The Money Saving Expert founder called this opportunity 'the biggest, single, possible money gain you can make'
Martin Lewis has recommended that state pensioners should consider making a payment, which could be as little as £31, to significantly increase their pension from the Department for Work and Pensions . The financial journalist and broadcaster, known for his BBC and ITV appearances, highlighted this tip on The Martin Lewis Money Show which aired at 8pm last Tuesday night .
Mr Lewis explained: "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." This was in reference to making voluntary National Insurance contributions.The founder of Money Saving Expert , Mr Lewis called this opportunity "the biggest, single, possible money gain you can make" for individuals aged between 45 and 70.
A qualifying year for the State Pension is a tax year where you were either working and paying National Insurance contributions, receiving National Insurance credits, or making voluntary National Insurance contributions .
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