The consumer champion shares simple steps people on or due to receive the New State Pension can take to boost retirement payments.
Nearly 10 million people across the UK are receiving New State Pension payments of up to £221.20 each week, equivalent to £884.80 per four-weekly pay period. However, Martin Lewis is urging all 9.7m New State Pension claimants to make sure they are receiving the maximum amount and if not, the consumer champion has shared some simple checks that could boost retirement income by more than £5,000.
However, many people approaching retirement age may not be aware that to receive the full New State Pension, they will need around 35 years’ worth of National Insurance contributions. Top Money Stories Today He said there are two crucial checks everyone should complete, which don’t take long, and could identify possible gaps in your State Pension.
This will also tell you your State Pension age - when you can officially retire and start collecting payments. Latest State Pension News Buying missing NI years If you can spare the cash, you can plug gaps in your NI record by buying voluntary class 3 NI contributions. Buying a full extra year costs around £800, though partial years will be cheaper. For each year bought you get 1/35th of a year’s State Pension - around £329. This means you effectively earn your money back in around three years, so it can prove very good value.
State Pension Retirement Benefits DWP Child Benefits HMRC Personal Finance
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis' MSE shares 'unbeatable' tip for workers to boost their pensionThe Money Saving Expert team says people aged between 43 and 70 could turn £800 into £5,500
Read more »
State Pension boost as new tool helps people get bigger pension potThe new online service will make it easier for people to fill in gaps in their national insurance record
Read more »
Martin Lewis urges people to check if they are due energy bill refund this monthThe consumer champion shared how to quickly get 'hundreds of pounds' back into your pocket.
Read more »
Martin Lewis’ MSE urges families earning under £60k to make 10-minute checkMartin Lewis says one simple check could give your family a cash boost of around £5,774 a year – and it takes just minutes to do
Read more »
Martin Lewis urges 'check' as DWP could be paying millions more up to £10,000There are 21 million people in Britain not claiming benefits they qualify for
Read more »
DWP pension service launches to boost your pension paymentsThe service from HMRC and the DWP allows people under state pension age to view gaps in their national insurance record
Read more »