What am I, pensioner or unemployed ?

SailorSam

moneyistooshorttomention wrote: »

My take is that men under 65 are employment age and that women under 60 are employment age.

That's not quite right. Im 60. 61 in April.
I read on the internet that men between 60 and 64 could claim Pension Credit, it's a moving date time until men and women are equal. I phoned the Dwp to see could i sign up for it but they told me my date isn't until July 2016.

molerat

I retired at 55 and declare myself as such on insurances etc but technically not a pensioner for another 5.5 years. I am living on pension and investment / savings income and have no intention of seeking work, receive no state top ups and do not expect or deserve any. In a couple of months I will be able to get my (Scottish) bus pass and discount card for the DIY sheds but still am young enough to enjoy life. Why anyone would want to work beyond 55 is beyond me

bondy01

molerat wrote: »

I retired at 55 and declare myself as such on insurances etc but technically not a pensioner for another 5.5 years. I am living on pension and investment / savings income and have no intention of seeking work, receive no state top ups and do not expect or deserve any. In a couple of months I will be able to get my (Scottish) bus pass and discount card for the DIY sheds but still am young enough to enjoy life. Why anyone would want to work beyond 55 is beyond me

Agree with that molerat but not everybody can. I'm 54 and retired/unemployed/not seeking work/in receipt of company pension since the age of 50. Last year when my car insurance was up for renewal I needed to ring the company for a cover note and casually asked if it would be any cheaper declaring being retired rather than unemployed. £180 cheaper was the result!

Mojisola

bondy01 wrote: »

Agree with that molerat but not everybody can. I'm 54 and retired/unemployed/not seeking work/in receipt of company pension since the age of 50. Last year when my car insurance was up for renewal I needed to ring the company for a cover note and casually asked if it would be any cheaper declaring being retired rather than unemployed. £180 cheaper was the result!

Did you ask if the insurance company has a definition of "retired"?

Goldiegirl

I took a pension as part of my redundancy settlement at age 50. I also found a part time job at that time


I currently describe my status as 'employed'


From my signature, you'll notice I intend stop working by the end of next year. At that point a will describe myself as 'retired', even though I won't get a state pension until I'm 66 ( 11 years later). but I will be in receipt of a private pension and have retired from the world of work. I suppose the other options are 'unemployed' or 'housewife' - but that's not how I see myself


It hasn't entered my head to think about applying for benefits, as the decision to stop working will be completely voluntary.


However, for those who want to work, 57 is certainly not too old. Where I work, they regularly take on people in their 50's. what they are interested in is people's ability to perform the role - not their age

bondy01

Mojisola wrote: »

Did you ask if the insurance company has a definition of "retired"?

No , should I? The dictionary definition is having retired from employment.

bemac

Mojisola wrote: »

Did you ask if the insurance company has a definition of "retired"?

And therein is the basis of the question, the insurance company, it seems considered you retired, the NHS would not. Nor would UK bus pass and discounts.

As I said at the top, I am comfortable and a lot better off then many so not complaining.

The main thing is to get the most out of everything - so I am having a "free" pension review done by Check My pension .com - no doubt free means they will find an issue and recommend I change to them, for a fee. But hey ho as no one else can enlighten me thats where I have to go.

For information - today as I am not in work i class myself as a pensioner - I am told I cannot register unemployed until March (summat to do with the severance package given in August). And yes I am continually and consistently looking for work. Part time hours, under £15k a year, will do anything, must be UK Company with no USA influence and committed to UK work force (gonna be difficult to find one like that I think :rotfl::rotfl: )

Uncle_Stinky

molerat wrote: »

I retired at 55 and declare myself as such on insurances etc) ...

For the past four years I have been living on savings (not entitled to any benefits and realistically unable to work) waiting for SP next year. I have found that some online insurance applications give cheaper quotes when I put occupation as unemployed rather than retired ???

JezR

One category that insurance companies often have that could be appropriate is 'living on own means'. Car insurers for one charge somewhat less for this than 'unemployed', which they take as claiming JSA etc.

xylophone

so I decided to leave and take voluntary redundancy plus, as I am over 55, early retirement.

You made a choice to give up your job - you benefited from the redundancy money (and now have a mortgage free home) and from the opportunity to draw your pension.

to be told at 57 I am regarded as too old to work or to young to be a pensioner.

Who told you this? And clearly you are not too young to be a pensioner as you are one - you are too young to draw your state pension but you knew this from the start?

Presumably you explored all the financial aspects of your chosen path before you set out upon it?

Under the circumstances you describe, it is difficult to see why you would expect benefits?

Pensioner benefits are in reality state pension (male/female) age related benefits- (although in London at least, there is concessionary travel from the age of 60).

Does your wife receive a pension/salary? Remember that for means tested benefits, household income counts.

With regard to

The low value one (£15k) said when I am 60 I could possibly cash it all in as it would yield very little annually.

see http://www.pensionsadvisoryservice.org.uk/taking-payments-from-your-pension-pot/what-is-the-right-choice-for-me/taking-a-small-pension-as-a-cash-lump-sum

Advice on the advisability/possibility of combining your pension policies could be obtained from an IFA http://www.unbiased.co.uk/pensions

And regarding your state pension https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf might be worth a look.