The Retirement Thread

[SpokeyDokey]

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°.

Many happy returns!

 

[ebikeerwidnes]

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!

Does that mean that low income people who have never had to worry about tax

and are now getting older

will suddenly have to deal with tax manually rather than just having it all sorted out at source????

Because if that is the case then I can see a lot of people freaking out over it!!!

 

[SpokeyDokey]

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

The last paragraph will need sorting by your wife in similar fashion to how it was instructed initially.

 

[SpokeyDokey]

Does that mean that low income people who have never had to worry about tax

and are now getting older

will suddenly have to deal with tax manually rather than just having it all sorted out at source????

Because if that is the case then I can see a lot of people freaking out over it!!!

In effect, they will just receive a tax bill to pay.

I agree with your last paragraph. They will!

 

[BoldonLad]

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°.

Happy birthday!

 

[Tenkaykev]

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

I think you have to notify them that you want to cease the transfer

 

[PeteXXX]

I think you have to notify them that you want to cease the transfer

You can apply for and cease that online, assuming you have an HMRC account.
It'll depend how close to the limit the lower persons income is.

 

[Paulus]

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

Same here, my occupational pension is taxed to buggery, although it does work out, just because the state pension is not taxed at source and it counts towards my total income.

 

[numbnuts]

I've not paid any tax since June 1989
My works pension is so low they must have a bloody good laugh when they give it to me.

 

[Paulus]

I think you have to notify them that you want to cease the transfer

Indeed, MrsP has just informed HMRC that she is taking back my allowance as she receives her state pension in March and she would of been liable to a little bit of income tax.
The downside is my tax code will change as I will pay a bit more.

 

[Mo1959]

Same here, my occupational pension is taxed to buggery, although it does work out, just because the state pension is not taxed at source and it counts towards my total income.

Same here even although I don't get the full state pension and also a reduced work pension due to retiring early, but they still manage to lop around £150 off my work pension.

 

[ebikeerwidnes]

The last paragraph will need sorting by your wife in similar fashion to how it was instructed initially.

I expected that

What I am worried about if people who have never had to deal with tax

and have always earned very little
and are probably scared of the whole thing
I know a few family members that this would cover
and some of my clients with AgeUK would probably come into that category as well

Some of these people would be serious worried about it - positively scared

Now I don;t thing this is necessarily a problem
By wife watched the House of Commons most days and watches all the Politics programmes
she say that it has been stated very clearly - from the Dispatch Box - that people whose sole income is the OAP WILL NOT have to pay any tax

which is fine - as it should be

question is whether "they" have thought to make sure that people also do not get any letters through the post that they might find to be scary

sometimes clever people fail to think - or understand - of how their actions and communications will be seen by some other people

 

[Webbo2]

Same here even although I don't get the full state pension and also a reduced work pension due to retiring early, but they still manage to lop around £150 off my work pension.

I get a reduced state pension due having a superannuated NHS pension. I also had had to top my national insurance payments despite paying in for 47 years so as to get the maximum ( for me) state pension.

 

[ebikeerwidnes]

I get a reduced state pension due having a superannuated NHS pension. I also had had to top my national insurance payments despite paying in for 47 years so as to get the maximum ( for me) state pension.

Yes - it was rather annoying to have to still pay into NI after I stopped work

Especially as - several years before - I had checked with them and they sent me a letter saying that I was fully paid up and would get a full pension as I had already paid in for more years than the necessary amount

no mention of "if you keep paying in until you stop working"

It's not that I mind - it is basically a tax and supports the whole edifice of the State - which is generally a good thing

it was just that I could easily have ended up passing the deadline and having a lower pension than I expected if I had not read something that said I needed to check again

 

[ebikeerwidnes]

Going to the hospital thsi afternoon - Geriatric Department as said before

and picking up the grand kids for a "sleep over" tonigh


so the time has come for the new t-shirt to be deployed