I agree with you Jennifer, not sure this is even going to exist one day when we are older! Creating some passive incomes in your life is so important like you teach!
I can collect my state pension at 66 yrs and 7 months and paid NI in full since 1977 so I can collect in 6yrs and 7 months. Also have a private pension and lots of investments. I have been sensible.
Thank you for your advice about pensions! Since I first heard it in a few of your videos before I have opened an investment ISA and increased the contributions on my private pension too.
Great video, I didn’t know about contributing to a U.K. pension from abroad! In any case, retirement for the millennial generation will look very different from retirement today and this video is really useful for planning for that.
Thanks for explaining the different types of ISA and the total that you are allowed to put into them in a financial year. It's often not at all clear when they are discussed. Cheers!
Great nice clear and concise content as always!! It’ll be interesting to see how the State Pension evolves over the years especially as we see changes in demographics and possibly the greater need for individuals to self fund their retirement through workplace/personal pensions...
I have just tried using your formula and have checked my pension forecast the UK govt gateway site too. Something is not right. I have 40 full years of contributions yet my forecast is £161 per week. Any ideas what the problem could be? Many thanks.
I've done my 35 years qualifying years a long time ago I'm still paying in lots of cash in tax and NI but I don't get any more pension for this how can I opt out of this
Great breakdown. Fingers crossed state pensions will be available for us millenials when we come to retire, highly doubt it though, so other sources of income essential.
I have 6 years of no National Insurance. This gap of 6 years is from very long ago. I was abroad and spent time in the UK not employed without claiming benefit.
Hi, I have a question about top ups. I currently have 10 years of full contributions, 5 years partial or no contribution and 37 years to contribute before retirement age. Would it be a waste to top up these 5 years since its likely I'll reach the max of 35 years before I reach retirement age?
Great video again but this is depressing to think about. All that money I've payed in National Insurance and more than likely won't have a state pension. Can I just stop paying NI now and save some cash?
If you earn over the £183 a week, you have to pay NI, it's against the law not to. Most employers take it from your wage automatically, as well as tax, if applicable. I'm not sure what the self employed do but perhaps they set money aside for NI.
I find the pension a scam. You get taxed to cash out later in life. Bloody joke. Rather save that £200 a month that goes to a pension and invest it yourselves.
I agree with you Jennifer, not sure this is even going to exist one day when we are older! Creating some passive incomes in your life is so important like you teach!
I can collect my state pension at 66 yrs and 7 months and paid NI in full since 1977 so I can collect in 6yrs and 7 months. Also have a private pension and lots of investments. I have been sensible.
Thank you for your advice about pensions! Since I first heard it in a few of your videos before I have opened an investment ISA and increased the contributions on my private pension too.
Would you ever consider doing a video/s for 20 years olds and getting started in planning finances x
Great video, I didn’t know about contributing to a U.K. pension from abroad! In any case, retirement for the millennial generation will look very different from retirement today and this video is really useful for planning for that.
Thanks for explaining the different types of ISA and the total that you are allowed to put into them in a financial year. It's often not at all clear when they are discussed. Cheers!
Brilliant 27 yrs to go my pension before I get it thank you for your information.
Glad it was helpful!
Excellent advice. I think anyone would do well to avoid relying on any potential government funded income.
Great nice clear and concise content as always!! It’ll be interesting to see how the State Pension evolves over the years especially as we see changes in demographics and possibly the greater need for individuals to self fund their retirement through workplace/personal pensions...
I have just tried using your formula and have checked my pension forecast the UK govt gateway site too. Something is not right. I have 40 full years of contributions yet my forecast is £161 per week. Any ideas what the problem could be? Many thanks.
I've done my 35 years qualifying years a long time ago I'm still paying in lots of cash in tax and NI but I don't get any more pension for this how can I opt out of this
Another brilliant video! you are simply the best.
Great breakdown. Fingers crossed state pensions will be available for us millenials when we come to retire, highly doubt it though, so other sources of income essential.
I opened a private pension in May 2019. I am going to increase payments to it.
Why can dwp pension not trace input from several jobs if I was taxed on and deducted from.
if you retire at 62 will still receive your state pension when you reach 66 I've the full 35 years of natural insurance paid
Great video, thanks a lot. Could you please explain how we can pay back for the missing gap years ?
I have 6 years of no National Insurance. This gap of 6 years is from very long ago. I was abroad and spent time in the UK not employed without claiming benefit.
Hi, I have a question about top ups. I currently have 10 years of full contributions, 5 years partial or no contribution and 37 years to contribute before retirement age. Would it be a waste to top up these 5 years since its likely I'll reach the max of 35 years before I reach retirement age?
How many ISA can we open? I have Vanguard Pension and Lifetime ISA with MoneyBox. Thanks
You can have one of each type opened as long as the total deposited doesn't exceed £20k per year.
@@JenniferAMThomson is this per account or in total?
@@francesukah9168 It's £20k in total across the ISAs owned
My Hmrc account say I’ve qualified for the first few years since age of 16 but I didn’t work until 19/20 I was in college which is strange?
Hi Jennifer
Could you give us your thoughts / findings on the new ishare etf I500.
Many thanks
Great Advice. I noticed you did not mention SIPP.
Didn't mention SIPPs as it was a State Pension video, but lots of videos on pensions in my back catalogue if you want to check them out too.
Great video again but this is depressing to think about. All that money I've payed in National Insurance and more than likely won't have a state pension. Can I just stop paying NI now and save some cash?
If you earn over the £183 a week, you have to pay NI, it's against the law not to. Most employers take it from your wage automatically, as well as tax, if applicable. I'm not sure what the self employed do but perhaps they set money aside for NI.
I need to know more about this pension thing
Great info many thanks
Glad it was helpful!
Is the state pension taxable and if so at what percentage
Yes it is but not sure how much.
It depends on your other income and what your tax bracket is on that. If you're below your tax free allowance I don't think you pay any tax.
Same tax rate as earned income. (Treated the same)
Ok
I worked 1986 to 2001,am i entitled to a pension and how much?
Yes, very likely. Contact HMRC
I have 26 years National Insurance and need 9 more years. I paid for 2 years. I think I will retire at 67 years old.
I love Miss Hooley 😆
I find the pension a scam. You get taxed to cash out later in life. Bloody joke. Rather save that £200 a month that goes to a pension and invest it yourselves.
Jen,
You appear to be , in fact you are but I cannot understand what you say , To fast Sorry Geoffrey..