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Anyone working now and thinking of retirement this year at age 65 won't get state pension until 66 anyway.Le_Fromage_Grande wrote: Thu Nov 02, 2023 10:14 pm 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.Le_Fromage_Grande wrote: Thu Nov 02, 2023 10:14 pm Why would you defer the state pension, you can claim it and carry on working if you want to.
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.Dodgy69 wrote: Fri Nov 03, 2023 7:02 am 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.
I think there's an online calculator on the DWP site that will tell you how your NI contribution history will affect your pension.Taipan wrote: Fri Nov 03, 2023 12:23 pm Since my wife went part-time, she doesn't pay national insurance, will that affect her state 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.mangocrazy wrote: Fri Nov 03, 2023 12:39 pmI think there's an online calculator on the DWP site that will tell you how your NI contribution history will affect your pension.Taipan wrote: Fri Nov 03, 2023 12:23 pm Since my wife went part-time, she doesn't pay national insurance, will that affect her state pension?
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You can pay it voluntarily, but can only backdate it for a certain amount of time, so get onto it sharpish!Taipan wrote: Fri Nov 03, 2023 12:23 pm 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.Taipan wrote: Fri Nov 03, 2023 12:23 pm Since my wife went part-time, she doesn't pay national insurance, will that affect her state pension?
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 lifeNoggin wrote: Fri Nov 03, 2023 11:18 pm 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!!
Not like i have never been in a bowling ally just never to play.1% for every 9 weeks apparently.Potter wrote: Sun Nov 05, 2023 7:22 am
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.
Bowling wasn't a thing when I was young, we played skittles!! Same principle, but no automation and no holes in the balls!!Felix wrote: Sat Nov 04, 2023 9:42 pmThat got me thinking. I have never threw a bowling ball in my lifeNoggin wrote: Fri Nov 03, 2023 11:18 pm 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!!
Yes, that's the regime that applied to me. I deferred for 5 years and 8 months at the 10.4% rate.Potter wrote: Sun Nov 05, 2023 8:20 amPirahna wrote: Sun Nov 05, 2023 8:12 am1% for every 9 weeks apparently.Potter wrote: Sun Nov 05, 2023 7:22 am
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.
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).
At what point do you come out ahead on that - about 12 years or so after you take your pension?mangocrazy wrote: Sun Nov 05, 2023 10:55 am
Yes, that's the regime that applied to me. I deferred for 5 years and 8 months at the 10.4% rate.