[Misc] Retirement

[Elbow750]

For those that retired early, did you do anything about NI payments? I just stopped work, I haven't told anyone or done anything. I worked FT from 1977 to 2021, so have around 44 years of full payments.

Check your pension forecast as mentioned. I worked full time since age 16 and retired at 63, but for many of those years was contracted out of SERPS (State Second Pension) because of my work pension, so I didn't get full years. I retired 2.75 years early and will be buying my shortfall as added years.
Also, as I look after my Grandson a couple of days a week I can claim extra NI qualifications, as both his Mum and Dad are working Full Time and have passed his NI for childcare onto me. So Complicated but worth checking.

 

[Seagull58]

My online account shows I made full contributions from 16 years of age onwards….I didn’t have a proper full paid job until I graduated.

I did a paper round from age 11 and then got my my NI number at age 13. I continued doing the paper round till I was 17. I then had 3 years "studying" at university. I left the UK at age 51 and have made no subsequent NI contributions. When I checked about 3 years I was told I had made sufficient contributions for the full state pension. I queried this with the pension helpline because I only worked full-time for 30 years and he confirmed that my early years doing a paper round and studying also counted.
My pension commenced in October last year, paid in Euros directly into my Portuguese bank account.
I'm receiving over £1000 per month (equivalent) but I paid SERPS for a number of years so must be getting a bit above the standard amount.

 

[Seagull58]

This is not true, many are under the transition rules, I had to have 50 years of full contributions to be able to receive the full SP, which started this year.

My pension started in October 2024 and I get the full amount despite only working full-time for 30 years. See my post above for more detail.
50 years sounds crazy but I'm not categorically saying you're wrong.

 

[Herr Tubthumper]

I did a paper round from age 11 and then got my my NI number at age 13. I continued doing the paper round till I was 17. I then had 3 years "studying" at university. I left the UK at age 51 and have made no subsequent NI contributions. When I checked about 3 years I was told I had made sufficient contributions for the full state pension. I queried this with the pension helpline because I only worked full-time for 30 years and he confirmed that my early years doing a paper round and studying also counted.
My pension commenced in October last year, paid in Euros directly into my Portuguese bank account.
I'm receiving over £1000 per month (equivalent) but I paid SERPS for a number of years so must be getting a bit above the standard amount.

Nice. You wont go short of piri piri and Sagres! I have another 4 years of payments before mine is complete. I think that’s about 15 quid a quarter for me.

 

[dazzer6666]

My pension started in October 2024 and I get the full amount despite only working full-time for 30 years. See my post above for more detail.
50 years sounds crazy but I'm not categorically saying you're wrong.

It’s usually 35 but can be more if you were contracted out. The HMRC pension checker tool is very useful

Check your State Pension forecast

Find out how much State Pension you could get (your forecast), when you could get it and how you could increase it

www.gov.uk

 

[LamieRobertson]

Polar Capital Technology.

Taking a bit of a battering along with other US stuff ……time to perhaps take a nibble ….or indeed buy more if already holding?

 

[Eric the meek]

Taking a bit of a battering along with other US stuff ……time to perhaps take a nibble ….or indeed buy more if already holding?

Or look at one of its rivals - Allianz Technology Trust (ATT), which today has fallen further (7.53% as opposed to 5.63%), but has still outperformed PCT over all time periods?

My SIPP has a modest holding in ATT, which is rather more modest than it was yesterday....

 

[LamieRobertson]

Or look at one of its rivals - Allianz Technology Trust (ATT), which today has fallen further (7.53% as opposed to 5.63%), but has still outperformed PCT over all time periods?

My SIPP has a modest holding in ATT, which is rather more modest than it was yesterday....

Aye I follow both …but hold neither….as generally my ISA is geared for income….but pondering a nibble to build on

 

[Eric the meek]

Aye I follow both …but hold neither….as generally my ISA is geared for income….but pondering a nibble to build on

There's something in what you've posted that caught my eye. 'My ISA is geared for income'. There's nothing wrong with that - we are all different.

But historically, I've always had it in my head that my SIPP should provide the income, and my ISA should be reserved for capital growth. In practice, I don't follow what my head says anyway (e.g. ATT is in my SIPP). Apologies for the ramble !

 

[LamieRobertson]

There's something in what you've posted that caught my eye. 'My ISA is geared for income'. There's nothing wrong with that - we are all different.

But historically, I've always had it in my head that my SIPP should provide the income, and my ISA should be reserved for capital growth. In practice, I don't follow what my head says anyway (e.g. ATT is in my SIPP). Apologies for the ramble !

No apology needed…..I used to have a SIPP but it got cashed in as part of a relationship settlement and to help pay for my daughters wedding

…so over the last say ten years I’ve built up a stocks ISA (some short term savings in cash ISA) through smallish inheritances and earnings ….last couple of years it’s emphasis has been switched to income generation due to circumstances ….i still look at takeovers situations and investment trust windups for capital gains

 

[Triggaaar]

I did a paper round from age 11 and then got my my NI number at age 13. I continued doing the paper round till I was 17. I then had 3 years "studying" at university. I left the UK at age 51 and have made no subsequent NI contributions. When I checked about 3 years I was told I had made sufficient contributions for the full state pension. I queried this with the pension helpline because I only worked full-time for 30 years and he confirmed that my early years doing a paper round and studying also counted.

I'd love to know more about this. I did a paper round for years and did 3 years at uni. How did they even find out you did a paper round etc? It's not shown on my hmrc account.

 

[Seagull58]

I'd love to know more about this. I did a paper round for years and did 3 years at uni. How did they even find out you did a paper round etc? It's not shown on my hmrc account.

The newsagent registered me at 13 and I got my NI number. That's all I know.

 

[Triggaaar]

The newsagent registered me at 13 and I got my NI number. That's all I know.

Doesn't look like I had an NI number when I was doing a paper-round, and the years I was at uni haven't counted on my record as I wasn't getting NI credits.

 

[BLOCK F]

Taking a bit of a battering along with other US stuff ……time to perhaps take a nibble ….or indeed buy more if already holding?

Personally, I am not thinking of increasing any of my holdings at the moment. Catching a falling knife is the phrase that comes to mind and at my advanced age of 76, my SIPP and investment portfolio have taken enough of a beating from March until now.
I reckon there will likely be more downside to come before the picture becomes clearer, but what do I know! Negotiations and retaliatiory threats/ action will be forthcoming, we know that much, along with volatility.
Me? I am just going to ‘keep buggering on’, as Churchill said and curse that orange creature as I do so.

Taking a bit of a battering along with other US stuff ……time to perhaps take a nibble ….or indeed buy more if already holding?

 

[Weststander]

[A working years and in retirement possibly on drawdown, subject].

Anyone here reduce their exposure to equity investments this year? Aside from Berkshire Hathaway, very few repeatedly time market movements ahead of them occurring. The Magnificent 7 were over valued anyway, Trump accelerated the correction.

For me, I altered the mix in my SIPP, some of this belatedly. The only assets not getting hit are cash and precious metals.

 

[Blue&WhiteSea]

Trying not to focus too much on how much my investments are falling and planning to spend the 1st Friday of my new 4 day working arrangement cycling and drinking beer in the sun, why wait for retirement!

 

[LamieRobertson]

Trying not to focus too much on how much my investments are falling and planning to spend the 1st Friday of my new 4 day working arrangement cycling and drinking beer in the sun, why wait for retirement!

Lovely day for a pedal…….i’ll be doing the same and then picking the grandkids up from school

 

[BLOCK F]

Trying not to focus too much on how much my investments are falling and planning to spend the 1st Friday of my new 4 day working arrangement cycling and drinking beer in the sun, why wait for retirement!

Quite right.
I am retired and am now too decrepit to cycle except for a very short distance, and as for beer, sadly my capacity for any sort of alcohol has seriously diminished.
PS and the sun has gone in too!

 

[Flounce]

FTSE taking another pounding so far today

 

[Shropshire Seagull]

I'd love to know more about this. I did a paper round for years and did 3 years at uni. How did they even find out you did a paper round etc? It's not shown on my hmrc account.

Is this the cash-in-hand income model out of sight of HMRC?

Given that a paper round income was likely never to incur PAYE (below threshold), seems like @Seagull58 employer did the smart thing for his paper round "staff"