Retirement Worries

Triumph13

PennyForThem wrote: »

If you can survive on your pay (ESPECIALLY without NI contribution) and are willing to work full time, defer your SP. It will earn 10.4% for as long as you do not need to draw it (for those eligble before Ap 2016)

There is little on the market with NO RISK where you can obtain 10.4% interest. You earn as long as you defer.

There is a very good chance that deferring would be a VERY BAD IDEA in your case because it looks like you are going to qualify for pension credit and it would take several years of deferral to get up to the credit limit.


As others have said you need to really get your head around what benefits you will qualify for and the citizens advice bureau would be a good place to start finding out.


Depending on whether it would impact any housing benefit you get, your best bet may well be to continue to work full time for as long as you can (but no longer paying NI), draw your pension (accepting the fact that you'll lose 20% of it to tax (via your wages) and use the extra money to pay down the mortgage.

xylophone

If you left work and your only income was £113 a week, you would want to look at Pension Credit - see here

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS48_Pension_Credit_fcs.pdf?dtrk=true