Preparing for retirement

Suzzi59

Thank you, that’s a great help :j

tigerspill

Paul_Herring wrote: »

https://forums.moneysavingexpert.com/discussion/5495808/complete-qualifying-national-insurance-years



For 2019/20 that's £6,136 (https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2019-to-2020#class-1-national-insurance-thresholds)

Is this £6136 gross income?

If say you had earned 25% of this and want to buy the rest - the cost for a full year is around £750 so do you pro-rata this to top up to a full year? I assume that buying missed years is not tax deductible?

MallyGirl

Spreadsheetman wrote: »

Good advice. I am anticipating 2 more moves, a house in the country post early retirement (prefer a bungalow, but availability is an issue) for 15-ish years then an accessible flat in a large town/small city close to all facilities and a good hospital.

My mum and step dad moved to a bigger, but cheaper, house when they retired but it was never going to be their final house. It is huge, costs a bomb to heat, is on a slope so mowing the lawn is hard work and they pay a gardener to do most of the work, plus they have to use the car to drive the bins down to the bottom of the very steep drive. It is also in the middle of nowhere. The next house will be smaller and in a town with services. I am glad they always planned this as it wouldn't be a fun conversation to have.

JoeEngland

tigerspill wrote: »

Is this £6136 gross income?

If say you had earned 25% of this and want to buy the rest - the cost for a full year is around £750 so do you pro-rata this to top up to a full year? I assume that buying missed years is not tax deductible?

Yes, gross.

Paul_Herring

tigerspill wrote: »

Is this £6136 gross income?

Yes.

If say you had earned 25% of this and want to buy the rest

I've be very surprised if you could pro-rata it like that. You either earn a full year, or it's not counted at all and it must be purchased if it needs to count towards SP.

Bravepants

lisyloo wrote: »

Consider your access to doctors/hospitals and how you’d get there if treatment meant you couldn’t drive.

Plan to retire from 55 so hopefully will be mobile for a good few years to go. But yes, I agree with your suggestion for later in life...might look into Sunny Hills Retirement Village, and end up playing bingo and doing "knitting for old lads"!


My partner has told me that when I finally end up going into an old folks home she will come with me (she's 5 years younger than me), so I shouldn't think about getting a minute's peace then either! :rotfl:


I think it's going to end up being like "Cocoon" though!

Bravepants

MallyGirl wrote: »

....., plus they have to use the car to drive the bins down to the bottom of the very steep drive...

Could do something like this:



https://www.youtube.com/watch?v=vWEYrlzWNEo