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November 18 2019 8.58pm

pensions ?

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View cryrst's Profile cryrst Flag Chatham 06 Jul 19 4.56pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by chris123

Getting a statement is an easy process.

Gov .UK then ni number I think

 

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View chris123's Profile chris123 Online Flag hove actually 06 Jul 19 5.26pm Send a Private Message to chris123 Add chris123 as a friend

Originally posted by cryrst

Gov .UK then ni number I think

[Link]

 

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View Badger11's Profile Badger11 Flag Beckenham 06 Jul 19 6.15pm Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by cryrst

Good point Chris.
I think you need 35 years or so NI payments.

Correct I have retired 58 but not reached my pension age of 67. I only have 33 years I looked at buying 2 years contributions and for now I have decided against it.

There is always the possibility that I will earn them in the next few years so why buy. If not I can buy them nearer retirement age. I can't remember how I did it but I calculated that I would need to get a state pension for 10 years before I got my money back on the missing years. So when I am 77 it would be free gravy from there. Well I am in good health now but that is 18 years time and may not be.

So for me and I stress me I would prefer to keep the money and defer that decision until I have to.

Edited by Badger11 (06 Jul 2019 6.16pm)

 


One more point

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View YT's Profile YT Flag Oxford 06 Jul 19 6.55pm Send a Private Message to YT Add YT as a friend

Originally posted by Badger11

Correct I have retired 58 but not reached my pension age of 67. I only have 33 years I looked at buying 2 years contributions and for now I have decided against it.

There is always the possibility that I will earn them in the next few years so why buy. If not I can buy them nearer retirement age. I can't remember how I did it but I calculated that I would need to get a state pension for 10 years before I got my money back on the missing years. So when I am 77 it would be free gravy from there. Well I am in good health now but that is 18 years time and may not be.

So for me and I stress me I would prefer to keep the money and defer that decision until I have to.

Edited by Badger11 (06 Jul 2019 6.16pm)

Any chance you could get a little part-time job for a couple of years, Badger? To earn a year's NI credit, you only need to earn a minimum of (2019-20 figures):-

118pw/512pm/6,136pa as an employee

Or

123pw/532pm/6,365pa as self-employed

This would be a very 'cheap' way to fill in the shortfall. And you might make some new friends!

 


Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)

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View chris123's Profile chris123 Online Flag hove actually 06 Jul 19 7.15pm Send a Private Message to chris123 Add chris123 as a friend

Originally posted by YT

Any chance you could get a little part-time job for a couple of years, Badger? To earn a year's NI credit, you only need to earn a minimum of (2019-20 figures):-

118pw/512pm/6,136pa as an employee

Or

123pw/532pm/6,365pa as self-employed

This would be a very 'cheap' way to fill in the shortfall. And you might make some new friends!

If you do this after your 65th, you don't pay NI on earned income.

 

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View cryrst's Profile cryrst Flag Chatham 06 Jul 19 7.45pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Badger11

Correct I have retired 58 but not reached my pension age of 67. I only have 33 years I looked at buying 2 years contributions and for now I have decided against it.

There is always the possibility that I will earn them in the next few years so why buy. If not I can buy them nearer retirement age. I can't remember how I did it but I calculated that I would need to get a state pension for 10 years before I got my money back on the missing years. So when I am 77 it would be free gravy from there. Well I am in good health now but that is 18 years time and may not be.

So for me and I stress me I would prefer to keep the money and defer that decision until I have to.

Edited by Badger11 (06 Jul 2019 6.16pm)

Wait until pension age as you will be told which years you missed.
Squirrel a few quid away each year and pay it up when you know this.
I dont think interest is charged on non payer years as the rules change so often.
It might only be a tenner less on your pension so not paying it might be worth more than to pay it.
Unless you live to about 90 ish.
By then you probably wont need that tenner anyway.

 

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View Badger11's Profile Badger11 Flag Beckenham 06 Jul 19 8.00pm Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by cryrst

Wait until pension age as you will be told which years you missed.
Squirrel a few quid away each year and pay it up when you know this.
I dont think interest is charged on non payer years as the rules change so often.
It might only be a tenner less on your pension so not paying it might be worth more than to pay it.
Unless you live to about 90 ish.
By then you probably wont need that tenner anyway.

That was my feeling.

I think for every years NI you get 2-4 per week and for 2 years I think it was about 1600 cost. I would not even get this for another 9 years so I prefer to hang onto the money and then make the decision just before I collect my pension.

 


One more point

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