State pension impact if I retire at 57?

Hi, I have a pension forecast for the £185.15 per week and the doc. says "you cannot improve your forecast any more".  I have pretty much worked my entire life with no material breaks so well covered 35 years + of contributions and employment.  If I retire at 57 and therefore stop making NI contributions, does this impact my state pension?  Do I need to factor in further NI contributions (when I retired at 57) to maintain that forecast and projection to receive the full state pension when I reach state retirement age?

Thanks in advance for any advice
Mo

Comments

  • molerat
    molerat Posts: 31,836 Forumite
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    Mosef41 said:
    Hi, I have a pension forecast for the £185.15 per week and the doc. says "you cannot improve your forecast any more".  I have pretty much worked my entire life with no material breaks so well covered 35 years + of contributions and employment.  If I retire at 57 and therefore stop making NI contributions, does this impact my state pension?  Do I need to factor in further NI contributions (when I retired at 57) to maintain that forecast and projection to receive the full state pension when I reach state retirement age?

    Thanks in advance for any advice
    Mo
    If there is only one amount shown on your forecast with that cannot improve statement then that is what you will get irrespective of what you do in the future.  35 years is of no relevance to you, it is the £ amount you had achieved at April 2016 and what has been added since that counts.

  • Suzycoll
    Suzycoll Posts: 149 Forumite
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    HI. If the forecast says you have paid enough NI contributions - this is enough. However, keep an eye on it as you have 10 years until you can claim your State Pension and the government can change the rules in that time 
  • Mosef41
    Mosef41 Posts: 17 Forumite
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    Thank you for the encouraging responses!  KR, Mo
  • Jude57
    Jude57 Posts: 543 Forumite
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    If you're going to claim an occupational pension at 57, make sure you'll be able to live comfortably on only that as your income. Be aware that you'll not be able to claim State Benefit top ups, even if your occupational pension is quite low. You might be able to claim Council Tax Reduction based on low income and possibly Housing Benefit if you're in rented accommodation but you won't be able to claim Universal Credit, Pension Credit or other means tested benefits.

     If you're lucky enough to have a decent occupational pension you can access at 57, good for you. Why not retire and enjoy the fruits of your savings over all those years?
  • You are absolutely right@Jude57. Retirement is your choice, and the only thing you can ensure is that it is the right one for the rest of your peaceful life. The occupational pension is comparatively low, but if you can manage with it, it's okay.
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