Retirement question

Bananaleaf

Hi there

I'm just wondering how the whole pension thing goes.

If I am teaching for, say 29 years and then I want to retire...

I will have 29 years of service, which obv isn't a lot. I would be 55yrs old by then.

What is the story with a pension for me. I don't pay into a private pension but is this already happening in my wages?

Would I get anything at 55yrs when I decide to retire? Do I even retire at that age or just leave the teaching profession?

I've posted before about my dislike of the profession I'm just looking at options. By the way, I would be mortgage free by 55

Thanks
B

dingding

http://cspensions.gov.ie/

Pop your details into this modeler

It should give you an approximate guide

Kristopherus

Unless there is a package to encourage O/50 teachers to retire, then you will get an actuarilly reduced pension. Your lump sum may not be paid until you reach 60. There's lots of info at www.cspensions.gov.ie.

Bananaleaf

Thank you. I'm not sure 'retire' is even the right word. I guess I would be leaving the profession and maybe going to work elsewhere. I basically can't see myself being able for the hours and the workload (for health reasons) into my 50s

So I imagine I wouldn't be picking this pension up until my 60s anyway - I would aim to be sustaining myself before then. But I would like to make sure that by doing so I will be leaving myself with enough when I get to my 60s

Obviously this is quite a big deal and I will get financial advice closer to the time (I'm only 31 now) but just wondering at the moment if I would even be entitled to a teaching pension if I leave at 55 after only having come in at 24/25

Thanks

TheDriver

Depend on if you are pre\post 2004 start. Also there are issues with working in public service if you are drawing a public service pension

spurious

I've sent you a PM with some real world figures, Bananaleaf.