Regret retiring too early with not enough money?

molerat · 13 August 2017 at 6:34PM

Kynthia wrote: »

If you don't have enough NI years for a full state pension when you stop working, then see whether your grandchild's would be happy to transfer their NI credits to you if they don't need them. I've just done this for my mum because she cares for my daughter and I don't need the NI credit for claiming child benefit for an under 12 year old.

Something that is not that well publicised. MrsM has saved just under £3K in class 3 contributions :money:

Smileruk · 14 August 2017 at 7:06PM

HI all - apologies if this is the wrong place.
I am giving up work early (at 54) due to work related stress next month, I am moving house next year and will have no mortgage.
My question is "what do I need to do if anything in relation to NI contributions", I will have my other half's contribution to bills. other half still working full time in a job which is loved. We have no mortgage and a new house will be paid for in full. Just day to day bills etc - which will be more than covered by my Pension - ( I will be taking one of my private pensions Next year and will then have two other final salary pensions to be taken when I am 60 and then hopefully my State pension at 67. I realise my current employer will advise HMRC that I will be leaving/have left my current employment and I have no intention of signing on. I will be living on my savings until mid next year. Do I have to advise anyone of anything?
Any help will be greatly appreciated - I was told yesterday that I will still more than likely have to pay NI contributions for my state pension and if I ever need to take any benefits in the future. I had a state pension forcast a couple of years ago which said I have paid more than my qualifying years contributions.

Silvertabby · 14 August 2017 at 8:00PM

I had a state pension forcast a couple of years ago which said I have paid more than my qualifying years contributions.

This is likely to be a (now outdated) quote under just the old rules.

You need to obtain a current forecast which, as you could have some contracted out service, will probably still be based under the old rules - but may be under the current £160 per week maximum single tier pension.

If so, then you will have the scope to increase your pension by paying voluntary Class 3 NI contributions.

Regret retiring too early with not enough money?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free