State Pension Uprating

blue.peter

etienneg said:

Just checking: Do you realise that you have to APPLY for your state pension to start being paid? I ask because some people assume that it will start automatically when they reach state pension age, which is not the case.

Yes, thanks. I understand that I'll be sent an invitation letter in the summer, and that the earliest I can apply is late August (i.e., three months before I reach SPA). I've already set a reminder in my diary for that date

MallyGirl

blue.peter said:

Update: It's taken HMRC and DWP less than two weeks to update my NI record and State Pension entitlement. My forecast now looks like this:

Dazed_and_C0nfused said:

A fourth year would only add the final £1.79/week so less of a bargain but probably still worth doing as you will recoup your money in less than 10 years.

Allowing for tax and next April's uprating, the calculation looks like this:

£824.20 / (£1.63 * 52 * 0.8 * 1.085) = 11.20 years to recoup the outlay.

So the question of whether or not it's worth it is, for me, borderline. It depends on my assessment of my life expectancy. Will I live to be over 77? I don't think that I'll bet on it.

I'm very grateful for the helpful advice offered to me above, and especially for @Dazed_and_C0nfused 's highly persuasive numbers.

It would be less than 11 years due to the triple lock pension increase each year. Statistically you will likely live beyond 77 unless you know otherwise (existing health, family history).

Teeceor

State Pensions - There is a petition on the Gov web page, has now received 48k, to request its increase. The last one only received 20 k and did not really get anywhere. I would post the link but that's against Forum rules
If you feel strongly about the state pension and feel you could assist, go for it

blue.peter

MallyGirl said:

It would be less than 11 years due to the triple lock pension increase each year. Statistically you will likely live beyond 77 unless you know otherwise (existing health, family history).

Yes, of course you're right about the effect of the triple lock. On the other hand, the interest that would be gained if I left the money in a savings account should also be offset.

As for my life expectancy, my GP described me as "a heart attack waiting to happen". That was in March 2008. He'd just measured my blood pressure at 230/140. Not surprisingly, I've been taking drugs to control it ever since - currently three of them. And a statin for cholesterol. I'm rather overweight, my lifestyle is sedentary and I drink more whisky than my GP likes. So I won't bet on living to 77.

xylophone

I drink more whisky than my GP likes

No cigarettes or wild,wild wimmin?   Once you get that munificent state pension, the world's your oyster?

blue.peter

xylophone said:

I drink more whisky than my GP likes

No cigarettes or wild,wild wimmin?

Not really my thing. Nor wild, wild men, either. I'd rather sit down and read a good book.

Grumpy_chap

blue.peter said:

xylophone said:

I drink more whisky than my GP likes

No cigarettes or wild,wild wimmin?

Not really my thing. Nor wild, wild men, either. I'd rather sit down and read a good book.

Gee - all that time to enjoy wasted on the more mature members of society

blue.peter

Grumpy_chap said:

Gee - all that time to enjoy wasted on the more mature members of society

1. I am enjoying my retirement. The time that I now have isn't wasted.

2. Others will choose to do other things with their time in retirement. That's the point: it's our time to do with as we choose. we don't have to follow the dictates of managers/customers/whoever.

xylophone

 I'd rather sit down and read a good book.

I know...... when old as I feel equates to old as I am, alas...

blue.peter

blue.peter said:

etienneg said:

Just checking: Do you realise that you have to APPLY for your state pension to start being paid? I ask because some people assume that it will start automatically when they reach state pension age, which is not the case.

Yes, thanks. I understand that I'll be sent an invitation letter in the summer, and that the earliest I can apply is late August (i.e., three months before I reach SPA). I've already set a reminder in my diary for that date

I've just had a pleasant surprise. It's nearly four months until my 66th birthday. Today, I received my invitation from the DWP to apply for my state pension. It included my invitation code, but said nothing about an earliest date on which I could apply. I had nothing to lose, so I went to the relevant web page and started my application. No error message, so I continued. And this is what happened:

So it's all done and dusted. I'm happy