Hi / Keen to get your opinions!

HBelfast

Hi,

I called the Future Pensions Centre and would be keen to hear people's opinions on the information they gave me. (They were very helpful, if anyone is thinking of doing it). 

I'm self employed, and was told that if my self employed situation remains the same for the next 18 years (until pensionable age), I wouldn't need to buy any gap years back. (I have 3 years that I could possibly buy). 

I really don't know what to do! It's hard to know how the future will pan out when you're self employed...

I'd be very grateful for your thoughts,

Thanks. 

Brie

How's your health and what's your job?  I don't really need to know but am asking the questions you need to think about.

What I mean is that if you come from a family that has lots of people living healthy lives into their 80s or 90s that's great.  And if you are in a job where people don't retire early then it's likely you'll do the 18 years required.

If on the other hand there's a history of heart disease or whatever in your family that's not too good.  Especially if you are working a physical job where you might be better off slowing down before you hit your 60s then maybe you won't do the 18 years.  

Obviously the fittest healthiest person can get hit by a bus or whatever but you can't work out every detail.

molerat

Do you need the full 18 years or less to make the full pension ?

What is the amount showing on your forecast up to April 2023 ? (not the big green box at the top)

HBelfast

Thanks @molerat the forecast up to April 2023 is £100.71 per week. (It's showing that if I continue in the same way for another 18 years the pension will be the maximum amount). 

molerat

So you do need the full 18.  If they are available at class 2, so all 3 for under £500, it is probably worth getting them in the bank.  If at class 3 rate, just under £2500, it is probably not worth getting ahead and just pay for them at the end if needed.

HBelfast

Thanks, the price was £800 and something.

molerat

HBelfast said:

Thanks, the price was £800 and something.

Were you not self employed at that time ?

HBelfast

I was working abroad for a few years. 

molerat

HBelfast said:

I was working abroad for a few years. 

In which case you may be able to pay at class 2 rate.

Social Security abroad: NI38 - GOV.UK

HBelfast

Thank you!