The Great Hunt: Getting ready for retirement

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  • zygurat789zygurat789 Forumite
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    brizesaver wrote: »
    I wonder if it is discrimination that some councils give free bus passes to those over 60 and others don't. I was really looking forward to my free travel when I turned 60 last April, even if I can't retire till I am 65 1/2 but found my local council only issue it on actual State pension age.

    I always thought that tio qualify for this you had to be at least state pension age, that would be the female state pension age to avoid sexual discrimination. This is, at the moment, a moveable feast and needs to be checked before you apply. There is, however, nothing to stop individual councils from supplying this benefit sooner than the national age threshold but it is hardly discrimination if they do.
    Are some passes "free"? I know some are only free after a certain time, being half price until then.
    The only thing that is constant is change.
  • ArthogArthog Forumite
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    For the first time in your life, you are completely in charge of your own time! Think about that, and make plans.
    Adding to the advice already given, I advise you to learn to say ''No'' politely! People put you down as someone who has a lot of time available and you have frequent requests to choose from!
    You've heard retired people say they don't know how they had time to go to work - it's true! You'll be saying that soon!


    Voluntary work is a very good idea - gives your week some shape, and uses your skills, also gives the OH some time on their own. That's important too.


    I hope your retirement is as happy as ours!
  • If you are fortunate to be fit,then retirement is not for just trying to make the money stretch,it's for fun and adventure,after all one is an awful long time dead. So how about world travel,you don't need to cruise you can back pack,hostels cater for any age,are cheap,provide company and are found all over the world.
    If you now are in the wonderful position of owning a property,pack your personal things up and sell or store them with your kids(you looked after their stuff long enough) rent the place out with an agent and go do your own thing for as long as you can/like.This will give you added income,no need to be too adventurous for starters just try out europe.
    Or if you have a little capital buy a boat,this provides a place to travel and live in, canal boat can be got for £20.000 in good order (shop around)that's UK and France covered, and even a yacht for the same.
    Or how about a camper van,anything form £2000 to you must be joking!!!
    Just enjoy your time left,don't sit and wait for he grim reaper
  • mgdavid wrote: »
    HMRC give your tax code to the pensions company. They apply the tax code and deduct any tax due, in the same way that an employer does. If you are in receipt of several pensions it can get complicated.

    So if eg I start receiving my pension in April ( of any year ) it would not be taxed unless I rec more than £10,000 ( the personal allowance ) in a tax year ??
  • You do not pay NI on pensions so only your earnings need to be taken into consideration.

    So you would only be liable for NI if your income from work NOT including pension went above £7956
  • zygurat789 wrote: »
    I always thought that tio qualify for this you had to be at least state pension age, that would be the female state pension age to avoid sexual discrimination. This is, at the moment, a moveable feast and needs to be checked before you apply. There is, however, nothing to stop individual councils from supplying this benefit sooner than the national age threshold but it is hardly discrimination if they do.
    Are some passes "free"? I know some are only free after a certain time, being half price until then.

    I thought you had go be state pension age as well to get a free bus pass ???
  • Cyberman60Cyberman60
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    Hung up my suit!
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    Well, I spend hours doing cryptic crosswords, sunbathing, internet surfing, pubbing, maintaining car, house.
    Last week I went to the Imperial War Museum in Waterloo to see the new 1st World War exhibit + VC exhibit and met a friend in the evening for beers.
    Then an art exhibition and beers in London on Saturday with a friend I was accommodating from France.
    Next week it's Peterboro Beerfest and I'll be visiting friends!!

    That's when I'm in the country but I'm out of the country for half of the year holidaying/exploring and making new friends while drinking beer at 50 to 80p a pint depending on the country.

    Never been bored in 7 years of retirement.
  • edited 13 August 2014 at 7:58PM
    zygurat789zygurat789 Forumite
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    edited 13 August 2014 at 7:58PM
    So if eg I start receiving my pension in April ( of any year ) it would not be taxed unless I rec more than £10,000 ( the personal allowance ) in a tax year ??

    That would be £10,000 of income from all sources and the £10,000 tends to increase year on year as a gift from the chancellor.
    So you would only be liable for NI if your income from work NOT including pension went above £7956

    Both the £10,000 and £7,956 are pro rata for the earnings period so £833 per month over the year. Tax being cumulative this will even itself out over a year. £7,956, or £663 per month is not cumulative so if you earn £700 one month and £600 the next you pay NI in the former and none in the latter, end of story; whereas if you earned £650 in each month you would pay no NI.
    The only thing that is constant is change.
  • HarrhyHarrhy Forumite
    12 Posts
    Tenth Anniversary Combo Breaker
    The age for getting a bus pass depends on which bit of the UK you live in. I believe a person in Northern Ireland, Wales or Scotland can get a bus pass at 60. Those in England have to wait until they reach the age at which a woman can receive the state pension.
  • Savvy_SueSavvy_Sue Forumite
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    brizesaver wrote: »
    I wonder if it is discrimination that some councils give free bus passes to those over 60 and others don't. I was really looking forward to my free travel when I turned 60 last April, even if I can't retire till I am 65 1/2 but found my local council only issue it on actual State pension age.
    I don't think it is discrimination: councils can choose how to spend their money in quite a few different areas, so one might give free travel cards at 60 but only collect the bins every other week, while another collects all the bins weekly but only issues the bus pass to those over the female state pension age.
    Signature removed for peace of mind
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