| Topic: | Re:Re:Re:Re:Re:Re:How Much Do You Need to Retire On? | |
| Posted by: | Bernadette Paul | |
| Date/Time: | 21/06/11 08:18:00 |
| No one pays National Insurance after retirement age but on £8-£11,000 you would pay tax. My projected state pension is £139 per week plus £34.33 per week SERPS payment which gives a total of £173.33 per week (£9013 p.a. before tax) less approx £6 per week tax therefore a total pension of £167 per week (£8684) which is just enough to disqualify you from just about any other potential benefits. Therefore someone who has made fewer national insurance contributions will get a smaller pension which will not be eligible for tax but, they will then be eligible for Pension Credit which in turn entitles you to free dentistry, council tax, housing benefit and a whole host of other benefits that someone who has contributed more in NI will have to pay for! If you also have a private pension of any sort this will also attract tax. As things stand, unless you have a seriously good occupational pension or private pension of some sort to supplement the state pension, the future looks bleak. |