Retirement Dates

[chokkie]

Not sure where to put this question, so thought I'd give "chatterbank" a try ...

I could have retired when I was 62, in 2014, but decided to continue until 2017, so I will be 65 when I finally turn off my work computer for the last time.

Are there any hard and fast rules about the date when you are able to retire. The sort of rules, for example, which govern when you are able to claim your state pension, i.e. 3 months after your (in my case) 62nd birthday ..... It then occurred to me that, because I have actually passed the age of when I can retire officially, and not retire until 2017, it doesn't matter, so that I can actually retire at any time I want in 2017 - or does it have to be September 2017, i.e. 3 months after my 65th birthday?

Would be grateful for any suggestions .... cheers, Chox.

[fiction-factory]

The main rule is you normally have to be over 55. Whether you will get a bigger pension at 65 years 3 months depends on how your scheme works things out and whether you have already contributed for the maximum number of years - often 40. Ask your pension scheme

[Old_Geezer]

I believe you can retire any age you choose. It's finding the finance to fund it if you go earier that's the issue. (Or convincing your employer to keep you on should you want to retire later.) If you hhave a private pension this may not be such an issue. Can't rely on givernments that change the understood agreement as it comes near the time anyway.

[Old_Geezer]

EARLIER :-(

[Old_Geezer]

HAVE >:-(

[mikey4444]

Chokkie...use this site to get an official statement about your Old Age Pension, ie your State Pension.

https://www.gov.uk/calculate-state-pension

You will get a reply back in the post within about 10 days and it will give the exact date when your State Pension will be paid to you and how much you will get. Done and dusted !

You can retire at any age you like. All that retirement means is that you have stopped working permanently. But exactly when your "works" pension is paid to you and how much you get, will depend on your employers scheme. You may have many previous employers and you may have "preserved" pension coming to you from them as well.

I would start with your current employer ( I am presuming that you employed, not self-employed ) If you have not got a Pensions Handbook, contact your HR Dept and they will send you one. It will give clear guidance as to the exact earliest age that your works pension will be paid to you. You should also have had annual pension statements, although some employers are a tad tardy with supplying them these days. If you are a Member of a Trade Union, they will also be able to assist.

Do the same with any previous employers that you may have had.

This next bit may be obvious but being retired doesn't mean that you can't start work again ! Lots of people these days continue to work, either part time or full time, while still receiving a State Pension and/or works pensions.

[mikey4444]

Chokkie...there are lots of ways to trace an old pension scheme that you may have been a Member of in years gone by.

Try this ::::

https://www.gov.uk/find-lost-pension

[chokkie]

Hi folks, thanks for all your help, which is much appreciated. I am employed and am now in receipt of my state pension, so that's not an issue. I just wanted some guidance as to when I can actually retire in 2017, as I have decided that I don't want to be working after I am 65. I was born in 1952, so actually could have retired in September 2014. I'll have a word with my HR department at work and see what advice they can offer. Cheers again. Chox.

[mikey4444]

Glad to be of some help chokkie....let us know what you find out.