The Retirement Thread

[screenman]

PaulSB, only a 10% increase when your wife gets her pension? Will she not get the £140 a week or whatever it is now.

 

[screenman]

I had that a couple of weeks ago. Luckily it only lasted a few days for me.

This is day 5, I am hoping for not much longer.

 

[welsh dragon]

This is day 5, I am hoping for not much longer.

Fingers crossed

 

[numbnuts]

 

[Dave7]

Whereas I've got 2 cars and can't be bothered to drive either of them I despise driving, gain no pleasure whatsoever from it, and more and more recently have found myself getting on the bus rather than behind the wheel. I look set to have driven under 1200 miles this year, and it'll be under 1000 next year if the trend continues.

I dont really "despise" driving but the pleasure I used to get is well gone. Its just a chore now. Back in the day I would regularly drive 200 miles to London, do a days work then drive back in the evening. Nowadays, like you I probably do less than 1,000 a year.

 

[PaulSB]

Ready for bed after reading that
Only one question.........
You refer to your wifes "small NHS pension". I thought NHS pensions were generous??

Yes the NHS pension is generous, one of the best around. I've met a number of pension sales people who have each basically said "if that's what your wife has, I can't beat it."

There is though a difference between generous and large. The benefits are good but like every pension the size depends on how much one pays in. A big difference between a consultant's and a midwife's salary.

 

[Dave7]

I don't mind driving.

But you are probably not in constant traffic jams. If I have to leave home between 0800 and 0850 it can literally take 10-15 minutes to do the first 500 yards because of school traffic........and I live well away from the town.

 

[welsh dragon]

But you are probably not in constant traffic jams. If I have to leave home between 0800 and 0850 it can literally take 10 minutes to do the first 500 yards because of school traffic........and I live well away from the town.

Very true. There isn't a whole lot of traffic round here. No traffic jams thousands of peole or lots of schools, shops etc. It's quite a pleasure to drive round here and the scenery helps as well

 

[Dave7]

Yes the NHS pension is generous, one of the best around. I've met a number of pension sales people who have each basically said "if that's what your wife has, I can't beat it."

There is though a difference between generous and large. The benefits are good but like every pension the size depends on how much one pays in. A big difference between a consultant's and a midwife's salary.

True. My Bro had a fairly senior job in the NHS 'I.T. I have an idea what he earned and I think his pension is 2/3rds.......very nice.

 

[Dirk]

Morning all.
Blowing a hoolie here. We're postponing our trip to Dartmoor until tomorrow. I really don't fancy towing in 50+mph winds.

 

[Dave7]

Yes the NHS pension is generous, one of the best around. I've met a number of pension sales people who have each basically said "if that's what your wife has, I can't beat it."

There is though a difference between generous and large. The benefits are good but like every pension the size depends on how much one pays in. A big difference between a consultant's and a midwife's salary.

Mrs D is a consultant.
I have to consult her before I do anything

 

[Drago]

 

[PaulSB]

It's not strictly true Paul that we had everything and today they have to do it all on their own. We had the 3 day week,
We had 15 per cent Interest rates that left many with negative equity which resulted in thousands just walking away from a home that was worth half what they paid for it. People were left traumatized by the experience. Marriages ended, and kids were effected some people never recovered from the experience.

We didnt have childcare help, nor did we have family credit, working tax credit, child credit. People these days have a lot more help financially than we ever had. We were hung out to dry so to speak.

Those things are certainly true. I well remember the panic every time the mortgage rate fluctuated. I'm not sure the 15% interest rates contributed to negative equity, I thought those things happened some time apart? It doesn't matter though I get your point.

I've no issue at all with the state support you highlight and it is help we didn't have. However I'm not sure it's enough to solve a couple of fundamentals. Childcare is, as I understand, still hugely expensive compared to our day?

Both my kids pay more in rent than a mortgage would cost. The trouble is they simply cannot save enough to get a deposit. They have student loans to repay, pensions to fund, less secure employment. I feel there are three huge benefits our generation enjoyed, free education, relatively good job prospects and affordable housing. Relatively it was a lot of money but our first house was £15k and the one we live in now £23k. Basically one opened a building society account, saved and got a mortgage.

 

[Dave7]

Good morning all
Blue sky and hardly any wind here.
No idea what the day holds. We were supposed to visit my Bro and his wife on the Wirral but I had to duck out. My back took a real turn for the worse yesterday afternoon.......I struggled just to stand up.
Then, suddenly, yesterday evening I felt the pain drifting away, it was a lovely feeling. This morning, so far, its feeling good. Here's hoping

 

[PaulSB]

PaulSB, only a 10% increase when your wife gets her pension? Will she not get the £140 a week or whatever it is now.

No my wife doesn't automatically get the full state pension. Her pension age is 66. Mrs P retired at 60 and although she has a full contributions record, to that age, she will make no further contributions through work. She's one of the women badly impacted by equalising pension age. I guess @welsh dragon will have something to say about that!!

For those who don't know it's possible to "buy" a full state pension by paying the extra contributions. In Mrs P's case if she pays £3600 to "buy" another five years contributions her weekly pension increases by £30/week. It's a complete no brainer as after 2.5 years the extra £30 pays off the original £3600 and from then on it's a profit. One can "buy" one year at a time up to two years after reaching pension age in my wife's case.

It's not a ten per cent increase. Adding the her state pension means our income will move from 50% to 60% of our working income.