State pension - top up for missing years

[Easy-X]

Hopefully everyone's heard Martin Lewis banging on about this:

Aged 40 to 73? Urgently consider buying National Insurance years

Essentially if you have some years missing pension contributions (NI) you can pay some extra to get you closer to the full state pension. I'm ~15 years away so maybe the state pension survives till then but someone in their 40's has fuck all chance.

My pension estimate is currently £208 per week and if I top up for missing years it'll rise to £221 which isn't much but I think one year just needed £16 and another £74. It's a case of paying off the cheapest gaps to get you over the line or as close to it as you can afford.

Thing is, it seems to only be the most recent years (6 probably) listed in my contributions record. The rest are "computer says... ummm... errr..." Dammit! So I've registered for the pensions office to call me. Average turnaround time: 8 weeks

He's the good news: if you register for a call now you'll still be able to backdate the years and ignore this new April cut-off date.
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Husqvarna Vitpilen 401, Yamaha XSR700, Honda Rebel, Yamaha DT175, Suzuki SV650 (loan) Fazer 600, Keeway Superlight 125, 50cc turd scooter

[Polarbear]

I had to do it as when I worked for the Nigerians and the Malaysians my NI contributions weren't paid by Shell as I was on foreign flag ships. I ended up paying something like 5 grand if I remember right. Martin Lewis said if you live for 4 years after retirement you will start making a profit over what you have paid to top it up.

Of course if you don't have a private pension it might pay you to not top it up as then you will be eligible for pension credits which has some nice side effects for benefits as well as £3900. Council tax. Winter fuel allowance , rent allowances & heating bill help.

I doubt anyone here will be in that boat though.
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Triumph Trophy Launch Edition

[BanditsHigh]

Somehow I've already got the maximum amount of pension I can get, well when I reach 67 that is (currently 58.5), so adding anything would just be a waste of money for me.

My mortgage will be paid off by the end of the year and whatever private pension I have left will be drawn down and spent on various things (double glazing instead of single glazing, fitting boiler I bought six years ago etc), ensuring I pay as little tax on it as possible before I reach state pension age.

I'll only have the state pension when I reach pension age, but it'll be more than enough to keep me going. If I was 67 just now then I'd get £961.83 a month (£221.20 a week) and I only need around £500 a month

Mind you, I've already died once at 55, so making it to 67 will be hit and miss for me, but that's life

All the best ... Barry

P.S. Yes, it's only the previous six years you can add if you've missed some NI contributions ... I had one year with 51 weeks and I didn't get the year for that ... b'stards!!

[panrider_uk]

According to Martin Lewis you can buy back missing years back to 2006

https://www.moneysavingexpert.com/savings/voluntary-national-insurance-contributions/
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Current bikes: Hondas - Forza 750, ST1100A

[Kawasaki Jimbo]

67 seems way too long to wait for the state pension. 62 years old, still working but starting to creak.

[BanditsHigh]

[hellkat]

... the way I feel today I might die of exhaustion before I get to enjoy it. Doubt if I will make it to 64, let alone 67

Hopefully a good nights sleep will return me to being Mrs PerkyChops again by tomorrow morning.
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Not nearly as interesting in real life.

[Islander]

I got my state pension at 66, no top ups needed and straight into an ISA. Having taken a retirement planning course courtesy of my employer (it was very good too), I'm considering phased retirement later this year and full retirement next year.

[Ariel Badger]

I missed 7 years of paying in due to working overseas etc but still got a full pension. I think I dodged a bullet.
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