Pension or work?

patanne

Has your husband considered NOT taking his state pension yet? If he is in good health, which I assume he is or he would be retiring completely, then for every 3 months he does not take his state pension (unless the rules have changed recently) then his pension will increase by 2.5%. 10.2% for a full year. This would ease the drop in your family income on full retirement and give you time to adjust to a lower income. I'm sure someone will be along who can tell you how much of the increased second state pension you will be able to inherit if something should go wrong.

Oldernotwiser

atush wrote: »

It might be more tax effective if you worked part time instead. .

And fairer as well!

tescobabe69

Eh ? Keep the pooor old geezer at work ? The benefit system will allow him to retire on £40 a week less than hes earning for working 6 days a week, AND provide a job for someone on the dole.

Oldernotwiser

Depending on any capital/savings you have, your husband could claim Pension Credit of £209.70 pw (joint claim). You would also be able to claim help with your rent and council tax.

http://www.direct.gov.uk/en/Pensionsandretirementplanning/PensionCredit/DG_10018692

lesconfused

Just to put record right I worked from 16 to 45 had 2 jobs whilst bringing up 3 kids.So i am no sponger, Had cancer & had to give up work I recovered and nursed both sets of parents + my sister. We kind of believe in family. We have never and I repeat never claimed any dole or benefits. As for hubby he loves his work and it is entirely up to him wether he works or not. So back off please.

shop-to-drop

If he loves work and wants to carry on he should. Maybe reduce hours a bit if you want to be able to spend more time together. Financially he will take home 80% of his hourly rate after tax + he will have his 2 pensions so hopefully that will be financially worthwhile for you.

tescobabe69

Retire, claim, enjoy, he has paid in, time to draw out.

keith1950

Hi,to put it simply, on the figures given, he could earn around £2/week before he pays tax.

atush

lesconfused wrote: »

Just to put record right I worked from 16 to 45 had 2 jobs whilst bringing up 3 kids.So i am no sponger, Had cancer & had to give up work I recovered and nursed both sets of parents + my sister. We kind of believe in family. We have never and I repeat never claimed any dole or benefits. As for hubby he loves his work and it is entirely up to him wether he works or not. So back off please.

I unlike others was thinking that this was the case for you (ie ill health or you were a carer). But if you feel you can (and want to now) your tax position might be better if you worked a little as you have a whole personal allowance to use.

But if not, make sure all savings are in your name as you can use your personal allowance and register for gross interest. Any savings in Hubby's name should be inside an ISA.