Martin Lewis' pension advice that could boost finances by as much as £80,000

Martin Lewis has issued his latest pension advice which helped one couple increase their finances by nearly £80,000.

Featured on the latest episode of the Martin Lewis Money Show Live, one couple said they managed to increase their state pension by £85,000 by only paying £8,500. This was done to help fill a gap in the couple's national insurance record.

Due to state pension rules, the majority of people will need 35 years on their National Insurance Record by the time they retire to receive the full amount. Gaps in this record could have a serious negative effect on your future finances.

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On his ITV show, Martin highlighted: “This is a serious amount of cash.” Currently, you can pay for missing years that date back to 2006.

However, there isn't much time left to do this as the amount of years you can backtrack will be pushed forward from April 2025. From this point, you will only be able to pay for the past six tax years.

Speaking of the couple's success, Martin said: "For some people, you can do this for free - they paid £8,500 and they got £64,000 if they have typical life expectancy. Actually, that was before the state pension was increased in April - now it’s nearer £80,000.

"That’s the equivalent of what they’re going to get. They’ve got lots of plans, it’s given them financial freedom.”

Martin added that for every £800 or less that is paid in voluntary contributions could result in roughly an extra £5,400 in state pension. Meanwhile, self-employed people can put around £160 a year in class 2 contributions.

He continued: “Millions of people are missing National Insurance years. You might have spent years abroad,