Way back I thought of retirement (when I even bothered to) as a time to put my feet up and slow down. The state would take care of me as promised and for which I paid into. I’ve just under a year to go, but somehow I now think I’m in for a nasty surprise.
Some things went wrong. I worked for many years abroad and failed to pay my NI contributions and now find I have only two thirds of my full state pension. My fault. I also entered the world of UK work last year and at the age of 65 I’m finding it difficult to keep up with the hectic pace of physical labour now required. I’m tired. I suppose many might know what I mean when I say I don’t mean physically tired or sleepy tired, but ‘age tired’ for want of a better description. I can still keep up with those old enough to be my grandchildren, but only just and I don’t know for how much longer.
So how does it work? I get my pension entitlement and social security pays my accommodation? Information varies, some online information says a full pension is £175pw, others £125pw. Two thirds of that is £116 or £82 respectively. I’ve also noticed landlords prefer working people. My house sharing one currently does because we’re not registered on the electoral roll and it’s all tax free income for him. In other words, we save on council tax and he doesn’t pay tax on earnings.
My plan is to spend the winter at ‘home’ with my wife in Thailand and summers back here in the UK. In my optimistic moments I see myself being able to work p/t on return, but in reality I don’t think that’s going to happen. I do have savings, but under the £16K limit. Can you see approaching clouds on the horizon for me?