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You know when you are getting old.
You know when you are getting old.
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I believe it's currently 35 years but will almost certainly be raised. The current 'pot' is empty.
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I think the original idea was that you were saving into your own "pot", rather like a personal private pension
Of course, it's now the current NI and tax payers that are paying for today's pensioners I become eligible in September and have been getting the forecasts I missed quite a few years when I was abroad and now have the option to buy extra years to make it up to the full pension The sums are basically that each year I pay a flat 800 quid for, will give me an extra 250 a year extra |
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longbridge 08 Feb 24 17:37
manoleeds "you have to apply for it as some people choose to defer it -gawd knows why -while you get a bit more if you defer it, if you throw a seven before eventually claiming it, you'd be furious" If you're still working in a decent job, you're going to lose 40% of that state pension in income tax, so deferring it for the uplift makes a lot of sense. Same applies to any pension frankly - mine's pretty much all defined-contribution investments, so I could have started taking it at 55, the longer I leave it the more I get when I take it. Popping my clogs in the meantime would give me more sources of discontent than an unclaimed pension... If you are fit and well take the pension and enjoy life while you can and never mind deferring it. I have seen so many people who have worked from the ages of 15 and 16 not getting more than five years of retirement but it might be alright for someone who never started work until they were in their 20s and leaving university for a life in an office or similar. |
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'Reg', I thought for every £800 top-up you'll get £5000 per year extra. I believe Martin Lewis emphasised this, and so did my sister. It's a no-brainer topping-up unless one pops the clod unexpectedly very soon post topping-up. I also believe one can buy/top-up as from 2006 (16yrs instead of the usual 6yrs) by 30th June 2025 - this was extended by 2 years (originally was 30th June 2023.
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You sound very optimistic about the long life in retirement most people have and the affordability of deferring it, impossible. Still they might have a fine old time in their 80s if they are lucky and have not been in manual or shift work for most of their lives.
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impossible123 • February 8, 2024 6:56 PM GMT
'Reg', I thought for every £800 top-up you'll get £5000 per year extra. I don't think so, maybe a fiver more a week I thought. |
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Top ups are £800 per year up to 35 years contributions which will give £5.36 per week for every year you top up,the wife has just paid £1600 for 2 missing years.
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Even £250, which is inflation linked, is a massive return for £800.
My wife had part-time jobs which often left her a little short to claim for a full year but we paid something like 270 to bring her up to full number of years needed. She has now been retired for nearly five year but had received the £270 back within 9 months. |
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'CROPSICK', if that's the case what'd be the point of topping-up? If I may use your wife as an example she'll only recoup her £1600 outlay after 6 years.
I'll speak to my sister for clarification as I'm very near to pensionable age. I think I'll need to top-up. Thanks everyone! |
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Impossible, as others have said, I was about right in each year you buy for 800,gives you 250 extra per year
Even so, probably a no brainer unless you are paying a lot of it in tax because it takes you over the threshold I have a friend who decided against it because without it it meant he could claim pension credit with all it's associated other benefits , like less/zero council tax Seems a daft system |
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No, impossible, after 3 years still because her 1600 will equal an extra 10 quid a week
Surely? |
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Forgive my ignorance, why do you need to top up? If you've missed paying NI contributions at some point?
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Laying, to qualify the minimum number of full years paying NI is 30
That equates to the full pension So if you've only paid in for 25 years qualifying, you'll only get 5/6ths You can top up by buying any or all of the other 5 years |
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Cheers Reg.
How much is the state pension nowadays? I'm mid forties and I'm not convinced it will be around when I reach retirement age |
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With the triple lock, it's going up to just over 200 quid a week from April
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This pension thing is way beyond me. I think I may top-up to max prior June 2025. Nevertheless, pension credit and other state freebies will need to be considered carefully too incase other investments (not punting) implode. Otherwise, it could be happy, happy times!
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More inflation! It cost me £37 per quarter to cover the years between when I retired and registered as self employed and when I reached 65 adding 9 years qualifying which would equate to 20% of my pension. One more tip. Take any private annuities without the inflation adjustment. You are much more likely to want money to spend between 65 (or at retirement) up to 75 than later. It is much harder to travel when you get older as you can't get travel insurance, can't hire a car etc. so your costs go down a lot. It takes about 12-15 years for an inflation adjusted pension to overtake a fixed annual amount.
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Laying.
I will get 221 a week. Ronnie. |
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Exactly sage regarding wanting money more at 65 than 75 as many on this thread seem to think that nothing much changes after reaching their 70s etc.
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Mr Sageform- lovely to read your story-WELL DONE! However you're just a young whippersnapper compared to me. No further personal info on me available.
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Just doing some quick sums...
Average UK worker paying 9k in taxes per year Pension of 12 million pensioners about 10k per year So tax of about 13 million out of 31 million workers in UK are covering pension payments Must be easily the biggest outgoing, forget NHS, Education, Defence budgets |
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You certainly started something with the opening post Ronnie. I will be on £290 a week after April 6 as I have earnings related on my state pension. Not sure if that still applies.
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Sage, you must be on the top whack
Things like serps and contracted out came in later I don't know much about these though |
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Pension credit for those who need it, that’s the best one no council tax and you don’t need all those years, you get all these cost of living payments and they pay your rent, so they are better off not qualifying than having the full years and our boat friends coming over they get the cost of living payments and if your not on credit payments all our own skint working family’s can’t get it
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Interesting discussion. No mention of Winter Fuel Payments.
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Must be a nice feeling seeing money coming in from the government after a lifetime of paying out to them.
Just make sure you leave some for us younguns   |
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Laying, youngsters like you might have to make alternative arrangements regarding OAPensions, unfortunately
Hopefully, any changes won't come before September for my benefit But, I'll be thinking of you, so that's some comfort! |
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Just checked my government pension, £815 a month, I would be in sh1t street if I had to live on that.
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To qualify for the full state pension then you need to have been employed (not self employed - different rules) for 35 years, this will get you your full entitlement.
However, if you, like myself have been self employed and/or opted out of Serps at any time then rules are a little different, I'm shortly due to retire (I wont of course) and to qualify for the full state pension then I've been told I will need 46 years to have been paid in full. Given that you dont pay NI until you are 18 and retire at 66 then the maximum you could possibly have is 48 years. Of course if you have sat on your arse all your life and the Government/dole have been paying your NI, then you have nothing to worry about  |
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Will I get a full State Pension if I am self-employed?
If you're self-employed, you're entitled to the State Pension in the same way as anyone else. For people reaching State Pension age from 6 April 2016, State Pension is based entirely on your National Insurance record. |
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Partly true but I would give up my state pension before I give up my savings etc. I have enough to live on for 10 years without any state handouts but I fear that a Labour Government will confiscate half of any savings over a certain amount. Socialism is all about making everyone dependent on the state.
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Why would a Labour Government confiscate half your savings, sageform?
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I can hear you all now 'Triple lock, yes get in'
Pot be dry in 15 years for us 70's babies  |
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Absolute nonsense, Carla.
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What's nonsense?? Already want to put age up to 71 for people born from 1970 onwards, what age IYO will 1990's babies will able to claim?
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That's my children and what age will 2020's babies be able to claim? That's our grandkids.
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Don't tell me, Labour will get in sort it all out and we all go back to 65
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Enjoy your triple lock, it's the last one ever.
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The triple lock has been generous for the last 3 years but before that pensions steadily fell in real terms since 1990. sparrow, the answer to your question is that Labour will run out of money very fast from existing taxation and savings are an obvious target. I can't see tax free ISAs or the tax free estate duty allowance lasting long. And as for the idea of a Government or community owned energy company Starmer is proposing, Bristol City council tried that and lost millions before abandoning it.
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You should have nothing to fear from a Starmer government sageform. And after such as Truss it's a wonder there is any money left at all.
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