Early Retirement

Jack_Itin

Thanks Jem.......£465 a month......so £5580 a year......Jack.

xylophone

we will have £190 a week to live on....will she be able to claim pension credit ?.........Jack.

Pension Credit - Minimum Income Guarantee for a couple £230.85 from 6 April.......

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382867/proposed_benefit_and_pension_rates_2015_to_2016.pdf

But you have to take capital over £10000 into consideration.....

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS48_Pension_Credit_fcs.pdf?dtrk=true The current tax year fact sheet

Have you yet obtained your new state pension statement?

https://www.gov.uk/state-pension-statement

You will have a tax free allowance of £10,600 in the 15-16 tax year to set against the total of your pension income and earned income.

Re savings income

https://www.gov.uk/government/publications/abolishing-the-10-rate-of-tax-on-savings-income-a-fact-sheet

jem16

Jack_Itin wrote: »

Thanks Jem.......£465 a month......so £5580 a year......Jack.

Well you could ask HMRC to split your allowances and allow around £6000 for your pension and the rest (£4600) for your job.

So a tax code of 600L and a tax code of 406L. One or both of those L suffixes could be a T - what's more important is the number.

That could then be reviewed each year to make sure it covers the pension until your state pension kicks in.

Jack_Itin

Thanks for that.......will see what happens in 4 weeks time.....looks like I will be able to earn about £420 a month, and still be under the P A limit....that will do nicely........... Jack.