Retiring

[SWP's back]

im sure the difference from 67 to 68 is minimal on your health, make people pay more and finish early or at least let them have the choice to do so.

You can take pension from the age of 55. You can pay into personal pensions on top of state and/or occupational.

 

[Blue Maverick]

You can take pension from the age of 55. You can pay into personal pensions on top of state and/or occupational.

Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?

 

[dickie davies]

In the process of buying a mobile home (cash) in a wonderful woodland setting. Lot rent will be just under $600 a month which is $1,000 less than I renting an apartment currently.
Investing most of that each month into a retirement plan and in 5 years (aged 63) will go part time with work, just enough to pay rhe lot rent each month.

 

[dickie davies]

Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?

Because people cannot be trusted to do it and if they lose their job they won't be contributing, but being unemployed still adds to your NI contributions

 

[SWP's back]

Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?

You mean not paying NIC’s?

 

[denislawsbackheel]

NICs are not just for pensions.

 

[SWP's back]

NICs are not just for pensions.

As I’m sure everyone on the thread is aware. Having said that, try getting a state pension without paying NIC’s you pedantic little thing.

 

[Tommy_Catons_Perm]

Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?

You would find it extremely difficult to get a return better than the state pension. Especially if you are not well paid and claim the state pension for a long time.

For example there are plenty of women in their nineties who retired at age 60. Say £8,000 a year pension for 30 odd years and it's a quarter of a million quid. I doubt NI contributions over 40 years working life come anywhere near that. And how many poorly paid 60 year olds have that much cash saved up? And state pension is index linked

Also you not well off on state pension alone. So you need to save half a million quid in a DC pension.

Very crude calc not accounting for inflation, tax etc.

 

[denislawsbackheel]

Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?

And if they don’t does the state let them starve?

 

[flook]

Or how about the option to not pay into the state and just use it all for personal, I know this then puts the ball in each persons court to save but then they have total control over it?

and then when they've pissed it up thewall for 40 years and have nada when they retire, what happens then? Government stands back and watches them starve to death? No, they get paid anyway because it's the humane thing to do, so it becomes a case of having your cake and eating it, so there would be a few on that bandwagon straight away