My best mate in Norfolk, who acts as our postal drop, rang me today and read out a letter for me that says I shall be receiving my State Pension on 6th September, 2019. That puts me at 65 1/2 years old. I did as the government asked and planned for my retirement, squirreling away money into a private pension fund and banking on receiving my State Pension at the age of 60. By the time I reached the age of 52 the goalposts had been moved to 62.
I reckoned we could cover those two years and continued with the planned early retirement at the age of 53.
Then thewank bankers managed to make a right mess of my private pension and now my state pension has been moved back another 3 1/2 years.
I have paid a full stamp for 37 years (I believe the requirement for full State Pension is 30 years) and if I decide that I have to go back to work to cover these vast gaps in my income I assume I shall be entitled to job seekers' allowance - oh no, not entitled unless you have paid full stamp for the last two years. If I had come here from overseas with a work permit and found myself out of work after 2 years I would be allowed job seekers allowance: I, however, am not!
So, does anyone have any ideas on how I'm meant to cover these gaps in my income?
We'll be OK, but many in my shoes won't be.
I reckoned we could cover those two years and continued with the planned early retirement at the age of 53.
Then the
I have paid a full stamp for 37 years (I believe the requirement for full State Pension is 30 years) and if I decide that I have to go back to work to cover these vast gaps in my income I assume I shall be entitled to job seekers' allowance - oh no, not entitled unless you have paid full stamp for the last two years. If I had come here from overseas with a work permit and found myself out of work after 2 years I would be allowed job seekers allowance: I, however, am not!
So, does anyone have any ideas on how I'm meant to cover these gaps in my income?
We'll be OK, but many in my shoes won't be.
I know exactly how you feel my birthday is in April so I'll be in a very similar position. Its never right.
ReplyDeleteHi Linda, I was shocked because my understanding was that the government had backed down on this one - seems not!
ReplyDeletexx
you will find you are entitled to income based job seekers allowance, but of course this is based on savings. makes you wonder don"t it. ian jobcentre M.K.
ReplyDeleteIan, nice to hear from an expert-because of savings I wouldn't be eligible, then I'd have to find and pay for residential moorings, then I'd have to buy 'real world' clothes and pay for transport. Who would employ me anyway when I'm coming up 68 and haven't been in the working loop for 4 years. I wouldn't!
Deletewhoops, the stress is unhinging me - I meant coming up to 58!!
DeleteI think it is now only 20 years to get full pension entitlement. So you have nearly paid double that.... not fair getting penalised like that.
ReplyDeleteAndy - you are so right, it ISN'T fair but was the world ever thus. I've double checked and the Pension Act 2007 says;
Deletefor men born on or after 06.04.1945 qualifying years have been reduced from 44 years to 30.
For women born on or after 06.04.1950, qualifying years have been reduced from 39 years to 30. Current full flat rate is £102.15.
Enjoying your blog very much, finances is one of our worries but i think the better lifestyle will compensate. Sue and Colin
ReplyDeleteThe lifestyle is well worth a few sacrifices if necessary and the cost of living on the cut is a lot lower. I just hate the fact that all my planning goes straight out the window when the government keeps shifting my goalposts; but please don't let me put you off - I still wouldn't swap back. I'm glad you are enjoying the blog
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