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.
 
I'm very soon 65, have always been a saver so have some funds, also a 20 year paid in company pension, no children just the missus and we paid off the house a couple of years ago.

We have both worked since school, I have 49 years of full contributions paid in to N.I.

A few setbacks / scares made me sit back and think last year, I eventually left work in the late Summer.

Plan is / has been done.

Transfer pension to private firm who I know and trust, took tax free amount, now living off savings and this untill state pension kicks in.

Then drawdown from pension fund to top up state pension in the most tax efficient way.

I reckon I have 10 years left if I am lucky, so have worked out the money lasting that long.

After 10 years if still about, sell house and rent, I know it's "dead" money but that will release funds to carry on doing stuff.

Saw and cared for the inlaws with dementia and care whittling away their money (they had worked for 120 years between them and had most of it taken for care). and will hopefully stay at home till the end, don't know obviously, but that is the basic plan which I have initiated already.
 
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I'm very soon 65, have always been a saver so have some funds, also a 20 year paid in company pension, no children just the missus and we paid off the house a couple of years ago.

We have both worked since school, I have 49 years of full contributions paid in to N.I.

A few setbacks / scares made me sit back and think last year, I eventually left work in the late Summer.

Plan is / has been done.

Transfer pension to private firm who I know and trust, took tax free amount, now living off savings and this untill state pension kicks in.

Then drawdown from pension to top up state pension.

I reckon I have 10 years left if I am lucky, so have worked out the money lasting that long.

After 10 years if still about, sell house and rent, I know it's "dead" money but that will release funds to carry on doing stuff.

Saw and cared for the inlaws with dementia and care whittling away their money (they had worked for 120 years between them and had most of it taken for care). and will hopefully stay at home till the end, don't know obviously, but that is the basic plan which I have initiated already.
Who are leaving the house to?
Sell now mate and blow the lot, otherwise it will be used to pay care
 
Who are leaving the house to?
Sell now mate and blow the lot, otherwise it will be used to pay care
You could of course do an equity release, which means you bleed the equity out of your home and get the opportunity to stay there till you march off! - Cunning wheeze of leaving nowt in tax.
But, do take advise from an IFA who can guide you through this as IHT/retirement planning is fraught with danger unless you have an expert to guide you.
And an expert is not Wayne or Chlamydia in a retail bank selling ISAs and on line banking packages!
 
Who are leaving the house to?
Sell now mate and blow the lot, otherwise it will be used to pay care
Not yet, no need to as depleting savings etc. as stated, I have enough to do what I need to, the house will go when those funds are gone. I don't know how long the missus will be around after me etc. or WTF will happen, so there are various contingancy plans.

We still have to live somewhere, so if the house went you would have to ringfence several years rent, The rest would be easy to blow too soon, It's all about pacing yourself.

But the plan is to leave with nowt, If it all goes Pete Tong, will go down to the South East and wade ashore saying "no Engleeesh" and sign up with the nearest HR brief and bunch of do gooders, can't see why that should not be a problem!
 
D

Deleted 13804

Guest
Mrs SD earns good money and is 18 years younger than me. I'm sorted.
Not as good as it may feel. AG senior was 16 years older than my mother. When he died my mother basically stewed in a pit of depression, despite having a loving family and friend base around her until she eventually smoked herself to death.
 

RangdoOfArg

LE
Book Reviewer
Not yet, no need to as depleting savings etc. as stated, I have enough to do what I need to, the house will go when those funds are gone. I don't know how long the missus will be around after me etc. or WTF will happen, so there are various contingancy plans.

We still have to live somewhere, so if the house went you would have to ringfence several years rent, The rest would be easy to blow too soon, It's all about pacing yourself.

But the plan is to leave with nowt, If it all goes Pete Tong, will go down to the South East and wade ashore saying "no Engleeesh" and sign up with the nearest HR brief and bunch of do gooders, can't see why that should not be a problem!
Where do you live? Approx; I’m not going to pop round with an offer you can’t refuse.
 
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