Pensions Planning: The NUMBER

Anonymous101

lisyloo wrote: »

Dont be sorry.
Its fascinating to hear that parts of the UK can be so different.
I don't know where I'll be living in retirement (would want to take care of some parents) but it's good to know that we could live more cheaply and with a different quality of life.

As a bit of a generalisation I think that there's a huge difference between Cities, Suburbs and Rural communities. I notice a difference between working in Manchester (full on pace), where colleagues live (in suburbs which are close to central Manchester) and where I live which could be described as semi rural (not as much so as Cornwall). The pace of live has noticably changed where I live as more and more people commute into Manchester for work.


The social dynamics of the UK is interesting and has to be considered when retiring. If nothing else then for the cost of living and quality of life.

cfw1994

Anonymous101 wrote: »

As a bit of a generalisation I think that there's a huge difference between Cities, Suburbs and Rural communities. I notice a difference between working in Manchester (full on pace), where colleagues live (in suburbs which are close to central Manchester) and where I live which could be described as semi rural (not as much so as Cornwall). The pace of live has noticably changed where I live as more and more people commute into Manchester for work.


The social dynamics of the UK is interesting and has to be considered when retiring. If nothing else then for the cost of living and quality of life.

I'd agree with this....although another concern for me would be having decent medical care close by as I get older!
Having worked in tech all my life, whilst I love the outdoors, I suspect rural broadband might also have the potential to drive me nuts:rotfl:

Murphy_The_Cat

cfw1994 wrote: »

I suspect rural broadband might also have the potential to drive me nuts:rotfl:

B4RN would give you the best of both worlds.

Terron

cfw1994 wrote: »

I suspect rural broadband might also have the potential to drive me nuts:rotfl:

I have a friend who works in tech, mostly from home, in a pretty rural location who gets a download speed of over 900Mbps since full fibre was installed on his road. It's a rural, but wealthy area.



I only get 35Mbps in a semi-rural location, but it is the fastest I have ever had at home.

JessyM

I was redirected to this thread from Planning for Early Retirement. I am in the process of calculating my Number. I have four retirement scenarios based around maintaining mortgage and car.
Off I went to the Calculate Your Income page. This was interesting because it suggests that I could be better off if I don't draw on all my pensions at once. By about £60/month.

Some of my initial queries relate to NI:

• How do I pay NI?
• Is it collected at source?
• Is it a reduced rate?
• If yes - then what is the Class?

Thank you in anticipation!

NoMore

@jessyM, it wasn't redirect to ask all your questions! It was just to point out there was a long thread already discussing one of your questions (the how much income you need in retirement one).

JessyM

NoMore wrote: »

@jessyM, it wasn't redirect to ask all your questions! It was just to point out there was a long thread already discussing one of your questions (the how much income you need in retirement one).

Thank you anyway! There is such a lot of information on these forums - handy sign-posts from more experienced posters are helpful.

JessyM

My Number is £22K per year - which I am glad to say is achievable!

nigelbb

JessyM wrote: »

Some of my initial queries relate to NI:

• How do I pay NI?
• Is it collected at source?
• Is it a reduced rate?
• If yes - then what is the Class?

You only pay NI contributions if you are working. If you have no salary then you pay none. You will probably want to pay voluntary Class 3 contributions of about £700 per year to ensure that you have enough NI contributions for your state pension.

JessyM

nigelbb wrote: »

You only pay NI contributions if you are working. If you have no salary then you pay none. You will probably want to pay voluntary Class 3 contributions of about £700 per year to ensure that you have enough NI contributions for your state pension.

Thank you very much - that is the information I needed to know