Martin Lewis fan shares how money tip helped turn £31 payment into 'thousands'

martin lewis fan shares how money tip helped turn £31 payment into 'thousands'

The Martin Lewis Money Show returned to ITV last week for its Summer Special

One woman shared how one Martin Lewis tip helped her turn a £31 payment into "thousands".

On the latest episode of the Martin Lewis Money Show, Martin highlighted the importance of checking your National Insurance record and plugging in any gaps you may have. Gaps in your National Insurance record could potentially affect your state pension payments as if you don't have enough years of contributions you may not get the full amount.

The full new state pension - which is claimed by anyone who reached state pension age before April 6, 2016 - is currently worth £221.20 a week. If you do not have 35 years of National Insurance Contributions (NICs) then you will get less and you need 10 years to get anything at all. Martin has spoken out about this many times before and has urged people to check their records and pay for years to plug in any gaps.

A Money Show viewer, Paula, wrote into last week’s Summer Special after following Martin's lucrative tip to share her success. Paula said: “We watched your pension special and then checked and found out a £31 payment would get us an extra year of pension worth thousands.”

Have you plugged gaps in your National Insurance record to boost your state pension? Let us know: [email protected]

The Money Saving Expert (MSE) website founder then explained to viewers how the trick worked, saying: “So £31 would be a part-year payment. Each extra year of pension is worth £300 a year. If she lives 60 years into a pension, £31 would turn into £6,000 inflation-proof.” Martin describes voluntary National Insurance contributions as “the biggest, single, possible money gain you can make” for people aged between 45 and 70. He added: “It’s worth a fortune for lots of people.”

You can check your National Insurance record and state pension forecast on the GOV.UK website and this will show you if you need to plug any gaps. The Department for Work and Pensions (DWP) has recently launched a new online tool which allows you to buy National Insurance years your record online. A top-up for a missed qualifying year currently costs £824.

However, before you make any voluntary National Insurance payments, you should first check if you can plug the gaps in your record for free. You can do this by claiming National Insurance credits, these plug in the gaps for the times when you were not working or not earning enough to pay National Insurance.

OTHER NEWS

1 hour ago

Gutsy wins put sevens men in box seat as Games begin

1 hour ago

Eye-watering cost of EV transition

1 hour ago

Munster all clear for Storm return as Eels lie in wait

1 hour ago

Tesla's best bet for growth has nothing to do with cars or AI

1 hour ago

Competition Bureau investigating retail gasoline consultancy Kalibrate

1 hour ago

Elon Musk says Trump ending EV tax credits would be 'devastating' for rivals — but not Tesla

1 hour ago

Amazon Revamps Prime Video: New Look, AI Smarts & More

1 hour ago

Mercury may have 10-mile thick layer of diamonds beneath its surface, NASA craft discovers

1 hour ago

Joe Biden tacitly admits he dropped out because his party just didn’t want him anymore

1 hour ago

‘RHONJ’s Teresa Giudice Makes Call To “Stop Engaging” With “Hate & Toxicity” On Social Media; Melissa Gorga & Rachel Fuda Share Shady Posts

1 hour ago

Chicago Sky co-owner on the WNBA’s success, Angel Reese – and hotel minibars

1 hour ago

Kering posts 11% drop in Q2 sales, sees weak second half

1 hour ago

Alberta wildfires: Crews working to save Jasper from 2 blazes

1 hour ago

Watchdog finds no improper influence in sentencing recommendation for Trump ally Roger Stone

1 hour ago

Ford shares fall sharply after-hours as EV division posts $1.14 billion loss

1 hour ago

Delta CEO Addresses Mass Cancelations in Memo Before Flying to Paris for the 2024 Summer Olympics

1 hour ago

Angel Reese Becomes Latest WNBA Star to Join New 3-on-3 Basketball League: 'The Barbie Is Unrivaled'

1 hour ago

Britain’s Crown Estate post record profits on offshore wind licenses

1 hour ago

Bulldogs confirm interest in wrecking ball

1 hour ago

Southwest Airlines deals with exploding soda cans caused by intense summer heat

1 hour ago

Canada imposes cap on residential school searches

1 hour ago

From Landa and Carapaz to Almeida and Yates: These men will light up the Vuelta and ensure an exciting, open battle

1 hour ago

Blue Line's Bill Baruch: I believe in Tesla

1 hour ago

Kevin Hart Has Tom Brady Roast Regrets, Vows To Do Things Different In Future Prep

1 hour ago

Suspect in custody after hours-long standoff in Schaumburg following shooting stemming from noise dispute

1 hour ago

Singapore PE manager Seraya adds $969m offshore wind company to its renewables platform

1 hour ago

US spot Ether ETFs make strong market debut in another win for crypto industry

1 hour ago

NSW Police called to Lawrence after truck enters Clarence River

1 hour ago

AQWA: Police probe as video shows people fishing out of Hillarys aquarium

1 hour ago

‘He deserves some respect’: Trent Barrett locks in Clint Gutherson at fullback over Blaize Talagi for rest of the year

1 hour ago

Global tech slump knocks Asia shares

1 hour ago

Suns owner Mat Ishbia wants to bring NHL back to Phoenix

1 hour ago

Gina Carano Beats Disney’s Move To Kill ‘Mandalorian’ Firing Suit; Now Trial Looms

1 hour ago

Colman Domingo Shares ‘Euphoria’ Season 3 Update & If He’ll Reprise His Role Of Ali

1 hour ago

Crown argues accused in Coutts murder-conspiracy trial prepared for war

1 hour ago

Store clerk stole $1M lottery ticket from unsuspecting winner, police say

1 hour ago

Letter: Please explain the draw to Donald Trump

1 hour ago

India budget highlights main issues but doesn't devote resources to them: Former central bank governor

1 hour ago

Top U.K. rider out of Olympics after horse-whipping video surfaces

1 hour ago

Braxton Kuntz makes Manitoba golf history with 4th straight amateur crown