Self Employed - State Pension if retiring early

DrPepper1234
DrPepper1234 Posts: 10
First Anniversary First Post
Forumite
edited 12 January at 2:29PM in Topping up your state pension
Hi all, if your forecast is for a full state pension but you wish to retire early, can you pay the short full? If so is there any info out there on this?

Comments

  • Marcon
    Marcon Posts: 10,034
    First Anniversary Name Dropper Combo Breaker First Post
    Forumite
    Hi all, if your forecast is for a full state pension but you wish to retire early, can you pay the short full? If so is there any info out there on this?
    Vast amounts of info if you google, or try starting here: https://forums.moneysavingexpert.com/categories/state-pension-topping-up
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • DE_612183
    DE_612183 Posts: 1,649
    First Anniversary First Post Name Dropper
    Forumite
    Can you explain a bit more?

    The age you can take your state pension is set - you can't take it early if thats what you're looking to do.

    Depending on your age that's probably when you reach 66 or 67....
  • Undervalued
    Undervalued Posts: 8,817
    First Anniversary Name Dropper First Post
    Forumite
    Hi all, if your forecast is for a full state pension but you wish to retire early, can you pay the short full? If so is there any info out there on this?
    How many years contributions do you have?

    I may be out of date but I think you need 35 years for a full state pension? If you have that then, although you would still have to pay contributions if you were earning, if you retire early and live on savings you don't have to pay any more NI.
  • DrPepper1234
    DrPepper1234 Posts: 10
    First Anniversary First Post
    Forumite
    DE_612183 said:
    Can you explain a bit more?

    The age you can take your state pension is set - you can't take it early if thats what you're looking to do.

    Depending on your age that's probably when you reach 66 or 67....
    Will not be taking it early. I assume you can plug any gaps so that once you reach retirement you can get the full state pension?
  • DE_612183
    DE_612183 Posts: 1,649
    First Anniversary First Post Name Dropper
    Forumite
    DE_612183 said:
    Can you explain a bit more?

    The age you can take your state pension is set - you can't take it early if thats what you're looking to do.

    Depending on your age that's probably when you reach 66 or 67....
    Will not be taking it early. I assume you can plug any gaps so that once you reach retirement you can get the full state pension?
    Yes you can - your original post didn't ask that.

    You need to get a State Pension Forcast - then review your NI contribution years - if there are nay gaps you can "buy" those years - there was a deadline to do it but I think it's been extended - see this link:

    https://www.gov.uk/voluntary-national-insurance-contributions
  • molerat
    molerat Posts: 31,576
    Name Dropper Photogenic First Post First Anniversary
    Forumite
    edited 12 January at 1:15PM
    The first thing to do is get a pension forecast, https://www.gov.uk/check-state-pension  available in your on line tax account.  That will show you where you are currently at and how many more years you need to reach the maximum achievable.  Once you have got that forecast come back and someone will point you in the right direction.
    I have reported this to move to the pensions board.


  • p00hsticks
    p00hsticks Posts: 12,589
    First Post Name Dropper Photogenic First Anniversary
    Forumite
    Hi all, if your forecast is for a full state pension but you wish to retire early, can you pay the short full? If so is there any info out there on this?
    How many years contributions do you have?

    I may be out of date but I think you need 35 years for a full state pension? If you have that then, although you would still have to pay contributions if you were earning, if you retire early and live on savings you don't have to pay any more NI.
    The '35 years for a full state pension' only applies to those born this century whose working lives will fall entirely under the new State Pension rules introduced in 2016. Those of us who are older will fall under transitional rules, and the number of years required will vary according to an individuals personal work history (whether they were contracted in or out, etc) - from as low as 29 to as high as 45+ years. 

    So as others have said, it's important to get an individual State Pension forecast to see what you are no track to get and how many more years (if any) you need to reach that target figure

Meet your Ambassadors

Categories

  • All Categories
  • 341.9K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards