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Finance expert Martin Lewis has revealed “life-changing” advice on how Brits can get their full state pension when they retire.
On an episode of ITV’s Good Morning Britain (GMB), the money-saving expert explained that missing National Insurance years means people will not get their full pension.
However, he said there is an opportunity to make up certain missing years via voluntary National Insurance contributions, the deadline for which has just been extended to April 2025.
Speaking on GMB this morning, he said: “This is probably one of the most substantial life-changing pieces of finance out there, but it’s fundamentally under covered.
“The fact is, to get your full state pension when you retire, you need enough National Insurance. Now, the full number is around 35 [years’ worth] – it is not 35, don’t think it’s 35, it’s around 35. There’s no exact number. I need to say that every time.
“So what I’ll be talking people through tonight, step by step, is how to check whether you’re on track for a full state pension.
“And if you’re not on track for full state pension, you can then go to gov.uk, to see what National Insurance years you’re missing. The crucial bit is that at the moment you can get years back to 2006.”
Despite the deadline extension, Mr Lewis warned: “Do not rest on your laurels.”
He said: “Anyone who is already getting their state pension, the quicker you do it, the quicker you gain.
“So the way it works, is that you can either in some cases get some National Insurance years for free, or you will pay up to £800-ish for a National Insurance year. For some people, it could be a lot cheaper than that.
“And for each year you buy if you don’t have the full state pension, it will add £250 a year to your pension.
“So…you pay £800, it adds to £250 a year, the break even point is three years. Most people live 20 years into their state pension, which is why they will get so much more but it’s fundamentally under publicised.”
Mr Lewis added millions are potentially due to get this inflation-proof money.
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