| State pension dilemma 08:09 - Feb 6 with 7786 views | noggin |
I will be 67 in 2033. To date I have paid 26 full years of NI contributions, which at today's rates wuld give me a weekly pension of 107.08 a week. I have the option of paying another 12 years which would give me a pension of 159.55 a week.
Should I pay the remaining 12 years contributions which are about 700 quid for each year? I'm guessing it's a no brainer given the chances of living well into my 80s but what does everyone think? I do not intend on living in Norway when I retire but have no idea where i would like to live. My Norwegian pension will be worth around 27000 quid a year at today's exchange rate. [Post edited 6 Feb 2018 8:11]
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| State pension dilemma on 08:15 - Feb 6 with 5270 views | chicoazul |
27k for two of you? How are your debts looking, mortgage paid off?
27k if index linked and no more debt to service will give you an extremely comfortable retirement if you're on your own and a fairly comfortable one if you are with a partner. If you don't miss the money each year I would still pay up your NI though. |  |
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| State pension dilemma on 08:22 - Feb 6 with 5246 views | noggin |
| State pension dilemma on 08:15 - Feb 6 by chicoazul |
27k for two of you? How are your debts looking, mortgage paid off?
27k if index linked and no more debt to service will give you an extremely comfortable retirement if you're on your own and a fairly comfortable one if you are with a partner. If you don't miss the money each year I would still pay up your NI though. |
Mortgage will not be paid off but will be selling up and leaving Norway. I live alone right now with no other long term debts. Norwegian pension is index linked. I also have a forces pension of 320 quid a month from age 60, also index linked. [Post edited 6 Feb 2018 8:25]
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| State pension dilemma on 08:33 - Feb 6 with 5203 views | trncbluearmy |
If you are in decent health it is a no brainer, you will be paying a fixed amount for a rising benefit,approx 3% (consumer price index) 2018 |  | | |
| State pension dilemma on 08:36 - Feb 6 with 5189 views | bluefunk |
If I have understood you correctly that’s a total of £9600 in exchange for an additional minimum £2700 a year for life?
Take it, that kind of benefit isn’t available anywhere else, even if you have to pay UK tax o. It |  | | |
| State pension dilemma on 08:39 - Feb 6 with 5172 views | noggin |
| State pension dilemma on 08:36 - Feb 6 by bluefunk |
If I have understood you correctly that’s a total of £9600 in exchange for an additional minimum £2700 a year for life?
Take it, that kind of benefit isn’t available anywhere else, even if you have to pay UK tax o. It |
Cheers, that is what I was thinking. I also don't have to pay the full amount in one payment, which helps. | |
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| State pension dilemma on 09:09 - Feb 6 with 5101 views | chicoazul |
| State pension dilemma on 08:22 - Feb 6 by noggin |
Mortgage will not be paid off but will be selling up and leaving Norway. I live alone right now with no other long term debts. Norwegian pension is index linked. I also have a forces pension of 320 quid a month from age 60, also index linked. [Post edited 6 Feb 2018 8:25]
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Sounds like you have it well sussed big man. Wish we were all so insightful as you haha! | |
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| State pension dilemma on 09:18 - Feb 6 with 5083 views | noggin |
| State pension dilemma on 09:09 - Feb 6 by chicoazul |
Sounds like you have it well sussed big man. Wish we were all so insightful as you haha! |
I don't know, it still stresses me out, hence the OP. Exchange rates and property prices can still influence things before I retire. If it wasn't for the long winters, I'd stay here. I haven't planned for retirement at all, so it is what it is. [Post edited 6 Feb 2018 9:24]
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| State pension dilemma on 09:24 - Feb 6 with 5059 views | chicoazul |
| State pension dilemma on 09:18 - Feb 6 by noggin |
I don't know, it still stresses me out, hence the OP. Exchange rates and property prices can still influence things before I retire. If it wasn't for the long winters, I'd stay here. I haven't planned for retirement at all, so it is what it is. [Post edited 6 Feb 2018 9:24]
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Sounds to me like you can afford to move somewhere a lot hotter by then with 30 large a year burning a hole in your pocket. | |
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| State pension dilemma on 09:34 - Feb 6 with 5021 views | noggin |
| State pension dilemma on 09:24 - Feb 6 by chicoazul |
Sounds to me like you can afford to move somewhere a lot hotter by then with 30 large a year burning a hole in your pocket. |
That is the other benefit of moving. Unless things change drastically, cost of living is likely to be less than here. Thanks for the advice everyone. | |
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| State pension dilemma on 09:56 - Feb 6 with 4943 views | Westover |
| State pension dilemma on 09:34 - Feb 6 by noggin |
That is the other benefit of moving. Unless things change drastically, cost of living is likely to be less than here. Thanks for the advice everyone. |
Portugal or Spain would be good it's so inexpensive to live there I spend as much time as I can in Portugal I find I spend about 120euro a week for food travel a few beers and eating out two or three times a week. A two bed apartment would cost around 150-000 euro or about 500 euro a month to rent property in parts of Spain are less expensive to buy. |  | | |
| State pension dilemma on 10:22 - Feb 6 with 4885 views | noggin |
| State pension dilemma on 09:56 - Feb 6 by Westover |
Portugal or Spain would be good it's so inexpensive to live there I spend as much time as I can in Portugal I find I spend about 120euro a week for food travel a few beers and eating out two or three times a week. A two bed apartment would cost around 150-000 euro or about 500 euro a month to rent property in parts of Spain are less expensive to buy. |
Sounds perfect. Hopefully the euro won't strengthen too much more against the krone :-) | |
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| State pension dilemma on 10:35 - Feb 6 with 4861 views | trncbluearmy |
| State pension dilemma on 10:22 - Feb 6 by noggin |
Sounds perfect. Hopefully the euro won't strengthen too much more against the krone :-) |
Here in North Cyprus the lira has gone from 2.30tl to the £ when I retired here 10 years ago to 5.30tl to the £ and whilst prices have gone up they have not doubled. Pint about 10tl on average,bottle of wine 25tl on average, meal for two including drink average 150tl.
Petrol about half UK prices but Island so small no great mileage,council tax 200tl per year!
and if you want to rent £525 pm will get you a villa with a swimming pool
Exchange rate not so good for the locals, but I just hold 95% of my dosh in the UK and pay for everything using Monzo or Tandem cards.
Downside is flights back to UK whilst plenty have to go via Istanbul and change flight (all to do with politics of this part of the world) and if you don`t plan ahead can be expensive. [Post edited 6 Feb 2018 10:36]
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| State pension dilemma on 10:46 - Feb 6 with 4831 views | noggin |
| State pension dilemma on 10:35 - Feb 6 by trncbluearmy |
Here in North Cyprus the lira has gone from 2.30tl to the £ when I retired here 10 years ago to 5.30tl to the £ and whilst prices have gone up they have not doubled. Pint about 10tl on average,bottle of wine 25tl on average, meal for two including drink average 150tl.
Petrol about half UK prices but Island so small no great mileage,council tax 200tl per year!
and if you want to rent £525 pm will get you a villa with a swimming pool
Exchange rate not so good for the locals, but I just hold 95% of my dosh in the UK and pay for everything using Monzo or Tandem cards.
Downside is flights back to UK whilst plenty have to go via Istanbul and change flight (all to do with politics of this part of the world) and if you don`t plan ahead can be expensive. [Post edited 6 Feb 2018 10:36]
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Wow! 525 a month wouldn't get me a studio flat here and a pint is about 9 quid. | |
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| State pension dilemma on 10:56 - Feb 6 with 4814 views | connorscontract |
| State pension dilemma on 09:56 - Feb 6 by Westover |
Portugal or Spain would be good it's so inexpensive to live there I spend as much time as I can in Portugal I find I spend about 120euro a week for food travel a few beers and eating out two or three times a week. A two bed apartment would cost around 150-000 euro or about 500 euro a month to rent property in parts of Spain are less expensive to buy. |
A three bed apartment in a lovely traditional town with a well integrated ex-pat community about 45 minutes South of Alicante and 20 minutes from the coast is around £50,000. With a small communal pool.
That was my plan. Fcking Brexit. | | | |
| State pension dilemma on 11:01 - Feb 6 with 4797 views | noggin |
| State pension dilemma on 10:56 - Feb 6 by connorscontract |
A three bed apartment in a lovely traditional town with a well integrated ex-pat community about 45 minutes South of Alicante and 20 minutes from the coast is around £50,000. With a small communal pool.
That was my plan. Fcking Brexit. |
Do you think brexit will make it much more expensive? | |
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| State pension dilemma on 11:03 - Feb 6 with 4792 views | trncbluearmy |
| State pension dilemma on 10:46 - Feb 6 by noggin |
Wow! 525 a month wouldn't get me a studio flat here and a pint is about 9 quid. |
Yeah I know did Norway last year, fantastic country but the prices!!
Managed to pay £15 quid for a pint of the home brew at a viking settlement! | | | |
| State pension dilemma on 11:05 - Feb 6 with 4789 views | noggin |
| State pension dilemma on 11:03 - Feb 6 by trncbluearmy |
Yeah I know did Norway last year, fantastic country but the prices!!
Managed to pay £15 quid for a pint of the home brew at a viking settlement! |
It's crazy but we still pay it. | |
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| State pension dilemma on 11:30 - Feb 6 with 4750 views | floridablue |
I've got the same dilemma this side of the 'pond' and just recently received a letter from Pension Centre in Wolverhampton giving me my forecast.
I'll reach that in 2020 and records show i have 30 full years that they 'estimate' will give me 136.75 a week. The letter adds if i contribute another 4 years (?) it would increase to 154.99!
I'm more or less semi-retired now with limited funds so considering giving the catch-up a miss. I should also receive a smaller U.S. pension in 2020.
Probably means i'll have to sell my home and live off the assets and hope it doesn't dry up! | | | |
| State pension dilemma on 11:36 - Feb 6 with 4725 views | noggin |
| State pension dilemma on 11:30 - Feb 6 by floridablue |
I've got the same dilemma this side of the 'pond' and just recently received a letter from Pension Centre in Wolverhampton giving me my forecast.
I'll reach that in 2020 and records show i have 30 full years that they 'estimate' will give me 136.75 a week. The letter adds if i contribute another 4 years (?) it would increase to 154.99!
I'm more or less semi-retired now with limited funds so considering giving the catch-up a miss. I should also receive a smaller U.S. pension in 2020.
Probably means i'll have to sell my home and live off the assets and hope it doesn't dry up! |
Blimey, that sounds tough mate. Good luck for the future. | |
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| State pension dilemma on 11:38 - Feb 6 with 4716 views | artsbossbeard |
| State pension dilemma on 11:30 - Feb 6 by floridablue |
I've got the same dilemma this side of the 'pond' and just recently received a letter from Pension Centre in Wolverhampton giving me my forecast.
I'll reach that in 2020 and records show i have 30 full years that they 'estimate' will give me 136.75 a week. The letter adds if i contribute another 4 years (?) it would increase to 154.99!
I'm more or less semi-retired now with limited funds so considering giving the catch-up a miss. I should also receive a smaller U.S. pension in 2020.
Probably means i'll have to sell my home and live off the assets and hope it doesn't dry up! |
May I ask, are you semi retired by choice or health reasons? I won't be offended if you don't feel comfortable enough to comment.
I've been contemplating this approach for a little while now. Mortgage done, reasonably alright financially and I truly detest this corporate world I work in. I'd be quite happy simply ticking along doing something I enjoy whilst playing a bit more golf/watching Countdown of a Tuesday afternoon. |  |
| Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing. | | Poll: | Raining in IP8 - shall I get the washing in? |
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| State pension dilemma on 11:39 - Feb 6 with 4714 views | Westover |
| State pension dilemma on 10:56 - Feb 6 by connorscontract |
A three bed apartment in a lovely traditional town with a well integrated ex-pat community about 45 minutes South of Alicante and 20 minutes from the coast is around £50,000. With a small communal pool.
That was my plan. Fcking Brexit. |
I think that would be Murcia region I've been thinking of having a holiday there to see what's it like trouble is I've got friends in the Algarve and the people over there are so nice but I will have a look, have you been if so what's it like and where do you go? | | | |
| State pension dilemma on 12:10 - Feb 6 with 4652 views | floridablue |
| State pension dilemma on 11:38 - Feb 6 by artsbossbeard |
May I ask, are you semi retired by choice or health reasons? I won't be offended if you don't feel comfortable enough to comment.
I've been contemplating this approach for a little while now. Mortgage done, reasonably alright financially and I truly detest this corporate world I work in. I'd be quite happy simply ticking along doing something I enjoy whilst playing a bit more golf/watching Countdown of a Tuesday afternoon. |
Its actually more through choice. I moved here 15 years ago as a "dual citizen' and never really had any sort of business plan. Every now and then i pick up a"maintenance' job (one so far this year!) in one of the mass of British owned vacation villas but don't advertise myself. Smallish mortgage, a little savings and in your words, 'kind of happy just ticking along.'
Probably why i haven't been back to see the Town since i moved here, just the high costs of flights etc.
Go for it ! | | | |
| State pension dilemma on 13:07 - Feb 6 with 4565 views | Throbbe |
| State pension dilemma on 10:46 - Feb 6 by noggin |
Wow! 525 a month wouldn't get me a studio flat here and a pint is about 9 quid. |
Crikey. How much is bangers and mash? |  |
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| State pension dilemma on 13:14 - Feb 6 with 4546 views | noggin |
| State pension dilemma on 13:07 - Feb 6 by Throbbe |
Crikey. How much is bangers and mash? |
About a tenner from the take-away. | |
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| State pension dilemma on 15:42 - Feb 6 with 4382 views | britbiker |
| State pension dilemma on 08:36 - Feb 6 by bluefunk |
If I have understood you correctly that’s a total of £9600 in exchange for an additional minimum £2700 a year for life?
Take it, that kind of benefit isn’t available anywhere else, even if you have to pay UK tax o. It |
Sorry for being gloomy but you have to also factor death into your decision, then you get zero return for your years of contributions. Plus state retirement date can be moved by the government, however they do tend to give a decent lead in time before they action it. |  | | |
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