It may have already been mentioned on the thread giving how big it is but in terms of tax codes when first taking any pensions. It’s best to take a small withdrawal to set tax code correctly before any not sizeable ones, obviously always get money back but who wants to wait for HMRC.
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Retirement
- Thread starter Shieldsman
- Start date
buster
Striker
Don’t know tbh , I get mine in April, just had my notice yesterday they’ve chopped their own forecast in the pension calculator by £60 per month , robbing bastards.
DaveH
Striker
Labour have really pissed off the pensioners with the WFA removal. I don't think they dare increase the pension age any time soon. And, think there is a group of women trying to sue the government at the moment for their lost money because of the state pension rise for women when they got the equality then wanted a few years ago. Give that a couple of years to die down and then Labour are faced with a politically controversial policy change in the 2 year build up to the next election, and that is dangerous for them.
On the other side, the over 60s are the core demographic for the Tories/Reform, so they will be reluctant to piss them off. They might no do it at all if they get back in.
If Labour win again in 2029 with a comfortable majority, then they might feel confident enough to propose a change. I will be 52 then, so looking at being 53-54 by the time it goes through. That is probably too far away to be considered exempt.
If it did happen then, it will be interesting to see what pension companies do. Mine currently states I can draw my pension from 57 as that is 10 years below state pension age. That will be a sickner if that moves when I'm just 3-4 years out. But legally if they say state retirement -10, then their arses are most likely covered. My pension company regularly begs me to invest more into the scheme. It shows why when I have paid my mortgage off, I should invest that money into something else. I would be insane to put all my eggs in one basket and leave it in the hands of someone else to decide when I can have it back.
That is another reason I don't trust pension companies.
A good few years ago, a former colleague of mine started the retirement process. It was agreed that for the final amount paid out, the pension company would look at one of the stock market performance figures on a particular date and use that as a multiplier against his contributions. That was standard practice.
The date was set, his notice went in and everything was going smoothly, until the day before 3 terrorist bombs went off in London, the markets reacted the same way they do to any disaster and dropped for a few days. That wiped out quite a bit of value from his pension and if he had stopped in another week, it would have bounced back. But it was all signed and nothing he could do. One small blip screwed him over for the rest of his retirement.
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Matt Hopkins
Winger
When you say "they" who do you mean, the Govt?
42
Striker
I think it's for those born after Apr '77 it rises to 68. I'm a couple if years younger & it's definitely 68 for me.
buster
Striker
Of course
DaveH
Striker
That first link says it stays at 67 but in 2013 there was a recommendation (I guess from Osbourne) that it increases to 68 and then to 69. But it says that the government are not actively looking to increase that. So that recommendation has been on hold for 11-12 years now. I sit in one of those 1977 rows in the last table, so I'll be 67 and 2 months. Whatever happens, there is a solar eclipse in central Australia 2 weeks after my 60th birthday. I intend to be there as a retiree.
62 today and I'm out delivering shopping to people younger than me who can't lift the trays, they say, or don't want to go out in such bad weather.
Retirement is once again on my mind
Retirement is once again on my mind
leyburnrunner
Midfield
Think I've asked you this before. I'm retired but can see myself doing abit of the Tesco home delivery. If it is Tesco you work for, how easy is it to pick your shifts? I'd only want to do day shifts ex weekends.62 today and I'm out delivering shopping to people younger than me who can't lift the trays, they say, or don't want to go out in such bad weather.
Retirement is once again on my mind
DaveH
Striker
It is the season for that.62 today and I'm out delivering shopping to people younger than me who can't lift the trays, they say, or don't want to go out in such bad weather.
Retirement is once again on my mind
Someone I was in a meeting on Monday said one of his team called him on the first day back to say he had been out with a lot of old friends over Christmas, and realised he was the only one still working. He had looked at his finances, realised he could have retired years ago and handed in his notice on the first day back. Then followed up with "Do you really want me to work the full 3 months notice".
Someone pretty much looked at another year of work, thought screw this and is trying for immediate retirement.
Oh go on then. Happy Birthday62 today and I'm out delivering shopping to people younger than me who can't lift the trays, they say, or don't want to go out in such bad weather.
Retirement is once again on my mind
viccarlton
Striker
Don’t know how you do that job, I did it for a couple of months after retiring and it honestly was the worst job I’d ever had in my life, this was for Asda.62 today and I'm out delivering shopping to people younger than me who can't lift the trays, they say, or don't want to go out in such bad weather.
Retirement is once again on my mind
See above, only my personal opinion of course.
BiG
Winger
I stopped reading at this point. Speaking as a pensioner and on behalf of my wealthy or relatively reasonably well off pensioner friends and relatives, I hope you recognise that not speaking on behalf of all pensioners.
Best thing I ever did was to "retire" over here at 52, marra. I'm still doing 12 x 45 minute spots a week over here but don't consider it work. The work, as you know, was always the travelling and setting up the gear. Without any of that, it's just a well paid hobby. I walk in they hand me a mic and a whisky and I sing for 45 minutes. When we're duo or trio there's keys and guitar to plug in but it's still just plug and play.
The missus sings 10 spots a week (some of them with me) but, ostensibly, we consider ourselves retired.
If we want to take a couple of weeks or just a couple of days off, we just give a few days notice and off we go.
When we do wind down, we'll have UK and Spanish pensions and plenty of savings from what we've made here.
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mackem1989
Striker
Got a decent pension to take when I’m 55 and the house will be paid off before I’m 50
So will be done when I’m 55 both me and the mrs (no) have good pensions which can tide me over to my state pension which will have the full 35 contributing years when I am 51.
Something I’ve planned out from a young age.
So will be done when I’m 55 both me and the mrs (no) have good pensions which can tide me over to my state pension which will have the full 35 contributing years when I am 51.
Something I’ve planned out from a young age.
DaveH
Striker
Fair point, I should have really said Labour have pissed off some pensioners and created bad publicity for themselves from non-pensioners desperate to attack Labour.
I don't want to go all politics board on this thread, but right or wrong, Labour have suffered a kicking in the mainstream and social media over the WFA, and it was one of the key reasons Rosie Duffield stated for her leaving (though I think she was going to walk anyway).
Labour can not afford negative press surrounding the over 60s bracket at the moment, which is why I don't think they will change the state pension age this term.
BiG
Winger
42
Striker
Seeing as you're not yet 50, you won't be able to draw pension until you're 57
BucketBiff
Striker
Similar plan. My fixed rate mortgage finishes in June. 1.79% expecting next deal to jump to around 5%. Hoping to clear it this year if it’s doable. I have big gaps in my state pension as I haven’t bothered with voluntary stamp. Too late now though.
