difficult. Great that you are moving forward, with such a positive outlook.
Wow this is my story. Married at 21 for 24 yrs together 5yrs previous. 2 kids, divorced mid 40s (my choice). I'm a healthcare assistant in a care home. Worked 12 hr night shifts full time until recently. The pandemic almost broke me but I nursed my residents the best I could until their last breath. I went on to develop fibromyalgia and osteoarthritis. I have a knee injury and spinal injuries but my bodies given up. I'm fast approaching 55. GP's been dying to sign me off for ages. I can't do it anymore. I have a nice pension pot coming in the new year. So I'll be taking early retirement too. I'm glad it's worked out for you.
I hope it works out for you too :-)
You are like my twin😊 I have worked for the NHS as a HCA for 32 years and for 23 of those I’ve had Fibromyalgia, I now have an auto immune illness ( POLYMYALGIA RHEUMATICA) I also did years of 12 hour shifts but recently retired and returned to my job on just two days a week. My health has taken a nose dive and I have been signed off for the last 9 weeks. I’m waiting to see a Rheumatologist to find out where I go from here . When I had Covid three times and have never been the same as I was before. I hope you do retire as soon as you can xx
@@AnitaWalters-h4i I've never been the same since covid and neither have some of my colleagues. I hope your health issues are address. Listen to your body and take care of you x
I only found your channel yesterday so it was fabulous to see that today you sat down and told your story.
My husband has his state pension and has for the last 3 years but I don’t get mine for another 4 years. His office used to be on the side of the house so when he retired we converted it into a letting room and put it on air b&b to see what interest we would get. We were shocked when bookings started to come in, so once I realised I could make an income from renting out this room I handed my notice in at Sainsburys ( night shift replenishing shelves, the hardest job I’ve ever had ) and now will do bed and breakfast until I get my state pension. I look forward to go back to the beginning of your channel and get to know you 😊
Well done Ali on doing your homework and retiring early. I worked for the NHS during Covid which was stressful and now work in the private healthcare sector which has its stresses due to volume of work. I am due to get state pension in four years' time and am doing everything I can to pay off mortgage before then. I have been advising my 18 year old daughter to work to be financially independent and never be reliant on anyone else. Wise advice indeed.
I have COVID at the moment. I got to mid October 2022 to get it first time, 5 calendar days off work (classroom asst) then I thought I'd overdone it new years day. Next day I knew I was sick again, sick again mothers day, a common cold next and then the first week of summer hols sick for 2 weeks with something that started in my chest and then hit my sinuses. I've only been doing my new job 3 years and I'll be 60 next April (worked 33 years civil servant). The only people who care for you are your family. Your work doesn't care. They'd replace you easily tomorrow. I lost 4 siblings in 6 years. I'm the youngest but I'm now older than them all. Life is too short and sometimes you gotta listen to the messages your body and mind are sending you x
You are correct about employers not caring about you. I worked for many years as a scientist my work took me to London where I worked for 8 years then to Sweden for 2 years then to Nashville where I worked for 23 years as a research scientist in a university lab. I developed many things some of which have been patented and taken onto the market. But in 2021 my father who has dementia had to go into a care home that left my frail housebound mother at home with no help or support from my brother. So I decided to return to the UK so that I could get to her at the weekends to help her. I got a job for a small chemical company in Haverhill in November 2021. I was there for 7 months then my mother had a fall and broke her hip whilst I was at home. I phoned up the head of the department where I was working and explained that my mother had broken her hip and was having surgery and I was told to take as much time off work as I needed. I took 3 days off work then I went to visit my mother in hospital after which I returned to work and found out that I had caught COVID the only place I had been was the hospital so I had to take a week off work. Then I returned to work and was told I couldn't work in the lab for 4 days as they were installing new air conditioning. THen the company hired a new manager who decided to fire me for not producing much during that month. I thanked them for firing me on the day that my mother had been admitted to hospital again and left. I contacted ACAS who basically said I had no employment rights and could be fired for no reason at all during the 1st 2 years. I went home and looked for another job and managed to get another job in Liverpool that one lasted for 18 months then the manager walked in and asked me to resign as he had run out of funding. My contract stated they could get rid of me like that so I didn't have a foot to stand on. Fortunately I had just turned 60 and I am getting a small pension from my 1st employer in London. I have decided to try retirement as I can't see the point in trying to get back into employment and the stress involved in keeping in employment in this country. I am spending my time with my mother and caring for her is more rewarding.
Well done for telling teaching as it is post COVID. Enjoy your retirement and living well on less is what many of us divorcees are doing. Experiences mean more than material things.
I enjoyed this, I work for government and at 41 I’m already saving to retire at 55 to cover gap before I can claim work pension at 58 which I think it will be by then. Lost my dad to dementia at 64 and made me realise life’s too short. Enjoyed reading the comments of people’s stories and Really looking forward to watching rest of your vlogs, reminds me a bit of “what Vivi did next” thanks ☺️
Vivi totally inspired me a few years ago into thinking it was all doable! Love her channel 🙂
Thank you for sharing your story Ali. Peace of mind over material things is everything. Your reasoning behind retiring makes absolute sense. When you reach the stage of feeling like you're just hanging in there, it's the right time to make the changes you need to for your own wellbeing. Coming from a family with 5 teachers in it, it's clear that it's been a very tough time for teachers and pupils over the last 4 years.
I am so glad I've discovered your channel. Such a change to hear from an ordinary person just like myself. I'm 60 and work as a part-time teaching assistant and am a carer for my mum. No private pension as also clean break divorce.
Thank you Ali for a very interesting video. I was in a very similar position as you, I married at 20 and divorced after 30 years of marriage. I also retired before state pension age due to stress at work. Like you I bought a house that I renovated and last year I sold it and downsized to a bungalow. I managed for 5 years on a reduced works pension. I am now 68 and receiving my state pension. I love being independent and managing my own finances. Your videos are very inspiring and show how we enjoy life without all the trappings that we once thought we’re important. Good health and happiness to you ❤️
Thanks for sharing your story. Teachers work so hard. I don't know how you did it. I worked in a lab doing covid testing during the pandemic, and it was one of the most horrible experiences of my life. Our workload increased 30 times, and no extra staff. I had to leave that career, I was so stressed my hair was falling out. That period really changed a lot of people's lives.
My son also worked in a covid lab doing PCR tests during the pandemic. He lasted 13 months and left due to burn out. He was on 2 weeks days and 2 weeks nights. He didn't know what day it was by the end of it.
Thanks Ali. I am 55 and teaching part time. I know I won’t be able to teach until 60. Teaching has changed so much since COVID. I am lucky that I was a research scientist in a previous career and can take a reasonable pension from that at 60. There could be a few years when I need to live off savings and be very careful with money. I will be following your journey with interest. 😊
Hi Ali just joined your subscribers I think Covid has a lot to answer for things have never been the same. Luckily I never got Covid, I am 89, lost my husband after 55 years of marriage we had a very comfortable life we both worked hard had 2 children a boy and a girl. We didn’t retire until we were 70. We both loved working I was a PA for many years then went onto part time work and just worked for an accountant on a part time basis. When my husband was made redundant he started his own little business he was a workaholic so the only way I could make him retire was to suggest we move to Spain. We had 10 wonderful years out there then my husband got cancer we came back to the UK and he died in 2015. I moved in with my son as he is on his own and we get on famously so at 89 I have a very pleasant life with my daughter and two lovely grandchildren, one has just got engaged I was able to help my grandchildren with their deposit and I am so glad I was able to do that. Thanks for your lovely video.
“Have at it”, I love your spirit! I’m the same age as you, also an early years teacher who finished teaching in 2020. Sadly every year the intake to school is less able, unsocialised, some still in nappies etc etc. I worked part time supply teaching for many years in a few of my favourite schools and the day I wasn’t excited by what the children were telling me I felt was my sign to stop. I wish other people could understand how physically hard teaching is and how much you give of yourself every day. I’m so glad you’re enjoying your retirement, I’ve changed direction completely and now run my own small business buying and selling on eBay - I love it!
I really enjoy your content, Ali. Wishing your channel every success - I’m subscribed! 👍
At my own expense also -- (see previous comment accidentally sent it when my phone rang ! ) I did an Masters in environmental science. It nearly bankrupted me -- but then I had to retire because of health problems and aged parent problems. Then, quite out of the blue I inherited a very large lump sum from another very unexpected source and very definitely unexpected. So, I bought a farm -- only a few acres -- but it keeps me fed and with a little extra cash. It enables me to help others and myself -- I have been very blessed. The farm will be passed on to benefit others who run a charity -- I have no family left. So, somehow I have my health and enough finance to have no financial worries -- but I will endeavour all my remaining active days to help others because I have that security.
Very interesting and encouraging video. I am loving the channel and even though I am frugal by nature I have picked up a few tips and a lot of enjoyment from watching your channel.
I'm picking up loads of tips from the comments too! 🙂
Good to hear your story. I retired early 3 years ago and now have 11 months before pension kicks in. I am extremely frugal! Loving the tips.
One thing I don’t understand, and I’m surprised I haven’t heard in discussion, is why Ofsted take such an adversarial approach to the work they do; as educationalists (perhaps that’s my unintentional error), you would have expected them, if anyone, to know the value of the encouraging nudge rather than the blunt blade of coercion.
I am, honestly, stupefied that this hasn’t been raised.
I don’t work in education.
I have no idea why they act like the way they do. It's def a 'trying to catch you out' situation. And they've all been teachers and headteachers so they should know exactly what's going on in schools. We're not 'hiding' anything. No one ever improves just by being berated and belittled
Glad you shared your story. I retired from teaching early as I had had enough. I never regretted it. Being frugal means you can still do the things that are important to you. You have made the best decision for your own health and wellbeing. 💕
Great story Ali, high five to you for putting your own needs first. Just a suggestion - think very carefully about supermarket employment, they graft their staff hard 😉. You deserve better 😊
Great video. I am a 51 year old part time teacher and technician. My pensions are woeful. I spent most of my working life not taking them seriously and now I am disappointed in myself. I did my calculations and I will have about £6k a year to live on in retirement. I am now trying to play catch up. I too was married and thought that it would be OK. A divorced put paid to that. Thank you for waking people up to this problem.
Thanks for this, I'm enjoying your channel and I hope it takes off. Good point about starting to think about retirement planning when you are relatively young. My retirement plans disappeared in a flash when I was widowed a few months before the retirement we had been so looking forward to together. But at least I didn't have money worries on top of that and could make frugality a hobby. Frugality links in with the ethical issues of avoiding waste. By the way, it's only the past few weeks that my health has got back to pre-Covid levels - I wasn't particularly ill when I had Covid 18 months ago but the breathlessness and feeling tired lingered.
Came across your channel for the first time the other day - and find that we have a lot in common.
Your message about planning ahead is absolutely key!
Plan ahead both for the expected AND the unexpected, because you never know!
I worry when I hear about younger people taking 'pension holidays' to save themselves some cash in the short term. The future arrives so much more quickly than you imagine, and you need to be ready! That's not to say it's never appropriate, but it has to be done with a lot of caution.
I retired early, too, at 57. I taught children excluded (with behavioural difficulties) from school and PRU provision. Over the 10 years that I taught these extremely different children I saw successive governments reduce their provision and start expecting them to conform more and more to the same metrics as 'normal' children. The level of social deprivation some of these children endured just cannot be understood by some one in a comfy, warm office looking to streamline and budget cut. As you taught in a deprived area, I am sure you found the same. Kids with no meal since their last school lunch, coming to school in 'jelly bean ' shoes in the middle of winter, with parents with various addiction or mental problems cannot be expected to perform as well as those coming in well fed, with sympathetic homework supervision, in the correct, warm school uniform with caring, stable parents. Which does not mean that these deprived children cannot succeed. ( I'll get off my soap box now 😊)
Like you, I was mentally and physically worn out - unable to recover from minor infections. And phenomenally tired. Frugality enabled me to save a slush funt to last until I'm 66 ( later this year, thank goodness!). Well worth it for the peace of mind. Thank you for the explanation- hopefully others will hear us about how hard teaching these days is. X
Oh my goodness I'm right up there with you on that soap box!! I think a lot of people don't truly understand the reality of what some wee souls' family life actually looks like. That's why during lockdown we went knocking on doors delivering 'schoolwork' for the kids but in reality we were making sure the kids were safe and their families had access to food and that their electricity was still on. Some of the family situations broke my heart. Teaching has become so much more than just educating children. I'll get off that soap box now too!! :-)
I was fortunate to retire at 62 when I was able to get my state pension. My company offered redundancy it wasn’t a lot a weeks pay for every year and I had been there for 23 years. So with my pension from work and my state pension from the Uk and the US I decided to retire. It was the best decision I have made. I took some classes and did fitness stuff. My husband retired 6 years after me we are financially pretty well off and living a nice life in Florida. We travel and we just got back from three weeks in the Uk.
Greetings from Canada! I have watched approximately ten (?) of your videos and have found them all valuable, but today's was really excellent. I am in my 40s and also teach for a living, albeit in post-secondary rather than with children. I have wondered how long I can keep up the pace (and also not become disillusioned) in this sector, and your account of the recurring chest infections and also that meeting with the education inspectors really resonated with me. Thank you for sharing your story. It further fuels my motivation to continue to try to prepare well for the future in such a way that I will be able to choose when I retire.
Hi Ali, Thanks for sharing your story so far and being so honest. Life happens doesn’t it no matter how much we plan and we (ex) teachers love to plan don’t we? 😆
I’m a bit older than you and retired last year after 39 years in the classroom. Hubby looked after our two sons while I worked so his pension when he gets it next year is tiny. It might buy the milk and bread!
As you said in your video it is really never too early to think about pensions and forward planning. Time has a habit of running away with itself doesn’t it.
Thanks again for your vlog.
Thanks for that honest and open explanation; it’s tough, especially when those who should be your allies and supporters in a profession decide to throw their weight around.
I took early retirement at 60 in early 2019 with stress/anxiety after almost 40 years in health-care laboratories, working my way up to management level. The hoo-ha and paperwork now involved in producing lab results was the final straw for me, and yes, those ruddy inspections looking at stats and figures!! And for me, commuting up to 4 hours a day didn't help. You absolutely KNOW when it's time to go. Well done 👏 👏
I am fortunate that I qualify for the full state pension. I like your attitude of not paying out for missing years - it makes no sense to me to pay £700+ (or however much it is, maybe more) for each year when it will take you almost three years of pension payments to get each of those bulk payments back. People don't do the maths. If you don't collect til 67 and have 'bought', say, an extra 3 years, you could be mid-70s before you are back in-pocket. Good decision. And whatever you do, do NOT defer taking your state pension - again, even though it's enhanced when you finally claim it will take several years to make up the difference.
It may take until your mid 70s but then you have a pretty good chance to live into your 90s if you are active and healthy.
Ali this is such a brilliant video thanks so much for posting! I so get where you're coming from Happy Retirement xxx
Lovely flog Ali I was a nurse for 30plus year got to 61 and thought like you sod it I've had enough and retired on my 62 birthday now 71 and realise it was one of the best decisions I ever made. Well done you x
You can usually buy up to 6 years of missing National Insurance contributions to top up your state pension. These are known as "voluntary contributions," and they typically cover gaps in your record from the previous 6 tax years.
However, there has been a temporary extension allowing people to buy up to 16 years of missed contributions for the period between April 2006 and April 2016, if they act before April 2025. This extension applies to people who reach state pension age after April 5, 2016.
To be certain about how many years you can buy for your situation, it's best to check your National Insurance record or contact HMRC or the Department for Work and Pensions (DWP).
Cost vs. Benefit-Each missing year of NI contributions can currently be topped up for around £824 (Class 3 voluntary contributions). - For each year topped up, your state pension increases by approximately £5.29 per week (or about £275 per year). This means that it takes about three years (before tax) of receiving the state pension to recoup the cost of one year's top-up. Considering the average life expectancy, topping up is usually financially beneficial if you live beyond your early 70s.
I wonder how the powers that be will deal with this 'topping up your contributions' situation if they decide to apply means testing to State Pension entitlement. Think about it.
@staceygrove5976 Financial planning requires focusing on your current situation and the variables you can control, rather than trying to predict or react to what others may do in the future. Trying to account for what others may think or do can distract you from your specific goals.
Those factors are out of your control and can lead to unnecessary stress and missteps if you try to incorporate them into your financial plan.Instead of guessing about future events, focus on what you know in the present. This ensures that your plan is grounded in reality.
While you can't predict the future, a good financial plan is flexible enough to adapt to changes as they come. You can make adjustments as necessary, but the core of your planning should always center on what is happening now.
By concentrating on the present and what you can control, your financial planning is more likely to stay on track and avoid unnecessary complications.
The maths must include comparing the ££ cost of buying a year versus the extra pension AFTER TAX. For me the extra year was £820 the after tax missing amount was £3.00 but £2.80 after tax. I decided instead to put £820 into Premium Bonds.
@BoninBrighton
The time it takes to recoup the cost of topping up your state pension through voluntary National Insurance Contributions (NICs) depends of course on your tax bracket, as the additional pension income is taxable. Below are approximate time frames based on current tax rates:
Nil Band Taxpayer (0%): It takes around 3 years to recoup the cost, as no tax is paid on the additional pension income.
20% Taxpayer: It takes about 3.75 years to recover the cost, as the additional pension is taxed at 20%.
40% Taxpayer: It takes roughly 5 years to recoup the cost, with the extra pension income taxed at 40%.
For most people, topping up the state pension is generally considered a good value due to its guaranteed, inflation-protected returns. It’s especially beneficial if you want a secure, predictable income in retirement. However, if you value liquidity, flexibility, and the chance of tax-free winnings, Premium Bonds might be more appealing, though they come with a higher level of uncertainty in terms of future returns.
If topping up it's good to talk to someone on the phone. My statepension statement said I would be required to pay a full year contributions by next April to get full pension. When I talked to pension debt they said I had two part years and one would only cost £94 and would count....saving me approx £700+ . Also if in NHS or teachers pension make sure that you check if you were 'contracted out' as this may reduce your state pension. Thanks for the interesting video
Well done, Ali. I’m a teaching assistant and the job especially for teachers is horrendous. Why anyone would want to teach is beyond me one of the most thankless jobs about. ❤
You are very inspiring and so genuine, thank you so much for sharing ! (from France!)
I’m 48 and desperate to retire. Work has changed so much in recent years. I’m a teacher at a Scottish university and everything is bureaucracy focused and less about teaching well. COVID changed everything. Hardly anyone physically comes to work any more. Only the teaching-focused people do because the students rely on us and we can’t really work from home. And the issues students have with their problems studying/learning has made the job so much tougher. I’m so sick of filling in spreadsheets with data that will be later used against us. I’m overpaying my pension and my mortgage in the vain hope I can go early. Also hoping they do another of these early retirement payoffs after I turn 55 and would be eligible. I would also be happy to do a part-time job with less responsibility and worry after that point if I needed to. The plan would be to sell up the current house and move somewhere more rural with a bigger garden. I only live where I do for work. I came here from the Highlands for work but none of my family will be left there by the time I retire so will probably head further south towards somewhere like Perth & Kinross. But you are right - need to plan and prepare now to enable what we want in later years. Thank you for your videos.
Thanks for your fab comment. Sounds like you're doing everything right, getting rid of the mortgage will be the best feeling! Good luck! :-)
Hello Ali, new subscriber Vera thank you for sharing your story with us. I retired from teaching much earlier than you due to critical illness and have spent much time in hospital but thankfully the worst was over by 2020. Like yourself I pushed myself even though I was really ill and if I hadn't just collapsed I probably would have kept pushing until I killed myself. I was single and had parents to care for, a sister who was widowed with four little boys other family members who had been used to leaning on me and my physical and mental health just could no longer hack it all. Years of cancer treatments, cardiac surgery and stroke rehabilitation I am still here and changing aspects of my life in ways I didn't have the insight to do when younger. God has been good to me and of course the resourcefulness and can do attitude that makes us very capable teachers comes is useful whan creating a new life after illness and or retirement. I am happy now and I do hope you are too because when you have given your best to teaching you deserve to have a happy retirement at whatever age that happens to be. God bless ❤
Aww, thanks for the brilliant comment! So happy that you're doing well now. Yes, I'm happier now and deeply content with the life I've made 🙂
Really good to hear your story Ali. So much in your experience of young marriage (why did we do that!) motherhood and relying on the bread-winner husband that is my story too. It’s a shock when you realise that life is not going to continue as you had assumed, and suddenly you’re a single parent. I’m still working p/t at 72. Teaching was one part of my very varied working life but I left it many years ago. I’m very frugal in some areas but indulgent in others, but we make our own choices don’t we 😊. Planning on a big change next year and hoping my little UA-cam channel might be a part of that change. It’s a fun thing to do, isn’t it. Your channel has really tapped into an area that many of us of a certain age and situation are very keen to engage with. Congratulations on its growing success and long may it continue 👏🏻👏🏻
Hi and thanks for this video it’s been quite helpful to me
I was left with two children in a shared ownership house and panicked that I would lose it but I managed to get a better job at the hospital where I work ( went from being a housekeeper to a HCA) this was full time for several years but I then became ill with Fibromyalgia which made work difficult, I very gradually ended up cutting my hours down every few years because the job was killing me.
I then reached age 60 and was able to retire and return to my role on just two days a week so I now have my NHS pension and my part time wages, this all happened last November and I was ok at first but my health has steadily gone downhill and I’m now having a lot of mobility problems. I’ve been signed off now for 9 weeks and I’m not getting any better, I’ve developed an auto immune condition ( Polymyalgia Rheumatica ) which has knocked me for six. I’m just trying to figure out if I could retire fully now. I don’t get my state pension until 67 when I will also get a second NHS pension. I will be quite well off if I make it to date pension age but I have six years to get through first. I’ve paid off my mortgage but I still have a small rent to pay due to being in a shared ownership house. I’m now researching all the ways I can leave my job 😀 I would be entitled to ESA if I had to leave for health reasons which would give me a monthly budget of £903 with my pension. It would be very tight but I might not have much choice.
I’m also someone who caught covid at the beginning of the pandemic so before vaccines and I’ve now had it three times ( thanks NHS😀) and I have to say my health has never been the same. I will follow you with interest to see how you get on 😊
Thank you Ali, that was interesting. I’m in the same situation, I retired early (not as early as you lol), I’m on my own and no state pension until 2029 so will struggle along until then, hopefully picking up some tips from you in the meantime. Good luck with your journey. Xx
Like many people I was clueless about pensions and never gave mine a thought till I reached my 50s. Luckily I was in a good pension scheme which I was able to take when I retired at 63. As my husband and I had moved from full to part time work before we retired, we had already adjusted to living on less money, which helped when retirement actually came.
Best of luck to you. I was working in a care home and had been there for 18 years when the pandemic hit. It was so stressful that I left with burn out. I knew the day I walked out sick that I would never go back. I was prepared to live off baked beans and be without gas/electric I felt that stressed. I was 51. I have struggled through to 55 and have now a small council pension from back in day when I worked in London. I also work 3 times a year at the local university doing invigilating which keeps my head ticking over and a little bit of cash. I'm lucky as my husband works, albeit in a low paid job. No amount of money can make up for the freedom you feel when you retire.
Just started watching your videos. Love your honesty.
My husband retired at 59 and we lived on his company pension, which turned out to be half of what he got at 65. We managed very well in fact got so used to living on the income that we just kept on going and the savings grew. We then decided we had to spend it as we are now 74 and 83, so we now travel more go on cruises rail trips etc. We are now slowing down but can look back at all the places we have been and the things we have done. Enjoy your retirement get out and about and do things while you can, we are always looking for free things to do and soon you will have your bus pass, I hope your health has now improved that some of the stress has gone, chest infections are dreadful, I know as I have asthma.
Thanks! I am in good health which I am so grateful to have. In the last year I haven't had a single bug/virus since I retired!!
@@aliliveswellonless ❤️👍
Plan and plan and plan as early as possible because you haven't got much time left at 67 . People think their going to be fit and healthy in retirement but life it doesn't work like that my advice is retire as early as possible because when time has gone there's no buying it back.
An inspiiring talk - I've subscribed
You and me both retired at 57 in 2023 and am overjoyed. The kids have changed, the system has changed and the pension was ample. I hope you are enjoying your retirement. Much love ❤️ and light . I just had a heart valve replaced and feel good.
I am a former substitute teacher and I am happy for your advice and planning for the future.
Teaching is a very taxing job. We didn't go home and have time to yourself. Nope we had planning/ grading and loging all grades. Sometimes people don't understand, how hard Teaching is.
Enjoy your retirement and I hope you enjoy the rest of this week. 😊❤
Thanks for sharing your personal journey/story. I think we all know when our bodies are telling us to stop and if we are in the fortunate and privileged position to do so we should listen to it. I am 62 married 39 years with no kds and worked since I was 16 - even working part-time during university. I have always taken care of myself, by eating healthy, watching my weight and regularly working out at the gym. But leading up to my retirement 10 months ago I was tired, not fully engaged with working and generally not myself, particualry all the new changes etc that were happening ( as I had seen them all before with vey little results) so decided with my husband to call time on employment. as we had done "our bit" - We both have private pensions - mine being really small - but decided we could make it work. I think alot of us following your channel have similar situations and I think as your channel grows, the community will develop with a similar goal and objective. So thanks for putting yourself out there. - Have you heard of the Prime of Midlife - Karen's channel ? She is from your "neck of the woods" and is in a similar vein to what you are doing. I have followed her since she started and the channel and her community are full of great ideas and lovely.
Yes I follow Karen, she's very close to here :-)
I took my very small nhs pension earlier this year because I was furious at the way Practice Nurses have been treated. No COVID bonus and no standardized pay unlike the nhs,plus targets until they are coming out of our ears.I’m now doing 2 days and having to squeeze my numerous responsibilities into 17 hours per week. Currently applying for other sources of income before I take a leap at 60 next year.
I took early retirement last year to become a carer for a family member because in my mind while I was working, I’d never get that time back with him.
I was burnt out and unable to think clearly and I just stopped functioning.
It wasn’t an easy decision to make to take early retirement but it was the right decision.
I’ve come to regard money as a belief idea system that takes away real values.
Agreed ; it is entirely that , a belief system . I also chose love over money but boy do they make you pay . They stopped my carers allowance of £79 pounds a week on, wait for it, Christmas Day 2023 . How's that for family values on the back of two years of shielding my Oct 2023 deceased partner . Luckily I had been in the nursing profession ; who couldn't see their way to redeploying me anywhere even with post graduate qualifications from St. Andrews University which would have fitted me nicely to research . I retired at 57 , took my nursing pension at 60 . I live on £413 a month to care for my partner . He was a musician so haha no money but boy did he have soul and intelligence . I saw a vision of the future in nursing ; elderly nurses with zimmers walking their patients with zimmers . It is a serious point . Do you know any nurses without back pain and the dreaded no soles left on the bottom of their feet . I really dont. People think I am joking to conjure up this image , I am seriously not. What happened to compassion and love.
Such a clear delivery of a description of what must have been difficult times.
Thanks, there were some very challenging moments but I learned (quickly!!) from them. I'll talk about the stuff I skipped over at some point because it's important to know 🙂
If you’re looking at state pension contributions and don’t think you have enough as a woman, if you were married, you may qualify for extra on your husbands contributions.
Additionally, re the buying of additional years, please see Martin Lewis’ (he was on Good Morning last week discussing this - it’s been posted to UA-cam) on why it might be advisable to invest in buying those years ... and ring the government helpline rather than fill in the forms online
Good advice, thanks! :-)
We all don’t think about our later stages of life when we are younger.Best advice to any youngster the earlier you start putting money away the better ,as it’s the compounding that does the work .Nice to see what can be lived on as I’ve looked at other videos and the figures quoted by some are frightening,so to see what you do is a piece of mind .
Very helpful to hear your story. Thanks ☺️
Like you I divorced in my forties.At sixty I started getting my NHS pension although state pension age had risen to sixty six for women.I was able to retire three months shy of my sixty sixth birthday.Physically tired and mentally battered by the live in care work I had been doing for the last seventeen years of my working life, it was a huge relief to live life for me.Fast forward two years and I really took centre stage in my own life after major abdominal surgery followed by six cycles of chemo .You never know what's round the corner in life.Fortunately with two allotment plots I was physically fit for my age came through.Im glad I had those two years of retirement prior to that.Its been the best time, even with the cancer card in my deck.We earned this time for us.
Thanks for sharing your story! I hope you are doing well at the moment :-)
@@aliliveswellonless All good thank you.
Great video, food for thought xx
As much as I complain about being a nurse, I think teaching is an uber challenging profession in this day and age. You were doing God's work and deserve to retire early!!! I live in Canada and hope to retire at 60. I'm 55, single now and I hope I can make it until then. My body is tired!!!! Enjoy😀
I think being a nurse is just as challenging and you're not paid enough!! :-)
Really interested in hearing your story, you communicate very clearly - obviously a teacher. KBO
Thanks for a great video, you are such a lovely straight forward lady, enjoy a long and happy retirement.
Omg you literally told me story in every detail, we match up on virtually everything!
I am new to your channel and I definitely enjoyed your story. Thank you for being so generous with your advice and tips. Wishes from Australia.
I have just come across your channel recently and love it. Thank you.
Lovely honest video, as you say all in the planning.
Very thought provoking.
My story is similar to yours. I had planned to retire early and for the 5 years before that I lived on half my salary using the other half to pay off my mortgage and build some savings. My advice to anyone planning to retire early would be to cut your spending well before then so that living on less money is not a shock to the system and you are used to being frugal. It’s well worth the loss in income for the advantages early retirement gives you.
I made the decision to retire but not as early as I would have liked but I just felt I had had enough,I reduced my working hours down to three days a week for about a year to ease into retirement but having worked from 15 to 65 it was enough I think you know when its time to. Fortunately I had payed into a private pension from my mid twenties and had another pension that helped pay off my mortgage so I didn't really have worries over managing without a wage,unfortunately covid appeared 6 months after retiring and I was then diagnosed with blood cancer which I may have had since way before retiring,my only regret is not retiring earlier as im enjoying every day now.
I am a blood cancer survivor, I hope things go well for you.
Great personal story, thank you for sharing. Since Covid i have really looked at my health. Im sure you already know, but we are all generally deficient in Vitamin D3, this is very good for our immune system. We dont always get enough sunshine especially in scotland. I now take vit d3, vit C and zinc. I hope this can be of help and ward off any more nasty chest infections. Best wishes. Xxx
Yes I take a D3 supplement for that exact reason :-)
My mum did the same at 52. She was destroyed by the stress of east end London teaching. She retired worked as my receptionist and loved every minute until just months before she passed away. I said she died at 78 or 80 as she was in Sibéria in the war and came as a refugee to England studying in Edinburgh in Corstorphine st Margarets. She had a full life and fuller retirement. Which is what you are on track to have
Really useful info - thanks 😊
Hi Ali, i just found your channel and was interested as you too are on a low pension and making it wirk. I retired from Admin in NHS at 56 in 2021 as, like you, i was done. After working full time fir 35 years in the same job my NHS pension is £632 a month but at 67 I am due to ger the full state pension so on a tight budget until then, but like you, i am loving retirement!
I have just happened upon Shirley Serban's parody song about teachers called -" I'm Still Planning," to the tune, "I'm Still Standing".
I'll go look that up but yep planning is in the DNA!!!
My partner is a teachers and it’s worth noting that Members of the Teachers' Pension Scheme can significantly increase their pension benefits through flexibilities that allow them to purchase either Additional Pension, Faster Accrual, or through the ‘Buy-out’ of the standard rate of actuarial reduction (the ‘Buy out’ must be made within six months of joining the Scheme and the member must be in pensionable service). The amount of extra pension available is a fixed amount, but is increased each Scheme year in line with Pensions Increase.
Hope this is helpful.
I found this video very insightful as someone about to approach my 40s and works in education (but not in teaching!). Hope I can plan well for retirement.
You are the perfect age to get everything lined up! Good luck! :-)
Interesting!
Good luck 2 u , wish my mum had done the same before her untilmly passing , wishing u , health wealth and happiness 😊
Teaching is a tough job and the farce of 'inspections' was the final straw for you. Good decision. Your health is important.
A part time job whilst you are healthy enough to do it might be worth it but if you don't need the money now, enjoy the life of leisure.
I retired myself at 57, my story is different, i was able to retire comfortably, but only after many years of pursuing a medical compensation claim, which with a lump sum settlement and yearly trust payments i will be secure for the future, if i had not won, old age would of been a challenge on the state pension, i will be getting my state pension next year, i recently paid a lump sum to qualify for the full pension, my short fall was £6 a week like yourself and i was holding back paying it because maybe i could claim pension credit, which would of come with other benefits, one of which is highlighted in the media at the moment, but for a few hundred quid i took the plunge, like you i love being retired not answering or beholden to someone or something, enjoy.
Very interesting video, thanks for sharing. As someone in their 30s & also in the public sector, I am already planning my exist strategy. Plan to retire fully at 55. 😊
Brilliant!! You're the perfect age to get organised. Good luck! :-)
I was a teacher married to an accountant. I only worked part for a long time because of the children. My husband advised me that I didn’t need to pay into the pension scheme, so I only had a much reduced pension. He never discussed money with me. When I realised that I would only have a very small pension, I saved a lot of my income during the last three years. I was lucky enough to get my state pension at 60
good advice. Early retiree here, managing on a budget.
state pension paid for last 4 years , made a massive difference. No you didn't say anything wrong.
Yes we owe our jobs good work and dedication BUT they are not our family! They are not our friends ( most of the time)! They pay us because we work! When we stop working they stop paying ( except for the part of our salary that is pension etc.) We must remember that we are individuals! We must plan and save for when we no longer owe an allegiance to anyone but ourselves!
So funny to be fed a channel by youtube in Stirling…I’m in Dunblane lol happy to come across your content
Waves towards Dunblane!!
Thanks for telling your story Ali. I worked as an Early Years Practitioner/Nursery Nurse for 30 years and miss my days with young children very much, but at 63 with health difficulties appreciate I am no longer fit to do the role. I think I am currently in a process of reinventing myself !
Good for you. Teachers work so hard and sometimes you just have to know when to stop.
Such a tough, tough job 🤗
This is so interesting Ali. I am 62 and wondering when I can retire. We have just extended our mortgage, but have rental properties which we bought for our pension. I am a nurse but not part of the nhs as I work in a hospice which is a charity. My husband and I lived and worked for 18 years in France. We are both entitled to some French pension now (about £300 each), but French admin as it is we are really struggling to claim it. I only work part time (25 hours/week), and I do love the patient care, but it can be so emotionally stressful that I think I would like to retire. Shall I shan’t I?
My best advice would be that you'll know when it's time. It maybe after an incident or you'll just have a moment where you think yeah, it's now. Good luck!! :-)
I was lucky -- I broke off full-time work (avionics engineer) retrained at my own expense to be an electrician, so I could do odd jobs once I retired.
I’ve just been bullied out of teaching through false allegations at age 56. I wasn’t ready despite teaching for 30 years, but the bullying from headteacher and witch hunt led to illness so I can’t work at all now. Single divorced. I was signed off from Feb 23 too. Did you not apply for IHR? I was also the union rep and everything that happened was deliberately done to get rid of me and upholding teachers contracts .
That's awful but sadly rather common. Fortunately where I am the teaching union (the EIS) is powerful so I never had any issues. Hope things are improving for you now.
hi you can top up your state pension extra years if you want, before 67 costs about £900 to get an extra year
I typed a reply about my own experience in looking for a job after redundancy in my 50's but I deleted it cos it turned into a rant. I never got back to work and I'm in my 70's now and still bitter about it. Nobody wanted to know after you're 50 and female in this country (not UK). More opportunities in the UK.
Sending you a big hug. I heard you :-)
Like me you have worked your whole life, you deserve to now enjoy your life. X
Hello, Ali, thanks for this video. It is very inspiring. Could you do another video on how to find out about one's state pension situation?... In the video you mentioned that you checked online, and that they mentioned you would earn 6 Pounds less... Could you tell us: which institution you called?, what information you requested on the phone?... I am the same age as you, but feel very incompetent as to how to find out information and I feel overwhelmed about this topic of "starting" to find out how to go about it...Many thanks indeed.
You can check your pension contributions on the .gov uk site. You will need your NI number and have to register on the government gateway site. It is straightforward to do. You can see how many full year contributions you’ve made and years where you didn’t pay enough (university years for me) and if you will receive the full state pension. If insufficient years then it will tell you how many additional years you would need to work to qualify for the full state pension.
You can also buy years if you worked part time. Martin Lewis goes over this on his web site and details what steps you can take. I think there is a cut off date that applies. Sorry, I don’t know details of this as it didn’t apply to me.
I retired at 58 and lucky to have a local government pension that I live off. I also paid additional voluntary contributions (AVCs) to Prudential as part of my local government pension scheme so got that back as a tax free lump sum as part of my overall retirement lump sum. I had planned to work to 60 but like Ali, I decided I couldn’t do another 2 years as work became ever more stressful with increased workload as people left and not replaced. That coupled with a couple of chronic health conditions, aggravated by stress, was what convinced me to access my pension early. There as an actuarial loss applied to my pension as I took it early. However, I did my sums and decided it was worth taking a reduced pension to enable me to have a better quality of life and better manage my health.
Just google 'government gateway' and create an account. Once you're signed up look for the pensions bit and it will take you through it. From memory I think all you'll need is your NI number and date of birth. And it will take you through the process. As for a pensions advisor, I just googled for one in my area and found one that did a free first session. He gave me lots of general advice and where to look for info. It is overwhelming at first but the more knowledge you get the more empowered you'll be. Good luck!!! 🙂
@@aliliveswellonless Hello Ali, thanks very much for your suggestions. I appreciate very much that you replied to me. I am going to have a look at the govt. gateway (although I am a bit scared!). And definitely I shall consider the possibility of having a free meeting with a retirement/pensions adviser... It sounds like a useful thing to do. Thank you very much for sharing your wonderful knowledge, Ali. Kind regards.
@@GbGb-gv3wj Don't be scared, knowledge is power!! You've got this 🙂
Good you were in s position to retire early planning is key
I took early retirement too due to illness I have arthritis I worked as a children’s nurse I just couldn’t carry on I too left in 2022 I’m 56 x
If you have any of your lump sum left you can pay 2 years national insurance and pick any two year from the last 10 I think so I would go back as far as they allow because you pay what the rate was at the time not today's price, I did it with 3 years I pick 3 years that I had the shortest breaks in and paid the difference to each year to complete them.
You can usually buy up to 6 years of missing National Insurance contributions to top up your state pension. These are known as "voluntary contributions," and they typically cover gaps in your record from the previous 6 tax years.
However, there has been a temporary extension allowing people to buy up to 16 years of missed contributions for the period between April 2006 and April 2016, if they act before April 2025. This extension applies to people who reach state pension age after April 5, 2016.
To be certain about how many years you can buy for your situation, it's best to check your National Insurance record or contact HMRC or the Department for Work and Pensions (DWP).
@@nealevans3952 That's even better I think when I did it I had the last 10 as for me I reach pension age 66 and one month on 7th April 2006 and the cut off for 65 is 5th April 2026 so I wait a extra month,but great if you can go back even further for some cases.
You should be able to purchase extra years for state pension.