Early Retirement

[stevewool]

Taking early retirement and never working again,
I have worked all my life and so far i have got 41 years into my state pension, thats what the letter says , so if i go do i still have to pay some sort of national insurance stamp,

I know i cannot get my state pension for another 8 years but i shall be getting a income from other places ,
also if i am not earning a wage but the income from rental and a small pension pot is below the tax threshold will i have to pay some sort of tax too,

[SimonH]

Have a look here

https://www.gov.uk/tax-right-retire-abroad-return-to-uk

[Longweekend]

Unfortunately you don't receive a larger pension even if you put in 50 years NI contribution, the minimum for a full pension is 30 years. If you continue working after your pensionable age you do not have to continue paying NI. Bit of a con really, with all my years overseas I will be short of the 30 years but I have a pal who has put in 45 years contributions but doesn't get any extra....i

[stevewool]

Thanks boys

[jonnijon]

This 30 year thing is an EU rule, but we still have to pay for 45 years.

[Longweekend]

So something beneficial has come out of the EU then...