What have you done today thread?

[Horse]

Why would you defer the state pension, you can claim it and carry on working if you want to.

Anyone working now and thinking of retirement this year at age 65 won't get state pension until 66 anyway.

[mangocrazy]

Why would you defer the state pension, you can claim it and carry on working if you want to.

Due to me being born before 1950, when I deferred taking my SP I received an annual uplift of 10% - cumulative. this meant that after 5 years my SP had grown by 61%. I regarded that as worth having. Also, if you take the SP while still working it just means you pay shitloads more tax, especially if it pushes you into a higher tax bracket.

The uplift for deferring the SP for those born after 1950 is only 5%, so probably not worth it.

[Dodgy69]

Like most pensions, the later you draw it the more you get. It's a gamble for sure. Dodging Tax as much as you can is what it's all about though.

[Mussels]

Like most pensions, the later you draw it the more you get. It's a gamble for sure. Dodging Tax as much as you can is what it's all about though.

That's why I would probably defer mine, it just gets lumped in with your wages and taxed at the highest amount. It may work out better to draw it and add it to a private pension through voluntary contributions so it doesn't get taxed, I'll worry about that when the time comes.

[Taipan]

Since my wife went part-time, she doesn't pay national insurance, will that affect her state pension?

[mangocrazy]

Since my wife went part-time, she doesn't pay national insurance, will that affect her state pension?

I think there's an online calculator on the DWP site that will tell you how your NI contribution history will affect your pension.

One thing that did please me about working after state pension age and deferring the SP, was that you stop paying NI contributions. Every little helps...

[Tricky]

Since my wife went part-time, she doesn't pay national insurance, will that affect her state pension?

I think there's an online calculator on the DWP site that will tell you how your NI contribution history will affect your pension.
.....

Or if you have the HMRC app, it tells you exactly how much NI you've paid for every year since your first year of employment, as well as how it affects your state pension, what it will be, and when you'll get it etc.

[Dodgy69]

I'd like to think most folk are retired by 67. Plus many of us have other pensions to bridge any gaps and add to SP.

I'd like my SP at 60 if I could. Those without other pensions generally keep working to top up, they have no choice.

Be interesting to hear of any differing in France.

[Sunny]

Since my wife went part-time, she doesn't pay national insurance, will that affect her state pension?

You can pay it voluntarily, but can only backdate it for a certain amount of time, so get onto it sharpish!

https://www.gov.uk/voluntary-national-i ... /deadlines

[Mussels]

Since my wife went part-time, she doesn't pay national insurance, will that affect her state pension?

If she has worked or claimed child benefit for most of her adult life then it's likely she's already hit her limits so it won't make any difference. As others have mentioned get an HMRC account to find out properly, then if she's missing any years get them paid up.

[Noggin]

I was asked to meet some friends this evening as they have staff here that don't know anyone. Ended up with a group of fairly drunk people doing bowling!

I'm so boring, but am working in the office alone tomorrow - that's bad enough on it's own so no way did I want a hangover!! LOL

But, I did have my first go at bowling in about 6+ years!! I can confirm that I play bowling left handed about as well as I play darts lefthanded!! Not injuries though (me or anyone else!!) so that's a bonus!!

[ZRX61]

Painting a metal Ikea cabinet...just got the 4 shelves left to do.

Started watching American Sniper again... knowing full well that I can't watch the ending.

[Felix]

I was asked to meet some friends this evening as they have staff here that don't know anyone. Ended up with a group of fairly drunk people doing bowling!

I'm so boring, but am working in the office alone tomorrow - that's bad enough on it's own so no way did I want a hangover!! LOL

But, I did have my first go at bowling in about 6+ years!! I can confirm that I play bowling left handed about as well as I play darts lefthanded!! Not injuries though (me or anyone else!!) so that's a bonus!!

That got me thinking. I have never threw a bowling ball in my life Not like i have never been in a bowling ally just never to play.

[Pirahna]

The state pension goes up by a reasonable amount if you defer it, (don't quote me but I'm sure I checked and it's something like 10% a month extra for every year you defer it). I don't intend to take my pension until I need it, hopefully we'll have enough money to see us into our eighties so I'll probably defer it for as long as possible, then if/when our money runs out we'll have good state pensions and not have to worry.

1% for every 9 weeks apparently.

https://www.gov.uk/deferring-state-pension/what-you-get

[Mr. Dazzle]

The major worry about that plan for me would be the government pulling the rug out from under you, probably just after the point where you've run out of your own money.

[Dodgy69]

I'd imagine HM pensions keep a close eye on how many deferrals are applied and it wouldn't suprise me if they use it as ammo for further delays in payment. For me its 67 atm but no doubt 68 soon enough.

A lad at work is 50 and said he's gonna take his lump sum when he's 55, plans for this and that. I told him to check again, it might be 57.

Wrong thread really.

[Noggin]

I was asked to meet some friends this evening as they have staff here that don't know anyone. Ended up with a group of fairly drunk people doing bowling!

I'm so boring, but am working in the office alone tomorrow - that's bad enough on it's own so no way did I want a hangover!! LOL

But, I did have my first go at bowling in about 6+ years!! I can confirm that I play bowling left handed about as well as I play darts lefthanded!! Not injuries though (me or anyone else!!) so that's a bonus!!

That got me thinking. I have never threw a bowling ball in my life Not like i have never been in a bowling ally just never to play.

Bowling wasn't a thing when I was young, we played skittles!! Same principle, but no automation and no holes in the balls!!

I wasn't bad at skittles and then bowling - but I'm not ready to risk throwing a bowling ball with my right and and it turns out that playing as a leftie caused me to miss more than hit

[mangocrazy]

The state pension goes up by a reasonable amount if you defer it, (don't quote me but I'm sure I checked and it's something like 10% a month extra for every year you defer it). I don't intend to take my pension until I need it, hopefully we'll have enough money to see us into our eighties so I'll probably defer it for as long as possible, then if/when our money runs out we'll have good state pensions and not have to worry.

1% for every 9 weeks apparently.

https://www.gov.uk/deferring-state-pension/what-you-get

I knew I'd read it somewhere, it's not applicable to me but if you reached the state pension before 2016 and defer then it's 10%...

Example
You get £156.20 a week (the full basic State Pension).

By deferring for 52 weeks, you’ll get an extra £16.24 a week (10.4% of £156.20).

Yes, that's the regime that applied to me. I deferred for 5 years and 8 months at the 10.4% rate.

[Count Steer]

Packed my case again for another trip a bit further south. Got to clear leaves from gutters first.

[wheelnut]

Yes, that's the regime that applied to me. I deferred for 5 years and 8 months at the 10.4% rate.

At what point do you come out ahead on that - about 12 years or so after you take your pension?