Martin Lewis explains how to turn £800 into £5,400 or more in eight steps

Money-saving guru Martin Lewis has revealed a simple eight-step process that can turn a modest £800 into a whopping £5,400.

The financial expert, known for his regular appearances on TV, radio and podcasts, insists this ‘trick’ could work for anyone aged between 40 and 73. In a newsletter for his MoneySavingExpert website, Martin provided a detailed overview of the strategy, as reported by Wales Online.

He advised: “There is a potentially unbeatable opportunity that everyone aged 40 to 73 should consider. You have until April 5, 2025 to buy back the missing National Insurance years from 2006 to 2016. This could prove to be very lucrative .as some are on course to earn more than £50,000 in increases to their state pension by following this guide.”

READ MORE: Record number of people use new rule to wipe out £30,000 debts

Martin also stressed the importance of considering this approach even if you are under 40, showing that there may still be money to be won. The scheme he highlights is based on the concept of ‘buying back’ National Insurance Years.

Your state pension upon retirement depends on the number of full ‘qualifying’ national insurance (NI) years you have accrued. To clarify this further, Martin stated: “Most accumulate NI years by working and paying NI, but you can also get them when claiming benefits or caring for others (if you’re not sure what this is about goes, see how the new state pension works),” reports the Manchester Evening News.

“Generally you will need around 35 full NI years to get the maximum state pension, although some will need much more (we have seen examples of people needing 44+ years) depending on your age and NI record up to now.”

He continues: ‘Normally you can buy back up to six years, but when the ‘new’ state pension was introduced, transitional arrangements were introduced to close gaps until 2006. This would end in April. April 5, 2023 and then July 31, 2023, but because so many people tried, the necessary government phone lines became clogged, so the date has been extended to April 5, 2025.”

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