How much to live on

scottish_lassy

ohhhh @Baron_Dale.how do you work this out???
As I was contracted out most for of my career, I will need a total of 47 years NI contributions to get the full ‘new’ state pension minus a few pence. I am currently on Year 44! 

I have had a few years contracted out as well - think from 1990-1997, so don't understand how this works.

[Deleted User]

I have a Government Gateway account. There you can see your current state pension forecast and how many more NI years you need. You can also check your NI Record. You can also see how much your state pension is worth with your current number of NI years. You can also check your tax on that site. I suggest you register.

Apintplease

[Deleted User] said:

I have a Government Gateway account. There you can see your current state pension forecast and how many more NI years you need. You can also check your NI Record. You can also see how much your state pension is worth with your current number of NI years. You can also check your tax on that site. I suggest you register.

Definitely do this

I was missing numerous years end actually did need to work to 67 for full pension, but I had 5 years that were cheap enough to buy back so Im doing that. Some of the other years will cost me big money, but one year I bought was only £200

MovingForwards

Definitely check SP forecast, read everything and not just the big print.

I only need another 9 years to reach full SP, unless they change the rules again. It all helps with pension planning and budgeting.

203846930

I was contracted out for over 15 years so not even thinking about trying to buy it back.
On the other hand I did manage to get my contracted out pension joined with my various other private and works pensions to give me a bigger pot to work with.

[Deleted User]

duncanthedog, if you have another 4 years until you are 66 why not pay voluntary contributions for the next 4 years. That will increase your state pension by about £20 a week index linked for life. Just under 3 years to beak even. A very good deal.

203846930

[Deleted User] said:

duncanthedog, if you have another 4 years until you are 66 why not pay voluntary contributions for the next 4 years. That will increase your state pension by about £20 a week index linked for life. Just under 3 years to beak even. A very good deal.

I have shown you my budget, see if you can find the money to get me an extra £20 a week out of it and I will give it a go.

[Deleted User]

It was only a suggestion. I was thinking you could use some of your savings once a year to top up NI. The return over time will much much greater than current rates of interest. On another note have you checked that you are, or will be, entitled to any benefits owing to your ill health?

[Deleted User]

Would be interesting to hear from more posters how much they live on, or plan to live on. As this is the over 50s board  pre and post retirement is valid. Just could be useful to others. Furthermore, an alternative to excesses of the pensions board   lol. 

Silvertabby

duncanthedog said:

[Deleted User] said:

duncanthedog, if you have another 4 years until you are 66 why not pay voluntary contributions for the next 4 years. That will increase your state pension by about £20 a week index linked for life. Just under 3 years to beak even. A very good deal.

I have shown you my budget, see if you can find the money to get me an extra £20 a week out of it and I will give it a go.

£20 per week is the return, not the expenditure.  Yes, it sounds a lot, and you would have to dib into savings - but the returns could be better than anything else available at the moment.

I, too, can buy 4 years of post 2016 NI conts.  I've already bought 2 years, and will buy 2 more before April.

In (very) round figures, each year costs a one-off payment of £750 in return for another £5 per week index linked State pension for life.
As a basic rate taxpayer I will get my money back after just 4 years.  3 years for a non tax payer.

It really is a bargain if you have the means to take advantage of it.