5 months short of the full 40 years, what to do?

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acequion

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Psychologically, I'm now ready to retire from my teaching job at almost 65 years of age. I'm just 5 months short of the full 40 years. I'm wondering if it's worth working those remaining months [in reality it will be another full school year], as in will an extra 5 months make much difference to the lump sum and total pension? Or is purchasing those months on notional service a good option?

Any opinions on this would be much appreciated because in money terms I don't have a clue how much extra those 5 months would be worth. Thanks a lot.
 
acequion said:
Psychologically, I'm now ready to retire from my teaching job at almost 65 years of age. I'm just 5 months short of the full 40 years. I'm wondering if it's worth working those remaining months [in reality it will be another full school year], as in will an extra 5 months make much difference to the lump sum and total pension? Or is purchasing those months on notional service a good option?

Any opinions on this would be much appreciated because in money terms I don't have a clue how much extra those 5 months would be worth. Thanks a lot.
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You most probably have a month or so to go and then of for couple of months for summer holidays? That be over 3 months gone.
Go sick for 8 weeks and your time is done.?
 
@ Dr Strangelove. Yes I turn 65 in August and the next school year starts end of August. Why is that relevant? Thanks for replying.

I entered my data into the pensions modeller provided by DES and in money terms it's pretty miniscule, probably not worth my while. But maybe I'm missing something which is why I'd appreciate opinions. Thanks a lot.
 
acequion said:
Why is that relevant?
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AFAIK notional service is purchased for retirement at either 60 or 65. So you could retire just at 65 having made the purchase.

acequion said:
I entered my data into the pensions modeller provided by DES and in money terms it's pretty miniscule, probably not worth my while.
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If I was grading your essay I’d maybe suggest you referenced your assertion with reference to specifics:)
 
Get in writing what the amount is if you finish up without the 5 months and if you stay in 5 months.

Once you have those two figures then it's a decision to make. If it's negligible then your answer is made for you. If it's significant then you have a decision to make.

Best of luck
 
acequion said:
I entered my data into the pensions modeller provided by DES and in money terms it's pretty miniscule, probably not worth my while.
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The model doesn't lie! Ergo, it's pretty minuscule. (I reckon that you'd get about 98.6% of the full pension and lump sum - missing out on about €2 a day.)

But what leads you to write that you'd have to work the full school year? Surely teachers can retire whenever they like, as long as they give the requisite notice to the management.
 
Yes, you don't have to work the full year. You would work to the start of October and get the benefit of the next pay rise in the lump sum. 1% I think.

In any event work to the first or second day of the next teaching year to get the benefit of the pension in the summer holidays.

Also is your post eligible for the professional added years scheme. This chould give you added service. But might not be much in your case.
 
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Hi. The difference is a lot less than €2 a day according to the modeller, it's about €200 a year gross in the pension. I know about the 1% in October but that's hardly an enormous increase.

Yes in theory teachers can go when they like, but you won't find that many teachers bailing mid year and leaving exam classes high and dry. If I go back next year it will be job sharing which would drag it out anyway, so realistically and morally, I'd be doing the entire year. And on job sharing I'd be taking home less than I'd get on the pension.

I'm thinking it's just not worth it. At almost 65 it's time to relax and enjoy life, rather than slogging on for an eventual extra pittance.
 
acequion said:
Hi. The difference is a lot less than €2 a day according to the modeller, it's about €200 a year gross in the pension. I know about the 1% in October but that's hardly an enormous increase.

Yes in theory teachers can go when they like, but you won't find that many teachers bailing mid year and leaving exam classes high and dry. If I go back next year it will be job sharing which would drag it out anyway, so realistically and morally, I'd be doing the entire year. And on job sharing I'd be taking home less than I'd get on the pension.

I'm thinking it's just not worth it. At almost 65 it's time to relax and enjoy life, rather than slogging on for an eventual extra pittance.
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Just advise the head to schedule your timetable so you only teach non state-exam classes because you'll be hanging up the gown, the duster and the auld leather strap at Christmas!

But I agree with you, if you reckon that it's time to call it a day, then just do it.
 
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