Good points. But I do enjoy my job. I have always treated it like a hobby or vocation. Without going into detail some of my work has been (and continues to be) impactful. I am unlikely to 'stop' certain activities even after fully retiring. There may be a book to write for example.
I'm the complete opposite: I'm 67 and I genuinely dread the prospect of giving up work . I'm currently on a year's contract that ends in February and am already started thinking about my next gig. All the best for everyone enjoying their retirement - each to his or her own.
All fair points. I enjoyed my job but I enjoy not having a job a lot more
Are you going to have a fixed day less a week or will you be messed around with that? Do you think you will flex again? Did you do AVCs? Sorry, not meant to be an inquisition, I'm a bit younger than you and probably in a similar employment position having slid down the greasy academic pole in recent years into a quiet obscurity. I also want to get my son on the property ladder. This thread has given me much to think on, mostly when to pack it in. I'm pretty sure if I went to 80/60% there would be much rubbish thrown my way as my REF impact would be downgraded, otherwise I agree taking full retirement does seem pointless if the irritations are removed. I'd be interested to know how this goes for you.Last month I took a 20% retirement. Dropped my hours by 20%, dropped my salary to 80%, took 80% of my max lump sum*, and am receiving 80% of my pension. What were they thinking?
My job is most peculiar. All the managers are 'research' managers. But I am employed to do teaching, research and admin. My 'boss' is not interested in my research, and when he took over he made no effort to include me in . . . . anything. Well, that's red rag to an autistic bull. I haven't spoken to him in the last 15 years.
But....I am left to my own devices. I have continued to fund research, and I have a massive teaching load. And yet....
The job is stupidly easy. Because I don't have any research 'targets' in my 'appraisal' (which is managed at a lower level by the 'section head') and have the most teaching hours in the 'school' I am deemed doing a splendid job but not eligible for promotion.
I am able to do most of my work from home and schlep it to London only when I have contact teaching (maybe 50 days a year).
So taking full retirement seems a bit.....pointless at the moment.
*the plan is to get the boy on the property ladder. Bank of dad and all that. When he gets around to start looking.... <sigh>. But it has been a horrendous year for him, so bad I have not and would not describe it on NSC. Onwards and upwards, though.
or better still, just turn off data while you are out of the house and that way the phone continues to work without all of the other distractions.I would suggest just put it on mute or Airplane Tim that's what i do. Suppose you or I had a fall or something happened my kids have got me on find my phone so if something did happen they would know exactly where i am. After 3 days when they wanted something
Good Qs. My first bit of advice is pad out your CV with lots of teaching and admin if you are concerned about REF. However I have a feeling that once you go part time you become almost untouchable because there is no 'expectation' for research activity for part time staff so no yardstick to evaluate you against.
. The rest of the world outside my institution thinks I'm a hot ticket, and I have a great hinterland with journal editing and international committee activity. All in all, a very pleasing set up. 
Mrs.Punal is a retired early years teacher. She gave up mainly because of the increased loads of ‘admin’ that plagues full time teachers. Two years ago she decided to become a supply teacher and absolutely loves it - teaching young children without the unrelenting pressure of planning and administration. The bonus of course is being paid as well. Win, win all round.
Obviously don't take this as a recommendation because I don't know what type of pension you have, but have you considered moving your pension into a SIPP so that you can take income, and a cash lump sum, from age 55?
Do I PM re the vices or ask here ..I’ve made a list of known ones but may have missed some outGood Qs. My first bit of advice is pad out your CV with lots of teaching and admin if you are concerned about REF. However I have a feeling that once you go part time you become almost untouchable because there is no 'expectation' for research activity for part time staff so no yardstick to evaluate you against.
I may make a certain day a non work day but because I enjoy work I will play it by ear (or nose, or throat). Nobody has much idea how I spend my time anyway...
I am not money-savvy but the moment that AVCs and overpaying the pension became things (in the nineties or early noughties?), I looked into it, and realized it made sense, so I maxed up my pension. I also bough back missing years (I was 28 when I started my pension payments) so I could retire at 62 if I wanted. The changes in the laws meant I have now been overpaying during the last 4 years and the pot got quite big. I was 56 when the USS scheme switched to average salary, but that meant an element based on my salary aged 56 was secure, and the rest was an average of salary from age 56 to 66. So I have managed to squeeze all the available juice out of it.
The 80% option is absolutely fantastic. Because my colleagues like me (astonishing though that may seem) and like what I do I get an easy ride. The fact my research manager washed his hands of me for his own reasons (I work on X and he works on Y and he saw no value to him in what I do) and asks nothing of me I am in a very fortunate position.
The irony is that in his world you are nothing till you get a chair, and he spends his time making it incredibly hard for people to get promotion. And when people get a chair they don't get a pay rise. So as a 'reader' (for the last 28 years) I get a salary almost indistinguishable from the workaholic treadmill runners, and without the grief. I have always been REF returned but not in my 'school'. They think that by not supporting my promotion they are doing brilliant management. But....I have never applied for a chair and never would. What was good enough for AJP Taylor is good enough for me
Sometimes being autistic really is a super power.
Now, sensible advice. To get flexible retirement you need this form from USS:
View attachment 186619
You also need to get the support of your employer.
USS then sent me a nice letter:
View attachment 186620
Then I spoke to payroll and it was all agreed in a total time of about 6 weeks.
A word of advice. The pension advisor at my uni did not know about maxing up the lump sum. The value of the lump sum he sent me was the value of the average lump sum. I asked specifically about the max amount I could take and how that would affect the annual pension. The college pension adviser then came back and apologised for giving me false info. Not taking the max lump sum is madness. I calculated that to 'lose out' on the lump sum versus annual pension battle I will need to live till I am 83. With my vices there is little chance of that
Anything else you want to know, PM me
Yes, definitely get some expert advice, and do some research to validate the advice you get. I am not up to date with the current rules regarding income tax relief on pension payments but, for example, it might be beneficial to pay the money from the rental property sale into your personal pension over the next 2 years to reduce your income tax, and then move it into income drawdown to take the tax-free lump sum.
I’d add ISA to that list ..might not get the upfront tax relief but won’t pay tax on income/withdrawl ..maybe alongside SIPP
Is it wise to sell the rental? Is it not better to have different forms of income? Rent + company pension + stocks seems pretty good position to be in.
Fantastic
I found it helped to set out our expected budget first and work from there…….sounds obvious but include everything you ‘have’ to spend, then separately what you’d ‘like’ to spend. It’s then pretty simple to work out the potential return on your pensions/savings/rental income and whether it’s enough. Other thing to bear in mind is the ease of minimising tax - I took the max lump sum out of my pensions at 55, most of that is now in our ISAs which I ‘skim’ every so often to top up the income I take from my pensions (which is well within the 20% tax band).
Same. I really like what I do and the idea of not doing it and having days with little to do fills me with dread. I have some way to go before I am of retirement age. I do not mind doing less days, maybe just a 3 day week, but I need real purpose in my life.
Yeah, I think that once I turn 70 I may look to a three-day week. I once worked on a project on retirement and a staggeringly large number of men died within a year of completely giving up work (and, only men, didn't seem to apply to women). I think of my dad, who was made redundant at 61, not likely to find work again and who was dead within seven months: it's a dangerous time.
I'd be interested in learning if you find a really good, independent financial adviser.
I do a four day week now - going down to three in a few months time - trying to get into a few new things / hobbies before I retire.