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Retirement

Cee Jay said:
Aye all my forecasting is disregarding the state pension. When/if I reach 67 it will then be a nice income boost.

Plans based purely on work pension
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The under won’t scrap it mate , not for likes of us in our 50s.
Just assume it’s 68 or even 69 if must .
Eventually it will become 70 but I think that will be 20/25 years away yet
 

Cee Jay said:
Just speculating, no chance of it happening imo
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Almost certainly not in the next 5-10 years but who knows where we will be politically, economically and demographically in 20+ years?

The Triple Lock is also straining at the seams. That if probably safe for this parliament but will likely go before any other changes to eligibility
 
YorkMackem said:
The plot thickens. Just realised that my Teacher's Pension, which is for a modest amount and not something I receive a payslip for, has had the emergency tax code k993 applied to it and has now been adjusted to 652L. This is most likely because I left HMPPS in October so am no longer earning as much, in fact considerably less.

This action has resulted in a tax refund that I wasn't anticipating and more or less cancels out the arrears due at the end of the month.

This of course is great news, but by fuck, does it really need to be so stressful? My earnings are all visible in real-time to HMRC and yet it takes them up to 18 months to spot fluctuating wages and to make adjustments. So much for IT and AI in particular set to help with things like this.

For those that don't know, tax arrears are no longer recovered via tax code adjustments, you have to either cough it up in a oner, or call them once it's due and to setup a payment plan.
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Tax overpayments aren't refunded through adjustments either. You get a letter in July telling you to claim it back through the website.
 
JAZZMANB said:
The key is to try and get some sort or pension to pack in a bit earlier than state one . Drawdown pension where you try to get up to your tax free allowance then use maybe some of your own cash or isas to top it up .
Once state one kicks in you will start paying tax unless you've moved your other pots across to isa etc
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Too late for me i am 3 years off retirement.
Tail end boomer, who didnt have the luxury of working for companys who even ran pension schemes up until i was in my mid 30's.
At this rate i can see me having to work an extra year or two. Just to be able to stash more money away. Just to make sure i have that bit extra to be able travel and go out without worries.
 
Forty said:
Too late for me i am 3 years off retirement.
Tail end boomer, who didnt have the luxury of working for companys who even ran pension schemes up until i was in my mid 30's.
At this rate i can see me having to work an extra year or two. Just to be able to stash more money away. Just to make sure i have that bit extra to be able travel and go out without worries.
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I'm similar ,but I think I've just enough to get me by to step away now . I don't want to work anymore,these last few years won't super boost my lot so why bother ,plus you're 4 or 5 years older to go on these supposed bucket list things . Looking forward to just not living by the clock and doing some low key travel
 
Darlo1973 said:
Almost certainly not in the next 5-10 years but who knows where we will be politically, economically and demographically in 20+ years?

The Triple Lock is also straining at the seams. That if probably safe for this parliament but will likely go before any other changes to eligibility
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JAZZMANB said:
I'm similar ,but I think I've just enough to get me by to step away now . I don't want to work anymore,these last few years won't super boost my lot so why bother ,plus you're 4 or 5 years older to go on these supposed bucket list things . Looking forward to just not living by the clock and doing some low key travel
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Ditto.
Through personal circumstances, i will be a single pensioner up until this time last year. I was expecting to be part of a couple.
Its just to give that extra cushion of a year or two at the most.
Obviously pay tax on it, but take the state pension but not touch it. Would then give a year where i dont need to touch the works pension.
Thats 3 year away, so i might be ready to skip out the door and retire at that point.
 
Paddy O'Dors said:
Through HMRC?
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Yeah, if you have paid too much in year a tax code correction can be used to get you back level and in effect refund you.
YorkMackem said:
I received it in my bank without warning today via my Teacher's Pension payment. Check the online statement and it's deffo a tax rebate.
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@Paddy O'Dors like this, will have been a code correction and brought him back level. Only thing from the stuff yorkmackem has said is he really needs to make sure hmrc have a good estimation of his income from each source so it isn’t wrong again
 
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Will e said:
I'm not wanting to be negative about your retirement plans but from what I remember of your age I very much doubt the state pension will be at 67 by the time you reach that age, more like 70 at least from what the forecasters say. having said that it's impossible to know what could happen.
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That is possible but there is no sense in worrying about it either. I'm 47 so 20 years off.

Times when they have risen the state pension age, people in their last 10 years have been protected. I plan to talk to a FSA when I'm 51 as I'll have the mortgage paid off and have that money 'spare' to invest towards retirement. Then I'll consult again at 55, which will hopefully be my 3 years out. If I can't go at 58, then I'll probably look for part time low stress for two years. If I find I need to adjust because the government has moved the goal posts, then I'll adjust. That might be working longer, that might be accepting less.

The main thing is I'm not going to go spending crazy now on the assumption of the state pension kicking in at 67.
 
DaveH said:
That is possible but there is no sense in worrying about it either. I'm 47 so 20 years off.

Times when they have risen the state pension age, people in their last 10 years have been protected. I plan to talk to a FSA when I'm 51 as I'll have the mortgage paid off and have that money 'spare' to invest towards retirement. Then I'll consult again at 55, which will hopefully be my 3 years out. If I can't go at 58, then I'll probably look for part time low stress for two years. If I find I need to adjust because the government has moved the goal posts, then I'll adjust. That might be working longer, that might be accepting less.

The main thing is I'm not going to go spending crazy now on the assumption of the state pension kicking in at 67.
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Hate to piss on your chips but no way will the pension age be 67 in 20 years time.
 
Matt Hopkins said:
Is it not 68 already for someone who is 47 anyway?
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67 and 2 months for me.
buster said:
Hate to piss on your chips but no way will the pension age be 67 in 20 years time.
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It might be, it might not. Like I say, there is no point in worrying about it, just deal with it and adjust when the time comes.

If I put away now the most I can afford without compromising my current lifestyle then I'll either be more equipped to deal with a pension rise or have a higher income if it doesn't happen.
 
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halfpast3 said:
Yeah, if you have paid too much in year a tax code correction can be used to get you back level and in effect refund you.
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A few years ago I was on negative tax for a few months due to a tax rebate - net take home was greater than my gross pay - that was great.
 
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