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5 Nov 20, 08:41 PM |
#1
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Imagineer
Join Date: Jul 14
Location: The Tiki Room.
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Do I take My Old Age Pension Next Year?
Had the letter today!
Pension due for payment next February when I am 66. Now I haven't paid any NI for the last 9 years as I couldn't be bothered albeit I can top up if I wish for a good few of those years. Financially it's not worth it when I do the calculations. However every year I defer this Pension it rises by 10%. Have many done this? My thoughts have always been 'A bird in the hand is worth 2 in the bush' Just some thoughts please.
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"PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976 |
5 Nov 20, 08:44 PM |
#2
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Imagineer
Join Date: Oct 09
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My advice is exactly as you have stated Tom. You will live longer at age 66 than age 67..so on and so forth.
You need 35 years of NI to get the full amount. I am sure you must have done that? I would milk it Disney332
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5 Nov 20, 08:48 PM |
#3
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Thread Starter
Imagineer
Join Date: Jul 14
Location: The Tiki Room.
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I worked from 15 until 55 but the online calculator says due to my DOB I'm not entitled to a full Pension.
Maybe I will PM you as you know this stuff. I don't!
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"PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976 |
5 Nov 20, 08:53 PM |
#4
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VIP Dibber
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5 Nov 20, 08:57 PM |
#5
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VIP Dibber
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tocpe |
5 Nov 20, 09:03 PM |
#6
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VIP Dibber
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I’d check those figures on the website Tom...
gov.uk/deferring-state-pension/what-you-get They quote 5.8% for the year, or £10 a week extra... the state pension is £9100 a year, so basically you’d need 18 years to recoup what you’d gain by deferring... The old system allowed you take it as a lump sum with interest which was much more appealing...
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May 2012 3 weeks Highgate villa, RPR & Barefoot Beach Resort May 2010 2 weeks The Point Orlando Resort & Clearwater |
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5 Nov 20, 09:03 PM |
#7
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Guest
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personally, i would defer for a year or 2, that 10 - 20 rise would be very nice
i guess you are not on the breadline |
5 Nov 20, 09:04 PM |
#8
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VIP Dibber
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5 Nov 20, 09:06 PM |
#9
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Thread Starter
Imagineer
Join Date: Jul 14
Location: The Tiki Room.
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__________________
"PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976 |
5 Nov 20, 09:11 PM |
#10
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Imagineer
Join Date: Sep 15
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It also depends in your NI contributions during your working years - if you were contracted in or out as that has impact on state pension. Both my husband and I were over the qualifying years for a full pension but neither of us receives it as we were both contracted out at one point over the years.
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