Retirement...when, how old and how much??

[NJ Blue]

The online prediction from the pensions agency is predicated on continuing to pay NI contributions up to retirement date.

I’ve paid 27 years full NI and my forecast says that after another 3 years, I will be eligible for the full state pension amount at retirement age. I still have another 20 years of work until retirement age and I know that NI covers other things, but if I stopped working and paying NI in 3 years time, would I still be entitled to the max state pension at retirement age?

 

[denislawsbackheel]

Phone them and ask.
It’s fiendishly complicated and they admit that they don’t actually know what anyone is entitled to until the day they retire. The fact that we cannot work it out for ourselves makes it even more difficult.
Here’s a long read…

https://www.moneysavingexpert.com/savings/state-pensions/

 

[kippax_blueboy]

I am 60 in two years and I am seriously considering retiring.
This year though my pension pot has dived £30k and of course my savings are worth less due to inflation.
If I could make my savings work better and maybe move my pension to recover the £30k I would.
I don't know any good IFAs.
My mortgage was paid off the time I was 50.
My pot is about £280k and I have £75k in savings.

 

[Citizen of Legoland]

I am 60 in two years and I am seriously considering retiring.
This year though my pension pot has dived £30k and of course my savings are worth less due to inflation.
If I could make my savings work better and maybe move my pension to recover the £30k I would.
I don't know any good IFAs.
My mortgage was paid off the time I was 50.
My pot is about £280k and I have £75k in savings.

That would be enough for me, and probably most people, but we’re all different. I won’t have anywhere near that by the time I’m 60, but still reckon I can retire at that age, maybe with a part time job.

 

[dickie davies]

I am 60 in two years and I am seriously considering retiring.
This year though my pension pot has dived £30k and of course my savings are worth less due to inflation.
If I could make my savings work better and maybe move my pension to recover the £30k I would.
I don't know any good IFAs.
My mortgage was paid off the time I was 50.
My pot is about £280k and I have £75k in savings.

I'm in a very similar situation to yourself and almost the same age and funds
I haven't heard from my IFA in over ten years. I don't even know if he's alive!
When our endowment matured one of the questions asked was if "name of my IFA" was still my financial advisor? I said no. No one has ever been in contact with me about it
In fact the last time I spoke with him he said "why don't you ring me more often?" I thought you fucking cheeky ****. I'm your client. You should be contacting me every year

If you do find a decent IFA,let me have his/her details

 

[frothy]

I have been retired 4 years now I'm 67, luckily i had a good works pension after 30 years service, we got taken over by Nov a big American oil company, and joined their scheme and I used that as a drawdown until I got my Old age pension and I'm not much worse off from when i was working

 

[Manchester33]

I am 60 in two years and I am seriously considering retiring.
This year though my pension pot has dived £30k and of course my savings are worth less due to inflation.
If I could make my savings work better and maybe move my pension to recover the £30k I would.
I don't know any good IFAs.
My mortgage was paid off the time I was 50.
My pot is about £280k and I have £75k in savings.

You're in a nice position.

Using the 4% rule you could happily spend around £14k pa. That's not a bad chunk of money, especially if you don't have a mortgage to pay for.

You also have to factor your state pension into it. If you end up with around £8/9k pa from that you have plenty of wiggle room.

 

[denislawsbackheel]

You're in a nice position.

Using the 4% rule you could happily spend around £14k pa. That's not a bad chunk of money, especially if you don't have a mortgage to pay for.

You also have to factor your state pension into it. If you end up with around £8/9k pa from that you have plenty of wiggle room.

Unfortunately the 4% rules is not a rule…

Why the 4% rule doesn't work - Monevator

The 4% rule is the most misunderstood piece of received financial wisdom floating around on the internet. Without proper handling it can blow up your retirement. We make it safe.

monevator.com

 

[dickie davies]

You're in a nice position.

Using the 4% rule you could happily spend around £14k pa. That's not a bad chunk of money, especially if you don't have a mortgage to pay for.

You also have to factor your state pension into it. If you end up with around £8/9k pa from that you have plenty of wiggle room.

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A 250k fund could give around 17k pa as an annuity
Add the state pension to it and that's going to be in the region of 24k pa tax free

 

[tolmie's hairdoo]

I’ve paid 27 years full NI and my forecast says that after another 3 years, I will be eligible for the full state pension amount at retirement age. I still have another 20 years of work until retirement age and I know that NI covers other things, but if I stopped working and paying NI in 3 years time, would I still be entitled to the max state pension at retirement age?

Same here. I have 30 years fully paid up, having started at 16.

Can I stop paying class 2 NI?