Planning For Your Retirement?

[fools]

I hope you weren't an English teacher

[El Cid]

10 hours ago, Padders said:

Agree,

I just neck a few cans of falling down water, and all my worries seem to fade away into the night.

Surely people want a little luxury in retirement?

Instead of Blackpool you could go abroad, trade in that old fiesta for a Merc?

Or just glad not to be working.

[Dromedary]

1 hour ago, El Cid said:

Surely people want a little luxury in retirement?

Not necessarily. Luxury when you are old infirm and possibly bordering on senile is a waste.

 

I made sure that when I earnt good money in the past I also used it to have a bloody good time and enjoy myself while I could. I knew years ago that saving for old age, buying a home and contributing to a work pension was not the way to go, for me.

 

1 hour ago, El Cid said:

Instead of Blackpool you could go abroad, trade in that old fiesta for a Merc?

Going abroad is probably cheaper than Blackpool due to our rip off Britain attitude.

 

1 hour ago, El Cid said:

Or just glad not to be working.

That is what it is for me, time to sit back and chill out doing what I want!

[Annie Bynnol]

19 hours ago, HeHasRisen said:

Why on earth have you included this bit in bold?  If you are claiming you wont get the full state pension if you ever worked in any of these fields, you are talking absolute codswallop.

 

Yes, people in those industries may have been "contracted out" but a) this no longer happens, b) may have been for a short period of peoples working lives and they still paid in full NI in other jobs, or c) they paid extra in.

As this thread is entitled "Planning For Your Retirement?" I added to it because the expectation that 35 years of NI contributions means £185.15 pw full pension will be wrong for millions. 

 

The current State Pension for those now retiring is £185.15 per week and this maximum only applies if certain criteria are met. One of these criteria is whether your NI contributions included the extra 'contracted in' payment between 1978 and 2016.

Each years' contribution you paid is calculated as either 'contracted in' (suffix A on your old pay slip) or 'contracted  out(D or N)', if they are all in 'contracted in' years you will get the full amount, if there are 'contracted out' years you will get less.

 

I listed some of the common job areas where the contributions were 'contracted out' from 1978 to 2016  i.e. PO, BSC, NCB, civil service, local government, NHS, forces, education or similar.

Another reduction applies to people with “defined contribution” pensions from 1988.

 

In answer to the points you raised:

"a) this no longer happens," true but irrelevant. It's the 'type' of contributions made between 1978 and 2016 that count.

"b) may have been for a short period of peoples working lives and they still paid in full NI in other jobs," yes, but that's why they will get less if the 'qualifying year' is counted as being 'contracted  out',

"c) they paid extra in. " yes you can buy a limited number of years but you cannot change already 'contracted  out' to 'contracted in' contributions.

 

*Years are now added for women at home with young  children.

 

Source: How much is the Sate Pension?

 

 

 

 

Edited November 25, 2022 by Annie Bynnol

[trastrick]

18 hours ago, Anna B said:

Err.... it won't actually... (See, I'm so risk averse...)

 

But I do appreciate the sentiment, and will try to be more likewise.  🙂

Your yesterdays are gone, Anna, and tomorrow never comes.

 

All you'll ever have is today!

 

Make the most of it!

[cuttsie]

1 hour ago, trastrick said:

Your yesterdays are gone, Anna, and tomorrow never comes.

 

All you'll ever have is today!

 

Make the most of it!

Bang on , Although I prefer to say tomorrow is another  day , Doris Day summed it up , What will be will be , or Kay sirar sirar , thats Spanish that is .

[trastrick]

27 minutes ago, cuttsie said:

Bang on , Although I prefer to say tomorrow is another  day , Doris Day summed it up , What will be will be , or Kay sirar sirar , thats Spanish that is .

After sitting in the Heeley Green picture house on a cold winter's night, watching Doris having a clambake on a Malibu beach I went to sleep with a hot plate (or a hot firebrick) in bed, dreaming of actually being there.

 

On three different occasions in my life, walked away from the grind of my business, gave up the material "stuff" that actually owned me  took what money I had and traveled for a couple of years. Califormia was my first destination. Actually got to that beach! 

 

Got to the rock where the Lone Ranger reared up his horse, and the big round rock where Hoppy jumped on the back of an injun. Roy Rogers movies were made around there, and it was all so familiar to me.. It's all a  few miles N of L.A. (Simi Valley)  Even wandered around the old Spahn ranch where Charlie Manson and his crew had hung out and  was in the news at the time.

 

Stuff like that, and plenty more is why I now live on a modest income, in a relatively "poor country" money be damned! I chose freedom.

 

[Padders]

56 minutes ago, cuttsie said:

Bang on , Although I prefer to say tomorrow is another  day , Doris Day summed it up , What will be will be , or Kay sirar sirar , thats Spanish that is .

Ruddy hell, a bricklaying linguist, Can tha build us a Hacienda?

[trastrick]

54 minutes ago, Padders said:

Ruddy hell, a bricklaying linguist, Can tha build us a Hacienda?

I belivee the PC term is "stone mason"?

 

A highly valued member of Egyptian, Greek and Roman culture, who's trade secrets were passed down to a select few!

 

"Tha coudn't get a razor blade between 'em!"

Edited November 25, 2022 by trastrick

[cuttsie]

1 hour ago, trastrick said:

After sitting in the Heeley Green picture house on a cold winter's night, watching Doris having a clambake on a Malibu beach I went to sleep with a hot plate (or a hot firebrick) in bed, dreaming of actually being there.

 

On three different occasions in my life, walked away from the grind of my business, gave up the material "stuff" that actually owned me  took what money I had and traveled for a couple of years. Califormia was my first destination. Actually got to that beach! 

 

Got to the rock where the Lone Ranger reared up his horse, and the big round rock where Hoppy jumped on the back of an injun. Roy Rogers movies were made around there, and it was all so familiar to me.. It's all a  few miles N of L.A. (Simi Valley)  Even wandered around the old Spahn ranch where Charlie Manson and his crew had hung out and  was in the news at the time.

 

Stuff like that, and plenty more is why I now live on a modest income, in a relatively "poor country" money be damned! I chose freedom.

 

Similar path , been there done that , spent up , wun't change a thing . Can I  borrow a cup of sugar please , 

1 hour ago, Padders said:

Ruddy hell, a bricklaying linguist, Can tha build us a Hacienda?

£75  for the three of us  to build a bungalow  on Chapel Road , (Hassals Castles ) in 1964 ish , They now fetch up to £350,000 .

We had to sling em up in a week to earn £25 each , if  it snowed off ,  then nowt whats so blllleeedin ever .

Edited November 25, 2022 by cuttsie