Floss
Well-Known Forumite
I don't have a pension plan...
Find that hard to believe
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I don't have a pension plan...
Finance
If you are lucky enough to be able to afford to retire
You are very lucky indeed
Key thing to remember if you are considering retiring is that you will be spending more
Because you are not at work
Because you use more power
Because you have more time you spend more time spending money
Footnote
Your life will feel longer if you continue, continue, to break your routine
I am not retired
I would love the option
But will settle for a healthy work life
Peace
That's rather worrying then. I worked full time for 24 years and when I then finished full time work and did part time work instead to look after my son, I received a letter at the time informing me that the years he was at school until 16 yrs old would count towards the NI contributions needed in order to qualify for the full state pension. I still have that letter filed away.That would have made up the original 30 qualifiying years, but if it's now changed to 35 I may be a few years or months short ( Or maybe all those school years short if they've changed the rules since that letter .....)Who will be eligible for the new state pension?
Men born after 6 April 1951, and women born after 6 April 1953. To qualify for any pension at all you will need to have 10 years of National Insurance contributions (NICs). Previously there was no minimum. As a result of this, Age UK has calculated that 70,000 people will no longer qualify for any state pension.
To qualify for the full new state pension, you will need to have 35 qualifying years. Previously this was 30 years .
Anyone who contracted out of the second state pension before 6 April 2016. This will particularly be the case for millions of teachers, NHS workers, police officers and members of the armed forces - in other words public sector employees. Such workers will have paid a lower rate of NICs. Instead they will have paid extra into a workplace pension scheme. As a result they will be paid a reduced state pension.
I have been waiting for them to sort out the new system, I need to make additional NI contributions. I am still not sure how the new limit works when serps is taken into account. Is the max pension now £155 and if you can achieve this by 35 std contributions what happens to the extra pension you could have got from the second state pension contributions ? do they mysteriously disappear ? If so then total contributions for both pensions need not be worth more than £155 as you will not get paid any more. I will be ringing them again and asking for an estimate before making any more top up payments.
Off course, if there is a change of government it could all change again.
Most likely does just disappear Iwas wondering the same. I've recently had a letter telling me I'm being contracting out and I'll now pay less NI. Thing is as well we all know what you are contributing now is paying for our current pensioners, all week and good but there are people who have no private pension and may not have paid enough in towards their state pension, what will happen to them I wonder?
Time to start stuffing the mattress perhaps!
Time to start stuffing the mattress perhaps!
US Olympic gold medal winners have to pay $560 in tax to take their spoils home
Wonder how much the medals are worth in monetary value.
As scrap $560
It's mainly silver