When are you retired???

saver861

I'm guessing the question might have been asked before but what denotes retirement officially - or is there such thing.

I ask because getting quotes for insurance etc ask for employment status. In my own case I have taken voluntary redundancy and due to the fact I am just over 55, they also pay me an occupational pension.

Does that make me retired?

I am actually intending to do a little work on a self employed basis. Not many hours but less than 16 in any case.

Does that make me self employed?

I notice some companies include the option 'Independent Means' which might cover my situation.

Whilst it is not a humanity threatening problem, I'm curious as to what people in my position should be putting on such forms and clearly I don't want to be putting something down that bumps up the premiums etc.

Daniel54

saver861 wrote: »

I'm guessing the question might have been asked before but what denotes retirement officially - or is there such thing.

I ask because getting quotes for insurance etc ask for employment status. In my own case I have taken voluntary redundancy and due to the fact I am just over 55, they also pay me an occupational pension.

Does that make me retired?

I am actually intending to do a little work on a self employed basis. Not many hours but less than 16 in any case.

Does that make me self employed?

I notice some companies include the option 'Independent Means' which might cover my situation.

Whilst it is not a humanity threatening problem, I'm curious as to what people in my position should be putting on such forms and clearly I don't want to be putting something down that bumps up the premiums etc.

You have either withdrawn from the workforce or not.

That is entirely your choice

From the sounds of it you have not.So you are not retired

saver861

Daniel54 wrote: »

You have either withdrawn from the workforce or not.

That is entirely your choice

From the sounds of it you have not.So you are not retired

So if not retired, what am I? I can't be classed self employed if I'm working just five or ten hours per week?

amibovvered

Interesting query - I dither about whether or not to call myself retired. I accepted voluntary redundancy at age 53 in July 2010, 4 months after the age at which you could draw a pension was raised to 55, so I have to wait until I'm 60 before I can start getting my occupational pension (my employers will not agree to fund any earlier claim). I decided not to look for work (I have a profound hearing loss so it wouldn't be easy anyway) but to live on the VR money and savings. So I don't work or claim any job seekers allowance, therefore I'm retired - but if I say I'm retired, people nearly always assume I'm getting a pension, which I'm not.

I think I discovered via the MSE tool that calling myself a housewife rather than retired was slightly cheaper for car insurance.

Bootsox

saver861 wrote: »

Whilst it is not a humanity threatening problem, I'm curious as to what people in my position should be putting on such forms and clearly I don't want to be putting something down that bumps up the premiums etc.

LOL, I had the same dilemma taking VR at 50 but didn't feel describing myself as retired had "credibility".

There must be a rack of people in this situation, I like the option of using the description "independent means" though.

Solved the "problem" in the end by going back to work.

dzug1

Well from your description you will be self employed. But I suspect from an HMRC point of view it could be described as casual earnings in respect of your occupational pension tax return - no need to register.


For my part (once I had no real intention of returning to work) it depended on who was asking - either unemployed or retired depending on who. The former to the curious, the latter to finance companies, not that I needed them much.
Until I reached the official state retirement age when retired fits everything even if I do infrequent casual work

kidmugsy

My wife's advice is to enter "occupation" on an insurance form as whatever gets you the cheapest policy while being compatible with the truth.

Goldiegirl

I'm 54, in receipt of a pension and have withdrawn from the workforce, so I describe myself as retired.

If I was doing any sort of work, employed or self employed, I'd describe myself by my occupation

System

I gave up work at 35 and lived on savings for ten years. Then went back to work. Received a small pension at 60, reduced my working week to 4 days.
Recently started drawing my state pension, reduced working week to 3 days.
I'm probably going to start drawdown from a private pension in a few years time, and gradually reduce my working week to 2, then one day a week. I might keep my directorship and hardly work at all.

So when did I retire - 35, 60, 65, 70, never ?

saver861

hmmm ... and I thought I was asking a simple question!! There is no consensus it seems.

In a general sense it matters little - I no longer work for a living so as I am on occupational pension that would constitute retirement I guess. However, if I do a few hours work per week, I don't see how I can call myself self-employed- in that the number of hours would not be sustainable as a means of living costs.

Put another way, if I'm completing a car insurance application, and I say self-employed then that will put me in a particular bracket - higher than retired. Not just that of course, but if I have a claim then potentially not giving the correct status might be costly - especially if they want to be difficult!

Equally, if I apply for a credit card and I put retired then that will impact on the credit limit etc.

atush

saver861 wrote: »

So if not retired, what am I? I can't be classed self employed if I'm working just five or ten hours per week?

You can be self employed if doing so for just one hour a week. Or even less. If you are earning anything in a tax year for work done and not working for an employer you are self employed.