The Retirement Thread

[Dave7]

Was it something to do with a Triumph Acclaim???

That rings a bell but I cant remember the details.
But I thought it was funny.

 

[SpokeyDokey]

Having taken it apart and soaked it in descaler for an hour or so, the drip seems to of stopped. So maybe a free fix.
I did go to the plumbing place and he more or less said the same. There are many different types, makes and sizes. If it doesn't hold, I'll have to dismantle it again and take the cartridge in.

I put mine back together with lithium bike grease and it usually lasts a good 2-3 years before it drips again.

More trouble than the old rubber washers!

 

[esoxlucius]

I think - you need to check


Oh - and I assume you are aware that the oAP age is increasing ???

Yes I checked some time ago. All's good....but I will double check now!

The retirement age for men, currently 66, is going up to 67 soon. In 2044 it may be going up again to 68 I believe.

 

[SpokeyDokey]

I vaguely remember spotting a retirement thread some time ago but couldn't find it for the life in me. Anyway, eventually I found it, so here I am with my story.

I'm 58 and funnily enough I've retired this very Easter weekend! I've paid my full due of National Insurance contributions so I now qualify for the full government pension when it kicks in in about 9 years time!

So until then I have a modest personal pension to draw on, rental from a property, and various savings which, as long as I don't go crazy, will pretty much last me until my government pension kicks in. I also plan on selling my property further down the line to help fund my retirement later on.

The big worry for me isn't necessarily finances, but more along the lines of the complete shock to the system of working solid for 42 years, and then stopping abruptly.

Obviously I'm a cyclist, a keen angler too. I like gardening, walking and I'm also an amateur artist so I have things to be doing both indoors and outdoors depending on the weather.

One thing I do not want to do at any cost is go back to work at any level. You work all your life. Retirement, to me, means just that, no work!

My boss has already said I can go back anytime I want, choose whatever hours I want to do and he'll pay me cash in hand. It's a nice option to have but one I have no desire to entertain.

So my retirement, as much as I'm looking forward to it, holds a nervous excitement for me. Complete unknown territory, lol.

Welcome to the thread and have a long and healthy retirement.

 

[Dave7]

This is a new one on me. I thought you qualified for the full state pension, if you were born after 1951 (men), after contributing National Insurance for 35 years. I've retired with 42 years under my belt. I've never heard anything to the contrary up until you've just posted that. Had you been paying into the system non stop up to your retirement or did you have breaks through your working life?

I retired just 2 years early and got full state pension.
My wife had a mixed situation ie some years working, some looking after children then some as carer for her mother.
I phoned up and as ebiker said, they were very helpful.
We paid £x which gave my wife 90% pension.......the amount vs her age made it a no brainer.
I never looked back, absolutely the right decision for us.

 

[SpokeyDokey]

Welcome

feel free to discuss nonsense - it will fit in well???

also serious topics - I'm sure I saw one a while back!!!


On the subject of serious topics - make sure you check with the pension people what your situation is
when I retired I checked and was fully paid up for the maximum number of years
Then when I came closer to the critical age then I found that I was also supposed to keep contributing Nat Ins for the remaining years and I had to top it all up

Worst thing is that if you don;t realise until you reach retirement age then you cannot do it after

so worth checking again every few years - they do seem to be quite helpful

I think we did this one before and I am sorry but that is not correct.

If you have 35 years of NI contributions you get full state pension. So as soon as you have this number of years you can stop contributing as long as you no longer work. If you carry on working you still have to contribute! This is where the normal confusion arises.

Also, I think there might be some quirks for those with public sector pensions.

This is a new one on me. I thought you qualified for the full state pension, if you were born after 1951 (men), after contributing National Insurance for 35 years. I've retired with 42 years under my belt. I've never heard anything to the contrary up until you've just posted that. Had you been paying into the system non stop up to your retirement or did you have breaks through your working life?

You will be fine. I stopped work a long way before 66 and get the full state pension. I stopped contributing at 51.

 

[esoxlucius]

You will be fine. I stopped work a long way before 66 and get the full state pension. I stopped contributing at 51.

I believe the current state pension is borderline taxable, is that right? I wonder if the government have any plans to increase it so they can just take the difference back off you in tax!! They can sing about increasing the amount for pensioners, putting them first and all that rubbish, yet in reality are lining their own pockets....again! Not sure how it works.

 

[SpokeyDokey]

I believe the current state pension is borderline taxable, is that right? I wonder if the government have any plans to increase it so they can just take the difference back off you in tax!! They can sing about increasing the amount for pensioners, putting them first and all that rubbish, yet in reality are lining their own pockets....again! Not sure how it works.

I think a system has been devised re taxing marginal SP payments over the PA for those who do not complete an annual tax return. For the life of me I can't remember what it is.

You may get more than the full SP if you made State Second Pension etc payments.

Mine is a couple of thousand over and that element is obviously taxed but it gets adjusted via my .gov account when I complete my annual tax return.

 

[BoldonLad]

I vaguely remember spotting a retirement thread some time ago but couldn't find it for the life in me. Anyway, eventually I found it, so here I am with my story.

I'm 58 and funnily enough I've retired this very Easter weekend! I've paid my full due of National Insurance contributions so I now qualify for the full government pension when it kicks in in about 9 years time!

So until then I have a modest personal pension to draw on, rental from a property, and various savings which, as long as I don't go crazy, will pretty much last me until my government pension kicks in. I also plan on selling my property further down the line to help fund my retirement later on.

The big worry for me isn't necessarily finances, but more along the lines of the complete shock to the system of working solid for 42 years, and then stopping abruptly.

Obviously I'm a cyclist, a keen angler too. I like gardening, walking and I'm also an amateur artist so I have things to be doing both indoors and outdoors depending on the weather.

One thing I do not want to do at any cost is go back to work at any level. You work all your life. Retirement, to me, means just that, no work!

My boss has already said I can go back anytime I want, choose whatever hours I want to do and he'll pay me cash in hand. It's a nice option to have but one I have no desire to entertain.

So my retirement, as much as I'm looking forward to it, holds a nervous excitement for me. Complete unknown territory, lol.

Are you married? If yes, your wife will find plenty to keep you busy, forget fishing and cycling.

If no, don’t worry, activities expand to fill the time available.

Enjoy your retirement! 😂

 

[esoxlucius]

Are you married? If yes, your wife will find plenty to keep you busy, forget fishing and cycling.

Yes, married. She already has plans on utilising my decorating skills. But of course I'll fit the decorating in around other pressing issues such as riding my bike and fishing.....not simultaneously I hasten to add, that would be quite the party piece, lol.

 

[BoldonLad]

I retired just 2 years early and got full state pension.
My wife had a mixed situation ie some years working, some looking after children then some as carer for her mother.
I phoned up and as ebiker said, they were very helpful.
We paid £x which gave my wife 90% pension.......the amount vs her age made it a no brainer.
I never looked back, absolutely the right decision for us.

I retired 5 years early (60) and get full state pension, but, being born 1947, I (and you?) are on the “old” state pension system, not the current one which these youngsters are on 😂

 

[Dave7]

I retired 5 years early (60) and get full state pension, but, being born 1947, I (and you?) are on the “old” state pension system, not the current one which these youngsters are on 😂

Oh!! Is the new one different ?
I often say that we (our age) we're fortunate.
We missed the war.
Had full employment.
NHS.
Full pension.
We will miss the shitstorm that will surely hit this world in the not too distant future.

 

[SpokeyDokey]

Oh!! Is the new one different ?

It was fundamentally changed in 2016 after a huge furore that went on for several years.

Plenty of info on Google re old vs new State Pension.

Surprised you missed it as it was a big issue at the time.

 

[SpokeyDokey]

Just gone wild; ordered a 1000 piece puzzle from Amazon.

Inspired by the CC puzzle thread.

 

[esoxlucius]

Just gone wild; ordered a 1000 piece puzzle from Amazon.

Inspired by the CC puzzle thread.

I like a good jigsaw puzzle myself, though I must admit I've never done a cycling related one.