retiring, who do i need to tell

gamston

hi,
i'm going to retire next month, (going early,got fed up with work)
who do I need to tell
how will the state know that i'm retired, do I have to sign on the dole
got at least 35yrs of NI contributions in, so that should be ok
any advise please

R_P_W

How old are you?

gamston

I'm 56yrs old, so retiring early
think I should have gone a few weeks ago as the stock market has gone down and taking my pension with it

p00hsticks

if you mean that you are simply becoming "economically inactive" - not working but simply living off savings (or OH) then you don't really need to tell anyone - "the state" doesn't really need to know (on an individual basis).

If you wish to start claiming a private pension then obviously you need to tell your pension fund that this is what you want to do.

If you are not actively looking for another job then you do not fulfil the criteria to "sign on the dole" (claim Job Seekers Allowance).

If you are going to be living off your savings and your total income for the year is going to be less than your tax allowance then you should consider filling in an R80 form for each of your savings accounts and passing in to the relevant banks / building societies in order to get the interest paid gross.

gamston

thanks
i'm going to live off my company pension, may look to see if I can get work for 1 day a week as a contractor to railway, but not thinking about anymore than that

Little_Mo_70

gamston wrote: »

hi,
i'm going to retire next month, (going early,got fed up with work)
who do I need to tell
how will the state know that i'm retired, do I have to sign on the dole
got at least 35yrs of NI contributions in, so that should be ok
any advise please

Any insurance policies you have: eg: car/home etc. Mortage providers or letting agents too. Basically anyone with whom you have some sort of agreement where your occupation has been declared.