Working Again

[Connemmara]

Didn't know whether to post this in Jobs&ED but here goes.

I do see older people ie very much retired working for eg Sainsburys.

What is their financial position ie they would be receiving State Pension etc - but also in my case I also receive a private pension. So pay tax re both.

Without your income being affected ie ^^^^ what hours can you legally work.

Thanks for any info.

[woofgang]

Conne do you live in the Uk?
Here's the UK info. Its not hours you work but how much you earn, you can also defer drawing pension which makes it worth more when you do.

[woofgang]

link
https://www.gov.uk/tax-national-insurance-after-state-pension-age

[Connemmara]

Woolfie - read your link - a lot of loopholes re tax business. Yes I am from NI - I did think one could work 16 hours a week without anything being affected.

Think I'll leave that one as I am currently paying off £3,000 tax that was overpaid to me - they accepted me paying them back £1,000 cash and £100 a month payment. So don't want to be drawn to the tax crisis again. Again Thanks

[Buenchico]

>>>Without your income being affected ie ^^^^ what hours can you legally work

Neither the state pension nor any private pension is in any way 'means tested'. You could be working for 100 hours per week (with billions of pounds in the bank) and still receive both pensions in full.

Anyone born after 5 April 1948 can have income of up to £9440 per year without paying tax on that income. Thereafter they pay tax at 20% on all of their income unless their total income takes them into a higher tax bracket. (Also, if their annual income exceeds £100,000 the £9440 personal allowance starts being reduced by £1 for every additional £2 of income. So, for example, someone with income of £101,000 would lose £500 of their personal allowance, reducing it to £8940).

Anyone born between 6 April 1938 and 5 April 1948 can have income of up to £10,500 per year without paying tax on that income. Thereafter they pay tax at 20% on all of their income unless their total income takes them into a higher tax bracket. However the £10,500 personal allowance starts getting reduced once total income exceeds £26,100, effectively adding to the tax burden. (The calculation is as above i.e. £1 is deducted from the personal allowance for every £2 of income above £26,100. So someone with income of £26,600 would lose £250 off their personal allowance, taking it down to £10,250)

For anyone born before 6 April 1938 the situation is basically the same but the personal allowance figure is £10,660.

Anyone who has reached state retirement age does not have to pay National Insurance (but they do need to complete an exemption form in order to prevent it being deducted from their pay).

[boxtops]

You can work as many hours as you like, conne. I work full time and claim my deferred state pension now - the only downside is that I get hammered for tax. It's now how much you work, rather than how much you earn....

[boxtops]

Chris - to add to your comprehensive answer - the tax allowance for some older people comes down if you're on a higher level income, to compensate for being paid State pension gross of tax at the point of payment. I'm taxed more heavily on my work pay to take allowance of that.

[Connemmara]

Re those answers - I don't think I'll be working again ahemmm maybe under the counter!!! Only kidding. Health is not that great but when I do feel good would love to be working - ie even though I worked for Civil Service for 37 years - I did and loved bar work night-time - and so that would do me lovely - picking up the glasses - washing them - having a bit of craic with the customers. No I'll stay on here yawn LOL

[pixie373]

How about voluntary work, conne?

[Connemmara]

Pixie do voluntary two hours a week in Credit Union nigh on for 35 years now. Cant get any more hours as they have started paid workers.