Featured It's A Tough Life Being Retired

Eight years retired going on nine. I retired 7 months earlier than my ‘sell by’ when I discovered a perverse quirk in my pension rules. Essentially I would initially get a slightly smaller pension BUT each subsequent annual pension increase would be a % of the annual increase tapered from 1 Apr.

Result? If I left on 1 Apr or up to 14 days later I would get 100% of every increase but 35% if I left nearer the end of the financial year on my birthday. Consequently I would soon have a larger annual pension than I would have earned by working the extra 7 months.

E.g.
YEAR 1
£10k pension + 2% = £10,200
£10,100 pension + 1% (50% of 2%) = £10,201

YEAR 2
£10,200 + 2% = £10,404
£10,201 +1% = £10,303.01

And the gap widens til you croak......

Lesson? Take a keen interest in your pension early in your working life. I nearly lost out by not knowing and understanding the small print.

Oh and every day is a Saturday

 

B*st*rds, lucky b*st*rds.
Envious NO!

Mortgage paid up when I'm 68

 

Saturday means enhanced difficulty generating credible excuses to avoid hoovering, dusting, pushing shopping trolly etc., etc. THAT WILL BE ACCEPTED when you are desperate for a ride out.

Be careful what you wish for .......

 

Six days with ALL day to think of one viable excuse!

Wow that does sound like hard work, not

 

Just remember all you employed people that us retired folk don’t get any holiday pay and no statutory holidays

 

Tiglet.
I got the answer for you. Go on the Just Giving site and explain this dilemma to them and I am sure they will set up a page for you boys. Got to keep those bikes on the road.
Ride Safe
Joe.

 

Or commuting expense, increased pension contributions (For something you MIGHT get if you last long enough), transport woes, traffic jams, cold early mornings or late nights.
Oh how it must be hard to soak up the index linked pensions of old that far outweighed the pay rises of the working population for at least the last ten years!!!

Now see what you've done, but I'm not Jealous honest

Actually Tiglet (if you qualify) thinking about it you get holiday pay EVERY week, it's called state pension lol

 

Eldon
We will have to move you to Scotland or Ireland. Nice quite roads plenty of fishing. There you go problem sorted.
Ride Safe
Joe.

 

I just haven’t got the time Joe, what with riding and fettling my bikes, fishing and other country pursuits and holidaying

 

Sounds great Joe, when?

Was racing to the Skye ferry in a motorhome to come back to mainland. Was told it was already full so no issue we'll camp dockside. A guy came fishing so I sat and chatted with a few beers. Half eleven at night and i was a bit cooked by then he pulled a (so he said) 100lb skate out with my help. It looked bloody huge

Me, I just pull a few mackerel out for tea.

 

Eldon, hang in there mate. Don’t give up

 

Tiglet
Then we will just have to speak to those state pension Bods and tell them they are not treating you fair. Ban half of all cars let you pick the colour to ban and raise the pension for you. How's that.
Ride Safe
Joe.

 

Joe, you get my vote every time my friend

 

Eldon
Just one light-hearted Question. And nothing to do with the catch. But my Dad used to say do all the fishermen lie or are all the liars fishermen. ON a more serious note lets all set up a commune. I am talking and I haven't even checked my pension yet. Just hoping it will get me through.
Ride Safe
Joe.

 

My company pension is going up £120 a month. I asked "What do I get for £120 extra on top of what I already pay?"
The answer was brutally honest " nothing !!! the scheme is simply getting more expensive to maintain and keep the people who already receive the benefits!"
Geez thanks,, oh how attractive being retired is!

 

Tiglet.
Don't listen to me I am an idiot. No need to agree.
Ride Safe
Joe

 

No issue or offence aimed at you Tiglet.
The system seems totally flawed. Pension rights are achieved by persons such as yourself but is there a sufficient pot in the future? It might not be big enough to provide what you (metaphorically) have been promised; What then?
Make the people currently providing the pot provide more.....
Isn't this like spending more good money after bad on an old car... I.e. just in hope?

 

Eldon.
I am only messing. And I know how you feel. Pretty poor when you have worked so hard. What about part time work. Or some type of hobby to earn some cash. I know you shouldn't have to but its a tide you over measure.
Ride Safe
Joe.

 

Eldon, no offence taken mate.

I am genuinely concerned about the future generations ability to have a good standard of living when they get older and retire.

 

Joe I work full time in a good productive job but with all the hassle of staff under me and a 80 mile a day round commute it sometimes makes retirement so very attractive

How come some of us enter into a contract with the Government at 16 - 18 for a state pension, then when you get nearer to asking for your money back they can move the goalposts to 66, 67, 68 or whatever they fancy.
Isn't this a breach of contract against the general public?