strange question about retirement

[anonymous-user]

apologies if this is in the wrong place (I guess it could be in finance too?)

I retired early last year aged 56, by which I mean I stopped worked and closed down my Ltd company.

Final Self Assessment after April will cover the funds transferred as part of the closure.

I just had a thought though, as I am living off my savings currently and will then make use of income from a house sale and ISA's etc after that, do I actually need to tell anyone (HMRC etc) that I've retired?

I'll still be filling in an SA as we have a BTL property, but am I suppose to do anything else, or can I just disappear other than that?

[sas62]

I didn't tell anyone when I did that. After a couple of years of very reduced income declared on SA, HMRC wrote to me and said I didn't need to bother any more. Only thing that changed is I now put retired as occupation on things like car insurance.

[littleredrooster]

You may find that you are short of NI contributions to give maximum state pension if that matters to you.

[anonymous-user]

I think I hit 35 years with my next tax return, so that's covered.

[The Leaper]

"Think" ? So, actually you only "think" you're covered. You can check with the DWP to find out your actual situation.

R.

[anonymous-user]

I did check previously and decided it wasn't an issue. So "think" as in "I'm in the pub on a friday and dont have the info to hand"

[Wacky Racer]

keirik said:

I did check previously and decided it wasn't an issue. So "think" as in "I'm in the pub on a friday and dont have the info to hand"

You can always "top it up" with a small one off payment if you are just a year or so short.

[micky metro]

Always worth checking on https://www.gov.uk/check-state-pension
£780 for every year you are short, that gives you £4.70 pw before tax.

[anonymous-user]

I've got 37 qualified years.

Maximum I can improve is an extra pound per week to £143.dont think I'll bother.

This year's tax return will give me 38 years.