Giving up work (early retirement)
Discussion
First thing I'd do is check your NI record and what state pension you will get with your current contributions as you might not need to contribute any more to get the full state pension.
https://www.gov.uk/check-national-insurance-record
https://www.gov.uk/check-national-insurance-record
SarlechS said:
might be ignorant of me but if you have 10 years of full contribution does that mean you are only entitled to 10 years of state pension after retirement age?
No you will still get a pension, just not as much. It is generally accepted that the full state pension isn't really enough to live on.I took voluntary redundancy 11 years ago, aged 52.
First thing I did was sign on for 6 months, got the basic job seekers allowance, NI paid, and some free courses.
I then got a part time job, and took my company pensions early.
I also started actively promoting my small business.
I'm now working self-employed 6 and a half days a week, and think I'll retire properly in another 10 years.
If you can, put your hand up for VR.
First thing I did was sign on for 6 months, got the basic job seekers allowance, NI paid, and some free courses.
I then got a part time job, and took my company pensions early.
I also started actively promoting my small business.
I'm now working self-employed 6 and a half days a week, and think I'll retire properly in another 10 years.
If you can, put your hand up for VR.
clockworks said:
I took voluntary redundancy 11 years ago, aged 52.
First thing I did was sign on for 6 months, got the basic job seekers allowance, NI paid, and some free courses.
I then got a part time job, and took my company pensions early.
I also started actively promoting my small business.
I'm now working self-employed 6 and a half days a week, and think I'll retire properly in another 10 years.
If you can, put your hand up for VR.
You’re not exactly selling it if I may say. 6 and half days a week? Got that out of my system in my 20’s, life is too short.First thing I did was sign on for 6 months, got the basic job seekers allowance, NI paid, and some free courses.
I then got a part time job, and took my company pensions early.
I also started actively promoting my small business.
I'm now working self-employed 6 and a half days a week, and think I'll retire properly in another 10 years.
If you can, put your hand up for VR.
clockworks said:
I took voluntary redundancy 11 years ago, aged 52.
First thing I did was sign on for 6 months, got the basic job seekers allowance, NI paid, and some free courses.
I then got a part time job, and took my company pensions early.
I also started actively promoting my small business.
I'm now working self-employed 6 and a half days a week, and think I'll retire properly in another 10 years.
If you can, put your hand up for VR.
Must be enjoyable work to continue working 6 1/2 days a week up to your 73. Great if it is something that can also be a hobby and generate an income. First thing I did was sign on for 6 months, got the basic job seekers allowance, NI paid, and some free courses.
I then got a part time job, and took my company pensions early.
I also started actively promoting my small business.
I'm now working self-employed 6 and a half days a week, and think I'll retire properly in another 10 years.
If you can, put your hand up for VR.
Out of interest, what sort of work is it ?
Edited to add, just read you are a clockmaker, user name should have given that away.
tighnamara said:
Must be enjoyable work to continue working 6 1/2 days a week up to your 73. Great if it is something that can also be a hobby and generate an income.
Out of interest, what sort of work is it ?
Edited to add, just read you are a clockmaker, user name should have given that away.
Yes, it's a hobby that turned into a job. I was a computer field engineer for 32 years, and repairing old mechanical devices was a good counterpoint. Out of interest, what sort of work is it ?
Edited to add, just read you are a clockmaker, user name should have given that away.
I could give up working tomorrow if I wanted to, but I mostly enjoy it, so I'll keep going.
Old clock and watch guys tend to die "at the bench", or stop when they physically can't do the work anymore. It's a passion, rather than a job.
p1doc said:
I thought new pension rules are you need to contribute 35 yrs NI contributions to qualify for full state pension
It's complicated. https://www.thisismoney.co.uk/money/pensions/artic...
Retired at 56, 2 years ago (almost 3 now wow!)
Not quite got my full 35 years NI, but the financial difference in terms of how much state pension I'll get, ie bugger all, or slightly less than bugger all, wasn't incentive enough to keep working.
I just stopped working and havent regretted it once. I've also not been tempted into anything else. I hated my job for 30+ years so why look for another
Not quite got my full 35 years NI, but the financial difference in terms of how much state pension I'll get, ie bugger all, or slightly less than bugger all, wasn't incentive enough to keep working.
I just stopped working and havent regretted it once. I've also not been tempted into anything else. I hated my job for 30+ years so why look for another
supposedly you can pay in extra years but again seems very complicated and they can change how much extra you have to pay in to get nit much there are loads of articles an moans about this in pension section on this is money website as they have ex pensions minister answering questions
ps follow link by leo sayer in my last post as he has linked to same website
ps follow link by leo sayer in my last post as he has linked to same website
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