Martin Lewis issues 6-month warning to Brits

'This is the most lucrative thing many under 73 can do'

The Money Saving Expert warned people aged under 73 they have just half a year to potentially boost their state pension by thousands by buying National Insurance years.

Lewis explained that buying a year of National Insurance for £825 could see you gain £5,400 down the line, saying this is the "most lucrative thing many under 73 can do."

In a post on X, he wrote: "This is your 6mth warning! For each £825 or less you pay to buy National Insurance years, many gain £5,400+, but much closes in April. It's the MOST LUCRATIVE thing many under age 73 can do, some gain £10,000s. The process ain't quick, so check it now..."

The financial expert went into more detail in a recent edition of his Money Tips email.

He highlighted the need for people to check their National Insurance record before April next year to make sure there aren’t any gaps that need filling.

At the moment, people can fill in National Insurance gaps as far back as 2006. However, from April 2025, you can only make voluntary contributions for the last six tax years.

The financial expert pointed out that a full year’s class 3 NI contribution costs a maximum of £824, but could boost your state pension by £329 every year.

So, you could “pay £800, or far less, to gain £5,400 or more.”

This £5,400 figure would be for a man who lived to the average life expectancy, but for women it could be as high as £6,100 as they live longer on average.

He explained: “The younger you are, the more time you have to earn enough qualifying years before you reach state pension age.”

Lewis admitted that whilst boosting your state pension “doesn’t sound sexy, it’s the most lucrative thing many can do with their money.”