sue943
Well-known member
Before my world fell apart last year it had been my intention to work until I am 65, I will be 59 in November so less than 20 months short of the magical 60. The organisation that I worked for doesn't have a pension scheme but they did pay 6%, then eventually 10% on top of my income, into a private pension scheme and as I was intending working a further 7 years it would be worth much more than double its current value. When I am 60 I will qualify for a state reirement pension but not the full amount as I have not lived here the whole of my working life, and I hadn't paid for a year after my divorce, if I work until 65 I would get more.
For the past two weeks I have been working fulltime and to be honest it is exhausting me. Take yesterday, I got up at 7am, left for work at 8am, got home via the supermarket at just before 7pm, ate bread and cheese (too tired to cook) then fell asleep in front of the television at about 8pm until 11pm when I went to bed. That is not living, it is existing. Did I go through hell and back for this sort of life?
Because I have never done this type of work it is mentally draining, you learn things slower at 58 than at 18, then I have the damage of my stroke plus pump head to contend with. So do I need this?
As I see it I have four options, firstly to continue the way that I am which is not attractive but my savings remain intact for later; secondly I could go to my doctor and ask him to sign me off as being unfit to work in which case I will get incapacity benefit until such times as I get put before a 'board' to ascertain whether I am fit to work or not (could be a year but in that time I wouldn't be permitted to work even for a charity); thirdly I could apply for reduced capacity benefit and if that is granted (by 'the board') I will be able to work if I want and if they feel that I am impaired they will pay a percentage of the invalidity benefit depending on how they assess my reduction in faculties; or finally I could just stop working and tell the Social Security people that I don't want to contribute anymore so will get an even lower pension at the end of the day.
We have a strange health system here, we pay to see our primary care physician (GP) but get a reduction of part fees, all our opticians, dentists etc are private and expensive and we get no reduction, prescription medicines are affordable and considerably less than in the uk. Hospital care can be free if you want (and most people do want) or you can be a private patient which is my preferred route. If I had had my OHS for free then it would have been the same surgeon and cardiologist, just a different hospital. Our health service pay fares to the uk too provided the yearly income falls below a certain level, and mine does - even the chartered emergency flight was free! I can go public if I want although for now I will stay private.
I am divorced and I received a settlement which to many people would be considered to be quite a lot of money, it hasn't grown over the years as I had to use some capital as well as interest in the bringing up and education of my children - I was going to top it up after they left home by not using interest, but this has only just started to happen.
My dilemma is that should I give up work and using one of the last three options above (whichever works out after talking with my GP) start living off the money that I have together with any benefits or pension that I get? I had wanted to leave my children some money but that might not be an option if I give up working now. In fact I might even run out of money if I live a long life. So do I struggle on so that my children might get an inheritance, or do I throw in the towel and take my chances in retirement?
For the past two weeks I have been working fulltime and to be honest it is exhausting me. Take yesterday, I got up at 7am, left for work at 8am, got home via the supermarket at just before 7pm, ate bread and cheese (too tired to cook) then fell asleep in front of the television at about 8pm until 11pm when I went to bed. That is not living, it is existing. Did I go through hell and back for this sort of life?
Because I have never done this type of work it is mentally draining, you learn things slower at 58 than at 18, then I have the damage of my stroke plus pump head to contend with. So do I need this?
As I see it I have four options, firstly to continue the way that I am which is not attractive but my savings remain intact for later; secondly I could go to my doctor and ask him to sign me off as being unfit to work in which case I will get incapacity benefit until such times as I get put before a 'board' to ascertain whether I am fit to work or not (could be a year but in that time I wouldn't be permitted to work even for a charity); thirdly I could apply for reduced capacity benefit and if that is granted (by 'the board') I will be able to work if I want and if they feel that I am impaired they will pay a percentage of the invalidity benefit depending on how they assess my reduction in faculties; or finally I could just stop working and tell the Social Security people that I don't want to contribute anymore so will get an even lower pension at the end of the day.
We have a strange health system here, we pay to see our primary care physician (GP) but get a reduction of part fees, all our opticians, dentists etc are private and expensive and we get no reduction, prescription medicines are affordable and considerably less than in the uk. Hospital care can be free if you want (and most people do want) or you can be a private patient which is my preferred route. If I had had my OHS for free then it would have been the same surgeon and cardiologist, just a different hospital. Our health service pay fares to the uk too provided the yearly income falls below a certain level, and mine does - even the chartered emergency flight was free! I can go public if I want although for now I will stay private.
I am divorced and I received a settlement which to many people would be considered to be quite a lot of money, it hasn't grown over the years as I had to use some capital as well as interest in the bringing up and education of my children - I was going to top it up after they left home by not using interest, but this has only just started to happen.
My dilemma is that should I give up work and using one of the last three options above (whichever works out after talking with my GP) start living off the money that I have together with any benefits or pension that I get? I had wanted to leave my children some money but that might not be an option if I give up working now. In fact I might even run out of money if I live a long life. So do I struggle on so that my children might get an inheritance, or do I throw in the towel and take my chances in retirement?