Income drawdown vs annuity purchase at retirement

Offgrid

Since I have now stopped working I am wondering if it is worth me paying voluntary NI contribs from now until I reach state pension age in September 2019. Extrapolating from JamesD's comments it seems I would pay £14 per week for 5 years to gain £4.60 x 5=£23 per week on my SP for the rest of my life. Have I got that right? Just to remind you of my circumstances: I have enough NI qualifying years, I was contracted out in a final salary scheme (USS) for about 16 years (still waiting to hear back about my exact NI contrib record) out of 34.

My wife is in a similar situation except her state pension date is January 2021 so she could pay voluntary contributions for 6 years after she stops work this October.

kidmugsy

It's cheaper to pay self-employed NI contributions. You just have to devise self-employment for yourself - it could be something that demands v little time.

Is there really any merit in having more than 35 years of NI contributions?

jamesd

Offgrid, yes, I think that would be sensible until you find out what your foundation amount is. It doesn't seem likely that you have already reached the flat rate cap. You'll be more certain with a state pension statement because if that shows that you haven't reached the flat rate cap you can be certain that it is worth doing, unless you happen to die unusually early.