State Pension Gamble

Gummomarx

MX5huggy said:

Use the ONS life expectancy calculator. 

https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07

To reassure you that you can expect to get to your mid eighties. 

A crystal ball - thanks!

Stubod

..yep, we are doing this, I think it's a no-brainer?

Flugelhorn

diystarter7 said:

I would not bother at all. However, we do have other income and savings to fall back on if I'm lucky enough to live another 10 years - just over 60 atm.

I suspect it depends on how much of a difference it makes to your total income, if it is a very small percentage then it probably doesn't seem worth it but if the total income is lower it could really help. 

Silvertabby

Flugelhorn said:

diystarter7 said:

I would not bother at all. However, we do have other income and savings to fall back on if I'm lucky enough to live another 10 years - just over 60 atm.

I suspect it depends on how much of a difference it makes to your total income, if it is a very small percentage then it probably doesn't seem worth it but if the total income is lower it could really help. 

To be honest, this extra £1K per year won't make much of a difference to us - but just couldn't resist such a good offer.

RobM99

Silvertabby said:

Flugelhorn said:

diystarter7 said:

I would not bother at all. However, we do have other income and savings to fall back on if I'm lucky enough to live another 10 years - just over 60 atm.

I suspect it depends on how much of a difference it makes to your total income, if it is a very small percentage then it probably doesn't seem worth it but if the total income is lower it could really help. 

To be honest, this extra £1K per year won't make much of a difference to us - but just couldn't resist such a good offer.

Maybe not in one year but it could be 20+ .

Silvertabby

RobM99 said:

Silvertabby said:

Flugelhorn said:

diystarter7 said:

I would not bother at all. However, we do have other income and savings to fall back on if I'm lucky enough to live another 10 years - just over 60 atm.

I suspect it depends on how much of a difference it makes to your total income, if it is a very small percentage then it probably doesn't seem worth it but if the total income is lower it could really help. 

To be honest, this extra £1K per year won't make much of a difference to us - but just couldn't resist such a good offer.

Maybe not in one year but it could be 20+ .

Exactly   .

molerat

For MrsM we bought a total of 12 years, some part filled with granny credits & some empty, for just over £4K giving £61.56 per week at 20-21 rates when she reached SRA and the money was all back in 70 weeks at that rate.  My 3 years were at full price so will not be back until mid 2023 after 193 weeks at 19-20 rate and the taxman taking his cut.  Excellent value and a real bonus considering most of this change became available after we had taken early retirement so had planned on having much less SP.

Albermarle

Gummomarx said:

I'm toying with the idea of paying £4069 to buy extra NI contributions to get me from the projected £155.95pw to £182.40pw - (£5.29 x 5 years).  Realising that £5.29 after tax will be worth £4.23, I will hopefully get my £4069 back and start to move into profit if I survive to within 4 months of my 70th birthday.

Anyone recommend any decent fortune-tellers?

If you were to buy an annuity, that paid £1,375 pa, guaranteed for life, with annual CPI Increases, it would cost you around £40,000 ( the full inflation link pushes up the price ) . So I think that shows paying £4000 instead is a real bargain. 

Gummomarx

Silvertabby said:To be honest, this extra £1K per year won't make much of a difference to us - but just couldn't resist such a good offer.

If I live to the 85 years Martin Lewis promised me , I'll have made £17,000.