Martin Lewis has issued a warning to anyone who is looking to boost their state pension
Martin Lewis is urging people to check if they can significantly boost their state pension by up to £74,000 - but this opportunity is age-dependent.
He pointed out that the state pension amount is contingent on the number of National Insurance contribution years logged, suggesting that buying back missing years could substantially increase one's pension. "For every £800 you spend, you could add as much as £6,100 per year to your pension," Martin informed his audience.He also noted the value of buying these years increases as retirement age approaches.
"If you're under 45 this probably isn't worth doing, unless you've got very cheap partial years, if you've got a year available for £16 just go and buy it because it's so cheap just in case you miss years in the future because it's so cheap for what it could be worth.
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