purchasing National Insurance Years ?

IGraham

Hello

I'm a 68 year old retired male

According to National Insurance records I have

38 years of full contributions
11 years when you did not contribute enough (health problems)
However only three of those years are post 2016.
If i pay for those three years how much extra a week would i get (£5.29 I think).
How many years would i have to live to cover the amount i paid (three years i think)
Each missing year is £824.20
£824.20x3 = 2472.6
If purchased (I think) I'd get a week £5.29x3 = £15.87

I'm probably missing something important regards all this

Any help or advice appreciated

Dazed_and_C0nfused

You probably aren't missing anything but we are.

What is the State Pension you have accrued to date?

Buying 3 years when you have accrued £177 wouldn't be sensible.

Buying 3 years when you've only accrued say £165 would usually be a great choice.

Marcon

IGraham said:

Hello

I'm a 68 year old retired male

According to National Insurance records I have

38 years of full contributions
11 years when you did not contribute enough (health problems)
However only three of those years are post 2016.
If i pay for those three years how much extra a week would i get (£5.29 I think).
How many years would i have to live to cover the amount i paid (three years i think)
Each missing year is £824.20
£824.20x3 = 2472.6
If purchased (I think) I'd get a week £5.29x3 = £15.87

I'm probably missing something important regards all this

Any help or advice appreciated

Have you worked through https://www.moneysavingexpert.com/savings/voluntary-national-insurance-contributions/

p00hsticks

The other thing to think about is that, having not made these purchases prior to actually reaching State Pension Age, a) the increase won;t be backdated to before you make the contributions and b) anecdotal evidence on these pages suggest that it is currently taking a very long time for DWP to either actually receive the information that you've made them or to recalculate the pension amount to reflect this. So it may be a while before you see any increase as a result of making the paymetns, and even longer before you break even on the investment.

IGraham

Thanks for the replys

I'm on £168 at the moment so that would seem to indicate that paying would be 'a great choice'.

Have now looked at the link one of you provided (thanks) and have contacted the government pension helpline and will soon (hopefully) receive a letter stating how much my pension should increase by.

And thanks for the additional info.

Would seem to be clear that paying the extra will increase my pension, just got to go through the process before I actually do it.

Thanks for the help, is appreciated