Money Saving Expert has explained how one person was able to boost their state pension by £3,280 a year by spending £8,200 on National Insurance contributions
Martin Lewis' MoneySavingExpert.com crew has issued a call for thousands of individuals aged 40 to 72 to "check now" to see if they are eligible to boost their state pension before an imminent deadline arrives.
Should there be gaps in your National Insurance record, it may result in not obtaining the complete new state pension upon retirement. Currently, you have the opportunity to cover missing National Insurance years back to 2006, but after April 5, 2025, the window shrinks, allowing only the previous six tax years to be purchased.
An appreciative MSE reader, known as David, conveyed his experience: "Dear Martin and team, a big thanks for reminding me to top up NI. My wife had 10+ years missing. Her pension forecast was £69/wk, but a contribution to fill the gaps increased it to £132/wk - no brainer! ", reports the Mirror. However, not everyone may need to purchase National Insurance contributions to receive a full state pension. Some individuals could be eligible for free National Insurance credits under certain conditions, such as claiming statutory sick pay without earning enough for a qualifying year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis' MSE urges Brits to 'fix energy bills now' with warning of hikesThe price cap for gas and electricity is set to rise in October, according to the Money Saving Expert team - and they're urging people to take steps now to offset costs
Read more »
Martin Lewis' MSE says this pension hack is the ‘single most lucrative thing you can do’A simple way to future proof your retirement.
Read more »
Martin Lewis' MSE team share way to avoid paying tax on your savingsThere is a quirk to the way the accounts work which can help you legally avoid paying tax on savings interest
Read more »
Martin Lewis' MSE says 'do a lot better' by ditching Chase bankThe US giant has slashed its savings rates yet again - and Martin Lewis' MoneySavingExpert team says you can now 'do a lot better'
Read more »
Martin Lewis’ MSE reveals exact date to renew your car insurance for the best dealMartin Lewis reveals perfect time to renew your car insurance in tip that could HALVE costs & save hundreds on policy
Read more »
Martin Lewis' MSE issues warning to pensioners over Winter Fuel PaymentThe MoneySavingExpert.com team has issued a warning to pensioners who might miss out on the Winter Fuel Payment
Read more »