keep on working and draw pension

savinglikemad

hi I am considering drawing my pension in August but continuing to work as my husband who is younger may be made redundant in the next few weeks and we will need the additional monies. Please could you tell me if my workings are correct my gross is £17370 pa currently my net at moment after tax and Ni is £1149 per month, My pension forcast is £6916 pa which I think means my total net per month after tax, and no Ni will be £1719.65 if I draw the pension and continue to work, or £1556 per month if I defer my pension, any advise or view on calculations appreciated

exil

Not sure what the £1556 per month is - if you defer the pension ie you won't be drawing it, surely your net will still be 1149

Will your pension get any larger if you postpone drawing it?

savinglikemad

hi the increase in the net is cause in Aug I will be sixty and not have to pay NIC so it will bump my net

CLAPTON

currently you earn
1447 gross per month
and pay

188.9 tax and
109 NI
hence take home = 1149

so when you are 60 your take home will be 1,258 and not 1,556

savinglikemad

how much will my net per month be then if I take my pension and continue to work please

sleepless_saver

If you worked and drew your pension, you would have a total pretax income of £24286 (17370+6916). That would give you £1719.65 per month net as a 60 year old woman no longer paying NI contributions. You would be paying £304.18 tax monthly.

(I used listentotaxman to work it out - well worth a look)