What do we need to do to retire early?

EdInvestor

Excellent news, very pleased to hear that

So you're well-placed for retirement then. :beer:

jacquie

Just got the pension forecast that you also recommended to get.

On top of the basic pension he will have additional state pension of £32 per week. So he must have paid full NI at the time the company where paying is pension.

It also states that upto 5 April 2006 he only as 37 qualifying years which give a basic SP of 85% but by the time he is 65 he should have 44 qualifying years to give a full basic SP. He could voluntary pay Class 3 contributions for this year. As long as he works anouther 7 years am I right in thing he will get full basic SP? (Never had a week where he wouldn't have been working and paying NI, so don't know why)

Also when my husband retires at 65, I will only be 61 and not entitled to any SP till I am 65. Would he get any SP for me in his name?

Anyway everything looks to be on track.

Thank you again

Jackie

EdInvestor

Hi Jackie

Re the basic SP, the Govt plans to reduce the number of qualifying years to get it to 30 for those retiring after 2010, so this should affect you.I'd hold of paying any voluntary conts for the moment until we see that this rule is passed, otherwise you could overpay and not get a refund.

You should be entitled to state pension before age 65 I'd have thought, what year were you born? The transition from age 60 (now) to age 65 is spread over the years 2010 - 2020.

Suggest you get an updated state pension forecast for yourself. It should include credit for home responsibilities years if appropriate,and many women will benefit from the new 30 year rule.

jacquie

EdInvestor wrote:

Hi Jackie

Re the basic SP, the Govt plans to reduce the number of qualifying years to get it to 30 for those retiring after 2010, so this should affect you.I'd hold of paying any voluntary conts for the moment until we see that this rule is passed, otherwise you could overpay and not get a refund.

You should be entitled to state pension before age 65 I'd have thought, what year were you born? The transition from age 60 (now) to age 65 is spread over the years 2010 - 2020.

Suggest you get an updated state pension forecast for yourself. It should include credit for home responsibilities years if appropriate,and many women will benefit from the new 30 year rule.

Hi EdInvestor

Rang up about dh qualifying years and it turns out it a glitch. The year 2004/2005 had not been posted onto the system. They know about it and it will be sorted as I think it effects a lot of people. People who notice it and ring up are given a number to ring and the people who answer apparently know all about it and will sort it.

'Women born on or after 6 April 1955 will have a State Pension age of 65.' I was born in 1956. Alway paid NI and will get basic SP but probably good idea to get another forecast as it was quite a few years ago when I got mine. Looks like I'll be dependant on dh for a few years.

EdInvestor

OK, you should be able to get 60% on his contributions assuming he has a full record for the basic until yours kicks in, ie c. 50 quid a week at present.

gb57

Edinvestor, I am just SO impressed with your knowledge of all this stuff (are you a maverick IFA)??:D

I wish I could have come to you for pensions advice years ago!!

Perhaps you could set up a Pensions Advice Thread all of your own?

dunstonh

Edinvestor, I am just SO impressed with your knowledge of all this stuff (are you a maverick IFA)??:D

ROFL - Ed is not an adviser of any sort and whilst she is knowledgeable and useful on some things (this thread is a good example), she isnt on others and is prone to misinfomation and biased judgement.

I wish I could have come to you for pensions advice years ago!!

That would be scary.

Perhaps you could set up a Pensions Advice Thread all of your own?

That would be even scarier. Halloween was yesterday. You shouldnt be scaring us with those thoughts today.

djohn2002uk

dunstonh wrote:

ROFL - Ed is not an adviser of any sort and whilst she is knowledgeable and useful on some things (this thread is a good example), she isnt on others and is prone to misinfomation and biased judgement.



That would be scary.


That would be even scarier. Halloween was yesterday. You shouldnt be scaring us with those thoughts today.

After seeing post #27 I wondered how long before #28 would arrive. :rotfl::rotfl::rotfl::rotfl:

EdInvestor

gb57 wrote:

Edinvestor, I am just SO impressed with your knowledge of all this stuff (are you a maverick IFA)??:D

Nah, just trying to keep them honest