Martin Lewis has sent an urgent warning to anyone aged between 45-70 who pay into a state pension, as they could miss out on a potential boost worth thousands of pounds.
The financial guru recently shared a little known trick that could add over £5,000 to your pension pot - but he has urged anyone who will be receiving a state pension to act fast.
Taking to his Martin Lewis Money Show Live, the money-saving expert explained that the national insurance perk depends on how many payments you have contributed. He then explained that anyone who has paid the maximum amount will see the biggest boost when they retire.
The reason that some people may fall short for the national insurance perk could be for various reasons, including not paying in full amounts due to low income, or even moving abroad. However, there is a way to fix this, but Martin has urged those to act fast as the perk will end on April 2023.
Martin said: "If you're aged 45 to 70 you need to check ASAP if you can boost your state pension. The state pension that you get is based on the number of National Insurance years you have. To get the full state pension you need 35 years ish.
To help his viewers double check their contributions, the money-saving expert founder then directed them to the Gov.uk website where they can check their pension forecast and national insurance record.
The financial guru said anyone with a year shortfall can 'buy more' back to 2006. He says you must decide this by the end of the financial year - or lose it, reports YorkshireLive.
He added: "The younger you are the more time you have to plug gaps. It's worth having a look if you're that age."
Buying a voluntary year of national insurance will cost around £800, but it will add on an additional £275 a year to your state pension, meaning if you live three years beyond the pension age you would make extra money.
For example, men who live for another 19 years on average would see a pension boost of £5,300, though Martin has urged his viewers to contact the government before paying out.
Anyone who still has National Insurance gaps after April 5, 2023, will only be able to pay voluntary contributions for the last six years. To see if you qualify, visit here.
Don't miss the latest news from around Scotland and beyond. Sign up to our daily newsletter here.
READ NEXT:
