Worked 30years and want to retire early will I still get full state pension?

sharpeyg

I am 59 and fully understand that I will not receive my state pension until I am almost 63. I am planning to retire early due to stress and can live off my savings for a while. I started work when I was 16, then I did not work for 9 years to look after my children, 'the' husband left and I then went back to work until the present day. While looking after my children I received child benefit.
Will I qualify for a full state pension, because I have worked for over the 30 years the government say you need to work to qualify, or will I be penalised for taking early retirement?

[Deleted User]

Hi,

can't give you any specific info, but have a look here, lots of help.

SnowMan

Use that link that Frugalmacdougal has given to get a State Pension Forecast. Or you can contact the State pension forecast people by ringing 0845 3000 168 (text phone 0845 3000 169) and they will arrange for the forecast to be sent out (takes about 2 weeks to be sent out I think). The lines are open Monday to Friday 8.00 am to 8.00 pm.

It sounds on the surface that you will probably have the required 30 years to get a full Basic State Pension either through your own contributions while working, or through credited years while you were looking after children, or if you are divorced by being able to substitute your former husband's contributions for years during the marriage where you don't have contributions yourself.

However it is dangerous to guess and the simple way to find out for sure is to just get a State Pension Forecast. It will also tell you of any likely entitlement to any additional State pension (for example through SERPS or S2P or graduated pension) also.

If having got the State Pension Forecast you don't have the required 30 years, ring the State forecast people up and they will tell you over the phone which tax years you have credits for and which ones you don't. Then check those missing years by working out what you were doing in those years and use the rules to determine whether you think you should have got credits for those years. Post back here if need be.

whitesatin

I can't say for sure but I think you will get the full pension but, as suggested, get a forecast to be sure.

Your circumstances sound a lot like mine and I know how you feel. I should get the full state pension if I understand correctly.

HappyMJ

You should have also been credited with national insurance contributions whilst raising the kids for 9 years so I think you should have plenty of contributions and will get the full basic state pension. You should also have some extra pension which will be detailed in a pension forecast.

Loughton_Monkey

sharpeyg wrote: »

......Will I qualify for a full state pension, because I have worked for over the 30 years the government say you need to work to qualify, or will I be penalised for taking early retirement?

From what you say, you are probably entitled (but check it) to 'full' state pension from your official pension age.

But don't worry about being 'penalised'. State Pension is something you earn by right, and has got nothing whatsoever to do with whether or not you are working/earning. Many people 'retire' well before state pension age. Others continue to work well after state pension age. Neither of these things affect the entitlement to the pension. The latter can, of course, affect the tax you pay.