Pension stuff, how's it all looking ? HAve you prepared ?

[Count Steer]

Mine is £10237.

Born 4 months too early so clearly don't need as much.

Google was wrong, then.

As of April 2024, the full new state pension in the UK is £221.20 per week, or £11,502 per year.

There are some variables. I appear to get a bit more than that (about £250) and I think someone else on here does. Something to do with opting in/out/SERPS?

Wife gets more but she delayed taking hers by a year - it was a good deal at the time and she saved on tax 'cos she was still doing some self-employed work. I know our annual statements look completely different - hers has umpteen line items.

(If it's all some people are getting no wonder pension credits are needed!).

[Dodgy69]

Never delay taking your state pension, if we all do that Weeksy will be 70 before he can get his hands on his.

[Taipan]

Never delay taking your state pension, if we all do that Weeksy will be 70 before he can get his hands on his.

I suspect most people who are under 60 now will have to anyway.

It is important that the State Pension remains the foundation of income in retirement for future generations and that it is sustainable and fair.

Over the next 50 years there will be a continued increase in the pension age population. The government will, in light of this, consider how to most effectively maintain an affordable system that is sustainable in the long-term.

[Count Steer]

You can retire before your State Pension kicks in y'know.

[Couchy]

I’m always surprised people don’t know exactly what they spend, I balance my account every week and know every penny and have done since I started earning. Without a mortgage the essentials are under £1k a month including food. I’d be happy on £2k a month and tbh it’s about there but I’ll wait till daughter finishes school and work part time in the mean time.

[Nobby]

You can retire before your State Pension kicks in y'know.

[Nobby]

Talking of the State Pension, shouldn't I be receiving a letter from DWP ?
Five months to go until P Day.

[JackyJoll]

Talking of the State Pension, shouldn't I be receiving a letter from DWP ?
Five months to go until P Day.

You can remind them, although at five months distant, there may be no problem.

https://www.gov.uk/get-state-pension

[Count Steer]

Talking of the State Pension, shouldn't I be receiving a letter from DWP ?
Five months to go until P Day.

If you haven't heard from them with 3 months to go you can gee them up on-line.

https://get-state-pension.service.gov.u ... ation-code

[Yambo]

It is important that the State Pension remains the foundation of income in retirement for future generations and that it is sustainable and fair.

Over the next 50 years there will be a continued increase in the pension age population. The government will, in light of this, consider how to most effectively maintain an affordable system that is sustainable in the l-term.

[/quote]


That's just government lying double talk. If you were born before April 1951 you don't get the basic minimum pension.

Fair?

[Yambo]

This was brought to my attention this morning:

https://www.legislation.gov.uk/uksi/201 ... tents/made

The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013

Starmer got a pension when he stood down as Director of Public Prosecutions. He doesn't have to pay tax on it.

Nice work if you can get it.

[Taipan]

This was brought to my attention this morning:

https://www.legislation.gov.uk/uksi/201 ... tents/made

The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013

Starmer got a pension when he stood down as Director of Public Prosecutions. He doesn't have to pay tax on it.

Nice work if you can get it.

Labour, Tories, same corrupt trough feeders under a different name. That's why I voted for a man of integrity, Nigel Farage!

[Mr. Dazzle]

Properly smart move to get it done 11 years before becoming PM too

[2xtwins]

So .... the Budget... bastard move on the IHT situation, eh?

What do you guys at the sharp end think of Ms Reeves' changes?

Kev

[Dodgy69]

Put the house in trust and don't leave it too late to start spending.

[v8-powered]

Funnily enough just been talking about this with my missus (an IFA) - we have 2 properties and how the changes may affect us going forward.

Whatever way, pants get pulled down!

[2xtwins]

Funnily enough just been talking about this with my missus (an IFA) - we have 2 properties and how the changes may affect us going forward.

Whatever way, pants get pulled down!

Can't disagree..

Puzzled that she didn't approach it form the other end, so to speak, and limit the relief on contributions to basic rate tax rather than marginal rate.

Kev

[Yorick]

Folk are whinging about state pension being shite, so I did some calcs

Average UK wage is £35k.

Tax and NI on that is about £7k.

So you need to work 35 years to get full pension, so you've paid £245k in your life.

Pension is £12k a year. 20 years you'll get £240k

Sounds good to me. You get all your tax back

[Tomcat]

When I came back from Kazakhstan I looked at getting another job, but either employers didn't want an old bloke or the jobs were shit. So I looked at what I had saved up and what was in the pension pot and worked out that on pure drawdown plus the state and a couple of personal pensions when they kicked in, I could live reasonably well retiring aged 61. I can still buy motorbikes and go on long trips every summer, just have to cut back a bit on the coke and Russian hookers. Best decision I ever made. Who tf wants to work all their days just so you can die rich.

[ZRX61]

Dow cracked 44,000 today. I made more $$$ on the stock market in the past three days than any entire month over the past year.