A little help

newyo1

Yeah it says i need 2 more years to april 2024 i hopefully retire june 2024 i have contributed since 1985

Dazed_and_C0nfused

newyo1 said:

The figures are with the discounts already removed for retiring early. so they have estimated my pension when im 55.
I have obtained my state pension online its says i will get the max. 
I didnt realise we could still input into my wifes pension when she stops work something we will have a look at.
Yeah plan was to invest tax free lump and use it whatever i need it.
The wife has obtained a state pension forecast and i think she will be 3 years short of the 35yrs 
thanks for the help

The fact you refer to 35 years means you have almost certainly misunderstood how the new State Pension works.

You are both under transitional rules where 35 years, unless a complete coincidence, is irrelevant.

You need to read both forecasts in full, the headline figure can be very misleading.

newyo1

Dazed this is what it say ??

You can get your State Pension on 7 May 2036

Your forecast is £185.15 a week,
£805.07 a month, £9,660.86 a year

Your forecast

• is not a guarantee and is based on the current law
• does not include any increase due to inflation

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2022

£174.95 a week

Forecast if you contribute another 2 years before 5 April 2036

£185.15 a week

£185.15 is the most you can get

Dazed_and_C0nfused

newyo1 said:

Dazed this is what it say ??

You can get your State Pension on 7 May 2036

Your forecast is £185.15 a week,
£805.07 a month, £9,660.86 a year

Your forecast

• is not a guarantee and is based on the current law
• does not include any increase due to inflation

You need to continue to contribute National Insurance to reach your forecast

Estimate based on your National Insurance record up to 5 April 2022

£174.95 a week

Forecast if you contribute another 2 years before 5 April 2036

£185.15 a week

£185.15 is the most you can get

So one further hear will add £5.29/week, taking it to £180.24.

And a second year will add the final £4.91/week.

If you are working or self employed then you will still contribute to pay NI after those two years are added but you will be safe in the knowledge you will get the standard new State Pension.

The £185.15 will increase each year by an element of inflation proofing, currently the triple lock.  Although with that possibly due to be 10-11% for the April 2023 increase it wouldn't be a surprise if it became the double lock again!

Audaxer

newyo1 said:

The wife has obtained a state pension forecast and i think she will be 3 years short of the 35yrs 
thanks for the help

The 35 years is only applicable to young people who started paying contributions from 2016. She may be lucky and have only 3 years contributions to reach the maximum new SP of £185.15pw, but many of us have in excess of 40 years contributions and are still making voluntary contributions to get to the maximum. 

Silvertabby

Audaxer said:

newyo1 said:

The wife has obtained a state pension forecast and i think she will be 3 years short of the 35yrs 
thanks for the help

The 35 years is only applicable to young people who started paying contributions from 2016. She may be lucky and have only 3 years contributions to reach the maximum new SP of £185.15pw, but many of us have in excess of 40 years contributions and are still making voluntary contributions to get to the maximum. 

Whoever started this rumour that all those who reach SPA after April 2016 only need 35 years of NI contributions........needs a good talking to, as they have caused SO much confusion!

Those of us in the transitional period have our own, individual, calculations.  In my case, I needed 48 years (44 from working, 4 from paying voluntary Class 3s) of NI conts to reach the full single tier pension. 

P.S.  Certainly not complaining, as I consider myself to be one of the winners under the new scheme.  Had I reached SPA under the old scheme I wouldn't have been able to top up my pension by over £20 per week by paying voluntary contributions.

Audaxer

Silvertabby said:

Audaxer said:

newyo1 said:

The wife has obtained a state pension forecast and i think she will be 3 years short of the 35yrs 
thanks for the help

The 35 years is only applicable to young people who started paying contributions from 2016. She may be lucky and have only 3 years contributions to reach the maximum new SP of £185.15pw, but many of us have in excess of 40 years contributions and are still making voluntary contributions to get to the maximum. 

Whoever started this rumour that all those who reach SPA after April 2016 only need 35 years of NI contributions........needs a good talking to, as they have caused SO much confusion!

Those of us in the transitional period have our own, individual, calculations.  In my case, I needed 48 years (44 from working, 4 from paying voluntary Class 3s) of NI conts to reach the full single tier pension. 

P.S.  Certainly not complaining, as I consider myself to be one of the winners under the new scheme.  Had I reached SPA under the old scheme I wouldn't have been able to top up my pension by over £20 per week by paying voluntary contributions.

Absolutely, should be made a lot clearer.

I've got 46 years of full contributions, with another 3 years of voluntary contributions to get me up to the near enough the maximum.  I agree that it's definitely worth it.