Frugal in retirement

threepenny_bit · 7 February 2019 at 4:51PM

Thanks Suffolk lass - I didnt know that! I don't have any credits for while I was doing my degree which was straight after I left school though.

cuddlymarm · 7 February 2019 at 9:56PM

Hi again Threepenny bit
My family are based at Medicine Hat. The people were lovely, really friendly. We are definitely going to have to visit Canada again.
Cuddles

Suffolk_lass · 8 February 2019 at 9:14AM

threepenny_bit wrote: »

Thanks Suffolk lass - I didnt know that! I don't have any credits for while I was doing my degree which was straight after I left school though.

I should have added that you would also be entitled to NI credits for any period you gave up work to look after children, providing that you claimed child benefit (together with any periods where you were unemployed and "signing on" - as it was called back then).

I really think using the Gov.uk tool to check your SP is your starting point. Now is the time to check it - before you need it.

While I am on the NI subject, be aware that while you were teaching, the default position was that public sector workers were opted out of SERPS, so entitlement to state pension during those years would be at the "Basic Pension" rate, not the higher one, unless you specifically elected not to opt out of SERPS (which almost nobody did).

threepenny_bit · 8 February 2019 at 10:49PM

cuddlymarm - that is a little ways from me, I am between Calgary and Banff.
Suffolk lass - checked my NI and I have 22 years which was a big shock to me lol! I got NI for the years bringing up children before I went back to teaching. I have partial NI for my years doing B.Ed and they seem to be from when I worked during holidays etc and not while studying. I will write and ask about this though, I have 18 years forecast not paying enough but i can't afford to buy back as I am paying in Canada anyway.
I didnt elect to opt out of SERPS either!

Suffolk_lass · 9 February 2019 at 9:23AM

threepenny_bit wrote: »

cuddlymarm - that is a little ways from me, I am between Calgary and Banff.
Suffolk lass - checked my NI and I have 22 years which was a big shock to me lol! I got NI for the years bringing up children before I went back to teaching. I have partial NI for my years doing B.Ed and they seem to be from when I worked during holidays etc and not while studying. I will write and ask about this though, I have 18 years forecast not paying enough but i can't afford to buy back as I am paying in Canada anyway.
I didnt elect to opt out of SERPS either!

That is all good news. If you were to wish to boost the gap, you can only go back up to 6 years and there was an article in the money pages of one of the broadsheets (or it might have been Martin's writings) saying the rate you pay for previous years that is currently based on that year, is due to go up in April (2019) so that you would pay more for previous years. I only remember it because I have five tax years ahead of me before SP age is reached and I remember thinking this was typical! I did opt out of SERPS, for 28 or 29 years. My degree is also the years when my record is incomplete but as I had a gap between Full time education and starting it, I cannot claim for mine and the holiday jobs were not enough. What a good surprise though - 18 years!

cuddlymarm · 11 February 2019 at 10:38AM

Good morning guys
It’s lovely here this morning, the wind has dropped and it’s a lovely clear day. Not much to report here really, it’s an odd time of year I think. Not much to do, waiting for better weather and holidays.
I’m working on decluttering a bit at the moment. I’ve a bag to drop off at the CS on the way to work, then I’ll work on filling another. Clutter is sneaky it just builds up gradually until you notice it I think.
Every spare penny is being hoarded away to pay the balance on our holiday in July at the moment. Holidays are our treat, and you never know when health or circumstances might mean that they can’t be done, so we’re going to Cuba in July, a cruise from Dubai next year and then 2021 is a real biggie. We are going to New Zealand ( we did Australia a few years ago with 2 other couples) We all save a little monthly and after a few years can afford it. The trouble is my bucket list just keeps getting longer. But the memories are wonderful, I’ve been really lucky.
Well done guys on all the research and organisation. It’s lovely that we can help each other.
Anyway better get on, there’s some lovely overtime calling me today.
Keep well guys
Cuddles

PipneyJane · 12 February 2019 at 2:51PM

cuddlymarm wrote: »

Every spare penny is being hoarded away to pay the balance on our holiday in July at the moment. Holidays are our treat, and you never know when health or circumstances might mean that they can’t be done, so we’re going to Cuba in July, a cruise from Dubai next year and then 2021 is a real biggie. We are going to New Zealand ( we did Australia a few years ago with 2 other couples) We all save a little monthly and after a few years can afford it. The trouble is my bucket list just keeps getting longer. But the memories are wonderful, I’ve been really lucky.

I loved New Zealand, Cuddlemarm. I was there in November for a wedding. We stuck to the North Island - didn't have time to do both. A big highlight of our trip was the day we spent on the White Island, a active volcanic island in the Bay of Plenty near Rotorua. If you can squeeze it into your itinerary, do so. You won't regret it.

- Pip (child of the "West Island" of New Zealand, aka Australia)

cuddlymarm · 18 February 2019 at 8:46AM

Thanks PipneyJane
We haven’t started the planning bit yet, just the saving up bit.
When we did Australia we stayed for two days in Kuala Lumpur, then a week in Perth, the took a cruise from Perth to Sydney ( no unpacking or flying and saw lots) then a few days in Sydney, then to Melbourne where OH and his brother met their Uncle and cousins that they had never met. It was fabulous, but also added more places to our bucket list.
The planning part, with their being three couples is also part of the fun.

wondercollie · 18 February 2019 at 4:41PM

threepenny_bit wrote: »

Goldiegirl - many thanks for the links.Under the new state pension laws I had thought I could get sp at 67 so I now nee to look into exactly how many years NI I paid - I had paid all the time while I was teaching and then I I had enterprise allowance so my NI was paid through that too.
Thanks again

Another Canadian here. CPP is a mine field of uncertainty. They have discussed several times raising the retirement age to 67. My govt pension outlook is dismal. If I take it at 60, it’s less than $500/month! I have to look into how much it rises when I claim the years I stayed home with our children. Unfortunately, from the paperwork I’ve seen they won’t do the calculations until your application goes in.

My work pension is also small because I was part time most of my career. I used to joke that my retirement plan was to outlive the husband an use his survivors benefit. Actually, if I use his benefit, the widows benefit and what I get from work, I’ll be fine but it’s a scary drop in income.

The government deducts the CPP value from his government pension, so its a joke.

cuddlymarm · 21 February 2019 at 9:32AM

Good morning guys
I’m not on work until later so I thought I’d pop by.
It’s a bit warmer here but soggy. But no heating needed so that’s good.
OHs shoulder is on the mend, he doesn’t have to wear the sling now, keyhole surgery is truly amazing, hardly a scar and a lot less healing to do.
He’s getting a bit fed up but with it getting warmer he can go and potter in his garage a bit.
Major triumph yesterday when I bought a blouse in one of the younger girls type shops. The dieting is finally paying off. It was still a flowery blouse but it means I can enjoy going in so many more places to shop now and I actually enjoy clothes shopping. I’d let my weight creep up and it was time to take action. Also my ankles don’t creak as much. One of the retirement targets for both me and OH are to keep fit and healthy so that we can enjoy it to the full.
It’s lovely that we are able to support each other. You guys living in other countries need to keep on top of what you are entitled to after all you’ve paid your contributions. The retirement ages are gradually changing so you need to make sure to keep on top of it. It’s hard enough here.
The uncertainties of Brexit is a bit unsettling at the moment, I wish it was just all over and done with. But never mind, we have lived though all sorts of problems over the years and will cope.
Anyway enough of my ramblings
Have a good day guys
Cuddles

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