Pension help needed please

Yes, that's another 7 years, but I thought my post would appear more dramatic if I only mentioned how few years she'd worked before joining me in my early retirement - and we've all had a wonderful time and both of us have never regretted it and we now have the time to save money and have fun despite being officially classed as being in poverty. Because of our low income, our daughter gets a bursary from her university so only has to pay £4,500 pa tuition fees. Being brought up to make the most of money she's actually managing to save money out of her maintenance grant.

 

NG If you are serious about retiring early then have a look at Martin Lewis's Money Saving Expert Forum.If there is anything you want to know about anything to do with saving money,retiring early,utility savings etc etc,it is all on there.

When you are 60 you will get £200 off of your fuel bills and also you can then apply for a bus pass and I think cheap rail travel.

Is there any way you could downsize to a smaller property to be able to fufill your dream and the other thing I have just thought of,can your ex wife claim anything from your works pension pot when it matures?

There are a few blogs around the net from people that are writing about ways of saving money and living after retirement.

PS even having a mobile phone will cost you money if you have one of those fancy ones that charge you £30+ to own one or you can be like us and have a cheap phone and use pay as you go so you can track what you spend.

 

Hey @Kandy
I do look at his site quite often. Its very helpful.
My ex can't touch my pension I fixed that
She has no claim over 'anything'.
I only have a 2 bed, and very cheap bills. Sky would go in favour of Freeview etc, and my phone would go to payg £200 would pay my gas and elec for 5 months
The car could go if I get a bus pass That would save me loads of money.

 

I thought that free bus passes for over 60's has fallen foul of the Coalitions cuts being now only available if at State Pension age. Expect more pensioner bashing after the next election.

As Mrs Scrungee's state retirement age is now 68, that might be worth checking out, but she'll only be maybe a bit short after I die and loses my income so I'm not dwelling on that at the moment.

P.S. I have found my previous reference to what's called 'poverty'
http://gardenerscorner.co.uk/forum/threads/skint.60794/page-7#post-779721

 

Mr Kandys cousin got rid of her telly so saving the money that they paid for the tv license and they usually watch stuff days later on iplayer on their laptop.

Good that you have got everything tied up so that your ex can't get any more from you and cause you more stress which is no good for keeping the heart healthy

Joking aside you could always sell the 2 bed,by a caravan then join the caravan club and live on their CL sites for cheap rate per night /week Or rent out your house and live in a caravan as afore mentioned,then you will be quids in after paying the tax and agent fees.

Mr Kandy is due to retire in 20months time and I have to wait until I am 66 before I can get my state pension and free bus pass/fuel allowance.I have suggested we put all our furniture in storage,rent out our small house and then clear off with our caravan touring the uk when the time comes

We got rid of Sky a few years ago because we were fed up of watching repeats of ancient soap operas that were being shown and programmes repeated that we had watched on the telly a few days before.

Glad you have found Mr Lewis's site

 

Will probably do that before it expires

 

Hi NorthantsGeezer. You Will require 30 qualifying years of National Insurance Contributions or
Credits to get Full State Pension .
Example, You were working and paid National Insurance, You were getting National Insurance Credits, You were paying voluntary National Insurance Contributions.

If you have fewer than 30 years your Basic Pension will be less than £113 Per Week.
You may be able to top up by paying missing payments.
This Is The Latest G.O.V. Forecast This Year , could change next year.

Personally, I have Retired 5 times in the past 10 years but have returned to various Full Time and part time jobs over this period and have no intention of Retiring in the near future..

 

Hi ,JWK, It's Like The Grand National, They Keep Moving The Height Of The Fences.

 

Oi! @JWK you missed a few

Free eye tests, 25% off glasses at Boots and Specsavers

Double points at Wyevale on Tuesdays, Extra Boots Advantage card points (10 in lieu of 4 per £1) plus extra offers/discounts, 10% off on Wednesdays at B&Q discount card, 10% off Boots brand products with Boots Health Club Card.

Discount on NT membership (if a member for 5 out of 10 preceding years, but I don't think the Scottish NT has a qualifying period and their members can visit English NT properties for free), Free membership of CADW if you live in Wales, Reduced admission charges to English Heritage sites (also think it's cheaper for over 60's to join Historic Scotland and enjoy free access to EH sites), entitlement to reduced 'senior' admission charges at many other venues, 50% off entry into The Highland Games, free use of deckchairs at Weymouth for Weymouth residents.

Eligibility for Senior Railcard (£30 for 1/3 off rail fares) and Senior Coachcard (£10 for 1/3 off National Express coach fares) and (if you live in a London borough) a 60+ London Oyster Photocard (£10 for free travel on public transport in London), reduced fares on Arriva trains (Club 55 for over 55's).

Discounts on Adult Education courses

25% off pitch fees at Caravan & Camping Club sites (except high season)

Increased eligibility for home insulation grants

Some cinemas, hairdressers and restaurant chains offer over 60's discounts

 

It's a minefield which I'm struggling with at the moment.

I currently have just under £50k in various pensions but I will struggle to manage on the pensions they pay out when I retire. The current pension I'm on is good in that if I pay in 4% my employer pays in 10%. I have just upped my payments to 7%. I have no idea whether to transfer the other pensions into this one, think I need some advice but the financial advice I've been offered would cost me over £1k, which I'm not prepared to pay at the moment. The good thing about my current pension is that I can choose which funds I invest in so I'm playing around with the different funds at the moment according to which have the best growth rate.

In addition to the above, I also have an old National Grid pension which I was only in for a few years and which kicks in in January when I'm 50. It will pay me £1700 for life plus a small lump sum (c£5k). I am waiting for them to contact me to give me my options, but I may defer it if they make it worth my while.

 

Biggest problem with collective purchase is if one of the "partners" needs to realise their capital - the others then have to stump up to buy him out, or all sell up and share-out - possibly at a time when the market is weak.

Interest rates are low. Best to be prepared to delay taking a lump sump and carry on paying the mortgage - e.g. if delayed pension will attract a 10% p.a. but the mortgage is only 3%, say.

Self administered pension scheme offers a lot more flexibility, but I am guessing all the talk here is of PAYE?