Progress not Perfection

Makingabobor2

My state pension started the week of my 66th birthday, but not sure if the age has already risen. My sister, who will be 66 in October, can't get hers till 66 & 3months. 

jwil

Huge congratulations on being mortgage free!

Willowtree222

Congratulations on being mortgage free x

Sun_Addict

I will seriously need to think about when to retire. I've just had a look and you can defer your state pension for up to 52 weeks and receive a lump sum. One of my friends did this. Not sure I want to hang on another year but the lump sum and extra year's income would be very handy. I could always compromise and do six months extra I suppose, which was the original plan...

I hate making decisions 🤣

Makingabobor2

Sun_Addict said:

I will seriously need to think about when to retire. I've just had a look and you can defer your state pension for up to 52 weeks and receive a lump sum. One of my friends did this. Not sure I want to hang on another year but the lump sum and extra year's income would be very handy. I could always compromise and do six months extra I suppose, which was the original plan...

I hate making decisions 🤣

Any chance of doing the last year as WFH?  That would make it better in the winter for you

Cherryfudge

Great news about the end of your mortgage! Well done.

I can't advise on the pension but I've found I need to keep on working for all those mental health reasons, despite work offering me to draw down some pension early. I've left the pension where it is and am on a low income but, with DH's earnings and pension, and money in savings for big items, that's enough for now. I know your circumstances are different and you have reasons to want to be finished with work, but the whole social contact/getting out of the house/ own income/ structure to the day thing is a vital consideration - though I don't imagine you haven't thought of that. Perhaps if you did the six months extra, it would give you a feel for how you will adjust - and I am sure that, should you choose to retire and miss the regular work pattern, it would only take you about five minutes to get involved in something worthwhile and before you knew it, you would be deciding what to trim from your crowded hours!

badmemory

You may need to watch the timing if you defer for a lump sum because of tax.  So take it in May not in March after a full working year possibly.

Sun_Addict

Makingabobor2 said:o

Sun_Addict said:

I will seriously need to think about when to retire. I've just had a look and you can defer your state pension for up to 52 weeks and receive a lump sum. One of my friends did this. Not sure I want to hang on another year but the lump sum and extra year's income would be very handy. I could always compromise and do six months extra I suppose, which was the original plan...

I hate making decisions 🤣

Any chance of doing the last year as WFH?  That would make it better in the winter for you

Unfortunately not. Others have said they’d stay on longer if they could WFH. 

Sun_Addict

Well at least one decision has been made today. I’ve ordered Mr SA’s chair. I had a look to see what D£S were doing as our sofa was from there and fortunately they’re still doing that sofa and the matching chair. The sofa is still in great condition, I didn’t want to get a new one just to match the chair so I’m pleased about that. 

Pension wise I’m leaning towards doing an extra 6 months as originally planned. This is what I informally told work I was doing. 

I enjoy my job, not all the office politics that accompany it, although they tend to leave me to do my own thing most of the time. 

Sun_Addict

badmemory said:

You may need to watch the timing if you defer for a lump sum because of tax.  So take it in May not in March after a full working year possibly.

Thank you I’ll take that into consideration. It did mention it on the pensions website.