Hi.
I'm a 43 year old with 12/13 yrs full time teaching and paying into pension.
I'd like to retire from teaching age 50 as I would like to try other things out! This is my current understanding of cost neutral early retirement - can anyone tell me if I'm on the right tracks?
At age 50 I'll have 20 years serivce
At that stage I would be entitled to 20/80 or a quarter of my final salary X .62 (actuarial reduction rate)
Example.
In 2012 I earned 55k
If I retired in 2013 age 50 with 20 years service the figures would be:
55k X 25% = 13.700 (As I will only have have half of 40 years)
13.700 X .62 = €8,525 PA
Any opinions or info would be greatly appreciated
I'm a 43 year old with 12/13 yrs full time teaching and paying into pension.
I'd like to retire from teaching age 50 as I would like to try other things out! This is my current understanding of cost neutral early retirement - can anyone tell me if I'm on the right tracks?
At age 50 I'll have 20 years serivce
At that stage I would be entitled to 20/80 or a quarter of my final salary X .62 (actuarial reduction rate)
Example.
In 2012 I earned 55k
If I retired in 2013 age 50 with 20 years service the figures would be:
55k X 25% = 13.700 (As I will only have have half of 40 years)
13.700 X .62 = €8,525 PA
Any opinions or info would be greatly appreciated