Martin Lewis has shared a 'most lucrative' tip for people who are aged between 40 and 73 - and it could end up boosting your state pension by thousands of pounds
Martin Lewis has highlighted a crucial tip for those aged 40 or over, describing it as the "most lucrative" financial move they can make. Speaking on his BBC Sounds podcast and during his appearances on ITV , Lewis emphasized the importance of checking for gaps in one's National Insurance record, which could significantly reduce the amount of State Pension received upon retirement.
He pointed out that filling these gaps has become easier than ever before, with an investment of £800 potentially increasing to £5400 by retirement. Martin Lewis, the founder of Money Saving Expert, advised: "There is a potentially unbeatable opportunity everyone aged 40 to 73 needs to consider. You've got until 5 April 2025 to buy back any missing national insurance years from 2006 to 2016.
He added that this strategy could yield substantial returns, with some individuals potentially boosting their state pension by over £50,000. To take advantage of this opportunity, Lewis recommends using the government's State Pension forecast calculator. This tool not only reveals your current State Pension based on your NI contributions but also forecasts what you could receive if you continue working up to your State Pension age. If the forecast isnt for the full £221.20 a week and there are gaps in your NI record, theres a chance to boost your contributions to reach the maximum benefit.
On its website, Money Saving Expert has issued a stern warning for those looking to buy missing years towards their state pension. The site cautioned: "Warning: Don't buy missing years if you're due a full state pension. For those projected to get, or already getting, a full pension... even if you've missing years, buying them won't boost your pension, as you can't get more than the full pension ," reports Birmingham Live.
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