Money -The Retirement Newsletter: When I’m 67!

Issue Number: -93 — Can I get a better overall retirement?

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Welcome

Welcome to issue -93 — When I’m 67!

The Beatle sang: When I’m Sixty Four — well, it turns out that in the UK, turning 67 is important for your pension income.

This week, I will look at the significance of the 67th birthday in the UK.

Money

OK, first off, I want to say that I am not a financial advisor. I am writing about what I have read over the years about money and preparing to retire. This is not financial advice.

In the last newsletter — Issue -94 — Quarterly review — I looked at how my plans to retire were going. In the issue, I also looked at how recent changes to the National Insurance (NI — a type of tax in the UK) rate and the NI threshold would impact retirement income. However, turning 67 in the UK can significantly boost your pension income. At 67, you stop paying NI and can start to take your State Pension.

National Insurance (NI) — UK

National Insurance (NI) is a tax you pay in the UK on top of income tax. At the time of writing, the NI rate in the UK is 13.25% on all earnings above £9,568 per year. The rate increases…