Early retirement without enough years for full state pension

kidwell25

My state pension forecast says I need to contribute another 11 years of NI to receive the full state pension, however I ideally want to retire within the next 5 years (aged around 50). The only gaps I have in my record are 1997-2000 so too long ago to plug. Everything I've read about voluntary contributions seems to be based around the idea of filling "gaps". Once you've stopped working, is it possible to voluntarily pay NI contributions annually until you hit your requisite number of years?

p00hsticks

kidwell25 said:

Once you've stopped working, is it possible to voluntarily pay NI contributions annually until you hit your requisite number of years?

Yes it is.

You could hang onto the money and then contact HMRC to make one off payments before the opportunity to buy each individual year expires (assuming they now stick to the twice extended deadline for earlier years, the default is that you can buy up to six years in arrears). 

Or alternatively, you can set up a direct debit to pay for each current year as it arises in monthly installments. 

molerat

Yes it is

https://www.gov.uk/pay-voluntary-class-3-national-insurance

The only downside of paying early is that if you step under a bus all is lost.  It may be worth saving now and paying nearer the time.  Years stay at their original price until 2 years after the end of the year.  Who knows what may happen in the future - you may be entitled to benefits that pay your NI for you. You don't really need to think about paying until around 5 years before your SP date if you will be paying another 5 by working.  Just make sure you are getting an annual forecast to see how you are doing which will also highlight any changes in the law.