So, when you're retired, whats your income?

fabsaver

AnotherJoe wrote: »

So, as it happens i did a survey questionnaire this morning (surveys for points = airmiles).

A couple of questions,

Whats your income into your bank accounts - so if i was molerat it would be £84k.

And another question
Are you employed (various types).
or
Are you unemployed
or
Are you retired and taking SP.

There was no option - "are you retired and not taking SP"
Or Are you retired and have other sources of income additional / instead of SP.

No doubt all these surveys are written by 20-something whippersnappers who think just as simple as, you are in a job OR you are unemployed OR you are retired and get SP.

I've seen this so many times. You have to select 'retired,' as 'unemployed' will be an almost guaranteed screen out.

Just like not having the required 'income' on a bank application will more than likely lead to an automatic rejection.

It seems that there is an 'unofficially retired' population that society does not acknowledge as existing. The banks don't want them as customers. The market researchers don't want their opinions. This is quite short sighted as many of these people will have large amounts of cash to spend as and when they want to.

westv

Would someone who has retired but not at SP age be better described as a "self employed investor"?

coyrls

fabsaver wrote: »

I've seen this so many times. You have to select 'retired,' as 'unemployed' will be an almost guaranteed screen out.

Just like not having the required 'income' on a bank application will more than likely lead to an automatic rejection.

It seems that there is an 'unofficially retired' population that society does not acknowledge as existing. The banks don't want them as customers. The market researchers don't want their opinions. This is quite short sighted as many of these people will have large amounts of cash to spend as and when they want to.

Yes, it's a pain. For income on applications, I put the amount that I top up my main current account to each month, even though the actual amount I transfer varies according to the balance of my current account and the source of the transfer isn't a pension. I've always been accepted for accounts that I've applied for using this method over the last couple of years. I put "retired" for occupation but I'm still five years away from state pension age.

fabsaver

westv wrote: »

Would someone who has retired but not at SP age be better described as a "self employed investor"?

To me that suggests someone who is actively day trading to earn a living.

Using the term 'self employed' may also open up a tax minefield. Then banks could start asking for details of accounts drawn up and profits reported.

Personally I'm perfectly happy to be retired, even if I don't fit in any of the tickboxes

MyOnlyPost

I have seen recently on quite a lot of bank applications

Not working - independent means

Deneb

MyOnlyPost wrote: »

I have seen recently on quite a lot of bank applications

Not working - independent means

I recently tried several car insurance quotations, to gain an insight on what effect my impending retirement might have on premiums.

Calling myself retired seemed to result in a very slight reduction over what I currently pay whilst in full time employment.

Saying that I had independent means resulted in a quite substantial increase, which surprised me.

No idea what effect it might have on other financial applications though.

AlanP_2

Deneb wrote: »

Saying that I had independent means resulted in a quite substantial increase, which surprised me.

Probably gave the impression you were going to be an older Hooray Henry type, trashing your vehicle after a day on the Champers!

Silvertabby

“ I have seen recently on quite a lot of bank applications

Not working - independent means
Originally posted by MyOnlyPost ”
I recently tried several car insurance quotations, to gain an insight on what effect my impending retirement might have on premiums.

Calling myself retired seemed to result in a very slight reduction over what I currently pay whilst in full time employment.

Saying that I had independent means resulted in a quite substantial increase, which surprised me.

No idea what effect it might have on other financial applications though. Posted by Deneb

Our car insurer has the option for 'retired' even though we are both under State pension age. Mind you, they're one of the 'over 50s' specialists, so perhaps their advisors are more switched on.

westv

Deneb wrote: »

I recently tried several car insurance quotations, to gain an insight on what effect my impending retirement might have on premiums.

Calling myself retired seemed to result in a very slight reduction over what I currently pay whilst in full time employment.

Saying that I had independent means resulted in a quite substantial increase, which surprised me.

No idea what effect it might have on other financial applications though.

Retired = old duffer who drives everywhere at 5 mph
Independent means = rich toff who loves to whizz around in fast cars.