The Retirement Thread
4 lurkers |
157 watchers
Nov 2021
9:17am, 21 Nov 2021
5,445 posts
|
um
Bazo - unless there's any good reason to stick with your employer's 'contact', I'd recommend talking to 2 or 3 IFAs to get a feel of what's avaialble and rates. And lets you decide on the type of help you want - a 'small local' advisor, a big firm with a different person each time etc. It's a big decision, there's big fees involved and you'll live with it for a long time. Best to take the time to look around and find someone you feel very comfortable with. Shades - the state pension can also be tricky. Have you got a forecast, fully paid up etc? Or any missing or partial years that might need to be topped up to get the max pension? I'd start that well before the time comes - it does take months to filter through. |
Nov 2021
9:52am, 21 Nov 2021
513 posts
|
Shades
um - I've been checking my contributions for state pension have been fully paid up for 20 years and I check once a year now to see what the forecast is so I can budget for the future. Years ago some contributions from employers took a long time to be credited for various reasons. Since going online that's all speeded up. I have full entitlement. I believe I am supposed to get a letter 2 months before pension due or I can apply myself within 4 months of due date. Too early for me to apply yet. I know they have a backlog at the moment, I'm not too concerned if there's a delay next year as all arrears will be paid, eventually. |
|
Nov 2021
10:00am, 21 Nov 2021
5,446 posts
|
um
Shades - I know there's reports of late start for people, but from my recent experience, other than the tedious phone lines & resolving missing years, once the formal process kicked in, it was smooth. I got the letter notifying me and inviting me to claim (or defer) 4 months before my 66th birthday. I registered on-line at that point and payments arrived as planned on the first pay date in October. I suspect those 'delayed' either didn't respond to the mail, or didn't respond on-line, when I guess it's largely automated? |
Nov 2021
10:07am, 21 Nov 2021
21,662 posts
|
GimmeMedals
I suspect those 'delayed' either didn't respond to the mail, or didn't respond on-line, when I guess it's largely automated? I don't think that's necessarily the case, um. I was listening to this being discussed on Jeremy Vine's radio show recently. There was someone on who had applied in May, ready for his retirement date in September, and he still hadn't had any money. He wasn't the only one in this situation. |
Nov 2021
11:03am, 21 Nov 2021
21,255 posts
|
Bazoaxe
I agree um. Taking this route as it’s initially free and I assume rates might be preferential. Part of me is interested in what they say but could I DIY ! Will see what comes of the initial chat and take from there |
Nov 2021
11:25am, 21 Nov 2021
82,274 posts
|
Hanneke
I am building my retirement plan/home right now. It is quite exciting! I really only have a state pension to rely on, two small dollops from 2 countries, and 2 insignificant sums from 2 small private pension pots in two countries I havent paid into for respectively 27 and 6 years. The idea being I can live for very little and rent out my current home to provide additional passive income after retirement, as and when I need it. I am also planning to keep consulting as a herbalist and yoga therapist/yoga teacher and make herbal medicine. I really cannot keep doing the seriously physical work I do right now for much longer. |
|
Nov 2021
11:56am, 21 Nov 2021
514 posts
|
Shades
Um - I think you're right, some of the cases of delays have been the fault of the claimant, like not informing them of change of address and as they weren't working or claiming benefits no automatic updates to their records. Others thought that there was no need to complete claim forms so by the time their pension was due they would already have a delay. Of course there are some genuine claimants that have had their first payment delayed. Gimme Medals - if that guy applied in May for September payment, he was too early, so his claim might have been put to one side, 4 months is the earliest. I'll probably wait to see if I get a letter. Hanneke - sounds like you're making good plans for your finances during retirement. Your 2 small pension pots may well have grown far more than you expect, especially the older one. |
Nov 2021
1:11pm, 21 Nov 2021
13,021 posts
|
Mandymoo
We had an advisor come out and look at our pensions and he wanted to move them to his company, where the rates were the same and charge us a lot of money to do this. Basically he confirmed what I had worked out and I then just did this myself. Hopefully it all works out and we will be fine.
|
|
Nov 2021
2:24pm, 21 Nov 2021
82,279 posts
|
Hanneke
Shades, I had an account of the GB one and I was surprised actually... It has accumulated to the extent that it was quite a bit higher than I thought... Still inadequately small but... Helpful. The older one is tiny and last year I had a letter saying it had dropped down to the rather small guaranteed sum because of under-performance of the funds. It matures in just over a year and will just about allow me to put a solar pv installation in... Again, I think better use of my meagre resources as it means no more electricity bills! That is a much greater return than the minute annuity it would otherwise yield... |
|
Nov 2021
2:30pm, 21 Nov 2021
5,447 posts
|
um
Hanneke - has it been revalued recently? Many funds took a dip for Brexit, and more or less got back just as Covid struck and knocked 10-20% off everything. But ours, in the last 6 months, have recovered to above pre Covid levels. You may find the value has improved based on last year. |
HellsBellsUseful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
Related Threads
-
Any pension experts out there?
Sep 2022
-
Writing a will.
Nov 2022
-
Energy Bills
Apr 2024
-
Saving Money Tips
Aug 2023
-
Any benefit geeks can help me?
Mar 2023
-
Selling things
Feb 2023
-
Anyone here freelance or self-employed?
Jan 2024
-
Accounting Question
Oct 2017
-
How do I declare extra income to the HMRC when I've always been on PAYE?
Oct 2016
-
Home book keeping for the compleat Fetchie
Mar 2024
