my pension

alantf · 02-16-2011, 12:50 PM

I've put this in "humor". It's perfectly true, but if I couldn't laugh at it I'd start crying.

I'll be 65 next february, so I'm trying to work out what my income will be, over & above the state pension, & the couple of small pensions I've been getting since age 60. This being so, I got in touch with the company that holds a pension that I stopped paying in 1970, when I left the National electricity company. I received a reply today.

I'll be entitled to £16.94 ($27.20) a year, or I can take a one off lump sum of £189.39 ($304.00). The clincher was that "either of these choices will be liable to income tax"

Oh well, forget the holiday in the Bahamas! :poorbaby:

dentheman · 02-16-2011, 04:00 PM

My advice: Go for the lump sum and buy yourself something you've wanted for a while, to help you feel better.

I will be 62 in about 8 months and will file for social security then. Since I already receive federal retirement, and I haven't worked since I was 55 so I haven't paid in to social security since then, both factors will reduce my social security payment. I will probably cry when I see the amount.
But when I see the number of people who work until they are too old to really ENJOY their retirement, I know I made the right decision.

02-16-2011, 12:50 PM	#1
alantf Senior Member Join Date: Nov 2008 Location: Tenerife (Spain) Posts: 3,719	my pension I've put this in "humor". It's perfectly true, but if I couldn't laugh at it I'd start crying. I'll be 65 next february, so I'm trying to work out what my income will be, over & above the state pension, & the couple of small pensions I've been getting since age 60. This being so, I got in touch with the company that holds a pension that I stopped paying in 1970, when I left the National electricity company. I received a reply today. I'll be entitled to £16.94 ($27.20) a year, or I can take a one off lump sum of £189.39 ($304.00). The clincher was that "either of these choices will be liable to income tax" Oh well, forget the holiday in the Bahamas! :poorbaby: __________________ By birth an Englishman, by the grace of God a Yorkshireman. Login or Register to Remove Ads
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02-16-2011, 04:00 PM	#2
dentheman Senior Member Join Date: Apr 2010 Location: Lubbock, TX Posts: 629	Re: my pension My advice: Go for the lump sum and buy yourself something you've wanted for a while, to help you feel better. I will be 62 in about 8 months and will file for social security then. Since I already receive federal retirement, and I haven't worked since I was 55 so I haven't paid in to social security since then, both factors will reduce my social security payment. I will probably cry when I see the amount. But when I see the number of people who work until they are too old to really ENJOY their retirement, I know I made the right decision. __________________ 2007 Shadow Spirit 750
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