Poker & National Insurance

[MC]

I've been playing poker professionally for like 3 years now, and someone mentioned to me recently I should think about paying National Insurance. It doesn't seem like I'll be doing anything else for the foreseeable future. Not necessarily intending to do it forever though (busto?), but I don't want to hinder my elder years cos I haven't thought about it now.

Looks like there's some kind of voluntary payment of £12 a week which could be the way forward, but I have no knowledge on anything like this really, and was just hoping for some advice, maybe some fellow professionals can tell me if they've bothered with this?

Any thoughts appreciated!

[Ironside]

also make sure you fund a pension not sure how old you are but if your in your early-mid 20s then about 200-250 a month will be worth its weight in gold when you reach retirement age

[G1BTW]

How many years have you paid NI conts for? How oldish are you?

[DaveShoelace]

also make sure you fund a pension not sure how old you are but if your in your early-mid 20s then about 200-250 a month will be worth its weight in gold when you reach retirement age

I always thought it would be cool if a poker room put 3% of your rake into a retirement fund for you, but they're not allowed apparantley.

[MC]

also make sure you fund a pension not sure how old you are but if your in your early-mid 20s then about 200-250 a month will be worth its weight in gold when you reach retirement age

I'm 24,

Pension is a scary word!

How many years have you paid NI conts for?

Precisely zero!

[Ironside]

also make sure you fund a pension not sure how old you are but if your in your early-mid 20s then about 200-250 a month will be worth its weight in gold when you reach retirement age

I'm 24,

Pension is a scary word!

How many years have you paid NI conts for?

Precisely zero!

mate best thing you can do is tomorrow go see a couple of independant pension advisors and get a pension sorted

trying to earn a living of poker in 40 years might not seems so glamourous as it does now

and sorting out your pension sooner rather than later and you will get a better return

you really dont want to be living off a state pension when you could be getting an average salary plus when you retire

[ripple11]

also make sure you fund a pension not sure how old you are but if your in your early-mid 20s then about 200-250 a month will be worth its weight in gold when you reach retirement age

I'm 24,

Pension is a scary word!

How many years have you paid NI conts for?

Precisely zero!

mate best thing you can do is tomorrow go see a couple of independant pension advisors and get a pension sorted

trying to earn a living of poker in 40 years might not seems so glamourous as it does now

and sorting out your pension sooner rather than later and you will get a better return

you really dont want to be living off a state pension when you could be getting an average salary plus when you retire

 and no NI = no state pension!.

[byronkincaid]

http://blondepoker.com/forum/index.php?topic=40973.0

[MC]

trying to earn a living of poker in 40 years might not seems so glamourous as it does now

It doesn't seem glamorous now!

Also, poker has evolved so much in the last 5 years, it's so hard to say if being a professional will even be feasible in 10 years time.

Looks like I should get NI sorted then look into a pension? Will they consider me to be self-employed do you reckon. Helpline ftw?

Edit: Thanks for the link byron!!

[Ironside]

trying to earn a living of poker in 40 years might not seems so glamourous as it does now

It doesn't seem glamorous now!

Also, poker has evolved so much in the last 5 years, it's so hard to say if being a professional will even be feasible in 10 years time.

Looks like I should get NI sorted then look into a pension? Will they consider me to be self-employed do you reckon. Helpline ftw?

Edit: Thanks for the link byron!!

personally i would sort pension out asap aswell as NI contributions

i personally think a pension is the most important thing an 18 year old can set up

[byronkincaid]

prob best getting the cheapest (charges) poss stakeholder pension that tracks the UK stockmarket.

cue 827620782076204623045623 pension salesmen telling you that is nonsense and you should let them set one up for you

[Geo the Sarge]

trying to earn a living of poker in 40 years might not seems so glamourous as it does now

It doesn't seem glamorous now!

Also, poker has evolved so much in the last 5 years, it's so hard to say if being a professional will even be feasible in 10 years time.

Looks like I should get NI sorted then look into a pension? Will they consider me to be self-employed do you reckon. Helpline ftw?

Edit: Thanks for the link byron!!

You can only be considered self employed if you are declaring for tax.

Unemployed, you can invest a maximum of £3600 a year into a pension gaining 20% tax relief.

Worth speaking to a financial adviser before setting anything up but be aware they can be expensive. A stakeholder can be set up without the use of an adviser, however don't suit everyone.

Can't remember who it was but someone was on here a couple of months back offering "free" quotation services and from what they were saying I would have avoided like the plague.

Most companies have a free quotation service on their online sites. All quotes use the same paramaters, the only difference is the charging structure. Again these will differ between advisers as most advisers have arrangements with the main providers.

I can do some checking for you and gather as much as I can.

I can't advise but I can gather facts for you to enable you to have an idea before going to an adviser.

Forewarned is forearmed etc.

Piece of fact for anyone thinking about pensions............You pay the commission to the adviser, not the life company. It is staggering the amount of clients that have queried their fund values and when given the commission amounts taken from their fund, have stated "but I was told that the Life Office pays that to the adviser"

Yes, they do, after it is taken from your fund.

Geo

[redsimon]

trying to earn a living of poker in 40 years might not seems so glamourous as it does now

It doesn't seem glamorous now!

Also, poker has evolved so much in the last 5 years, it's so hard to say if being a professional will even be feasible in 10 years time.

Looks like I should get NI sorted then look into a pension? Will they consider me to be self-employed do you reckon. Helpline ftw?

Edit: Thanks for the link byron!!

Wouldn't fret too much about missing out NI so far as the rules change soon. Old rules you had to pay NI for 40 years by time you got to 65, new rules 30 years by time you get to 66/70 or whatever new retirement year they dream up. Also consider ISAs as from next year you can put up to £10.2K in them each year and the income from them is tax free when you need to take it, unlike a pension.

[Ironside]

problem with isa is dicpline

to put money in

and

not to take it out

[salfi]

my pension scheme is called the sunday millions. lol .    1time