How to cope with work in run to retirement

jamesperrett

nigelbb wrote: »

It is on the face of it an anomaly that those past state pension age don't pay National Insurance contributions

If your only income is from a pension then you don't pay NI before state pension age either (although it might help improve your state pension if you voluntarily pay some).

nigelbb

jamesperrett wrote: »

If your only income is from a pension then you don't pay NI before state pension age either (although it might help improve your state pension if you voluntarily pay some).

NI is only payable on earnings from work not on pension, dividends, interest on savings or other unearned income.

It's an anomaly that you no longer pay NI on any earned income merely because you pass the state pension age. It wasn't so much of an anomaly years ago when NI rates were lower especially when payments were capped for higher earners.

JoeEngland

pensionpawn wrote: »

I have absolutely no intention of benefiting from that. It will require the kind of magic only seen in Game of Thrones or Lord of the Rings to summon the enthusiasm to get to 57, let alone 67. Also if growth and work continues as is I would be dealing with LTA issues well before that. That said, wasn't there some governmental murmurings about abolishing that bonus as the youth of today need the cash instead?

Same here, I'm struggling with motivation for a few more months. It seems like there's 3 kinds of people on this forum:

Those who can't wait to give up work and enjoy the time to do other things
Those who enjoy work and prefer money to time
Those who talk about retiring but struggle to make the mental leap away from work

cfw1994

JoeEngland wrote: »

Same here, I'm struggling with motivation for a few more months. It seems like there's 3 kinds of people on this forum:

Those who can't wait to give up work and enjoy the time to do other things
Those who enjoy work and prefer money to time
Those who talk about retiring but struggle to make the mental leap away from work

Maybe.....although I actually do mostly enjoy my work, like the options money gives me and am looking forward to giving up and doing other things!
Maybe that makes me the last one in your categories:rotfl:

GibbsRule_No3.

cfw1994 wrote: »

Maybe.....although I actually do mostly enjoy my work, like the options money gives me and am looking forward to giving up and doing other things!
Maybe that makes me the last one in your categories:rotfl:

I think this is me as well.

Anonymous101

Work has always been a means to an end for me. I have thought that way since I was very young.


That's not to say I'm not committed or want to do a good job, and I do enjoy aspects of it. I just don't like having to work. Getting up to an alarm clock, commuting and being tied to someone else's schedules and timescales isn't ideal for me so once I reach F.I. I doubt I'll continue to work for years like some do.

ex-pat_scot

nigelbb wrote: »

NI is only payable on earnings from work not on pension, dividends, interest on savings or other unearned income.

At the moment...


There are significant moves afoot to expand the scope of NI, as it is not seen as "raising taxes".
It is easy to collect.
It already is drifting (Scotland, where HR threshold has gone up).
There are challenges on "make over 50s pay for their increased costs through NI", and this is only the start of "consultations" that are designed to see what proposals would get broad support and what would get smacked down by the public.

NI on pension income? I can see it possibly emerging, certainly before any suggestion of tapering state pension for high earners.

OldBeanz

Anonymous101 wrote: »

Work has always been a means to an end for me. I have thought that way since I was very young.


That's not to say I'm not committed or want to do a good job, and I do enjoy aspects of it. I just don't like having to work. Getting up to an alarm clock, commuting and being tied to someone else's schedules and timescales isn't ideal for me so once I reach F.I. I doubt I'll continue to work for years like some do.

I too looked on my job as a means to an end. I am now retired but pre-state pension age. I do a job 2 days a week which I love but pays less than I earned ph 30 years ago.
Once you gain FI you have the scope to do other things.

Anonymous101

OldBeanz wrote: »

I too looked on my job as a means to an end. I am now retired but pre-state pension age. I do a job 2 days a week which I love but pays less than I earned ph 30 years ago.
Once you gain FI you have the scope to do other things.

Completely agree. That's what I'm aiming for too. Its difficult mentally knowing that it'll happen eventually but for the time being I'm just passing time whilst working hard to set myself up well for the future.

Spreadsheetman

ex-pat_scot wrote: »

At the moment...
There are significant moves afoot to expand the scope of NI, as it is not seen as "raising taxes".
It is easy to collect.
It already is drifting (Scotland, where HR threshold has gone up).
There are challenges on "make over 50s pay for their increased costs through NI", and this is only the start of "consultations" that are designed to see what proposals would get broad support and what would get smacked down by the public.

NI on pension income? I can see it possibly emerging, certainly before any suggestion of tapering state pension for high earners.

I can see NI on pension income too, the lower threshold is already close to the state pension so a bit of tinkering to set it a higher would avoid taxing poor pensioners.

I'm not necessarily opposed in principle provided the levels were set sensibly, the increasing cost of health and social care of the elderly has to be addressed somehow.

Are people really so dim that they don't see it as a tax though???