Retiring advice

polomint_2

:rotfl:The situation is this..

My hubby can retire in 35 months. Because of the new law making it illegal to make people retire he is thinking of staying on full time for a few more years.

He works for royal mail and is already getting his royal mail pension.

He would be working fulltime so :-

1,getting a full wage
2,getting his royal mail pensions( £490) a month
3,able to draw his state pension aswell.
4,also will begin to reseive a pension that was frozen many years ago (about £300 a year)

My question is this..

Is it worth him still working full time as the tax he will have to pay on all of the above will be very high!

OR
Would he be better off working but dferring his state pension? And how would he benifet by doing this and what does it actually mean.?

Thanks in advance. Anymore info needed please ask.

Lokolo

You've missed out any personal circumstances and you've gone in all guns and blazing about the finance.

Does he want to retire or does he like working?

What will he be doing when he retires?

Do you have a mortgage? Children? Grandchildren?

There isn't a really Yes or No answer, it's all done to you as a couple really.

atush

I agree with the above, but IF he wants to keep working then a delay in the State pension could be a good idea as it will mean less tax, and an increased pension when he does take it.

polomint_2

Lokolo wrote: »

You've missed out any personal circumstances and you've gone in all guns and blazing about the finance.

Does he want to retire or does he like working?

What will he be doing when he retires?

Do you have a mortgage? Children? Grandchildren?

There isn't a really Yes or No answer, it's all done to you as a couple really.

OOoops Sorry...:think::think::think::think::think::think::think::think::think:

Does he want to retire or likes working? Not fully retire no but not sure weather to work full or part time. Also if its worth him continueing to work verses how much more tax he will be having to pay.

We do have a morgage for another 12 years though we are over paying it at the moment with his rm pension.

No dependants at home or granchildren.

pineapple

I chose not to defer my pension. I have no confidence in the financial market - who knows what global mayhem may be round the corner. It's a personal decision but I chose 'jam today' rather than hang on for jam and a half tomorrow.

polomint_2

ive just been doing some research and came across "married couples allowance "...We got married two months ago and i didnt know about this. Should i claim this and would it make a diffrence on the above questions? Thanks..

moonrakerz

pineapple wrote: »

I chose 'jam today' rather than hang on for jam and a half tomorrow.

.....or in the case of annuities, just a slightly jammy empty jar

atush

pineapple wrote: »

I chose not to defer my pension. I have no confidence in the financial market - who knows what global mayhem may be round the corner. It's a personal decision but I chose 'jam today' rather than hang on for jam and a half tomorrow.

Sorry, but don't know how this would effect the State pension the OP was talking about defering?

AFAIK, deferring your state pension means you can retire on enhanced benefits when you do take it. And if you don't need it so can afford to defer, and you would pay taxes on it if you didn't (with or w/o the married couples allowance or whatever) then I would defer it.

LittleVoice

polomint wrote: »

ive just been doing some research and came across "married couples allowance "...We got married two months ago and i didnt know about this. Should i claim this and would it make a diffrence on the above questions? Thanks..

Were either of you born before 6 April 1935? If not, it is not relevant to your situation.

polomint_2

LittleVoice wrote: »

Were either of you born before 6 April 1935? If not, it is not relevant to your situation.

No after -1949....just did more research and this dosent apply to us

CLAPTON

polomint wrote: »

:rotfl:The situation is this..

My hubby can retire in 35 months. Because of the new law making it illegal to make people retire he is thinking of staying on full time for a few more years.

He works for royal mail and is already getting his royal mail pension.

He would be working fulltime so :-

1,getting a full wage
2,getting his royal mail pensions( £490) a month
3,able to draw his state pension aswell.
4,also will begin to reseive a pension that was frozen many years ago (about £300 a year)

My question is this..

Is it worth him still working full time as the tax he will have to pay on all of the above will be very high!

OR
Would he be better off working but dferring his state pension? And how would he benifet by doing this and what does it actually mean.?

Thanks in advance. Anymore info needed please ask.

how much is his wage?