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38 years of State Pension Contributions & Redundancy
davethebb
Posts: 98 Forumite
I am 54 years of age and about to be made redundant and will probably look at early retirement. My state pension forecast indicates I have 38years of contributions, 13 left to April 2033 and a estimated state pension of £179.60wk, £780.64/month or £9371.27/yr. Is there anything I can do to improve my state pension e.g. by adding to it (although it does appear that there are no missing years)?
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Comments
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No, £179.60 is the maximum New State Pension so you have reached the ceiling.1
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Is your estimate based on you making further contributions or does it say you cannot improve your situation?davethebb said:I am 54 years of age and about to be made redundant and will probably look at early retirement. My state pension forecast indicates I have 38years of contributions, 13 left to April 2033 and a estimated state pension of £179.60wk, £780.64/month or £9371.27/yr. Is there anything I can do to improve my state pension e.g. by adding to it (although it does appear that there are no missing years)?
Most importantly what does it say you have based on April 2020 (may possibly be 2021)?0 -
You really need to read beyond the headline figure, there is often more than one amount quoted.davethebb said:I am 54 years of age and about to be made redundant and will probably look at early retirement. My state pension forecast indicates I have 38years of contributions, 13 left to April 2033 and a estimated state pension of £179.60wk, £780.64/month or £9371.27/yr. Is there anything I can do to improve my state pension e.g. by adding to it (although it does appear that there are no missing years)?
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Deferring your state pension is the only way left to increase it. You currently get 1% more for each 9 weeks you defer.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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Hi Everyone, The forecast says it is based on my NI record up to 5 April 2020 (the current year has not been updated) and it states that this is the most I can get. Does this help clarify my position?0
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Then yes there is nothing more you can do unless you choose to defer past State Pension Age.davethebb said:Hi Everyone, The forecast says it is based on my NI record up to 5 April 2020 (the current year has not been updated) and it states that this is the most I can get. Does this help clarify my position?0 -
But it will revalue each year (currently under the Triple Lock).
https://www.ifs.org.uk/publications/15132
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Is there any negative impact on this, retiring mid-50s with a full payment record and then not making any further NICs until state pension age?0
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Nope, apart from no longer having that warm and fuzzy feeling inside from feeding the government coffersUsername03725 said:Is there any negative impact on this, retiring mid-50s with a full payment record and then not making any further NICs until state pension age?
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