Pensions and other

[DaveNot 55]

Hey, I'm currently looking into voluntarily paying taxes in the UK for NIC. This is so I can receive a New State Pension when I retire. I also noticed That I have huge gaps in my contributions due to moving to the USA. I do not intend on returning to the UK, but I would like to take advantage of the system and pay taxes and not lose what has already been paid in for the last 15 years.  I would like to hear what other people have done. Also, what other suggestions do you have regarding investments for the future in this area. This whole Class 1 - class 6 system is a little confusing first thing. Thanks regards Dave

[Wuozopo 4,293]

If you take your state pension, your US Social Security retirement check will be reduced by that amount. It depends on how many years you will need to pay in. Whatever you pay voluntarily is just cutting your Social Security which you will also be paying into. Social Security is a better deal if you will be a high wage earner because it is based on your salary. Higher earners get more money. State pension is everybody gets the same flat fee. For me, I had already paid in enough to get full state pension and very little into Social Security coming to the US later in life and being somewhat semi-retired here.  Evaluate it based on how much you it will cost over the years until retirement.