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6th August 2024
10:18am BST
Martin Lewis has urged Brits to check if they could land themselves thousands of pounds before time runs out.
The Money Saving Expert warned that the "clock is ticking" for people aged between 45 and 73 to potentially boost your state pension by thousands.
Writing in a post on X, Lewis said: “Important. Are you under age 73? You may be able to pay £800, or far less, to gain £5,400 or more, but the clock's ticking! It's all about extra National Insurance (NI) years. And finally, many can now do it online.”
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 sex, it's the most lucrative thing many can do with their money."
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