pensions ?

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cryrst The garden of England 06 Jul 19 4.56pm
Originally posted by chris123 Getting a statement is an easy process. Gov .UK then ni number I think
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cryrst

The garden of England 06 Jul 19 4.56pm

Originally posted by chris123

Getting a statement is an easy process.

Gov .UK then ni number I think

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chris123 hove actually 06 Jul 19 5.26pm
Originally posted by cryrst Gov .UK then ni number I think [Link]
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chris123

hove actually 06 Jul 19 5.26pm

Originally posted by cryrst

Gov .UK then ni number I think

[Link]

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Badger11 Beckenham 06 Jul 19 6.15pm
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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Badger11

Beckenham 06 Jul 19 6.15pm

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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YT Oxford 06 Jul 19 6.55pm
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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Oxford 06 Jul 19 6.55pm

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.

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

£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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chris123 hove actually 06 Jul 19 7.15pm
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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chris123

hove actually 06 Jul 19 7.15pm

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

£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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cryrst The garden of England 06 Jul 19 7.45pm
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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cryrst

The garden of England 06 Jul 19 7.45pm

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.

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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Badger11 Beckenham 06 Jul 19 8.00pm
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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Badger11

Beckenham 06 Jul 19 8.00pm

Originally posted by cryrst

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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