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Need advice on wife's pension
Comments
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My take is -
1) Sort contributions for your own pension to ensure you don't lose child benefit. A SIPP is one option but a simple personal pension via (say) Cavendish Online will also do the job.
2) Get a pension statement for your wife. This is quick and free so also get one for yourself.
3) If she's short of 30 years (and you might be surprised how many years she has) then don't hurry to make up the difference as she might go back to work.
4) The cheapest way to earn extra years of basic state pension is by registering as self employed and paying voluntary class 2 of (from memory) £2.60 a week. HMRC don't seem to care whether you actually earn any money or not! My wife picked an occupation that delivered *lower* care insurance than "housewife"!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »My take is -
4) The cheapest way to earn extra years of basic state pension is by registering as self employed and paying voluntary class 2 of (from memory) £2.60 a week. HMRC don't seem to care whether you actually earn any money or not! My wife picked an occupation that delivered *lower* care insurance than "housewife"!
Is this still useful while she's receiving Child Benefit?0 -
Is this still useful while she's receiving Child Benefit?
No, not in the slightest, and neither is it useful if she'll hit 30 years by any other means. However, most people think that class 3 is the only way to buy additional years, which is why I floated it as an idea.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
That's exactly what it is. It's your adjusted net income that matters, not your gross salary.
I asked this question for a different reason in another post.
I was getting private medical care until end of 2012 (I might not want it anymore since it's crappy). Does it play an role in my taxable income when mean-testing Child Benefit?
Do I need to take its value into account when calculating adjusted net income?
Thank you!0
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