Ms Robertson explained: “If you can reduce any credit cards, any mortgage liabilities so that your need for future income is reduced is another benefit.”
National Insurance contributions
The amount of state pension one receives is dependent on both their age, which decides whether they receive the basic state pension or new state pension, as well as the National Insurance record.
In order to receive the full new state pension they need to have 35 qualifying years of paying National Insurance, and those with between 10 and 35 years will receive only a portion of their state pension.
Ms Robertson advised savers to check their National Insurance records: “It’s worthwhile looking at state pension and if you can backdate some of your pension allowances like your NI contributions. Therefore it will increase your state pension at retirement age.”
An estimated £19billion has been lost to forgotten pensions, where individuals have changed jobs or careers and forgotten to take their pension pots with them.