Millions of Brits risk losing £6,000 in retirement savings without National Insurance top-up

UK residents are being alerted to a potential loss of up to £6,000 in retirement funds due to a "ticking time bomb" if they fail to check their National Insurance records soon.

People across the nation are being prompted to verify their National Insurance contributions to ensure they receive the full state pension upon retirement. With only about a year remaining to address any shortfall in contributions dating back to 2006, the urgency is mounting.

Post-April 2025, individuals will be limited to backdating contributions for just six tax years, potentially missing out on substantial sums.

Currently, the full new state pension, applicable to those who reached state pension age before April 6, 2016, stands at £221.20 weekly. Without the requisite 35 years of National Insurance Contributions (NICs), the pension amount decreases, and a minimum of 10 years is needed to qualify for any pension.

Kevin Mountford, co-founder of Raisin UK, an online savings platform, cautions that some may need even more years, reports the Mirror.

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Kevin has highlighted the importance of updating NIC records from 2006, which could be worth thousands, and he stresses the urgency of acting before the April 2025 cut-off. Investing in just one additional year of National Insurance could increase annual income by £328 equating to £6,000 over two decades.

Kevin pointed out: "Gaps in your National Insurance record could mean you will not have enough years of contributions to claim full state pension or even qualify for some benefits. Whilst boosting your National Insurance contributions doesn't sound like a particularly exciting thing to do with any leftover money, it