Bridging the gap. What is my income?

green_man

Ive been bridging the gap to a DC pension (which will start early next year when I’m 55) since I retired at 47. It does pose a few interesting quirks.

- I view my income to be about zero. But filling in some forms (kids student grant evaluation etc) needs care!

- Some car insurance companies will not accept you as ‘retired’ if you aren’t drawing a pension. Bizarrely the alternative ‘occupation’ is much more expensive.

- I do ‘pay’ myself an amount each month from my savings to my current account, so from the banks perspective I do have a regular income.

Dansmam

Thanks so much everyone for your replies. Glad others have been there before me. Pretty certain there's a flood of gap bridgers on its way, Covid is prompting a lot of reflection and re-evaluation  I'd been following this thread for a while before covid prompted me to think this might be the rainy day the rainy day savings were for. Will be ringing the bank to explain my situation and asking to open the new account. Will keep you posted 😉