Gap to State Pension

DE_612183

squirrelpie said:

You don't say when your final salary pension starts, but there might be a Pension Commencement Lump Sum (PCLS) that is paid when it starts and that could help fill some of the difficult gap. But you might also be able to decrease the PCLS and increase your pension payments so you need to think about what is most important.

FSP has already started - lump sum to be used to payoff mortgage

Brie

Albermarle said:

Another alternative is to send the wife out to work 

Or another alternative.....sit at home and the wife will go out to work to get some peace and quiet.  

xylophone

but M&S do a selection of lovely English sparking wines!

I'll bear that in mind the next time I'm buying a present for a wine lover!

Albermarle

xylophone said:

but M&S do a selection of lovely English sparking wines!

I'll bear that in mind the next time I'm buying a present for a wine lover!

Although be warned, without an in house discount, you will have to dig deep in your pocket.

I suspect in the current cost of living situation, M&S Food stores will find it hard going.

ProDave

squirrelpie said:

You don't say when your final salary pension starts, but there might be a Pension Commencement Lump Sum (PCLS) that is paid when it starts and that could help fill some of the difficult gap. But you might also be able to decrease the PCLS and increase your pension payments so you need to think about what is most important.

I would look at the option to INCREASE the PCLS (in return for a smaller pension)  Then draw on that PCLS  to boost your income until state pension age.

deejaybee

Albermarle said:

Also you will probably be able to take the final salary pension early, albeit with reductions in the annual income.

Another alternative is to send the wife out to work 

1. Delivery Driver - say Evri sort of thing

Dashing around the streets 12 hours a day and then getting stick for only dropping off 250 parcels instead of 300. 
OK if you like stress/fancy an early heart attack.

Ive done it for a dozen years or so - there are probably cases as you descrbe.

I am at the other end of the spectrum - its a part time job with full time wages for me, even with the current fuel situation.

and im talking a fair bit above average wages,  i leave house about 9am drive to location where I load up, usually on road delivering about 10 am, most days i am at home by 2pm this time of year...

BUT there are a lot of people getting exploited, i know i am one of the fortunate ones.

GibbsRule_No3.

Strange your thread came up today. Here is my take.  Granted I am already beyond SP age now but I digress.

At 60 I took one of my FS pensions, moved to a more expensive rented one bedroom bungalow, than the two bedroom ground floor flat that I lived in for 40 years. After a year I took my second FS pension and dropped down to a three day week, then the SP kicked in, unfortunately Covid did as well, so rather than retire I kept going. In January this year I did hand in my notice, you don’t retire anymore, I was due to leave after 50 years at the end of May.  It then seemed that no one had a plan for what to do about my job after I left, so I have now dropped to a 16 hour, two day week.  For those 16 hours I actually get more money than each of the pensions pay monthly. (Obviously the three combined give a nice sum, about as much as I was taking home in wages) So it is a no brainier, I will keep going until they really decide they don’t want me or I physically cannot do the job, Reprographics, so a bit of exercise.  Also a Stakeholder Pension is being added to (well it should be but the markets are not good at present).

So can you ask to do less days, at your current employment, or do you think they’d expect you to do the same amount of work in those fewer days, thus even more stress?  Does your office skill enable you to do it elsewhere with less stress, even if it is less pay?

Silvertabby

Albermarle said:

xylophone said:

but M&S do a selection of lovely English sparking wines!

I'll bear that in mind the next time I'm buying a present for a wine lover!

Although be warned, without an in house discount, you will have to dig deep in your pocket.

I suspect in the current cost of living situation, M&S Food stores will find it hard going.

No signs of that so far - I do the bulk of my shopping every Thursday, and most of my fellow shoppers are also pension age with well filled trollies.  

Mind you, sis-in-law does say that we live in a green welly town!

dunstonh

Prosecco's a bit sweet for me - but M&S do a selection of lovely English sparking wines!

Waitrose Cellar online for home delivery.   Great range of English wines normally.  M&S white label a handful but Waitrose sell the originals.    Every few months Waitrose do a 25% off if you order 6 or more.  So, we tend to stock the wine fridge each time.

I can recommend Camel Valley (all of theirs), Chapel Down Flint dry or Bacchus (and sparkling Bacchus is currently on special at £12.49 a bottle - just ordered 12 bottles at that price), Bolney Estate Autumn Spice and Nyetimber Classic.    Waitrose's own brand is the leckford estate but it's nothing special.   

Kim1965

If you happen across a stress free psrtime job be sure to inform me.