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?
Retirement...when, how old and how much??
- Thread starter Tuearts right boot
- Start date
denislawsbackheel
Well-Known Member
- Joined
- 28 May 2008
- Messages
- 27,354
- Team supported
- We went to Rotherham…
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…
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…
Last edited:
kippax_blueboy
Well-Known Member
- Joined
- 17 Sep 2007
- Messages
- 1,597
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.
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
Well-Known Member
- Joined
- 15 Jan 2013
- Messages
- 11,946
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
Well-Known Member
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
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
Well-Known Member
- Joined
- 12 Sep 2012
- Messages
- 7,360
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
Well-Known Member
- Joined
- 28 May 2008
- Messages
- 27,354
- Team supported
- We went to Rotherham…
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
Well-Known Member
Welcome to MyAviva - Login or Register
Login to MyAviva, the simple way to view and manage your insurance, savings and investment policies in one place, whether you're at home or on the go.
www.direct.aviva.co.uk
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
Well-Known Member
Same here. I have 30 years fully paid up, having started at 16.
Can I stop paying class 2 NI?
abu13
Well-Known Member
Im in a similar position, not quite as much at this point but about 5 years younger so you are where I am hoping to be in a few years time. I have also taken a similar hit over the last 12 months and it does sting but i just keep investing as much as I can into the pension. It is interesting that annuities now seem to be a lot more attractive than they have been in recent years.
Scottyboi
Well-Known Member
How do the rich get round all the tax implications of your pension? They have it offshore?
Manchester33
Well-Known Member
- Joined
- 12 Sep 2012
- Messages
- 7,360
I'd argue it's a good rule of thumb and should be taken as a rough guide.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.
Manchester33
Well-Known Member
- Joined
- 12 Sep 2012
- Messages
- 7,360
But what happens to the £250k after you die with an annuity? If you lose it, then that might not work for people wanting to leave an inheritence.Welcome to MyAviva - Login or Register
Login to MyAviva, the simple way to view and manage your insurance, savings and investment policies in one place, whether you're at home or on the go.
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
abu13
Well-Known Member
I was talking to a guy in Turkey who tells me that they have a similar system over there where you pay an insurance into the Government each month based on hour you have worked. Once you have contributed either the specified number of years or hours required you stop paying in but can start to withdraw.
As such this guy in particular is planning to go semi-retired next year, he is a barber (a fucking good one as well) and he is saying this additional income will mean he can cut his hour back by over 50% if he chooses. It is a double whammy of not only getting an income from this insurance but now also saving on making his contribution each year. He could also choose to continue working and still get this income each month on top.
How true this is I don't know, I have just taken him at his word but if true shows how different systems can work.
Bill
Well-Known Member
apparently i get to choose.
Blue Maverick
Well-Known Member
- Joined
- 6 Aug 2010
- Messages
- 25,069
You still pay tax on that surelyWelcome to MyAviva - Login or Register
Login to MyAviva, the simple way to view and manage your insurance, savings and investment policies in one place, whether you're at home or on the go.
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
RobMCFC
Well-Known Member
It won’t be tax-free. Just like when you are working, you’ll pay 20% tax on everything above the ~£12.5k threshold, regardless of where your money comes from (unless you’ve already factored that into your 24k figure?)Welcome to MyAviva - Login or Register
Login to MyAviva, the simple way to view and manage your insurance, savings and investment policies in one place, whether you're at home or on the go.
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
Anything over the tax allowance which is 12500 is taxable
Peely01
Well-Known Member
Put it in your works pension they will match your payments to a certain level double bubble !!!