Giving up working - what happens? - SV650.org

tigersaw · 29-08-06, 06:34 PM

As my mid life crisis drags on, I'm constantly considering different options, and trying not to regret some of the opportunities I passed by, one of the remote choices is to give up work, downsize the house and live off the proceeds for a few years.
Question is, what are your obligations as someone who is not working? I'll still have to pay all the bills, council tax etc - I wont be claiming anything from the government, but do I still have to make payments in leiu of the NHS, state pension etc?

Biker Biggles · 29-08-06, 06:56 PM

If you have enough money to live on and pay your normal bills I think your only complication would be your National Insurance contributions.You don't have to pay this,but you would possibly forfiet some or all of your pension.Have you thought about getting a part time job to eak out your life of leisure for longer,and it would pay your stamp and tidy up the bureaucracy?Bear in mind that you can earn nearly six grand a year before you need to pay tax,and another couple of grand paying only 10% tax.You would pay 11% National Insurance though.Or just sign on and scrounge like all the others.

29-08-06, 07:09 PM

Quote:

Originally Posted by tigersaw

As my mid life crisis drags on, I'm constantly considering different options, and trying not to regret some of the opportunities I passed by, one of the remote choices is to give up work, downsize the house and live off the proceeds for a few years.
Question is, what are your obligations as someone who is not working? I'll still have to pay all the bills, council tax etc - I wont be claiming anything from the government, but do I still have to make payments in leiu of the NHS, state pension etc?

When you find out, please let me know.

I'm fed up with going to work; it gets in the way of my life.

tigersaw · 29-08-06, 08:46 PM

Jeez I think I've found the answer, its a staggering £7.55 a week, or nearly £400 a year for 'voluntary' payments. I dont know if you can bulk buy the years after not paying for a while, but I guess if so it'll be even more expensive.
The govenment really do get you every way, they have already stuffed up my many years of pension planning in one swoop with their 'A' day amendments.

29-08-06, 09:41 PM

Have you considered downsizing a bit to release some capital/pay off mortgage and then doing a job you enjoy. Enjoyable jobs of course invariably mean crappy wages. An enjoyable job, or even a crappy but part time job could give you the work/life balance you're looking for provided that downsizing your home will mean you can live off less. Just remember that if you take a couple of years out then eventually you'll be skint and have to go back into full time employment and that will be a major shock to the system.
good luck anyway

Stewart

29-08-06, 09:44 PM

Quote:

Originally Posted by tigersaw

The govenment really do get you every way, they have already stuffed up my many years of pension planning in one swoop with their 'A' day amendments.

I did that when I moved my pension to Equitable Life

30-08-06, 07:21 PM

try the lottery.

30-08-06, 07:28 PM

Quote:

Originally Posted by Ed

Quote:

Originally Posted by tigersaw

The govenment really do get you every way, they have already stuffed up my many years of pension planning in one swoop with their 'A' day amendments.

I did that when I moved my pension to Equitable Life

i had an AVC with Equitable Life

bad choice.

31-08-06, 07:30 AM

I'm about to take voluntary severance and was told yesterday that they'll pay/cover your NI contributions for four years if you don't work and don't claim job seekers allowance or benefits (that would also then give you cover on your NI contributions). That's four years ever, so if you've not worked for a few years in the past the allowance now will be less.

Anyone else confirm this?

tigersaw · 31-08-06, 10:10 AM

Quote:

Originally Posted by SVeeedy Gonzales

I'm about to take voluntary severance and was told yesterday that they'll pay/cover your NI contributions for four years if you don't work and don't claim job seekers allowance or benefits (that would also then give you cover on your NI contributions). That's four years ever, so if you've not worked for a few years in the past the allowance now will be less.

Anyone else confirm this?

Who is 'they' ? Your company, the govenment, ?

Oddly it looks like you could go self employed/ start a business, make no money at all but pay a much reduced contribution.

29-08-06, 06:34 PM	#1
tigersaw Member Mega Poster Join Date: Mar 2005 Location: Llanwrtyd Wells Powys Posts: 1,146	Giving up working - what happens? As my mid life crisis drags on, I'm constantly considering different options, and trying not to regret some of the opportunities I passed by, one of the remote choices is to give up work, downsize the house and live off the proceeds for a few years. Question is, what are your obligations as someone who is not working? I'll still have to pay all the bills, council tax etc - I wont be claiming anything from the government, but do I still have to make payments in leiu of the NHS, state pension etc?

29-08-06, 06:56 PM	#2
Biker Biggles Member Mega Poster Join Date: Jan 2005 Location: Barnet Herts Posts: 5,071	If you have enough money to live on and pay your normal bills I think your only complication would be your National Insurance contributions.You don't have to pay this,but you would possibly forfiet some or all of your pension.Have you thought about getting a part time job to eak out your life of leisure for longer,and it would pay your stamp and tidy up the bureaucracy?Bear in mind that you can earn nearly six grand a year before you need to pay tax,and another couple of grand paying only 10% tax.You would pay 11% National Insurance though.Or just sign on and scrounge like all the others. __________________ On a clear day we stand there and look further than the ordinary eye can see.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Giving Up!	Berlin	Idle Banter	24	08-02-09 10:50 PM
Speedo working, then not, then working???	krhall	SV Talk, Tuning & Tweaking	25	24-04-08 11:35 AM
Giving up smoking...	Gra	Idle Banter	39	18-03-08 02:15 PM
Giving Blood	DarrenSV650S	Idle Banter	37	23-02-08 03:04 PM
Giving over the reins....	haggis	Bikes - Talk & Issues	34	11-07-06 06:44 PM

29-08-06, 08:46 PM	#4
tigersaw Member Mega Poster Join Date: Mar 2005 Location: Llanwrtyd Wells Powys Posts: 1,146	Jeez I think I've found the answer, its a staggering £7.55 a week, or nearly £400 a year for 'voluntary' payments. I dont know if you can bulk buy the years after not paying for a while, but I guess if so it'll be even more expensive. The govenment really do get you every way, they have already stuffed up my many years of pension planning in one swoop with their 'A' day amendments.

29-08-06, 09:41 PM	#5
stewart-250 Guest Posts: n/a	Have you considered downsizing a bit to release some capital/pay off mortgage and then doing a job you enjoy. Enjoyable jobs of course invariably mean crappy wages. An enjoyable job, or even a crappy but part time job could give you the work/life balance you're looking for provided that downsizing your home will mean you can live off less. Just remember that if you take a couple of years out then eventually you'll be skint and have to go back into full time employment and that will be a major shock to the system. good luck anyway Stewart

30-08-06, 07:21 PM	#7
Warren Guest Posts: n/a	try the lottery.

31-08-06, 07:30 AM	#9
SVeeedy Gonzales Guest Posts: n/a	I'm about to take voluntary severance and was told yesterday that they'll pay/cover your NI contributions for four years if you don't work and don't claim job seekers allowance or benefits (that would also then give you cover on your NI contributions). That's four years ever, so if you've not worked for a few years in the past the allowance now will be less. Anyone else confirm this?