Martin Lewis has issued an urgent call to action for anyone under the age of 73, advising them to invest £825 immediately. The renowned financial guru and television personality highlighted the importance of boosting your state pension in his latest Money Saving Expert newsletter.
Mr Lewis penned: “This is your 6mth warning! For each £825 or less you pay to buy National Insurance years, many gain £5,400+, but much closes in April. It’s the MOST LUCRATIVE thing many under age 73 can do, some gain £10,000s.”
He added, “The process ain’t quick, so check it now..”
In the most recent email from Money Saving Expert, Mr Lewis elaborated: “While ‘boosting your State Pension’ doesn’t sound sexy, this is about big money, and we’ve had huge successes from here and my TV show.”
One reader of the Money Saving Expert newsletter, Cheryl, reached out with her success story: “Thank you so much for making the nation aware of the National Insurance buyback. I’d been unaware my 36 years didn’t entitle me to a full State Pension (some had been contracted out).”, reports Birmingham Live.
She continued, “I’ve now paid for 7 extra years, which will gain me £40,000 – £50,000 depending on lifespan. A huge thank you.”
Mr Lewis concluded with a stark reminder: “Don’t delay. Today you can buy missing years back to 2006, soon it’ll only be to 2019.”
“The ‘new’ State Pension was introduced in 2016, for all men born after5 April 1951 and women after 5 April 1953. To get the FULL amount, you need 35ish (it varies wildly) qualifying NI years – earned from work, looking after children, or via some benefits. Yet many miss past NI years, due to years abroad, low incomes, career breaks or not claiming credits.”
“Transitional arrangements from 2016 let you buy back years to 2006, rather than just the usual ‘back six years’. They were due to end in April 2023, but the deadline was twice extended, as very heavy demand left phone lines jammed (many, justifiably, blamed me for that rush).”
“The last, long extension until April 2025 was to give time for an online system to be built for everyone – yet now that’s NOT happening. Some can do it online, but HM Revenue and Customs admits its online tool won’t work for all. Therefore, the over-demand phone risk is back in the deadline run-up, hence this early warning.”