retirement

This a bit along the lines of Ziggy's thread regarding claiming Job Seekers Allowance.
I think I posted at one point that nothing to do with the government was fair.

Anyway I received a letter today stating that I was born 4 months too late and therefore will have to work till I'm 66 before claiming my pension.

On the back it states that you only need 30yrs NI contributions to be entitled to a full pension.

If I should make it till I'm 66, another 9yrs, I will have paid in 50yrs contributions, so who will be getting the other 20yrs of my contributions?
Its a bit like sponsoring a refugee.


As I understand it, its only the extra bit I've been paying over the top that might just get me a few more quid a week.

The whole system needs overhauling.
If a private company was run this way they would be in court every day of the week.

 

Pete, the extra we pay/have paid, goes towards paying the present crop of pensioners. This is because more and more people are living longer and so are getting a pension for longer.

 

Hi Pete,

I don't think you'll get any extra for the extra years you'll have paid. They keep inviting me to pay voluntary contributions, but I think we established my views on the system last night.

 

Which is my point Dai.

If I paid into a personal pension every year, what I paid in would count towards my pot.
Here we have a situation where I'm forced to pay them the money(I dont get a choice), and they do what they like with it.

If this was a private company I was paying I'm sure it would be illegal.

 

No it wouldn`t Pete, in fact, the government appointed CEO would be awarded a £1.6 million salary and offered almost £1m in bonus shares.:D

 

I was told by the Bonk Manager that if I work out how much tax i'm due to pay in a given year & then pay the same amount into my personal pension, it would negate the tax bill for that year.

All very well if I could ever find that amount of money in time, never managed to do it yet.

Just talking about this with Sis, she wondered what happens if you don't make the 30 years contributions?

Do you loose the lot? and how do you live past retirement age?

 

Such selfishness! High time they did the decent thing and hurdled themselves off the nearest cliff.

 

Logans Run had the right idea. Once you reached the age of 35 you, voluntarily of course, got topped.:D

 

Cause & Solution to Unemployment - YouTube

 

Not sure there would be that many left on the forum though Dai:D

 

Two guarantees in life

Hi Pete,
The bit of advice i was given many years ago was this,
You get two guarantees in life,

Number one you've already had, " you we're born".

The second is no matter who you are, elvis, the queen, the pope, the lad next door, Or you Pete,
One day your going to die,

It's the bit inbetween that matters, and if your happy working most of or in some cases all your life then thats up to you,
If you feel you'd like to live another way, doing things you'd like to do?
Then maybe you should give it some thought now,

The only point regarding "ALL" our two guarantee's is we dont know the final closing date of the second.????????

 

The thing that bugs me is, will I still be able to do my job at 66.

Or on the other hand, will there be anyone willing to employ me.

Any ideas on what to do right now regarding "living another way" will be greatly received.

 

It`s not me worth retiring until I am 70. Don`t know if I will stay healthy enough though.

 

If you've got your 30 years stamp, become self employed as a tropical garden arrangement consultant.

When you get the bill for class 2 contributions, ignore it.

when you are not getting the work in for your new chosen career, get a start up loan for a new enterprise as an underfloor heating detective & so on.