What are your retirement plans (financial perspective)?

[The Samaritan]

What I was saying not getting my full pension even though I've paid more than 35 years of approrpaote NI's

They have given me the option to top up monthly or yearly i thing and get protecjections yearsly but I wont be paying

Read below an easy to read stricle that explains why you woill not get the full pension even if you have paid 35+ and left work early like me

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have just looked up my state pension quote. It states I have £144.38 a week which is obviously not a full pension.

In a previous column you said that 35 years of full payments were required. I have 39 full years with four years left to contribute and seven years when not enough were contributed (working overseas).

My question is why, after 39 full years, do I not now qualify for a full pension and is it worth paying for any missed years?

full artilce below

https://www.thisismoney.co.uk/money.../Why-dont-state-pension-paid-39-years-NI.html

https://www.thisismoney.co.uk/money.../Why-dont-state-pension-paid-39-years-NI.html

 

[The Samaritan]

duplicate post

 

[motorbiking]

Something else I would say to the OP..

You seem a bit exposed to property.. You could try to leverage some share ISAs and spread out a bit. Property isn't very liquid.

 

[big-all]

property with a mortgage is not an asset you can count on in the short term
buy to rent can be very very risky unless you have enough in reserve perhaps 6 months worth off mortgage payments spare sometimes even more iff your in a dodgy high risk rental situation

 

[JP_]

Retirement plan:

Work until I can no longer work.
Jump off Beachy Head while I still can.

Honestly, no bloody idea. Retirement will be grim. Almost no pension, and no means to save for one.

 

[Dork Lard]

The first thing I say to anyone planning their retirement is "what do you perceive as retirement"?

I officially retired at 50 & where I used to be a property developer & business investor, I am now a taxi driver, babysitter, oddjob man, social worker, personal shopper, gardener, cleaner, chef, childminder, dog walker & any one of 1000's of vocations that my nearest & dearest can think of to fill my time.

 

[gas112]

Any tradesman retiring should throw his tools in the bin that way you wont get caught up in oh you couldnt just do this for me

 

[The Samaritan]

Any tradesman retiring should throw his tools in the bin that way you wont get caught up in oh you couldnt just do this for me

Better still, sell them and have a mini break.

 

[Dork Lard]

Any tradesman retiring should throw his tools in the bin that way you wont get caught up in oh you couldnt just do this for me

BiL did that. Doesn't work.

 

[Robbox]

Looking back I feel very lucky I had the wherewith-all to make a complete break in 2003.
I was working for a subsidiary of ITV, re-editing old movies, old soaps, US and OZ series, all for ITV and other channels. We were all paid quite well for a job that was boredom squared. The guys all used to regularly 'nod off' in the middle of 'Oprah' or something.
Come 2003 after 14 years of that job, I had sold my flat in London and had a bit of a cash pile, waiting to buy another....when I got called into the directors office and told I was being suspended because I had edited the wrong programme and 11 viewers had complained! Suspension led to dismissal. I wasn't that bothered, it was a golden handcuff job. The best bit was a very generous pension starting at 63. All I had to do was wait ~10 years....
In that ten years, I spent time in Spain and France, doing freelance video work.
Come ITV pension age, at 63, I still had a fair wedge in the bank, I was living uber-frugally. I had bought a small house near Bath.
Roll on to now and although I have very little in savings, I do have a fairly decent house, no dependants and a reasonable income from ITV and State.
On top of that, I now put all my experiences garnered from ITV and other TV companies, into creating docs and short films for a CiC in London, all pro bono.

 

[motorbiking]

I hope you took legal advice at the time. That sounds like grounds for disciplinary (written warning etc) not termination. A lawyer could have possibly helped you pull their operational procedures apart along with any checks and balances designed to prevent such mistakes. Or did they pay you off?

No reply necessary if you were compromised out as it would be confidential.

The spanner in the works for all of us is needing care.
I have a relative with a care bill for his wife running to 60k per year. Even with a really good index linked pension, that pretty much wipes him out after tax.

 

[diy_fun_uk]

property with a mortgage is not an asset you can count on in the short term
buy to rent can be very very risky unless you have enough in reserve perhaps 6 months worth off mortgage payments spare sometimes even more iff your in a dodgy high risk rental situation

I've been in the BTL game for years. As per earlier post I might sell 2 and retain 1 (with mortgage cleared) as a pension boost. Or I might elect to get out that game completely depending on how the rest of my finances look nearer the time.

 

[diy_fun_uk]

The first thing I say to anyone planning their retirement is "what do you perceive as retirement"?

I officially retired at 50 & where I used to be a property developer & business investor, I am now a taxi driver, babysitter, oddjob man, social worker, personal shopper, gardener, cleaner, chef, childminder, dog walker & any one of 1000's of vocations that my nearest & dearest can think of to fill my time.

My definition of retired is not to work in any shape or form

 

[diy_fun_uk]

Retirement plan:

Work until I can no longer work.
Jump off Beachy Head while I still can.

Honestly, no bloody idea. Retirement will be grim. Almost no pension, and no means to save for one.

Sorry to read that. Depending on your age, you might be able to formulate some sort of retirement plan even if you're only investing relatively small sums into it. If doing this over years it can still account for something as opposed to nothing.

 

[The Samaritan]

Looking back I feel very lucky I had the wherewith-all to make a complete break in 2003.
I was working for a subsidiary of ITV, re-editing old movies, old soaps, US and OZ series, all for ITV and other channels. We were all paid quite well for a job that was boredom squared. The guys all used to regularly 'nod off' in the middle of 'Oprah' or something.
Come 2003 after 14 years of that job, I had sold my flat in London and had a bit of a cash pile, waiting to buy another....when I got called into the directors office and told I was being suspended because I had edited the wrong programme and 11 viewers had complained! Suspension led to dismissal. I wasn't that bothered, it was a golden handcuff job. The best bit was a very generous pension starting at 63. All I had to do was wait ~10 years....
In that ten years, I spent time in Spain and France, doing freelance video work.
Come ITV pension age, at 63, I still had a fair wedge in the bank, I was living uber-frugally. I had bought a small house near Bath.
Roll on to now and although I have very little in savings, I do have a fairly decent house, no dependants and a reasonable income from ITV and State.
On top of that, I now put all my experiences garnered from ITV and other TV companies, into creating docs and short films for a CiC in London, all pro bono.

Well done and good luck.

.