When are you retired???

atush

Clifford_Pope wrote: »

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 ?

You are working and earning so you aren't retired now.

SallyG

Pretty critical too if your divorce consent order says your ex will pay maintenance until he "retires" - about time lawyers started defining the term.

mgdavid

SallyG wrote: »

Pretty critical too if your divorce consent order says your ex will pay maintenance until he "retires" - about time lawyers started defining the term.

fair point historically, but spousal maintenance orders are uncommon nowadays and disappearing fast.

System

atush wrote: »

You are working and earning so you aren't retired now.

You mean I was retired at 35 (neither working nor earning), ?

That's for tax purposes. But as the OP observed, "retired" is used in different contexts and different circumstances.
It is for example possible to be retired from one employment and drawing a pension but still working and contributing to another.

themull1

If you are under state pension age and working a small amount of self employment, you will have to register as self employed and claim small earnings exception where you will receive a certificate to say you don't have to pay the class 2.