Martin Lewis fan turns £2,536 into £21,000 by following his advice

Martin Lewis fan
The Martin Lewis fan followed his advice on plugging the gaps in his National Insurance record -Credit:Getty Images

A follower of Martin Lewis has shared a success story after turning £2,536 into a whopping £21,000, all thanks to following the money guru's advice.

Martin Lewis' latest newsletter highlighted the success of one Martin Clark who adhered to Lewis' counsel on making voluntary National Insurance Contributions, thereby adding thousands to his state pension throughout his retirement years.

As per the prevailing rules, one needs 35 qualifying years on their National Insurance record for claiming the full new state pension - however, this might differ for some as they may need more. A minimum of 10 years is typically required to receive any sort of return at all.

READ MORE: Martin Lewis' MSE issues 10-minute warning for anyone earning less than £60,000

Falling short in your record could mean getting lesser amounts than what you'd anticipated, but this gap can be filled by buying National Insurance years or gaining free National Insurance credits. That said, the MSE newsletter carried a gentle reminder that time was of the essence and that the "clock was ticking" with respect to enhancing your state pension, reports Birmingham Live.

At present, you have the option to pay and compensate for any gaps in your National Insurance dating back to 2006; come April 2025, and you'll only be able to voluntarily make contributions pertaining to the preceding six tax years, reports the Mirror.

The MoneySavingExpert founder has been at the forefront of raising awareness about this crucial deadline, a fact that didn't go unnoticed by the astute Martin Clark. After discovering a four-year shortfall in his pension contributions, Clark paid £2,536 to fill the gap, boosting his state pension by an extra £20.83 per week equating to around £21,000 over two decades.

Clark expressed his gratitude, tweeting, "@MartinSLewis You are a star, sir. I asked about my voluntary National Insurance contributions and I was 4 years short. If I pay £2,536 (one year is £63.40), I get an extra £20.83 a week. Over 20 years I'll get an extra £21,000. Thank you."

In his newsletter, money-saving guru Martin Lewis highlighted the financial benefits of topping up your state pension, remarking, "While 'boosting your state pension' doesn't sound sexy, it's the MOST LUCRATIVE THING many can do with their money."

The newsletter also pointed out the introduction of a new online tool by HMRC and the Department for Work and Pensions (DWP) that makes it easier to buy additional contribution years needed. However, the service isn't available to those who have already started claiming their state pension or if the gaps are due to being self-employed or working abroad.

To use the digital service, customers need to log in using their Personal Tax Account details. For those without an online HMRC account, registration is possible through GOV.UK.