What do you think about retirement and when will you do it?

[Silas Loom]

My last Teams meeting is on Friday, but I’m still going to process my former team’s invoices through the prime contractor every month, until September at least. And even after that stops, my wife will carry on invoicing her customer through our business and I’ll still get a salary through that, so I won’t even technically be economically inactive or NEET.

But Friday is as good a point as any to declare that the period of rest has started.

 

[metalguru]

So, in less than a year, I can go part-time (3 days a week) and take my work pension - currently it's worth about £14k a year - I'll get 3/5s of my current pay plus that pension, and I also get a private pension of about £5k a year (that's the prediction atm) . Still have to wait til 2032 for the state pension though .

Still hoping that the current restructure eases me out - they'd have to give me redundancy, plus pay my pension as it I'd worked to 67 - that would give me about £20k a year. They have just put back the announcement on the restructure - now expected June-ish)

I reckon I still need a Lotto win though.

Those redundancy terms look on the generous side, comparatively . Last time there was a redundancy exercise in my public sector organisation, they stopped making up pensions as if you worked till 67 - though I think there was some arrangement that you could contribute/surrender your redundancy lump sum if you wanted to explore that.

 

[og ogilby]

I'm in the fortunate position of being totally in control of my retirement. I could carry on working until I drop or I could retire within a couple of minutes of posting this message if I felt like it.

My "problem" is my job is that easy and well paid considering what I do all day, it seems a bit daft to even seriously consider packing it in. I work from home and spend 95+% of my time just hanging round the house doing whatever I please. If I retired I'm not sure my life would be that much different than it is now tbh.

 

[marty21]

Those redundancy terms look on the generous side, comparatively . Last time there was a redundancy exercise in my public sector organisation, they stopped making up pensions as if you worked till 67 - though I think there was some arrangement that you could contribute/surrender your redundancy lump sum if you wanted to explore that.

they were the terms the last time we had a restructure (about 6 years ago) I'm not aware that they have changed since, but if they have, I'd have to reconsider early retirement and just stick to 3 days a week for a couple of years, I think I might go to 63 ish if that happens - one of the reasons I want to retire is that Mrs21 is already retired (and very chilled now )

 

[Voley]

You will need to create a 'Government Gateway user ID' first.

Check your National Insurance record

Find out if you've paid enough National Insurance to qualify for the full State Pension - check gaps, contributions and credits, get a National Insurance statement, call the helpline.

www.gov.uk

I've three years missing from living abroad but given that I'm not due to retire until 2036, I'm due the full pension.

Quite fancy retiring right now tbh but 12 years of poverty doesn't really appeal.

 

[scifisam]

I have a few years missing from my NI contributions that absolutely should not be missing - two of them are from when I was a teenager, and two are from when I was a single parent on benefits and in receipt of child benefit. It's too far in the past to "make up" and the discrepancy only turned up a couple of years ago, as if some checking had been done and I'd lost my NI credits for those years. It's on my to do list but mainly out of curiosity about how it could have happened, because I'll still have 35 years' contributions before retirement by next year anyway.

And yet anyone who’s receiving benefits stiil has to pay rent & bills, go shopping, use public transport etc, so I suspect the term is a deliberately loaded and misleading one.

Yes. Even considering that If you're claiming job-related benefits you're not counted as "economically inactive" because you're trying to get work, it pretends that, for example, disabled people on disability benefits, don't pay tax on goods or take part in the economy in some way.

 

[kabbes]

My "problem" is my job is that easy and well paid considering what I do all day, it seems a bit daft to even seriously consider packing it in. I work from home and spend 95+% of my time just hanging round the house doing whatever I please. If I retired I'm not sure my life would be that much different than it is now tbh.

I empathise with this, but if you search your feelings you will probably find it’s not really true. When you know that you are beholden to a workplace, and you need to be available for it, and you need to attend to that 5% you mention, and to their deadlines and timetable, you have that low-grade stress permanently hanging over you. I find that I am way more relaxed when I have an actual week’s holiday than when I have a normal week, no matter how little I have on.

 

[og ogilby]

I empathise with this, but if you search your feelings you will probably find it’s not really true. When you know that you are beholden to a workplace, and you need to be available for it, and you need to attend to that 5% you mention, and to their deadlines and timetable, you have that low-grade stress permanently hanging over you. I find that I am way more relaxed when I have an actual week’s holiday than when I have a normal week, no matter how little I have on.

I agree 100%. That "low grade stress" usually crops up when there's been nothing to do all morning and then, just as I put my beans on toast out on the table, some fucker turns up and I have to deal with it, leaving my dinner for however long it takes.

 

[MickiQ]

two are from when I was a single parent on benefits and in receipt of child benefit. It's too far in the past to "make up" and the discrepancy only turned up a couple of years ago,

Mrs Q got full NI credit when she was a a stay at home Mum. Have you actually asked about claiming any missing years?

Apply for National Insurance credits if you’re a parent or carer

Claim or transfer Class 3 National Insurance credits using form CF411A.

www.gov.uk

 

[scifisam]

Mrs Q got full NI credit when she was a a stay at home Mum. Have you actually asked about claiming any missing years?

Apply for National Insurance credits if you’re a parent or carer

Claim or transfer Class 3 National Insurance credits using form CF411A.

www.gov.uk

That's a link for claiming credits after 2010 (I did just go through it just in case). My missing years are from 1999 to 2000 (plus the years missing when I was 16-18).

I should have credit for those years and there's no reason why not, but there is no way to correct it.

 

[gentlegreen]

It seems to be only 2 years I need to pay even though I retired 6 years early ...
Apparently I have another couple of years to pay..

If correct, 1625 for 518.44 extra per year before tax seems a good deal - whether in the UK or (hopefully) France - that's probably no more than 5 years' payback after tax and social charges...

I did a 1 academic year training course in 1981 that seems to be accounted for ...

 

[MickiQ]

That's a link for claiming credits after 2010 (I did just go through it just in case). My missing years are from 1999 to 2000 (plus the years missing when I was 16-18).

I should have credit for those years and there's no reason why not, but there is no way to correct it.

bummer, have you tried writing to your MP perhaps?

 

[scifisam]

bummer, have you tried writing to your MP perhaps?

Oh God no. She'll be too busy trying not to get voted out due to her own actions in what should have been a safe seat.

I have at twenty years to go yet, so even if they up it to 40 years' contributions it's highly unlikely I won't meet the threshold.

 

[AnnO'Neemus]

thank you everyone, I’m not alone.
I filled the form in for my annual appraisal and struggled to think of 5 career goals…at the moment it’s to get to a position when I can retire without having a heart attack. @Elpenor’s assistance in particular has been invaluable. Fortunately, I could not find anyone that would own up to be my supervisor, so the appraisal never happened. Continuing to have no supervisor is another goal for the year to come.
24 years ago the company was 40 people in 5 offices, and low overheads. We’ve been taken over by a rapidly growing listed company and are several thousand..I'm not sure I like all this bureaucracy. I’ll get shita tomorrow for booking my own flights for work this week. I booked on Tuesday for a Wednesday morning flight. The approval process now takes 24 hours, and it would have required me calling a “supervisor” on the St. George’s day public holiday (we’re proper patriots here).

Reply: "Please provide me with the requisition form, so that I can place an order for a time machine, so that I can go back in time and give you 24 hours' notice when I need to book travel for the following day. Best regards, pseudonarcissus"