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Author Topic: Retirement  (Read 11540 times)

jaymac

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Re: Retirement
« Reply #150 on: February 13, 2019, 04:47:15 PM »

 :-))  Welcome to the club Brian but alas you are talking about ''Driving'' not  mentioned very much in the discussion. Heel and toeing and crash boxes, Double declutching Ah! those were the days.
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KitS

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Re: Retirement
« Reply #151 on: February 13, 2019, 05:49:47 PM »

Exactly........

When they taught me to drive while I was an apprentice the instructor said 'First we're going to teach you to drive. Then we'll teach you to pass the driving test. Don't make the mistake of thinking there's any connection between those activities..........'  :-)

Later, on the advanced test driving course, we were doing handbrake turns (in Mini Coopers) on the third or fourth week of the course, and I was 19 at the time.  %)

They also covered left foot braking in autos and heeling and toeing as well.

If your MG is an MGB Brian I hope you like the seat belt anchorages as I was the development engineer for them.  :-)
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Taranis

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Re: Retirement
« Reply #152 on: February 13, 2019, 07:22:47 PM »

I've been following a thread on state pension entitlement and there seems to be a lot of misconceptions and misinformation. Some people think that if you contracted out you lose out.
I contracted out late 80"s and never contracted back in.
I am entitled to full state pension when I reach retirement age in 5 yrs time.
Contracting out does not affect basic state pension as you still paid N.I. contributions but at a reduced rate. 35 years of full contributions are needed to get the forecast £164.??
You can view your pension forecast on GOV. website and see your contribution record and forecasted entitlement
My private pension is worth more than the earnings related I would have got had I not contracted out.
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ANDY

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Taranis

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Re: Retirement
« Reply #153 on: February 13, 2019, 09:15:21 PM »

Link for those heading towards retirement
https://www.gov.uk/check-state-pension


Personally it shows me I have 43yrs of full contributions + 2 yrs of insufficient contributions
So I have already paid 8yrs more than the minimum with 5yrs to go to state retirement age
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ANDY

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jaymac

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Re: Retirement
« Reply #154 on: February 13, 2019, 10:51:00 PM »

Oh yes it does   every year on my  state pension it shows   what I lose out on and it is a bloody lot.When I got my forecast prior to deciding to take early retirement there was no mention of it . 7 years later when I was 65 it was  a good bit less than forecast . When I queried it  I was told  it was due to opting out.When I asked if there was a formula  so I could work out what opting out saved me in contributions so I could weigh up the difference I was told NOPE. If I can find the figures i will post them
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Taranis

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Re: Retirement
« Reply #155 on: February 13, 2019, 10:55:15 PM »

Oh yes it does   every year on my  state pension it shows   what I lose out on and it is a bloody lot.When I got my forecast prior to deciding to take early retirement there was no mention of it . 7 years later when I was 65 it was  a good bit less than forecast . When I queried it  I was told  it was due to opting out.When I asked if there was a formula  so I could work out what opting out saved me in contributions so I could weigh up the difference I was told NOPE. If I can find the figures i will post them
All you lose out on is earnings related pension you should still get the full basic pension.





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ANDY

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jaymac

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Re: Retirement
« Reply #156 on: February 13, 2019, 11:07:32 PM »

Aye well it certainly affected mine as said  Ill see what  this years statement comes up with
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canabus

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Re: Retirement
« Reply #157 on: February 14, 2019, 03:31:31 AM »

Hi Brian

Add about three pounds more in the front tyres for the under steering problem.
Your tyres should only two pound between hot and cold tyre temperature.
I did a defense driving course whilst at work.
Work cars are good to experiment on and we had some very poor roads to drive on each day.
I increase my tyre life by 7000km.

Better in the wet and sharper turn in on the corners.
A bit harder ride.

Left foot braking was another lesson I pickup on the free course.
Two second to change from go to stop pedal.
That's two seconds more braking and that can save you and the car.
Also all that dam paper work~!!~

Canabus

Canabus
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Brian60

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Re: Retirement
« Reply #158 on: February 14, 2019, 06:29:02 PM »



If your MG is an MGB Brian I hope you like the seat belt anchorages as I was the development engineer for them.  :-)
No its a 2002 TF not even a original TF from the 1950's
As an aside it was intersting to see the note about state pensions.
I retired early at 57, I'm now 63. I did the UGOV to see about my pension and got similar results 5 years ago. But a few months after retiring I got an official letter saying that not keeping up my pension payments would likely affect what was paid when it was paid! This was even with 37 years already paid into the scheme! I was opted out of course, not by choice but by employer many many years ago.
What I fail to understand though is why if you reach the maximum years of 35 they expect you to carry on paying or they will reduce what is paid!

jaymac

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Re: Retirement
« Reply #159 on: February 14, 2019, 07:07:22 PM »

not sure which pension you are  referring to Brian are you saying you still have to  do national insurance to protect your state pension Or to enhance it?
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Taranis

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Re: Retirement
« Reply #160 on: February 14, 2019, 07:20:15 PM »

Early retirement and State Pension
The earliest that you can get your State Pension is when you reach your State Pension age. Youíll have to wait to claim your state pension if you retire before you reach that age.You may receive less when you reach State Pension age than if you'd continued working. This is because you get a State Pension by building up enough 'qualifying years'. A qualifying year is a tax year in which you have enough earnings on which you have paid National Insurance contributions (NICs). It also includes a year in which you are treated as having paid or have been credited with paying NICs. Find out more at the following nidirect pages
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ANDY

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Brian60

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Re: Retirement
« Reply #161 on: February 14, 2019, 07:25:06 PM »

not sure which pension you are  referring to Brian are you saying you still have to  do national insurance to protect your state pension Or to enhance it?
The letter as I remember was saying I had to keep up my NI contributions to preserve my state pension - even though I had paid in 2 years more than the requisite amount to gain the full endowment. So by their reckoning I would have paid by age 55 the full amount required for a pension, but they expect me to carry on paying until age 66, so a full 11 years more paid in than would be required. I'm just glad I have my superannuated works pension, at least I know whats what with that one. Whatever comes my way in 3 years time by way of state pension will  be a bonus!

Taranis

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Re: Retirement
« Reply #162 on: February 14, 2019, 07:26:48 PM »

If you register at the link I gave earlier it will tell you exactly what you will get and what you have paid
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ANDY

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jaymac

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Re: Retirement
« Reply #163 on: February 14, 2019, 08:04:29 PM »

Brian there are different schemes these days like not drawing your pension at 65 and then you get more when you do .No use to me I retired in'98 just wondered if perhaps this might  also be something if you retire early whereby you can stil increase your state pension.
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RMH

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Re: Retirement
« Reply #164 on: February 14, 2019, 10:32:52 PM »

Following this thread with some interest (well some of it anyway). I turn 60 next month so have been looking a bit closer at my pensions and what I am likely to retire on. I want to retire no later than 64 so have been saving a bit of cash to live on for a year or so although I do have a forces pension which is quite handy. Having checked the website Taranis has pointed to (have been looking there for a couple of years) I will get the full state pension if I pay NI contributions for another three years having already paid for 42 years but I was opted out for a good few years. It is only a forecast so not taking anything for granted until i start to claim it.
This thread has become very dis-jointed so Mods could you please make a new thread for the driving stuff, it's all a bit confusing as it is.
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Taranis

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Re: Retirement
« Reply #165 on: February 14, 2019, 10:45:14 PM »

It must be related to how much NI actually paid then
Most of my years were full of overtime so I paid rather a lot
I am not being told to pay any more and already achieved full pension and there is nothing I can do to improve it. As per screen grabs earlier
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ANDY

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terry horton

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Re: Retirement
« Reply #166 on: February 15, 2019, 08:53:24 AM »

At 63 circumstances lead me to take early retirement
Best thing I ever did was to get assistance from a good Financial Adviser. Sadly there are some shysters about and it is so easy to get the wrong advice which can be expensive...... I was very lucky in that my Company supplied and paid  for one who I knew to be honest and very good and I still see him at least once a year.
I thad o wait almost two years to get my Government Pension but with the sound advice I got from my a FI , both my wife and I are now able to utilise both our GP's as " back pocket" money


Regards
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jaymac

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Re: Retirement
« Reply #167 on: February 15, 2019, 09:24:09 AM »

Another sting in the tail is Tax When calculating on your state pension  i.e. if you already pay tax on your company pension you lose  20% of your state pension and/or any other income  in Tax
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Baldrick

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Re: Retirement
« Reply #168 on: February 15, 2019, 11:48:42 AM »

If your very lucky you could be loosing 40% tax off some  >>:-(
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grendel

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Re: Retirement
« Reply #169 on: February 15, 2019, 12:32:56 PM »

in 2011 at age 51 I was made redundant, they paid out 30,000 tax free, and the rest went into your pension pot, I was lucky I was just 6 months under the maximum length of service for the maximum payout.
 from the pension pot, I was lucky as the pension scheme I was on would only pay out early if you were made redundant once you were over 50, so I opted for the 30,000 tax free lump sum and the rest as a pension, the two lump sums paid off my mortgage - just so I was left with a 9,000 a year pension, this wasnt enough for a family of 3 to survive on so I had to find a new job, the 9, 000 gets the bulk of my non tax attracting income, so I pay nearly the full 20% on the rest of my earnings, at my new company I joined the pension fund, so will be getting a small pension from them when I retire, plus my state pension. I could have waited to receive my pension at retirement age, then it  would have been higher, but opted for a smaller amount over a longer term (i think the break even point was living to 96, after which I got less in total for the smaller amount
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DaveM

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Re: Retirement
« Reply #170 on: February 15, 2019, 12:51:13 PM »

Another sting in the tail is Tax When calculating on your state pension  i.e. if you already pay tax on your company pension you lose  20% of your state pension and/or any other income  in Tax
Not necessarily. Everyone has a basic personal allowance of £11,500 (£12,500 from this April). You are liable to income tax only on that amount by which your total income exceeds this e.g. if your company pension is £10,000 and your state pension is £6500 then you first add them together then deduct £11,500 to give you the taxable amount of income - in that example that's £5,000, so you'd pay £1,000 in tax. The threshold for the 40% tax band will be £50,000 in 2019/20, but you'd pay the 40% tax only on that amount by which your total income after the personal allowance exceeds £50K.
I love retirement so much that I've retired twice!
DM
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Taranis

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Re: Retirement
« Reply #171 on: February 15, 2019, 12:56:57 PM »

Iím drawing my personal allowance from my pension pot until itís all gone and I reach 66
House is paid for and wife has a nice pension from local authority after redundancy.
We both manage on hers just about so will be relatively well off when we get our state pensions and mine will be free of tax
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ANDY

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Netleyned

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Re: Retirement
« Reply #172 on: February 15, 2019, 01:53:00 PM »

As I see it the Grabbers cannot take tax from the State Pension, so any tax payable comes from other income aka works pensions.
Ned
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DaveM

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Re: Retirement
« Reply #173 on: February 15, 2019, 02:49:46 PM »

As I see it the Grabbers cannot take tax from the State Pension, so any tax payable comes from other income aka works pensions.
Ned
Quite correct, as long as the personal tax allowance remains greater than the state pension. At present the latter is little more than half the former and much less than the so-called "living wage". Strange, that... 

The only tangible benefit you get from the tax system when you retire is that you no longer have to pay National Insurance which, as Ken Clarke once said, "isn't a tax - it's a contribution".  I'm sure we're all happier for knowing that, Ken  %)
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Taranis

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Re: Retirement
« Reply #174 on: February 15, 2019, 03:10:26 PM »

Itís actually only your pensions that are immune to N.I. If you still work anything over £160 per week attracts national insurance at 12%
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ANDY

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