MARTIN Lewis has revealed how thousands of households could turn £800 into more than £5,000 by doing a simple check. But the MoneySavingExpert founder warned that you could risk losing out on the c…
The body will be able to tell you whether it's worth you paying for extra qualifying years, as it may not be beneficial for everyone.It works out to be worth £15.85 a week which means it costs £824.20 to buy one year of contributions.A man living the typical 19 more years and a woman living 21 more years after they reach the state pension age of 66 can expect to get £5,300 and £5,800 respectively.
Speaking in the podcast, Martin said it will take just three years after getting your pension to break even. But of course, there are risks - if you happened to die before the three years are up then you will have wasted the money, the savings experts explained.
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