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Great Things To Know Before You Retire Hunt

edited 30 November -1 at 1:00AM in Over 50s Money Saving
108 replies 53.6K views
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Replies

  • LeonieLeonie Forumite
    101 posts
    Thanks for that, Margaret - I do my normal banking with Nationwide online, and they do a reasonable cash ISA too - I shall check if that's something I can handle online. I like to be able to keep an eye on my money!
    "Be kind. For everyone you meet is fighting a hard battle." Plato

    "After all is said and done, more is said than done." Aesop
  • EdInvestorEdInvestor
    15.7K posts
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    Leonie wrote: »
    Must have had my head in the sand while all these changes were taking place!

    Not at all - they were only mooted less than a year ago and became law only last week.
    Should I be doing something now, to get my HRP credits organised, do you think? Won't they know I was raising children? Perhaps I should give them a ring.

    Yes, ring them up so they can get them properly recorded for you, so you know it's all sorted.You get them for the years when you were receiving child benefit (in your name), but apparently there wasn't any automatic conveyance of that info from one Govt dept to the other at the time.
    Trying to keep it simple...;)
  • shopndropshopndrop Forumite
    3.5K posts
    Sorry to sound so daft, but what happens after you have paid for 30 years and are still working - do you just keep on paying until you retire?
  • EdInvestorEdInvestor
    15.7K posts
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    shopndrop wrote: »
    Sorry to sound so daft, but what happens after you have paid for 30 years and are still working - do you just keep on paying until you retire?

    You do.But if you stop work, and already have clocked up 30 years, there is no need to pay for any additional voluntary conts.
    Trying to keep it simple...;)
  • LeonieLeonie Forumite
    101 posts
    Being a bit phone phobic (my phone bill is virtually non-existent!) I tried sending the details of my child rearing years by email first, but because they don't trust sending National Insurance numbers by internet, they suggested I should phone. It's taken me around 5 weeks to get round to that, and the conversation has left me a bit uneasy.

    I spent about half of my child rearing years in Germany as a Forces wife, and the person I spoke to said they'd have to send me a form to fill in as it's possible I'm not eligible for credits for those years.
    I'm trying not to get really mad :mad: :mad::mad: before I've even seen the form, because serving soldiers abroad pay UK tax, and you're still eligible for jury service while you're abroad ( I was called, but excused because of needing to travel over to do it). Fairly sure I was still entitled to Family Allowance too.

    Surely, they can't be suggesting that you lose entitlement to credit because your husband is serving his country? :confused: If it turns out to be so, I definitely feel a letter to my local MP coming on. Or marching up and down outside Gordon Brown's house with a placard. What do they expect Forces wives to do? Stay over in England and raise the children alone?
    "Be kind. For everyone you meet is fighting a hard battle." Plato

    "After all is said and done, more is said than done." Aesop
  • EdInvestorEdInvestor
    15.7K posts
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    The entitlement is related to receiving child benefit, which is usually paid to the mother. Some women have lost entitlement because the CB was in their husband's name.
    Trying to keep it simple...;)
  • LeonieLeonie Forumite
    101 posts
    EdInvestor wrote: »
    The entitlement is related to receiving child benefit, which is usually paid to the mother. Some women have lost entitlement because the CB was in their husband's name.

    I do wish my memory was better for that period - I can't think I would ever have had my child benefit paid in my ex-husband's name, we decided on honeymoon that it would need to be me who managed the finances, as he'd just lost 2 months wages playing poker :eek:, and I'm finance obsessive. Unless it was a Forces thing - had to paid in with the salary or something while over there?

    I think it's possible I may have had it paid into my UK bank account while I was in Germany, but it's difficult to remember. It was certainly in my name whenever we were in the UK.

    I'm thinking those 7- 8 years out of 18 spent child rearing may not be too important though - by the time I retire I will have 27 years in employment, the last 10 part time (hope THAT doesn't make a difference). It all has to add up to 30, doesn't it, so I should be OK, shouldn't I? Except the last 8 years of child raising I was also working - bets on those being mutually exclusive, cancelling it out almost entirely. I think it still comes pretty close to 30 years though.

    I'm beginning to wish I'd been born 9 months earlier, and didn't have to consider all this at all! But at least I'm doing what I can now to ensure I get a full pension.

    I'm grateful for your advice, again, though, it's like a minefield out there!
    "Be kind. For everyone you meet is fighting a hard battle." Plato

    "After all is said and done, more is said than done." Aesop
  • EdInvestorEdInvestor
    15.7K posts
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    Leonie wrote: »
    the last 10 part time (hope THAT doesn't make a difference).


    It might do - there is a lower earnings limit below which you don't pay NICs. If this is a problem you can pay up to around 10 back years at the moment - it's usually 6, but it's extended due to a computer malfunction some time ago.If you are falling badly short, making class 3 voluntary contributions for missing years would be a worthwhile investment - you would have to save up around 150,000 quid to buy the basic state pension on the market, it's a valuable benefit.
    Trying to keep it simple...;)
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