What are you going to live on when you retire?

Oor Wullie

Old-Salt
Who needs advice from the so called "professionals" when I have found this thread one of the best we have had for "real life" experiencies in making decisions on when and if you decide to jack it all in and put you're feet up.

One thing that hasn't been covered though is do you know if you if you will receive the full OAP at your official retirement age .

I did a check on my nat ins contributions and was informed that as both my army and local govt schemes were "contracted out" ie I paid less NI conts but paid a larger sum into both pension schemes which meant that I was short of 7 years conts to mean I was not going to get the full OAP at 65 . However you can make voluntary conts to make up the shortfall and in my case it came to just over £5500 ( which I have just arranged to pay) which means I get the full whack in a couple of years .

Good luck and good health to all who are coming up to this significant milestone in life.

Linky :-
Voluntary National Insurance
 
Who needs advice from the so called "professionals" when I have found this thread one of the best we have had for "real life" experiencies in making decisions on when and if you decide to jack it all in and put you're feet up.

One thing that hasn't been covered though is do you know if you if you will receive the full OAP at your official retirement age .

I did a check on my nat ins contributions and was informed that as both my army and local govt schemes were "contracted out" ie I paid less NI conts but paid a larger sum into both pension schemes which meant that I was short of 7 years conts to mean I was not going to get the full OAP at 65 . However you can make voluntary conts to make up the shortfall and in my case it came to just over £5500 ( which I have just arranged to pay) which means I get the full whack in a couple of years .

Good luck and good health to all who are coming up to this significant milestone in life.

Linky :-
Voluntary National Insurance
Always worth checking. While my daughter was at university I paid hers to keep her up to date.
The cost of missed years goes up all the time so keeping on top is the cheap option.
 

Oor Wullie

Old-Salt
Always worth checking. While my daughter was at university I paid hers to keep her up to date.
The cost of missed years goes up all the time so keeping on top is the cheap option.

Indeed , when I checked back in Feb for the tax year 2019/20 the price for that year if I paid before 1 Apr was £738 , if I'd left it till the new tax year it would have been £80 more , so yes well worth keeping the payments up.
 

MoleBath

LE
Kit Reviewer
Book Reviewer
Who needs advice from the so called "professionals" when I have found this thread one of the best we have had for "real life" experiencies in making decisions on when and if you decide to jack it all in and put you're feet up.

One thing that hasn't been covered though is do you know if you if you will receive the full OAP at your official retirement age .

I did a check on my nat ins contributions and was informed that as both my army and local govt schemes were "contracted out" ie I paid less NI conts but paid a larger sum into both pension schemes which meant that I was short of 7 years conts to mean I was not going to get the full OAP at 65 . However you can make voluntary conts to make up the shortfall and in my case it came to just over £5500 ( which I have just arranged to pay) which means I get the full whack in a couple of years .

Good luck and good health to all who are coming up to this significant milestone in life.

Linky :-
Voluntary National Insurance
If you are in good health and your parents lived to a good age consider deferring the state pension. One year buys circa 5% uplift.If you win you feel smug ,if you die earlier you won't know about it !
 
Always worth checking. While my daughter was at university I paid hers to keep her up to date.
The cost of missed years goes up all the time so keeping on top is the cheap option.
But remember you only need 35 years of contributions for the full pension. She'll have to keep paying in but won't get any more out.
 
But remember you only need 35 years of contributions for the full pension. She'll have to keep paying in but won't get any more out.
I decided to work past the retirement age, on the understanding that i will get a small % more when i do collect, after 6 months i had had enough, and packed it in. it did not make one difference to my pension. Had i done a full year, yes it would. :(
 
Who needs advice from the so called "professionals" when I have found this thread one of the best we have had for "real life" experiencies in making decisions on when and if you decide to jack it all in and put you're feet up.

One thing that hasn't been covered though is do you know if you if you will receive the full OAP at your official retirement age .

I did a check on my nat ins contributions and was informed that as both my army and local govt schemes were "contracted out" ie I paid less NI conts but paid a larger sum into both pension schemes which meant that I was short of 7 years conts to mean I was not going to get the full OAP at 65 . However you can make voluntary conts to make up the shortfall and in my case it came to just over £5500 ( which I have just arranged to pay) which means I get the full whack in a couple of years .

Good luck and good health to all who are coming up to this significant milestone in life.

Linky :-
Voluntary National Insurance
I had something similar but I have been told I need to keep my NI payments up until April 2022 (6 months after I am due to retire) to increase my pension payments.

This isn't a problem, I can't see me retiring on the dot but I will want to cut my hours down for about a year first to finish off some projects I am working on. I'll just keep paying the NI until then.
 
I had something similar but I have been told I need to keep my NI payments up until April 2022 (6 months after I am due to retire) to increase my pension payments.

This isn't a problem, I can't see me retiring on the dot but I will want to cut my hours down for about a year first to finish off some projects I am working on. I'll just keep paying the NI until then.
Once you reach state retirement age, your NI payments stop. If you wish to pay more, its up to you. ;)
 
Once you reach state retirement age, your NI payments stop. If you wish to pay more, its up to you. ;)

Whatever - it's on the letter I had from the Pension Department.
 
Not really one to think of when your first joining the Army but certainly one to think of when you've gone past the best years of your life, are settled with a kid, have a mortgage etc

I did think about it when I joined the Navy. Set up a private super account that turned into something quite nice. Retired early, took a lump sum and living on plod super. Can wait to access my Navy benefits. But things work different in Oz.
 

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