The MoneySavingExpert founder says the 'trick' could work for anyone aged between 40 and 73
Money-saving expert Martin Lewis has shared his advice on how to transform a relatively modest sum of £800, or even less, into a hefty £5,400 by following a simple eight-step process.
The size of your state pension upon retirement relies on the number of full 'qualifying' national insurance years you've accumulated. Clarifying further, Martin stated: "Most collect NI years through working and paying NI, but you can also get them if you're claiming benefits or caring for others . One of Martin Lewis's followers shared their success story after heeding his advice, saying they managed to boost their pension by £49 a week. Martin commented: "To put that in context, Martine paid up to £5,000 to increase her state pension by £2,550 a year. If she lives for the typical 20 years after state pension age, that'd be a total uplift of around £51,000... and it's inflation-proofed.
Step 4: Determine whether you should pay For those at or nearing pension age, it might be relatively straightforward to pay to fill the gaps. Those closer to 40 may naturally fill the gaps over the rest of their working life - but could also choose to pay to fill them.Martin advised: "Call the Department for Work and Pensions' helplines to understand if paying to plug any NI record gaps will actually result in you being paid more state pension.
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