The Great Hunt: Getting ready for retirement

gloriouslyhappy · 14 August 2014 at 2:22AM

Harrhy wrote: »

The age for getting a bus pass depends on which bit of the UK you live in. I believe a person in Northern Ireland, Wales or Scotland can get a bus pass at 60. Those in England have to wait until they reach the age at which a woman can receive the state pension.

If you live in London, you can get a 60+ Oystercard for unlimited London travel on tube, bus and overground. Free except for an initial £10 admin fee. It's a photocard so you can't let anyone else use it, unlike a PAYG oystercard, but you can apply 2 weeks before your 60th birthday, male or female. Thanks Boris!

https://photocard.tfl.gov.uk/tfl/gotoApply.do?type=plus60&from=home

moneyistooshorttomention · 14 August 2014 at 7:35AM

I'm guessing that the overall free bus pass at 60 or not thing centres around the type of area concerned. In Wales, for instance, it had to continue to be at 60 because much of Wales is pretty rural and its often necessary to travel some distance for basic facilities. Back where I lived before (in a small English city) I could/did walk to everything and really only required buses for leisure purposes. Add the fact that many people here are having to spend more on fuel than most (ie because they live that rurally that they don't have mains gas to their house) and that means they have less disposable income as well.

Here, on the other hand, I've ended up having to do a bus trip even to see my dentist visit my bank or have a passable selection of shops. I'm going to have to go quite some distance to have a full selection of shops.

Areas like London, on the other hand, are so congested that they have to keep it at 60 to get as many people as possible out of cars.

Nationwide8 · 14 August 2014 at 3:31PM

zygurat789 wrote: »

That would be £10,000 of income from all sources and the £10,000 tends to increase year on year as a gift from the chancellor

Yep Thanks,my income will not be over £10,000 pa in a tax year so what am trying to find out is if the pension part of that is definitely NOT taxed before you get it....

Nationwide8 · 14 August 2014 at 3:42PM

zygurat789 wrote: »

Both the £10,000 and £7,956 are pro rata for the earnings period so £833 per month over the year. Tax being cumulative this will even itself out over a year. £7,956, or £663 per month is not cumulative so if you earn £700 one month and £600 the next you pay NI in the former and none in the latter, end of story; whereas if you earned £650 in each month you would pay no NI.

Thanks again...got it...is the £7956 ( £663 per month ) level before deductions eg tax ( if you pay it ).....am assuming it is ?

Savvy_Sue · 14 August 2014 at 3:57PM

Nationwide8 wrote: »

Yep Thanks,my income will not be over £10,000 pa in a tax year so what am trying to find out is if the pension part of that is definitely NOT taxed before you get it....

Tax is never deducted at source from your STATE pension. From private pensions, it's more complicated and you may need to talk to HMRC to confirm your pension income and get the right tax code in place. Then when your state pension kicks in (if later), it will all go wrong unless you are proactive and contact HMRC to get them to send a tax code to your private pension provider(s). If you don't, you'll underpay tax that year, and will spend at least a year playing catch up, ie paying tax for the previous year as well as what's due for that year.

p00hsticks · 15 August 2014 at 11:50AM

Nationwide8 wrote: »

I thought you had go be state pension age as well to get a free bus pass ???

As discussed, bus pass eligibility it seems to varies from authority to authority and country to country, but in general many of these benefits that used to be for 'over 60s' are now determined by the state pension for women, which is gradually rising to bring it into line with men.

So there are men around that aren't actually at their state pension age, but are able to claim e.g. free bus pass, winter fuel allowance because a woman born the same day as them would be.

zygurat789 · 15 August 2014 at 2:08PM

p00hsticks wrote: »

So there are men around that aren't actually at their state pension age, but are able to claim e.g. free bus pass, winter fuel allowance because a woman born the same day as them would be.

That's fair, there's no reason why women have an earlier state retirement age other than they were, on average, 5 years younger than their husbands when the 65/60 age limits were set and the powers that be wanted them to retire together. RRRRRRRRRRR

Fleet_Beekeeper · 16 August 2014 at 8:03PM

Our Council follows the normal rule of free bus pass when you get to female retirement age, but we do have the benefit of using buses from 9am, while in the next door council area it starts at 9.30

sheeps68 · 21 August 2014 at 4:17PM

Hi there,
First of all I do not fit in this age criteria but thought this seems to be the best place to ask for advice and information.

I'm in my 40's and looking at the likelihood of ill health retirement in the near future. I'm currently off sick and seriously looking at potentially not going back. In some ways its good as it was a possibility 6 years ago and I managed longer.

I've got a local government pension scheme. Trying to get them to give me figures at present but its rather like pulling teeth to get information. I've still got a mortgage but with some savings that will go on paying a lump sum off once I get to end of current mortgage fix. Hope there is a lump sum from pension to pay another chunk too.

Any advice or information is welcome as it all feels too much especially when feeling none too good in myself.

Thanks

PennyForThem_2 · 21 August 2014 at 6:39PM

hi sheep68 (not in Wales at all - sheep>than population)

I would post in pensions board and also the benefits board as you will get more help than here.

This forum is more about life style of those of pensionable age with savings thrown into the mix.

MSE Forum

The Great Hunt: Getting ready for retirement

Replies

NHS prescription costs frozen in England

£100 John Lewis e-gift card free with big spend

Adopting kittens – need pet insurance advice