A Paupers Pension Tale (Not many nuts to dig up)

Preacher64

£185.15 is the most you can get

You cannot improve your forecast any more.

If you’re working you may still need to pay National Insurance contributions until 28 May 2031 as they fund other state benefits and the NHS.

View your National Insurance record

Your forecast may be different if there are any changes to your National Insurance information. There is more about this in the terms and conditions.

You have:

• 42 years of full contributions
• 9 years to contribute before 5 April 2031

You do not have any gaps in your record.

but does this mean I need to work till 2031 to get this or if I finish work in 3 years would I still qualify for full state pension?

Thanks in advance.

This indicates that you are in the happy position of having achieved the full state pension. Even if you retire tomorrow, you will get the full pension when due, which will include the interim annual increments.

If you continue to work, you will continue to pay NI but you won’t improve your pension forecast as you have reached the maximum.

Kim1965

Gambler uk, its good to hear all is well. I think your thread is very different to SEA Shells in that she has substantial provisions and you do not. Both of you are retiring very young, bridging 17yrs is a bigger challenge than someong retiring at 60, I think you are both brave but you are the braver. 
 Please keep regular updates coming. 

Willow1983

Thanks guys 😬 puts my mind at ease! I agree Kim1965 this diary is brilliant I think it should be kept going too.

pensionpawn

gambleruk said:

...For starters I still have no regrets what so ever packing work in at 50, it is the best decision I ever made even if money gets tight in the future so be it, I have had over 2 years so far of enjoying life in which I could have still been doing the 9 to 5 grind and apart from adding to my works pension we would not be better of financially as we no doubt would have carried on spending and wasting money on things we never needed. So no matter what the future holds it cannot take back those 2 years and counting, I have always tried to explain on here that to me enjoying life while you can is more important than having a huge pension pot which you might never even see. My routine has not changed much and I really am fitter and healthier than I have ever been with running and walking all the time. I honestly can never see me saying on here in 5/10 years time I wish I had gone back to work to have more money in the future.

Spot on. My wife recently retired just short of 57, having gradually reduced her hours over the previous 12 months. Earlier in the year, just after turning 56, I reduced my hours and intend to throw in the towel no later than 58. We've both qualified for full SPs. Time together now, whilst relatively healthy and with some energy left, is more important to us than chasing having LTA problems. At some point you're either going to wish you had more time together, or more money. I've seen too many colleagues lose their wives recently to be chasing £'s for much longer.

SouthCoastBoy

I agree about retiring early, my problem is I'm never confident enough to do it. 58 early next year maybe I will have the courage to do it

Kim1965

SouthCoastBoy said:

I agree about retiring early, my problem is I'm never confident enough to do it. 58 early next year maybe I will have the courage to do it

I think from reading previous threads for you its more a case of the type of pension you have? I think you have a healthy dc pension but little db. Hence your lack of certainty. I think you also are not too happy at work. The worse that happen is you may have to something part time, would that progress? 

SouthCoastBoy

Kim1965 said:

SouthCoastBoy said:

I agree about retiring early, my problem is I'm never confident enough to do it. 58 early next year maybe I will have the courage to do it

I think from reading previous threads for you its more a case of the type of pension you have? I think you have a healthy dc pension but little db. Hence your lack of certainty. I think you also are not too happy at work. The worse that happen is you may have to something part time, would that progress? 

Yes pretty good summary. In my mind may 2023 is when I finally plan to leave. I will take the summer off and if necessary take some short term work.

Scares me to think only 12 years from 70, 46 doesn't seem far away.

barnstar2077

SouthCoastBoy said:

Kim1965 said:

SouthCoastBoy said:

I agree about retiring early, my problem is I'm never confident enough to do it. 58 early next year maybe I will have the courage to do it

I think from reading previous threads for you its more a case of the type of pension you have? I think you have a healthy dc pension but little db. Hence your lack of certainty. I think you also are not too happy at work. The worse that happen is you may have to something part time, would that progress? 

Yes pretty good summary. In my mind may 2023 is when I finally plan to leave. I will take the summer off and if necessary take some short term work.

Scares me to think only 12 years from 70, 46 doesn't seem far away.

True, but for the next twelve years you will be able to decide what you do every day!

When five days of our week is all about work (getting up, going to work, coming home and putting the dinner on before watching a bit of TV before bed) it is hardly surprising that the weeks all seem to blend together, and the time seems to go!   

Kim1965

SouthCoastBoy said:

Kim1965 said:

SouthCoastBoy said:

I agree about retiring early, my problem is I'm never confident enough to do it. 58 early next year maybe I will have the courage to do it

I think from reading previous threads for you its more a case of the type of pension you have? I think you have a healthy dc pension but little db. Hence your lack of certainty. I think you also are not too happy at work. The worse that happen is you may have to something part time, would that progress? 

Yes pretty good summary. In my mind may 2023 is when I finally plan to leave. I will take the summer off and if necessary take some short term work.

Scares me to think only 12 years from 70, 46 doesn't seem far away.

Mě too. Last child finishes uni, plan to go part time.

gambleruk

Thanks for all your comments and I will keep this thread going now I realise there is still a lot of interest in it.

A couple of more observations I will add to the pot, the first one is I actually drink less alcohol nowadays, usually just at weekends with friends and family unless during the Summer it was a lovely sunny day then a few beers sat in the garden with my book, the reason for this is that I do not come home after a rubbish day at work and head straight to the fridge for a beer which was happening more and more as time went on due to the stresses of the job, the one thing I do miss in a silly way is that first beer on a Friday after a long week at work but certainly not enough to contemplate going back lol.

Now this one I have though of mentioning a few times but not sure whether some people will not like it but here goes. This is not a cry for sympathy this is just how it was and I am sure there are others on here who will have had it worse than I did but simply put I think one of the main reasons I can live on such a small budget is because I grew up as an only child with one parent my Mum who worked in a factory all her life, drank, smoked, never passed her driving test etc, so I was left to fend for myself especially through my teenage years, lost count on how many times there were no 50p's for the electric during the night whilst my Mum was in the pub. We have never been on holiday in our lifetime, a day trip to Blackpool was as good as it got. I am still close to my Mum and she did the best she could under the circumstances. So my point being not having grown up with the sort of luxuries (or does everyone take these kind of things for granted nowadays) which our son has then I find it so much easier to live a simple life which does not cost much money, those of you who have read this thread all the way through will know I love nothing more than a good book and long dog walk.

So going back to my point is that I have known what it is like to be poor so I do not take anything for granted, I have had great holidays, decent cars, new gadgets etc but as the old saying goes money does not buy you happiness (Ok I admit it can help but this is a money saving forum lol).