The Retirement Thread

[numbnuts]

Now there's a coincidence... the postman just delivered a letter which turned out to be details of my coming pension! One reduced payment to get me started, and then £718.40 every 4 weeks - luxury! (Well, with Housing Benefit and my little private pension of £50 a month - comfortable.)

I am assuming that they WILL pay that on time, given that it is 3 or 4 months away! 🤞

Sorry to be a downer, but how much will they reduce your housing benefit with the pension.
Some years with the rise in state pension in April, I have seen my HB reduced by more than the rise and have been worse off.

 

[ColinJ]

Sorry to be a downer, but how much will they reduce your housing benefit with the pension.

There will be no reduction at all! There is a local cap on how much housing benefit and council tax benefit the council will pay, but my total pension income will not be high enough to reduce that further.

If I ever get my computer games finished and earning an income, then things would be different, but I would be very happy indeed if I ended up with no benefits and paying income tax again!

You can use the calculator HERE to calculate these things. A friend of mine who lives locally is a couple of years older than me, already getting his pension, and also rents, so I know that the numbers are right.

 

[numbnuts]

There will be no reduction at all! There is a local cap on how much housing benefit and council tax the council will pay, but my total pension income will not be high enough to reduce that further.

If I ever get my computer games finished and earning an income, then things would be different, but I would be very happy indeed if I ended up with no benefits and paying income tax again!

You can use the calculator HERE to calculate these things. A friend of mine who lives locally is a couple of years older than me, already getting his pension, and also rents, so I know that the numbers are right.

Yippee

 

[ColinJ]

Yippee

Indeed!

To be honest, I thought the same as you until my pal retired. I couldn't believe that he got his pension AND housing benefit. Mind you, the reality is that he worked his whole life on very low wages, had a private pension even smaller than mine, and never managed to buy a house, so that is why he needs the help now.

I don't think many (any?) people in the UK would be able to live on £180-ish a week if they had to pay rent and council tax out of that!

 

[ColinJ]

Some years with the rise in state pension in April, I have seen my HB reduced by more than the rise and have been worse off.

That's outrageous!

I have entered all sorts of scenarios into the calculator that I linked to above. In every case, I am better off if I earn money (or pensions increase). For a small extra income, housing benefit wouldn't be affected much. Pretty soon though, most of any extra income earned would go in reduced benefits and income tax, but once all of the benefits have gone I would get 80% of any further income unless (by some miracle) I managed to earn way more as a pensioner than I ever did before retirement!

 

[welsh dragon]

Now there's a coincidence... the postman just delivered a letter which turned out to be details of my coming pension! One reduced payment to get me started, and then £718.40 every 4 weeks - luxury! (Well, with Housing Benefit and my little private pension of £50 a month - comfortable.)

I am assuming that they WILL pay that on time, given that it is 3 or 4 months away! 🤞

In that case I should hear from DWP in December. Wooohooo

 

[Dirk]

The one thing I can't get my head around is that I'm better off now than when I was working. I'm saving a decent amount each month, despite spending more.
Our current monthly income is more than it was before we both retired and MrsD has yet to get her state pension (April next year).
When she gets the SP it will go straight back to topping up the deficit from the drawdown on the lump sums that we did for 6 years.
I count myself as very jammy. I never planned any of this.

 

[BoldonLad]

That's outrageous!

I have entered all sorts of scenarios into the calculator that I linked to above. In every case, I am better off if I earn money (or pensions increase). For a small extra income, housing benefit wouldn't be affected much. Pretty soon though, most of any extra income earned would go in reduced benefits and income tax, but once all of the benefits have gone I would get 80% of any further income unless (by some miracle) I managed to earn way more as a pensioner than I ever did before retirement!

I would stay away from "the dark side" with that information, it will most certainly not fit their narrative

 

[BoldonLad]

The one thing I can't get my head around is that I'm better off now than when I was working. I'm saving a decent amount each month, despite spending more.
Our current monthly income is more than it was before we both retired and MrsD has yet to get her state pension (April next year).
When she gets the SP it will go straight back to topping up the deficit from the drawdown on the lump sums that we did for 6 years.
I count myself as very jammy. I never planned any of this.

We are similar. Since Retirement, income has fallen significantly, but, we still seem to be better off. I do not understand it, all I can't think is, it must have cost a lot of money to go to that unmentionable place (begins with a "w").

 

[Dave7]

Our state pension (together) is approx £14k. I Would probably have to earn ,what, £19k to draw that ?
On top of that I have a small private pension of £3,500.
All in all we do fine. like Dirk I was jammy as my small company had a good last few years so I managed to sell it for a decent amount

 

[Sterlo]

We are similar. Since Retirement, income has fallen significantly, but, we still seem to be better off. I do not understand it, all I can't think is, it must have cost a lot of money to go to that unmentionable place (begins with a "w").

Woolworths?

 

[Dave7]

Now you good people know I hate crude language BUT we got p*ss wet through at the hospital. Rain was hammering down. By the time I got the wheel chair set up it was soaked. Dried it with tissues but by the time I got MrsD out of the car it was soaked again.
So I got her (and her very soggy bum) inside. I then had to find a parking spot and walk back.....lovely .
Same in reverse when leaving AND it cost me £2.50 for the privilege.
Now.....which daft pillock thought it would be a good idea to move the pay machine from inside to outside so everyone can get even more p*ss wet while queuing to pay?

 

[Exlaser2]

Safely back home , mattress taken to the tip and diesel found. Tbh all of my local garages had fuel , they were all slightly busier than normal , but none of them had huge queues . I think the panic is slowly subsiding .
Certainly things are getting back to normal with me , first sit in Costa for over a year 😂😀

 

[postman]

Safely back home , mattress taken to the tip and diesel found. Tbh all of my local garages had fuel , they were all slightly busier than normal , but none of them had huge queues . I think the panic is slowly subsiding .
Certainly things are getting back to normal with me , first sit in Costa for over a year 😂😀 View attachment 611551

You must have been excited you have spilled lot of your coffee.

 

[Exlaser2]

You must have been excited you have spilled lot of your coffee.

The problem is I am not northern enough to drink it out of the saucer 😂😂😀