The Retirement Thread

[Drago]

Me too

Currently enjoying a Cost a lot coffee while mrs Ds car has annual safety check.

 

[Tenkaykev]

Currently enjoying a Cost a lot coffee while mrs Ds car has annual safety check.

I watched a documentary about the making of the Wallace and Grommit animations. The original coffee shop featured in one of the backgrounds was " Costalot " and in the Costa typeface, but they had to change it.

 

[PaulSB]

I've just been told we're going to IKEA Warrington.

Happy Birthday @Dave7 Have a good lunch and day.............just think you could be going to IKEA.

 

[Drago]

Happy Birthday @Dave7

Just think, if this were Logan's Run you'd be headed for the carousel!

 

[Mo1959]

Happy Birthday @Dave7. Enjoy your meal out.

Careful walk done as it was very slippy underfoot and I see posts on our local page saying there's black ice on some roads.

 

[classic33]

Good morning. I bring good news to all old farts.
It is the date of my birth today (I have reached the giddy age of 79) and I have decided to grant all on here a day off work. You are free to do exactly as you wish**
**by "as you wish" I obviously mean what your wife permits or wants you to do.
My daughter and son are taking me for lunch at a nice Chinese restaurant.
Sunny/rainy today.
Weekend is supposed to reach 13°.

Enjoy the day

 

[Webbo2]

Similar to me apart from the fact I get a full state pension......my private pension is only a couple of grand per year but it is taxed at source.

The same here, every time I get a pension rise state or NHS I get a new tax code.

 

[numbnuts]

Happy birthday @Dave7

 

[ebikeerwidnes]

Happy birthday @Dave7 - have good one!!


as far as Pension goes - we both get ours this year - ina few weeks actually

I am assuming Auntie Rachel will sort it all out
we are not complicated - we both have private pensions (sort of - mine is Teachers and hers is NHS) and i have a proper private one

only complicated thing is that currently she gives me some of her tax allowance as her pension is quite small

I assume Rachel will sort that out

 

[Drago]

If by "sort it out" you mean "try and help herself to it" you're probably correct.

 

[mistyoptic]

Just seen the cardiologist. Good news is I’m still alive. Less good he wants to increase my pills

 

[ebikeerwidnes]

Off to the hossy this afternoon to for a review of the heart monitor
and hopefully a review of the last 12 months after the TIA or whatever


annoying thing is that it is the Department for Geriatric Medicine!!!!

I AM NOT THAT OLD!!!!!!!

Afte rthat we have the grand kids overnight
apparently the middle one has to have his anti biotics as he has had Scarlet Fever
his Dad has checked and he is not contagious - as he works in teh Hospital I assume he knows what he is doing!

 

[Drago]

Just seen the cardiologist.

A cardigan seller? Good call.

 

[SpokeyDokey]

I've probably used the wrong term but the point still applies for those whose only income is from basic SP and, currently, Additional State Pension (SERPS). Trust me, this is me. I pay it!!!

I don't currently access my private pension. Mrs P has her SP and NHS pensions, that plus my SP+ASP gives us the income we need.

My basic SP+ASP is over the threshold and I pay tax on that proportion. HMRC have never contacted me about this. Every January I log in to my tax account, check what's owing and pay it. If the basic SP goes above the tax threshold, which it will for 27/28, the Chancellor will have to address this. If she doesn't millions will have small amounts of tax to pay, probably be unaware of this and likely not have a tax account.

The second bit, yes, anyone with another pension source gets a tax code and deductions made at source. In our experience it works very well.

I get where you are coming from.

Having now delved more deeply, the system is this:

For those whose only income is State Pension, any excess above the Personal Tax Allowance will have tax payable calculated by HMRC.

The individual will then be sent a Simple Assessment, form PA302, indicating the amount of tax payable which will need settling by January 31st, in line with the usual HMRC tax payable deadline.

You learn something every day!

 

[SpokeyDokey]

Coooeee. 5 deg windy and rainy here. I have a small private pension and I don't have a full state pension. Even so, they deducted tax from my private pension.

Stay safe peeps.

Yes, but your combined pensions must have been above the Personal Tax Allowance of £12570.