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Voluntary National Insurance contributions

Voluntary National Insurance contributions

Old Mar 3rd 2018, 7:03 pm
  #256  
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Default Re: Voluntary National Insurance contributions

Originally Posted by BristolUK View Post
And even if you're lucky enough to keep it, it might not last long at the same level.

Makes you wonder why it's not talked about more doesn't it.
I frequent an Early Retirement site, mostly US persons, and it is a HUGE topic of conversation, so as far as I am concerned it is very common knowledge.
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Old Mar 3rd 2018, 7:56 pm
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Default Re: Voluntary National Insurance contributions

Originally Posted by durham_lad View Post
I frequent an Early Retirement site, mostly US persons, and it is a HUGE topic of conversation, so as far as I am concerned it is very common knowledge.
I can imagine it would be, if retirement specific. How about the general media though?

In my province the media has regular features on the usual concerns - hospital wait times; lack of doctors; EI conditions for seasonal workers; high drugs costs for those without employee benefits (never had them); Poor old Seniors on "fixed incomes" (that one always annoys me because their fixed incomes/assets may be pretty damned good); Seniors co-payments to rise by $1 (oh the horror) etc

We now have a joint drug plan between Province and a major medical insurer where costs (Premiums/co-pays) take account of income - just like exists everywhere in Canada, but until that happened it was a constant debate 2 or 3 times a year.

I've just never seen what happens to employees once retired or laid off featured, other than an individual writing about themselves on the letters page of the newspaper.

But propose that Seniors pay a few extra $$ towards their nursing care when they have more than $100,000 sitting in their bank and all hell is let loose and we hear nothing but.
(that one really gets me, can you tell? )
Militant with a capital M are nothing compared to the Coalition for Seniors and Nursing Home Residents' Rights

Last edited by BristolUK; Mar 3rd 2018 at 7:58 pm.
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Old Mar 3rd 2018, 8:20 pm
  #258  
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Default Re: Voluntary National Insurance contributions

I think there is plenty of stuff in the general media on healthcare costs for retirees. For example there was a lot of coverage last year when Fidelity estimated that it will cost retirees an estimated $275,000 per couple throughout their retirement. (We retired 10 years earlier than the age of the average couple in the study)

Health care will cost couples $275,000 in retirement - Aug. 24, 2017

https://www.thebalance.com/how-to-pl...rement-2388478

https://www.aarp.org/health/health-i...s-rise-fd.html
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Old Mar 3rd 2018, 9:06 pm
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Default Re: Voluntary National Insurance contributions

Originally Posted by durham_lad View Post
I think there is plenty of stuff in the general media on healthcare costs for retirees. For example there was a lot of coverage last year when Fidelity estimated that it will cost retirees an estimated $275,000 per couple throughout their retirement.
Excellent, thanks for that. It gave me some search terms. It seems there's a big difference between the US and Canada. In media coverage, I mean.
Googling retiree health costs canada my first page of results threw up 101. Most are insurance company related, some blogs, some pressure groups. I can see about half a dozen mainstream media in the results with most of them reporting on general health issues.

I see three mainstream media results specifically about costs in retirement. One from 2015 about care costs, another from 2015 referencing a Bank of Montreal study from 2014 (seems very like that Fidelity one) quoting "few Canadians have an employer-sponsored benefits plan that will carry them past 65" and another from 2014 which says people in Canada just expect everything to carry on.

Loads of conferences, bank reports, business reports and other interest groups....practically no mainstream media and little recent even though nothing has changed.

So most don't have continuing coverage, most expect costs to be taken care of, so most must get a shock. I'd expect to see more media coverage in Canada.

Health coverage in Canada is a source of pride especially when people up here look at the USA. Maybe they keep quiet when they discover the issues in retirement.
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Old Mar 3rd 2018, 9:58 pm
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Default Re: Voluntary National Insurance contributions

The US is very much employer dependant, just like pension plans. People that retired 10 years ago have vastly different benefits to those looking at retiring in 10 years time. My neighbor retired 55, 15 years ago, on full salary with free healthcare for life. He even gets free gym membership with his healthcare. I doubt if that will be available in 10 years time.
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Old Mar 3rd 2018, 10:20 pm
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Default Re: Voluntary National Insurance contributions

Originally Posted by BristolUK View Post
..... Health coverage in Canada is a source of pride especially when people up here look at the USA. Maybe they keep quiet when they discover the issues in retirement. .....
I suspect a lot of it is a function of the choice and variability - if almost everyone is in the same boat, as with the NHS, or other "one size fits all" nationally/ state mandated scheme, then there isn't much to debate. Sure you can grouse about it, but there's not much you can actually do about it!

Whereas in the US health insurance both before and after retirement is usually a function of job/retirement coverage and your wealth/income (or lack thereof), not to mention which state you are in. Even with Medicare and retirement there are choices to make on "top-up" coverage and medication plans. So there is a lot of variability, and so much to discuss.
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Old Mar 4th 2018, 12:04 am
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Default Re: Voluntary National Insurance contributions

Originally Posted by Pulaski View Post
I suspect a lot of it is a function of the choice and variability - if almost everyone is in the same boat, as with the NHS, or other "one size fits all" nationally/ state mandated scheme, then there isn't much to debate. Sure you can grouse about it, but there's not much you can actually do about it!
I'm talking specifically about prescription costs though. You're in work in your 50s and having to pay a mere £8.60 a time. If you need regular prescriptions you can buy a pre-payment certificate for £104 so no matter how many prescriptions you need it only costs £8.66 a month.

Then at 60 you don't have to pay. In retirement you go from not paying much to paying nothing. What's there to grouse about?

Whereas in the US health insurance both before and after retirement is usually a function of job/retirement coverage and your wealth/income (or lack thereof), not to mention which state you are in. Even with Medicare and retirement there are choices to make on "top-up" coverage and medication plans. So there is a lot of variability, and so much to discuss.
Yep, that's exactly it. It's the reverse of the UK. Instead of lowering your costs, you're likely to be increasing them. From a lower income.

In my province, Seniors at the very lowest income pay $9 a time to a maximum $500 a year. Nearly $42 a month.
On $25k they could still be paying $80 a month (no ceiling) and an additional $15 per prescription.
So with retirees moving from not paying much at all out of salaries to paying $40 or $80 - more if more than one prescription - there should be a lot of variability to discuss and plenty for the media to get their teeth into.

But in Canada it doesn't seem to happen with the media.

Perhaps it's all those wealthy seniors.

Or maybe other provinces are more generous than NB so, like the UK, there's nothing to complain about.
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Old Mar 4th 2018, 12:16 am
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Default Re: Voluntary National Insurance contributions

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Old Mar 4th 2018, 6:36 pm
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Default Re: Voluntary National Insurance contributions

Originally Posted by durham_lad View Post
I frequent an Early Retirement site, mostly US persons, and it is a HUGE topic of conversation, so as far as I am concerned it is very common knowledge.
Could you share that site or PM me, I qualify for US early retirement and have bee considering various aspects.
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Old Mar 4th 2018, 7:07 pm
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Default Re: Voluntary National Insurance contributions

Originally Posted by morpeth View Post
Could you share that site or PM me, I qualify for US early retirement and have bee considering various aspects.
Here it is. Mostly Americans and Canadians but lots of great advice available including an early retirement tool called Firecalc which is worth taking out for a whirl. I’ve been a member since 2005 and learned a lot there.

Early Retirement & Financial Independence Community

Last edited by durham_lad; Mar 4th 2018 at 7:09 pm.
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Old Mar 4th 2018, 7:25 pm
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Default Re: Voluntary National Insurance contributions

Originally Posted by durham_lad View Post
Here it is. Mostly Americans and Canadians but lots of great advice available including an early retirement tool called Firecalc which is worth taking out for a whirl. I’ve been a member since 2005 and learned a lot there.

Early Retirement & Financial Independence Community
Thanks, I am considering early retirement but I also have a minor child, and still work, so all sorts of rules trying to sort out.
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Old Mar 5th 2018, 6:12 pm
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Default Re: Voluntary National Insurance contributions

Best to phone DWP writing to them takes a very long time to get a reply, especially if the question is a simple one.
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