Martin Lewis details the 'most lucrative' action people aged 40 to 73 should be aware of

William Morgan & Steve Bagnall
·2-min read
Martin Lewis on Good Morning Britain
Martin Lewis on Good Morning Britain -Credit:ITV


Making your money work for you is not always straightforward and for many simply depositing money into a savings account is about the limit of their investment strategies. However countless individuals are unaware of a simple manoeuvre that finance guru Martin Lewis has branded as the "most lucrative thing" an individual over 40 or under 73 can do.

The ambition of securing a comfortable retirement fund is no small feat – particularly if there are gaps in your National Insurance record, which can result in a reduced state pension upon retirement. This deficit could cost you thousands in your twilight years yet it is now easier than ever to fill these lapses with what is essentially a life hack which can transform an £800 payment into a staggering £5,400 by the time you retire, reports the MEN.

Interestingly many individuals are oblivious to the fact they even have gaps in their National Insurance record. A continuous record is formed through years of consistent National Insurance contributions, which are paid on all wages exceeding the £12,570 tax threshold.

READ MORE: DWP will look at two specific things when carrying out benefits investigations

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If your earnings dip below this quota, or you've had periods of unemployment, then gaps could form, consequently reducing your pension pot when retirement rolls around. MoneySavingExpert founder Martin has previously said: "There is a potentially unbeatable opportunity everyone aged 40 to 73(ish) needs to consider. You've got until 5 April 2025 to buy back any missing national insurance years from 2006 to 2016. This can prove very lucrative as some are on course to make over £50,000 in boosts to their state pension."

After April 5, 2025, workers will only be able to fill in gaps from the previous six years of their employment record, so it could be worthwhile paying to fill in your record even if you are under 40. This is also true for those over the state pension age who can pay to fill in any remaining gaps and boost their monthly payments.

For people in receipt of some benefits National Insurance credits can be claimed to ensure there are no gaps when sick or unemployed. To fill in any gaps in your National Insurance record, you can download the HMRC app and quickly check which years you are missing or phone 0300 200 3500.

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