The Money Saving Expert says spending retirement savings now rather than waiting could lead to greater happiness and a better quality of life

Martin Lewis has issued advice on retirement spending(Image: ITV)

Martin Lewis has highlighted a key principle regarding retirement spending. During his BBC podcast, the financial expert shared various suggestions from dedicated listeners.

Key advice from his audience included starting pension contributions early in one’s career and being careful when making financial decisions. Chris, aged 62, who has chosen to retire early, provided insight into spending habits.

He urged people not to feel guilty about enjoying the money they’ve worked hard to save throughout their careers.

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He said: “My policy is to enjoy now the money I’ve saved as in another 15 or 20 years, I might not be able to, or wish to enjoy the things or visit the places I want to now.”

In response to this viewpoint, Mr Lewis supported this approach to managing retirement finances. He said: “I absolutely agree funnily enough. Money is about utility and happiness, ” reports Yorkshire Live.

“You need to plan and be prepared for the worst to happen, and have the contingencies available. But actually spending wisely, checking that you are doing things efficiently, not wasting money on things that don’t give you happiness or value, or at least getting the things that you need and the necessities, not joyful things, as cheaply as possible in a way that works, is what enables you to spend the money on the things that you want to, to give you a better life.”

Those in their early 60s preparing for retirement may want to check when they’ll become eligible for their state pension. While the current state pension age is 66, it’s set to rise from April 2026, gradually reaching 67 by April 2028.

Usually, 35 years of National Insurance contributions (NI) are required to receive the full new state pension. The current full rate is £230.25 per week, rising to £241.30 weekly from April this year, thanks to the triple lock policy.

State pension payments are set to increase by 4.8 per cent in line with this policy. Anyone wanting to verify how much state pension they’re projected to receive can do so through a tool available on the Government website.

A minimum of 10 years of NI contributions is necessary to qualify for any state pension. If there are any gaps in your NI record, you can voluntarily buy contributions via the Government website.

Contributions can be bought for up to six previous tax years. However, this doesn’t guarantee an increase to your state pension entitlement, so it’s crucial to confirm this before making the payment.

Those nearing state pension age might also want to explore what additional benefits they’re entitled to claim. Pension Credit is available if you’re on a low income, with the average claim worth £4,300 annually in extra support.

This benefit provides a weekly income top-up and unlocks access to further Government support. You’re also entitled to apply for Attendance Allowance if you have a disability or health condition that requires assistance from another person.

Further benefits that may be available to you include the Winter Fuel Payment and Cold Weather Payments.

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