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Retiring early
Comments
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That's great thanks for all the fantastic answers. To be honest it's a bit of a minefield.molerat said:All good then.The reason you were asked the probing questions is that many see that number at the top of the forecast and think that is what they will get and don't read the other 2 numbers below which clarify. In your case there is only one figure and that is what you will get.0 -
I've got a related question on retiring early.
If I retire before my state pension age and take an actuarily reduced work pension, will I pay NI contributions on my work pension income?
I've read that you stop paying NI when you reach state pension age, but I am aiming to retire at 60 and my state pension age is 67.
Thanks0 -
You may be confusing 2 things here (I know I was).pauln said:I've got a related question on retiring early.
If I retire before my state pension age and take an actuarily reduced work pension, will I pay NI contributions on my work pension income?
I've read that you stop paying NI when you reach state pension age, but I am aiming to retire at 60 and my state pension age is 67.
Thanks
there is no NI at all on pension income.
what I think you read is that you stop paying NI on earned income at SPA.0 -
Which is changing in the 23-24 tax year with the 1.25% levy (not full NI) being payable on earned income above the PT post SP age.lisyloo said:
You may be confusing 2 things here (I know I was).pauln said:I've got a related question on retiring early.
If I retire before my state pension age and take an actuarily reduced work pension, will I pay NI contributions on my work pension income?
I've read that you stop paying NI when you reach state pension age, but I am aiming to retire at 60 and my state pension age is 67.
Thanks
there is no NI at all on pension income.
what I think you read is that you stop paying NI on earned income at SPA.
2 -
molerat said:
Which is changing in the 23-24 tax year with the 1.25% levy (not full NI) being payable on earned income above the PT post SP age.lisyloo said:
You may be confusing 2 things here (I know I was).pauln said:I've got a related question on retiring early.
If I retire before my state pension age and take an actuarily reduced work pension, will I pay NI contributions on my work pension income?
I've read that you stop paying NI when you reach state pension age, but I am aiming to retire at 60 and my state pension age is 67.
Thanks
there is no NI at all on pension income.
what I think you read is that you stop paying NI on earned income at SPA.
Thank you for explaining. I too had misunderstood this.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £2.4K Net savings after CCs March 26 (but owed £1.1K) so £3.5K
3) Mortgage neutral by 06/30 (AVC £36.2K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 42.1£127.5K target 33% 27/2/26 (If took bigger lump sum = 64K or 50.1%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/260
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