FIREside Chats

ElmoR

Thank you @hugheskevi

Just had a !!!!!! moment. I thought I had this all nailed down. Went back and checked my NI contributions because I hadn't realized that you had to check your pension forecast as well. Could they possibly make it any more confusing??

Using your print out example (very helpful!), am I right in understanding that you WILL have the £179.60 state pension payments in 2045 assuming you add those other 11 years? Or does the COPE part at the bottom mean that you won't?

My statement says I need another 11 years before 2035 (my pension age) for the full amount too, but there was COPE (that I knew nothing at all about). It says that the COPE amounts to an estimate of £36.43 a week. On the statement it then says:

"This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government."

Hell, it obviously does affect the state pension, word twisters!!

Does this mean that we also now have to contact our work place pension scheme provider and ask about this COPE part?

Re: the cold weather/remote - we are used to Northern weather! Remote is perfect. Though the M6 and A74/M74 aren't so far away.

And yes, it is frustrating that big industry wins. If I'm taken down by a sniper at any point, it will likely have been a contract killing by a big company (or a seafood industry company) My inspiration to try and keep going came from Hemmingway's The Fifth Column. You can produce/contribute solid, robust data that is sooooo damning, it makes international news, people get outraged and change happens.Trouble is, we constantly play catch up, prove a chemical is toxic, takes years for ban and regulation, company uses another one instead, cycle starts again... Work so far - metals, hydrocarbons, PCBs, silver nanomaterials, microplastics and phamaceuticals.

@Karmacat I identify as a bunny hugger too! Love your signature. Will add some waffle about the job on my own thread for you, don't want to derail FIRE.

hugheskevi

Using your print out example (very helpful!), am I right in understanding that you WILL have the £179.60 state pension payments in 2045 assuming you add those other 11 years? Or does the COPE part at the bottom mean that you won't?

Yes. Ignore everything about COPE it is just an unnecessary confusion.

Does this mean that we also now have to contact our work place pension scheme provider and ask about this COPE part?

No, it is all just part of the value of the private scheme. It is not a separate part (well, in some cases it sort of is, but best not to confuse matters).

jennystarpepper

ElmoR said:

Reading everyone's plans for retirement has been enjoyable It makes you realise that there are possibilities and also well beaten tracks that can be followed.

I'm hoping to 'go' at 60 (in 2028), and DH is 5 years younger, so we'll need a pot to get us to SP (hoping it exists then).

One quick question about NI contributions - how do you know if you contracted out? I don't think I ever did but keep reading this and it has me wondering now. Checked the website and I have "full" years listed as 27 paid up in 2020 and 15 years possible left to pay more. I thought you needed 35 years contributions in total for a full SP? Have I got that wrong?

Also, how do the NI years add up? Are they tax year, calender year or to your birth date?!

Plans for retirement. This is going to sound extremely weird but I never feel I will live til then. It doesn't seem like a real possibility yet my rational brain says don't be silly, you will. This is down to having treatment for cancer at age 19 - 20 years old and the constant nagging fear that something similar may happen. The doctor said something very psychologically damaging at the time - if you don't have this treatment you will not reach 30. It did me a favour in some ways because I decided to live every day as if it was my last and since then have done utterly insane amounts of travel, risk-taking, working abroad in exotic and far flung places, and crammed more in than I could have ever imagined.

It's possible that a bit of peace and quiet is needed for retirement. My brain is feeling tired and passion for my research is dropping. Fighting pollution, and a dream job for many people, is losing it's shine after several decades. Though that might be covid/lockdown and Brexit/loss of EU funding sources speaking? So a move to somewhere more rural, becoming recluses, and pottering round in the garden or on local walks (a coastline would be nice). Going off the grid. Our own power and as many foods grown as possible? The Good Life? In Dumfries/Galloway area or Cumbria? Support and see DD when we can obviously. As mentioned before, DH likes his computer games and making things, so he'll need a workshop space. Pricey to set up but low running costs?

Am also wondering whether one last big trip to Hawaii/New Zealand might be possible. I'd like to see leafy sea dragons in the wild. Those are the one thing I haven't seen while scuba diving that I really want to. Diving has been wonderful. Some of you have mentioned doing something big to mark a decade birthday - for 40 I went for a week of diving in Palau, 5 dives a day!! A most amazing experience.  I have literally cried with emotional happiness at the natural beauty and wonder on some dives.  I still have my scuba gear but the back injury will require a full diving medical and I'm not sure I will pass it with some loss of function/power in one leg. Maybe there is an injured/disabled diving initiative and possible insurance cover? Will look into that.

You know when people ask - would you have any regrets on your death bed? Is there something you really wished you had done? For me, that would be leafy sea dragons!!

Other than that, I want to potter/ sit on my backside (with a cat on my lap, dog at my feet maybe, and coffee), watch telly (more Punisher episodes please), a short walk in the countryside/along the coast, and read books.

I may pinch some of your ideas too though.

ElmoR xx

I think the Dr did you a favour in a way, I would have made the same decision. 

I often wonder why people put off doing things until they retire, I understand children, mortgages and bills get in the way, but we don't start out with these things.  I have a couple of step sons, I have suggested travel and getting more out of life, they have no interest in broadening their horizons.  I accept we are all different and want other things in life.  

 I used to certify copies of documents for people applying for their pensions, it was really enjoyable talking to  people about what they planned to do, some had none.

I'm 60 a couple of years after you, I long for peace and quiet at times, you are not on your own.  

Love the sea dragons, they are amazing. ) I remember seeing my first Pomagranate tree back in the 70's as a child, I thought it was the most amazing thing ever, we don't get them in Yorkshire ).  LOL

It does sound as if you found a real passion for life, many never do.... I'm sure you will be ticking along for a long time yet. x

QueenJess

jennystarpepper said:

I often wonder why people put off doing things until they retire, I understand children, mortgages and bills get in the way, but we don't start out with these things.

This is where I am. No definite plans for retirement, but am plotting how to get more out of life now. Thinking of going part time and/or a career break to do more of what I want and spend time with the kids when they are young.  Am on mat leave at the moment, so got a while to decide yet (my baby is 4 weeks old!).

Would rather push out retirement to do more now. My needs are generally simple and I value time, doing home cooking, gardening, spending time with friends, exploring the UK etc.

jennystarpepper

QueenJess said:

jennystarpepper said:

I often wonder why people put off doing things until they retire, I understand children, mortgages and bills get in the way, but we don't start out with these things.

This is where I am. No definite plans for retirement, but am plotting how to get more out of life now. Thinking of going part time and/or a career break to do more of what I want and spend time with the kids when they are young.  Am on mat leave at the moment, so got a while to decide yet (my baby is 4 weeks old!).

Would rather push out retirement to do more now. My needs are generally simple and I value time, doing home cooking, gardening, spending time with friends, exploring the UK etc.

Congratulations on the little one. 

At one point I started collecting Airmiles when I became a step parent, it helped with travel plans / something to save for, it's good to make plans. 

The UK is still good for travel.  I was a little embarrassed to be asked if I had been to Stone Henge when I was in Australia, no I hadn't (ticked off now). I agree with you about valuing time, simple things bring pleasure, seeing your plants grow and friends filling their face on homemade food.  I got so excited when I first saw the Ice cream boat on the Norfolk Broads, it still makes me chuckle when I think about it. 

South_coast

I'm sulking now - my max state pension is £175.20, why are you lot showing £4.40 more 😡???

Suffolk_lass

South_coast said:

I'm sulking now - my max state pension is £175.20, why are you lot showing £4.40 more 😡???

Mine is less than yours. £169.22 maximum and only £153.83 so far - 44 years of full contributions so far, 3 that are short and one not available yet (will also be short). My forecast increases by £5.14 a week if I pay for the one missing years in the last 6. That would make it £174.36 (still less than yours!)

Two of the missing years were because I did not go straight to Uni from school and nobody told anybody that would make a difference nearly half a century later. I am content to pay for the later years but feel ever so slightly resentful that I can't make up the older years from before state pension forecasts being online (and MSE being a thing) or any kind of notification that I was short. In both the summers between Uni years I worked FT for 12 weeks - one for British Telecom (as it was) and one for the DHSS!

To add insult to injury I worked right through Uni in a restaurant but he paid us a pittance and we relied on tips and so I was earning but under the NI threshold. He was then told he had to pay us differently and hey presto, I was paying NI Conts and so was he! Those are the two missing years that would have taken my pension up to the new maximum.

I just don't think there is an appeal process but it will not just be me or you @South_coast

South_coast

That's rubbish, 44 years should definitely get you a full record 🙁 I thought the whole point of it was that everyone was meant to be the same 🤔?

Suffolk_lass

I have a full record of qualifying years, but from 1986 to 2016 I was in an occupational pension scheme that meant I was opted out of SERPS (State Earnings-elated Pension Scheme) - this is what the COPE description refers to.

We all signed up to it as it meant we and our employer paid lower NI Contributions and undertook to pay an amount that would have been earnings related pension, as part of the occupational pension award.

rara32

It's fantastic to read others plans and the various paths people are following to get there. It just underlines really how we are all different, have different contexts and experiences and that what is right for one person is not necessarily right for another.

I completely agree with the comments about not putting your life on hold. We've certainly never felt we've done this rather that we have spent our money on the things that matter most to us and bring us joy. A big part is that we don't mind doing things differently to others and resist the peer pressure that can sometimes be evident e.g. expensive cars don't float our boat, we're not really interested in having the latest gadgets as status symbols etc. As a result we spend less than perhaps others who earn similarly do. I am always surprised at how people can react badly to this at times, as though it is a judgement on their choices but you can't please everyone!  It's another reason why it's so great to have a safe place like this thread where everyone can share openly with the benefit of learning new things and borrowing approaches from others to further your own journey 🙂

As a result of reading this thread we've decided that rather than pay a bigger op with some extra cash we have from a tax rebate we will instead open a SIPP with Vanguard for my DH who is on a career break at the moment, so maximising the tax relief. Hopefully, we will set that up today and be circa another £700 towards the target.

Happy Sunday all and thanks for sharing all your approaches it's a great read.

Rara