Retiring

We all realise that we can retire when we have saved up enough money, Investments and NHS Pension over 30 to 40 years. My thinking is as follows : 

It is important to save money every month and Invest it.

I neeed to explain to stupid reception staff that older doctors reduce their workload and often work 2 to 3 days per week. This is common practice in older age and is not lazy. I was  the boss and was allowed to tell them off for rude disrespectful comments. I will not      tolerate rude disrespectful behaviour from members of staff. 

The NHS PENSION is one of the best Pension Schemes in the whole world so it is important so stay in ths Scheme. I have consulted several Professional Financial Advisers in the past 30 years and they have all said to stay in this Scheme. The BMA can arrange advice from Wesleyan (a Financial Company).

There are annual BMA Pension updates which are very informative. It is worth attending these and keeping the notes made for future reference. Make an A4 FOLDER for NHS PENSION and keep all the papers.

In the "2005 Pension Scheme" one can take "early retirement" at age 57 years taking a reduced Pension;  and take the full Pension at aged 67 years. One is also permitted to "retire" for 24 hours and then return to work. This is "24 hour retirement". Doctors often take 2 or 3 weeks off work and then return to work after “retirement”. So it is important to have discussions with colleagues. So one can receive a monthly Pension payment and also get a salary. One pays tax on both amounts but the extra money is useful for Investing and giving to the wife and children; and to build family wealth over 10 years or more. .

In the previous "1995 Pension Scheme" one could retire at 50 years taking "early retirement" and take the full Pension at 60 years; but the rules have been changed for the younger generation so they need to retire at  67 years.

With the Pension "lump sum" one can pay off the Mortgage or loan for school fees for the children.

One can name the wife / children as the "Beneficiary" in case of early sudden death. The wife will received 50% of your pension until she dies. This is a good "benefit" for her and the family. This "Spouse" benefit is unique to the NHS PENSION SCHEME and the UK Government "STATE PENSION"..

It is important to seriously read and study the NHS PENSION GUIDE properly to understand these options fully. I actually printed the file on paper 10 years ago and scribbled notes on the pages to learn about the Pension better 

Many Doctors an Nurses will be quite ill by age 55 or 60 years so it is important to read about the NHS PENSION options available. These health problems are all "private and confidential" so one often is not aware of them. It is useful to have £1,000 to £1,400 per month extra from the NHS Pension to give to the family or to Invest with the bank for "capital growth". This enables older Doctors or Nurses to reduce their hours of work and have an easier life; when they are older , ill and tired. 

Everyone needs the skill of making a 30 year plan to get their Pension; and pay off their Mortgage.

We also need the skill of making a 5 year or 10 year plan to build a surgery and build a good professional reputation for our career; to develop and push the Practice or Clinic to new heights.