The Retirement Thread
5 lurkers |
174 watchers
Nov 2020
7:50am, 24 Nov 2020
7,317 posts
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Fragile Do Not Bend
EP, you can check here gov.uk
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Nov 2020
7:51am, 24 Nov 2020
20,509 posts
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EvilPixie
I will probably do some part time work as, unlike hubby, I think full retirement would bore me! thanks clever people |
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Nov 2020
7:54am, 24 Nov 2020
20,510 posts
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EvilPixie
gosh! No gaps! 31 years that's exciting Apparently I have full years since 1989! I didn't start work then so I guess that was child benefit related |
Nov 2020
8:03am, 24 Nov 2020
46,214 posts
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Lip Gloss
I have never checked my state pension so best have a look as my retirement is 2029
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Nov 2020
8:52am, 24 Nov 2020
3,715 posts
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um
A couple of warnings on buying extra years ... - as said, probably best to leave it until the last few minutes (well, months) - but you can only buy back for the last 6 years gov.uk (except if born before 1952(F) or 1950 (M) - there is no guarantee that Rishi (or other chancellors) won't increase the buy rate (esp with covid), so judgement needed on optimum time to buy - some reported cases of paying extra not actually delivering more pension thetimes.co.uk I'll be seriously looking into it in Jan/Feb, to see if I need to top up incomplete years since I retired 3 years ago, or if my many years of contracted out NI outweigh any chance of an extra few years contribution. (46 yrs of full, although many contracted out, 2 partial, 1 none) |
Nov 2020
8:56am, 24 Nov 2020
18,218 posts
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Bazoaxe
Last time I checked I was almost at 35 years. Need to make sure Mrs axe is as well. I did sone figures in my head while running this morning and I think that Christmas 2023 or age 56 will be my target 
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Nov 2020
9:01am, 24 Nov 2020
3,716 posts
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um
Sorry, more ... eg The Times article links to the pension checker ... gov.uk which for me shows My impression from the article is that if I paid approx £1600 to fill my NI gaps, I still would only get teh £149.75, not the extra £10 a week. And, roughly, I'd have to live for 4 years before I saw a return on the £1600, if I did get the £10 extra. |
Nov 2020
9:03am, 24 Nov 2020
367 posts
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Shades
HOD - it's likely to be companies with sizeable pension funds that are invested to get a decent return. But over the years with recessions and other types of crisis many funds were in deficit and struggling to meet their commitments. But these are situations out of our control. I have a very small final salary pension with a previous employer and they've been in deficit for years and have I think now finally been able to make up the deficit. That pension matures next year so I'll ask them for a statement soon, but I only worked there a couple of years so not going to be of any real consequence to me. If you contribute to a workplace pension you as an individual can choose what level of risk to take. They're usually set up with a 'balanced' risk and then as you get nearer retirement age, think they call it your glidepath, they usually move the investment to safer investments. This is so a sudden crisis, which could be worldwide won't decimate the individual's pension fund when they're about to retire. EP - but soon you'll be IM training and you will appreciate a less demanding job when you're training hard. |
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Nov 2020
9:09am, 24 Nov 2020
368 posts
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Shades
um - so if you paid the £1600 you still don't have a full pension. So I guess your shortfall is more than 6 years?
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Nov 2020
9:10am, 24 Nov 2020
37,527 posts
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♪♫ Synge ♪♫
Shades - our IFA calls it "lifestyling".
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Synge Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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