Do we have enough to retire now?

Dorian1958

Could you please post exactly what the forecast states? Something does not seem right given your age and employment history.

[Deleted User]

Here's what it says.


Forecast if you contribute another 1 years before 5 April 2030
£159.55 a week
£159.55 is the most you can get

So once I've paid this year's NI then according to this I'll be eligible for the full amount. Yet I was in the Civil Service from 1986 - 1995.

EDIT: Just to add, my husband's forecast has a section at the bottom telling him he was contracted out, and giving him a COPE estimate.

Mine doesn't have this.

True_Blue_64

Hi scarter

I started a thread on the subject of SP forecasts a few weeks back as I was surprised that I had paid the maximum NI contributions to get the full SP of £159 and I'm 53 with about half my working life in contracted out pension schemes. I called the helpline and they confirmed that that is the case and I can't increase my SP anymore. Not sure I understand how it's calculated but I don't know why yours doesn't have a COPE estimate as mine did. I'm sure the helpful folks on here can help though.

Good luck
TB

[Deleted User]

I just took a look at your thread.

I would have had a full 30 years under the old system and presumably some SERPS, although not much as for many years I was self-employed. I've no idea how to figure out what SERPS I'd have built up but I'm guessing very little.

The worry though is that they haven't stated that I was contracted out. For my husband they did. So that makes me concerned that they've made a mistake with mine. I guess I need to phone and ask.

Thanks for the info!

Dorian1958

You are right to phone and check. The number of years you had under the old calculation is irrelevant as they were"revalued" at April 2016. For example, I have 43 years of full contributions, but because most of that was contracted out, my estimate indicates I need a further year, after this current one, to qualify for the full new SP. Good luck finding out, and fingers crossed that it is somehow correct!

kidmugsy

Deleted_User wrote: »

I can start taking money out of my pension next year to avoid paying tax on it later. I guess I'd transfer it into a stocks and shares ISA?

Consider running it through your own pension and your husband's. Store up more Tax-Free Lump Sums, and more opportunity to use your Personal Allowances.