Paying for Pension Credits

[GreenSkiesAtNight]

I'm a SAHM in my forties. Is it worth my while topping up my pension credits (I only have credits from minding my children) or is it likely that by the time I get to 67 the pension will be means tested?

Can you get a job now and start paying NI towards a state pension?

Hopefully the SP won't be means tested by the time we are 67!

Also look at the pension section of that gov website. You can create an account and see what gaps you have and what contributions you could buy to top up etc.

Thanks, yeah, I've seen what gaps I have. I just need to gauge if it will be worth plugging them or not.

How many years have you already got, how many years until SPA, are you likely to want to work until SPA, what would it cost to make up some of the missing years (depending on circumstances some years are cheaper than others but there is a time limit as to how long you can pay)?

Start with a pension forecast as this will give you a good idea of how many more years you need.

Only you can answer that question as it depends on a lot of factors:
How many years do you have vs how many do you need.
If you’re working PT, do you pay enough NI to get a full year credit or not?
Compared to how old you are compared to 67.
Consider your health and likelihood of working FT until then.
Consider age and health of anyone you might end up being a carer for and stopping work again- partner, parents, siblings, disabled child.

Personally, I’d pay to plug so I got the maximum as soon as possible, that way I’d have peace of mind knowing if I did have to stop work, I’d not lose my chance at the full state pension.