National Insurance - 2 year gap?

anskills

QrizB said:

If you are both planning to retire before you are 50, you're going to have to continue paying voluntary NI after that happy day in order to qualify for a full state pension. In your wife's case, potentially until she's 60.

But if you might carry on working beyond that date, even if only part-time or on a self-employed basis, you might be able to fill more years at a lower cost to you.

Buying 2018-19 might be worth it, but 2017-18 probably isn't.

Is that just an assumption that you made that we will need to keep paying voluntary contributions beyond 50, or is there some rule I don't know about? 

 My pensions statement says I only need 3 years after this year as I have NI contributions going back to 1996, when I'm 48.

It is my wife I'm less clear about and if she genuinely needs another 17 years from now, which is indicated on her pension statement, she will not be able to get that in line with current retirement plans around age 48 - 50.

So yes, it's borderline whether to stump up the cash now to secure a couple of extra years in advance or just play it out and see. 

Sarahspangles

anskills said:

My pensions statement says I only need 3 years after this year as I have NI contributions going back to 1996, when I'm 48.

That’s one of the shorter periods of contributions within the possible range, so long as you’re going on what the forecast actually says. Which I think you are, as you are for your OH.

QrizB

anskills said:

QrizB said:

If you are both planning to retire before you are 50, you're going to have to continue paying voluntary NI after that happy day in order to qualify for a full state pension. In your wife's case, potentially until she's 60.

But if you might carry on working beyond that date, even if only part-time or on a self-employed basis, you might be able to fill more years at a lower cost to you.

Buying 2018-19 might be worth it, but 2017-18 probably isn't.

Is that just an assumption that you made that we will need to keep paying voluntary contributions beyond 50, or is there some rule I don't know about?

It's unusual for someone to have earned a full pension before they're 50. Not impossible, but unusual.

anskills said:

My pensions statement says I only need 3 years after this year as I have NI contributions going back to 1996, when I'm 48.

If your forecast says that you'll have accrued a full pension by age 48, then no you won't need to continue with voluntary contributions after that.

anskills said:

It is my wife I'm less clear about and if she genuinely needs another 17 years from now, which is indicated on her pension statement, she will not be able to get that in line with current retirement plans around age 48 - 50.

Do you have any reason to think the "17 more years" is wrong? If not, then yes another 17 years are needed. Either voluntary or from employment.

p00hsticks

QrizB said:

Do you have any reason to think the "17 more years" is wrong? If not, then yes another 17 years are needed. Either voluntary or from employment.

Or from credits for , for example, looking after grandchildren while the parent works....