Subscibed and liked. Very useful Thanks, one question, Is a gift of £3000 to a family can be deducted in your self assessment return to get your total income below £100,000 ? Is the Gift helpful in this example or is it helpful only in IHT?

Not happening

Thank you so much, Carl! I recently received a letter from my pension provider saying that they had recently put the retirement age on my pension up to up 70 years of age. This was due to a technical error. They apologised and moved it back to the original date. I’m nowhere near that age by the way but it did set off alarm bells. Do they know something the public does not?

U didn't mention someone who is of state pension age but the wife is not , does she get any of his pension?? The husband was on a pension before 2016... Your video has not explained this.. so this video is of no use to us...

Not all pensions are equal those with defined pensions will only realise their full value if the live to over 100 years old..

I can confidently say - YES. Take the money. Do some things. Only 50% of men still have their health at 63. Why wait? There's no point getting to 80+ with a stack of cash left, regretting being "careful"...

What if my pension is final salary and is effective static - I’ve taken income and no cash on one but have another I need to decide on. I’m 60 and reached normal retirement age for those plans.?

They DEMANDED I refund 5 days back as they hadn’t been able to stop the payment quick enough after his death!

Is it possible to cash in a AVC for a lump sum?

Very informative 👍👍

I thought the money that people had saved up. Had already been taxed and the remainder. was yours . How many times do they want to tax YOU before they had taken it all .

Take every bean you can get as soon as you can, before the government take it. Buy gold.

I've taken my 25% tax free Lump sum and don't care its sat in the bank, rather that than labour taxing me on it.

Hi, you say you can take any pension at age 55, I have a small Invensys pension and I wanted to take the whole pot amount at age 55 but have been told I can't unless I was unemployed

We are told regularly that people can live until they are a 100 years old. I would be interested to know what percentage of people do live up to the age of 100. Living longer of course increases what you size of pension fund you need in retirement. Many of the people who I know have died in their 60/70’s so I would like to see more information and the average life span and income needed.

If you gave everyone £10000,1/ some would invest and make the money work and work hard,2/ others would buy new cars a new big TV etc then complain its all gone 3/ whilst others would gamble,drink and just waste the money away. Why should the first group be the ones who have to pay for the other two groups? I see people on PIP and ESA, they seem to have the most disposable income doing everything from group 2 and 3, what is going on?

Is this guy qualified? This is dangerous advice. The capital gain on STRIPS (zero coupon bonds) are 100% TAXABLE AS INCOME (it is all on the UK debt management office website: dmo.gov.uk) - they offer no tax savings at all. CONVENTIONAL gilts however are NOT taxable on capital gain (only the coupon interest is taxable, you declare that on your Tax Return like you would savings interest), so the conventional gilts which DO offer considerable tax savings are LOW coupon gilts in the secondary market (those which were issued during covid when rates were close to zero have coupons as low as 0.125%). Whilst low coupon and high coupon gilts of a similar maturity will offer a similar yield, the lower coupon gilt provides most of that yield in terms of Capital Gain rather than coupon interest. e.g. TN25 (it was actually right the on the HL screen the guy showed in the video) has a coupon of 0.25% and matures on 31Jan next year: it currently yields around 4.10% with the bulk of the return coming via capital gain (because TN25 only has a coupon of 0.25% in a 4.10% yield environment, it trades at a price discount in order to give the 4.10% yield; you buy it today say at a clean price of 98.70 and it will redeem at 100.00 on 31Jan25...that price pick-up is capital gain and is not subject to CGT). Hence a 40% taxpayer would only pay 40% income tax on the tiny 0.25% coupon, and have no tax to pay on the capital gain => effectively 4.10% pre-tax becomes 4.00% net of tax for a 40% taxpayer; to get 4.00% net on a bank savings account, a 40% taxpayer would need to deposit at 6.66% in a bank savings account. Given the best deposit rates (1yr FRBs) are about 5.00% best now, TN25 clearly yields a better return than any FSCS protected deposit you could find elsewhere. Recommend people do their own research. Have never...would never...use a financial advisor.

Where do you get the £14,400 a year figure from? I spend no more than £7000 a year while I'm working. I will spend less when retired and not having to drive to work. Mind you, I am mortgage free, but retired people likely will be

How do you utilise your partners savings limits. I have input 20k into my ISA but my wife hasn’t got one

If you are going to spend tax free cash soon it makes sense to take tax free cash now, to avoid risk of losing 20% of it. I am going to invest my tax free cash (£52k left to take). Investment will be initially outside ISA, topping up ISA every year to maximum amount. So the question of whether to withdraw all remaining tax free cash comes down to what changes made to dividends tax & capital gains tax.

One note: public service DB pensions are not necessarily final salary, in fact most of them are now based on career average (CARE model).

I have a 3 year fixed term savings account and am a basic rate tax payer. Interests are paid annually and are just under £1000. I’m now in year 2 and will change jobs in January, making me a higher rate tax payer. Is there anything I can do to avoid paying income tax on interests over £500 and how do I treat the partial year of interest for tax calculations? The savings account was opened in July.

Saving is for suckers. Do what that the upper class do, study and buy investments, property and shares that at least keep their value with inflation or out grow it (profit). Property = land, buildings, precious metals, etc. Or an index fund. Inflation is a hidden state tax to steal savings, they don't want you to invest money. Retired, age 58.

"How to protect your wealth" = "How not to pay the correct taxes". You greedy little man, you.

Very interesting, thankyou.

Excellent explanation of how to minimise tax on savings . Mention of short dated government bonds was particularly useful - I didn’t know about that. 0:20 0:20

Would you pay more tax if you paid a lump sum on your buy to let mortgages

Why is the savings interest not index linked to protect against depleting value of money. The Taxable rate should be = Interest rate earned - inflation rate.

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.

If you've achieved any financial security, savings, owning a house, a pension.... you'll find these are going to be a financial burden around your neck..... they'll tax you to oblivion..

Yes - millions do it every year - never had enough money to save.

Recently, I've been pondering retirement. I've also invested $800K on S&P 500 so i could secure my financial future. i need an approach to invest in Stocks like Nvidia stocks and of course AI stocks that will align with my risk tolerance and financial goals but it seem to be bearish right now.

Let’s just hope this government will be gone in 5 years.

I' ve got £100k to invest. I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget Come back in 20-30 years, instead of 250-300 DCA every month. Which ETF would you recommend.?

Too right you should take your cash free sum as the pension industry is so corrupt. I've watched my pension fund be decimated by the pension broker PensionBee, from the top to the bottom the pension industry are nothing but pure & utter thieves.

The secret is have a plan - and stick to it

This might be a dumb question but in the example which starts at 3:06 it shows a yearly withdrawal of £40K with 25% tax free (i.e. £10K). I assumed you can withdraw 25% of the pot tax free (so withdrawing £40K is a mere 4% of the pot so all of the £40K would be tax free).

Disgusting to tax people on interest on saving after all its their money they saved , government is so greedy Mind you they need it to fill the fake black hole

Those Retirement Living Standards figures look a little high. You hopefully won’t have a mortgage, you won’t be “saving” for the future. If you make it past 80 your mobility and ability to travel and go out and spend is going to be much reduced. You won’t be doing much more than pottering around the house for the majority of your days. Even gardening will likely be a chore. Get your traveling out of the way while you’re still working and mobile enough.

My pension pot fell 30% and now only 10% less than what it was 2 years ago. Better off putting it in ISA over the years. Might as well take what I can now methinks.

you will own nothing and be happy - we know they're coming for the houses .. pensions will be gone - welcome UBI...

Plan on retiring in a couple of years so I am very tempted to take the 25% now just in case, and use to supplement a possible reduced working hours for a at least a year..

If the government sold Public Sector pensions to private sector retirees, the government would be awash with money. Am I right?

State pension is NOT a benefit!!!

This is really clear, great video. Are you covering anything on the advantages of drawdown versus a annuity at any time?

Question - my wife only has about 4k income from small private pensions so nowhere near her personal tax allowance. Is she liable for tax on her savings interest if it exceeds £1k?

Thank you. I am hopeless when it comes to monetary issues - I don’t grasp figures easily- and so will have to watch again. Thanks for being here

This was extremely useful as i am having to retire soon on medical advice and want to avoid greedy taxman making me pay tax twice.

What gets me is pensions and their planning are over many decades and these numpties, Con and Labour keep changing the goal posts short term …… how are you supposed to plan 🤷🏻‍♂️

Yes take it and buy gold