I am 69 should I consider paying to get more Pension per week?

Mrs_Constant_Worry

I apologise in advance if this has been aired before. I couldn't see it so point me in right direction please if it has.

I was born in 1945 deffered my state pension until 2007. I get £89.28 plus Pre 97 additional state pension and post 97 additional state pension making £131.81.

So at the moment the figure of £148.80 will be the flat rate for all so I could say I need another £19 per week.

I have just gone on the Gov Calculator and to get that I will need to make a lump sum of £14,801. So if I divide that by 19 it would equal 779 weeks and divide by 52 = 15 years before I break even and if I am still alive.

So 2 questions come to mind -

1. If I died would my OH benefit? (Given that he is still alive.)
2. Would I get a better return if I say purchased an acre of farm land?

Are there any other women out there wondering about this?

johnaka

don't bother if you both die before you get the full amount its gone!
best just dip in as and when needed.
how have you manage so far.
it seem that you've both done OK up till now.so I wonden't bother.

Mrs_Constant_Worry

Thank you - it was my initial thoughts. Once I hand it over it's not like an ISA I can draw it out as and when I need it.

Basically we have over the savings limit to get Pension Credit. Is annoying that we have saved and done ourselves out of a little extra.

Never mind....I just wondered if I was missing a trick:j

greenglide

So you are talking about the State Pension Top-up by Class 3A contributions.

If you should pre-decease your husband then he can inherited half of the extra pension.

It is all down to your personal life expectancy and, of course, the payments are index linked to CPI currently.

I would have thought that purchase of an acre of farmland is a strange thing to consider, is there any reason why you have considered this?

The best option is probably to defer you State Pension again - you can have one deferral when you "should" have started and one more period after that. Using the savings to fund the deferral is twice the value of the Class 3A contributions.

kidmugsy

greenglide wrote: »

The best option is probably to defer you State Pension again - you can have one deferral when you "should" have started and one more period after that. Using the savings to fund the deferral is twice the value of the Class 3A contributions.

Yup; an eighteen month deferral would give you an extra 15.6% which is your required £19 p.w.

UPDATE https://www.gov.uk/deferring-state-pension/what-you-may-get

Mrs_Constant_Worry

Thank you and will look at the link and give this second deferral consideration.

Farm land - maybe talking 'out a loud' but we live in the countryside. Why I said an acre of farmland is because of the increase in price it has gone up in comparison with other 'assets' that you can buy in the 'price range' I am talking about. I have heard it said 'land will not go down in price because 'they don't make it anymore'

Anyway I am pleased I am starting to think about this so that whatever decision I make at least I will have given it some thought at this point in time.

Just another point -

I was able to retire in 2005 - when I was 60. I deferred my pension until 2007 when my breast cancer diagnosis made me decide to 'cash in'. I can recall looking up 'facts' and it meant if I died my OH would not get my Lump Sum. Hence - drew it out quickly.

So thinking positively now - after three years of treatment and in remission - just taking time out to 'think'.