Making up my NI shortfall
buyhighselllow
Posts: 243 Forumite
My NI statement obviously not updated yet but as of April 2022 my forecast was £18741/ week and requiring 3 more years contributions to get £20385/ week ( I had contributed 35 years at that time) . 55yo this year
So another year has now been knocked off. I will work this tax year FT til end of July then part time hopefully until the end of the year earning about 6K net in the final third of 2023.
After that ( 2024) I'm not sure. I would like some easy low stress PT work but unsure how much that will bring in income each year. Could someone outline what I need to work in terms of time and income to achieve my outstanding NI contributions to get a full SP please ( or should I consider buying the final chunk..at what cost..?)
So another year has now been knocked off. I will work this tax year FT til end of July then part time hopefully until the end of the year earning about 6K net in the final third of 2023.
After that ( 2024) I'm not sure. I would like some easy low stress PT work but unsure how much that will bring in income each year. Could someone outline what I need to work in terms of time and income to achieve my outstanding NI contributions to get a full SP please ( or should I consider buying the final chunk..at what cost..?)
Over £2K made from bank switches and P2P incentives since 2016 :beer:
0
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The Lower Earnings Limit for 202425 and beyond isn't known yet.
But for the current year, if you earn £123 a week (£533 a month)  that corresponds to about 12 hours a week at minimum wage  that will give you NI credits without actually having to pay any NI.
So you have plenty of time and opportunity to reach the maximum.
Certainly not worth making any voluntary contributions to fill in gaps at this point....1 
p00hsticks said:The Lower Earnings Limit for 202425 and beyond isn't known yet.
But for the current year, if you earn £123 a week (£533 a month)  that corresponds to about 12 hours a week at minimum wage  that will give you NI credits without actually having to pay any NI.
So you have plenty of time and opportunity to reach the maximum.
Certainly not worth making any voluntary contributions to fill in gaps at this point....Over £2K made from bank switches and P2P incentives since 2016 :beer:0 
buyhighselllow said:p00hsticks said:The Lower Earnings Limit for 202425 and beyond isn't known yet.
But for the current year, if you earn £123 a week (£533 a month)  that corresponds to about 12 hours a week at minimum wage  that will give you NI credits without actually having to pay any NI.
So you have plenty of time and opportunity to reach the maximum.
Certainly not worth making any voluntary contributions to fill in gaps at this point....
1 
molerat said:buyhighselllow said:p00hsticks said:The Lower Earnings Limit for 202425 and beyond isn't known yet.
But for the current year, if you earn £123 a week (£533 a month)  that corresponds to about 12 hours a week at minimum wage  that will give you NI credits without actually having to pay any NI.
So you have plenty of time and opportunity to reach the maximum.
Certainly not worth making any voluntary contributions to fill in gaps at this point....
So based on what I've outlined for 23/24 , and its unlikely I will work in 2024 before April, do I need to make class 3 contributions for the first quarter of 2024 or will what I'm doing April Nov/Dec 2023 give me another additional qualifying year ( which then leaves me needing 1 full year to get full SP after April 2024 )
...and do I need to do anything about August which I was considering travelling for a month before returning as Bank staff in September? I presume as long as I earn £533 gross in any month that qualifies yes ?Over £2K made from bank switches and P2P incentives since 2016 :beer:0 
To get a full year you need to earn 52 x weekly LEL in any given year, £123 per week so £6389. Pay packets that are below the LEL don't count as does any amount above the UEL. For each week you are above the LEL you will get a week credit so will have at least a part year but you could get a full year in a few months. This year the monthly LEL is £533 and UEL is £4189 so not too difficult to reach the necessary £6396 income in a year.
1 
molerat said:To get a full year you need to earn 52 x weekly LEL in any given year, £123 per week so £6389. Pay packets that are below the LEL don't count as does any amount above the UEL. For each week you are above the LEL you will get a week credit so will have at least a part year but you could get a full year in a few months. This year the monthly LEL is £533 and UEL is £4189 so not too difficult to reach the necessary £6396 income in a year.
cheers
Over £2K made from bank switches and P2P incentives since 2016 :beer:0 
buyhighselllow said:My NI statement obviously not updated yet but as of April 2022 my forecast was £18741/ week and requiring 3 more years contributions to get £20385/ week ( I had contributed 35 years at that time) . 55yo this year
So another year has now been knocked off. I will work this tax year FT til end of July then part time hopefully until the end of the year earning about 6K net in the final third of 2023.
After that ( 2024) I'm not sure. I would like some easy low stress PT work but unsure how much that will bring in income each year. Could someone outline what I need to work in terms of time and income to achieve my outstanding NI contributions to get a full SP please ( or should I consider buying the final chunk..at what cost..?)1
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