The Retirement Thread

[Deleted member 1258]

Last time I looked Monday looks promising.That’s the BBC website so it could possible be snowing

Both Monday and Tuesday look good, I'm favouring Tuesday a the moment, kids are back at school next week but Monday might be a teacher training day so there might be a chance of an early ride, we're surrounded by schools so have to look at the schools as well.



https://www.xcweather.co.uk/forecast/CV6_4GX

 

[ebikeerwidnes]

Anyway - my wife's son and his partner (they may get married at some point - $deity knows when!!) are both working so we have the kids all morning
at least
something about one of them going to a party with his friend this afternoon - so we will probably have the other 2

Watched another leg of teh Basque Tour - now for Wordle if the kids give me some peace!

 

[welsh dragon]

You also have to be careful about topping up as sometimes even if you do pay extra, your annual pension won't increase so there are ever diminishing circles so to speak.

 

[Deleted member 1258]

Well done. I started to get mine this month as well. I am short due to being a stay at home mum to start with, then working part time for 6 years and as I wasn't earning a certain amount per week my national insurance contributions didn't count. Luckily I have small private pension so I get more than the full weekly stats pension. Thank God.

My Good lady is the same, she's had time of raising kids, two families, and done casual , cash in hand and part time work, she only gets something around about 40% of a state pension.

 

[Mo1959]

You also have to be careful about topping up as sometimes even if you do pay extra, your annual pension won't increase so there are ever diminishing circles so to speak.

I'll no doubt be short too due to going early, but like you between the two I should still be comfortable enough and don't want to lay out thousands to increase a pension that you have no guarantee you will live to see.

 

[pawl]

Be careful of that
I fully qualified when I checked some years ago - so when I retired I just assumed I would be OK

Turns out that I am not - down quite a bit even though I worked - and paid - for over 40 years
I had to sedn them a few thousand to make up some of the difference but it will increase again until I reach 66

but I can, apparently, leave it until the last year or so and then pay anotehr lump sum - or pay a bit a month until then. However, no matter what I do I will end up short by a bit
Some of the message they give are seem very misleading to me!

lm not sure how it is calculated.I worked from age 15 until I was 63.From 1981 I worked for theNHS until 1985 . From then I worked for Leicestershire County Council until early retirement aged 63 .

I received full state pension at 65 I’m unsure but I think you had to have 35 years of full employment and contributions.

 

[pawl]

Piece of advice Just sneezed with a mouth full of Weetabix .Couldn’t get my hand up in time .
I pad screen is now clear of splattered Weetabix ERR

 

[The Central Scrutinizer]

I'm not entirely sure about the opting out bit. My wife also worked for the NHS and was automatically opted out from SERPS etc as the NHS pension is better. It shouldn't impact the standard SP.

At a guess what your wife is seeing could be a quirk of the system linked to the tax and contribution year. Mrs P will be making AVs in the near future which will give her the full SP.

I've just spoke to my wife..She said because the NHS had opted out of SERPS it meant that why she was employed by the NHS(She is now retired) she paid less NI contributions so you can't have it both ways.
I was wrong about not getting the full state pension as she says she will get it.
I'm sure paul we have spoken about this before in "Money Matters"

 

[Mo1959]

I can hear bagpipes. Probably the Duke of Kent doing the opening of the Jubilee Wood Plantation. I won't bother rushing up to see him.

 

[SpokeyDokey]

You might want to double check this. My wife retired aged 60 and will get her State Pension at age 66. Currently her forecast shows she is missing six qualifying years for the full SP. This is because she has made no contributions for the years following her retirement. Her payment record shows she is fully paid up by number of years.

As I understand it the rule is that you must have been making contributions up to the date you reach SP age. In my opinion if you stopped working at age 55 by the time you reach 67 you will be 12 years short of contributions. Currently it's around £800 to buy each additional year.

As I say check it but this is our direct experience this year.

Not correct AFAIK.

35 years of contributions equals full SP.

You only have to continue paying NI after 35 years of contributions and until you reach SP age If you are working between those dates*.

*And subject to current earnings limits etc.

Reading through the replies it seems that personal situations are being presented as the default position which equals confusion.

Opting out etc will impact on the final position but that is not applicable to everyone.

 

[Mo1959]

Just noticed that as well as the advert at the top I am now getting an advert sliding up from the bottom of the page. Bloody annoying. Anyone else got it. I'm on the iMac so not sure if it's the same on the iPad.

 

[BoldonLad]

You might want to double check this. My wife retired aged 60 and will get her State Pension at age 66. Currently her forecast shows she is missing six qualifying years for the full SP. This is because she has made no contributions for the years following her retirement. Her payment record shows she is fully paid up by number of years.

As I understand it the rule is that you must have been making contributions up to the date you reach SP age. In my opinion if you stopped working at age 55 by the time you reach 67 you will be 12 years short of contributions. Currently it's around £800 to buy each additional year.

As I say check it but this is our direct experience this year.

I am really old, my "official" retirement age was 65, but, I retired early at 60 (2007). So, I did not pay any NHI contributions in the years age 60-65, when I was not working, but, I did already have the required number of years contributions, so, received full SP at age 65. I would mention, at the time I was 60, the Pension age was 60 for women and 65 for men. As a result there were various "quirks" ie, I was entitled to free prescriptions at age 60, and, a concessionary bus pass (presumably to prevent any claim of sexual discrimination?). This may have had an impact on the rules, at that time.

 

[BoldonLad]

Just noticed that as well as the advert at the top I am now getting an advert sliding up from the bottom of the page. Bloody annoying. Anyone else got it. I'm on the iMac so not sure if it's the same on the iPad.

Yes, I am getting that (on an Apple MacBook), mine is an ad for Harrods, The Beauty Halls. Since I am a 74 year old male, living 300 miles from a Harrods, I think their "appropriate ad algorithm" needs a tweak.

 

[SpokeyDokey]

I am really old, my "official" retirement age was 65, but, I retired early at 60 (2007). So, I did not pay any NHI contributions in the years age 60-65, when I was not working, but, I did already have the required number of years contributions, so, received full SP at age 65.

This is exactly how it works without any eg contracting out complications.

For anyone interested Google 'Age UK Factsheet 19' for a really clear explanation of the full scheme.

 

[Mo1959]

Yes, I am getting that (on an Apple MacBook), mine is an ad for Harrods, The Beauty Halls. Since I am a 74 year old male, living 300 miles from a Harrods, I think their "appropriate ad algorithm" needs a tweak.

Sod it. Downloaded an adblocker. Ads bug me anyway so should help elsewhere too.