How to retire EARLY using your NHS Pension

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Күн бұрын

Пікірлер: 66

@MedicsMoney 5 ай бұрын

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@mariadrukker2557 2 күн бұрын

I’m unsure how to maximize my NHS pension to make this possible. The cost of living keeps rising, and I’m worried my pension won’t be enough.

@cherrywood500 Ай бұрын

Are we able to access the pension calcuator spreadsheet for ourselves? This is a great video.

@KJ-yk4nq 5 ай бұрын

many thanks for this excellent talk, it seems massively important psychologically to have control over future retirement for when the time comes. another scenario I've considered is retiring from NHS at maybe 58-60 then working in something less demanding than medicine but delay taking NHS pension until total retirement. This would presumably avoid pension reductions but I think there is loss of other types of service benefit from doing this

@rhizobium 5 ай бұрын

Great video !- please can you in the future do a video on the pros and and cons of buying additional pension and ERBO? E.g what happens to these extra benefits you have purchased if you want to retire a few years earlier before state pension age. It would also be good to give an idea on how likely one would exceed the annual Pension allowance for a consultant on standard 10PA job progressing through the years . Thanks 🙏

@MedicsMoney 5 ай бұрын

Annual Allowance live webinar coming up in the next month. Details on our email list www.medicsmoney.co.uk/join-medics-money/

@DrDre999 5 ай бұрын

These videos are always excellent and you guys are a godsend, but does anyone else often have a problem with the audio or is it just me? It's been a few videos now, Tom is always extremely clear and easy to hear but the other person is often difficult to hear. I'm basically doing a DJ set on my desktop moving the volume up and down to make sure I can hear the guest but also not bursting my eardrums when it's Tom's turn to speak 😅

@MedicsMoney 5 ай бұрын

Good feedback - appreciated. Looking at fixing it and re-uploading now. For now, crossfade in Tommys audio and set to 120 BPM trance beat and it's a BANGER?! 🙌🙌🙌🙌🙌🙌

@uvsarah 4 ай бұрын

Thank you for sharing this. I found this ever so helpful and I have since subscribed 😊

@MedicsMoney 4 ай бұрын

Awesome! Thank you!

@dranirbanchakraborty 5 ай бұрын

What an incredibly useful video. Many thanks for this.

@MedicsMoney 5 ай бұрын

You're very welcome!

@Lewis_Standing 3 ай бұрын

Have you ever covered how a salary sacrifice scheme eg for a company car lease would effect your pension? Would be super useful, very common to do in the NHS but less salary is less pension and employer contribution and less pension growth over time. How do i balance jam tomorrow (pension) vs tax savings now?

@MedicsMoney 3 ай бұрын

Yes we have somewhere but I can’t find it! It’s complex and depends on section of pension and timings. We don’t like cars (liabilities) and we do like pension’s (assets) so 🤷‍♂️

@vinodkumar-ve9wz 5 ай бұрын

Thank you. Very informative

@MedicsMoney 5 ай бұрын

Glad it was helpful. Important to realise this earlier rather than later so you can implement some escape plans.

@MohammedFatehyShafy 4 ай бұрын

Wondering if this Excel sheet is available to use. Thanks for the great effort abd amazing work

@MedicsMoney 4 ай бұрын

The excel sheet is part of this www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

@jeff-zd2bg 4 ай бұрын

I was hoping it was available on the website or something too.. never mind.

@Abdul_Rahman86 5 ай бұрын

It’s not a great deal at all. The NHS retirement age is 67 but they’re looking at increasing it to 71. That being said!! Thank you so much for this content!!! You are a legend!!!

@MedicsMoney 5 ай бұрын

Thanks Abdul ❤️We have a great team at Medics Money helping doctors get the accurate information they need to make better financial decisions.

@DFasey 2 ай бұрын

Thanks guys very useful for me who is in the early stages of their career. I am interested in the pension top ups…the value of the nhs pensions feels like it lies and the employer contributions; do they contribute the same percentage in a top up scheme. Thanks

@Nobody-rkm 2 ай бұрын

Can you please make video to explain how to calculate annual and remaining allowance after contributions to nhs pension. This is check if someone had remaining allowance to contribute to SIPP Thank you

@johnristheanswer 5 ай бұрын

Great video and very informative. You didn't mention the lump sum as a simple way of plugging the 5 year gap.

@MedicsMoney 5 ай бұрын

👍although lump sum comes at the cost of commutation for 08 and 15 sections.

@johnristheanswer 5 ай бұрын

@MedicsMoney Yep , just a thought really.

@pm352 5 ай бұрын

Important video. Thank you.

@MedicsMoney 5 ай бұрын

Thanks very much.

@mindyourmind81 5 ай бұрын

Great Video, very informative. Thanks. I can't seem to see the link to the spreadsheet. Can you send it to me please

@MedicsMoney 5 ай бұрын

Thanks very much. Spreadsheet is part of our course www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ but the actuarial reductions table is available on NHS website.

@davidoconnell5452 2 ай бұрын

Hi, I'm in the 1995 and 2015 pensions, if I retired at 65, could I take my 1995 pension then but defer taking my 2015 pension until I was 68 and would that avoid penalties?

@pasufi Ай бұрын

Yes. Makes most sense to take 95 pension on reaching 60 and continue working, and then take the 2015 pension as well when retiring fully.

@helenbrown4140 9 күн бұрын

Yes you can take your 1995 pension and continue working or wait to take 2015 scheme

@foyzo3673 5 ай бұрын

Great video. Can you provide a link for the calculator you used for different early retirement scenarios please?

@MedicsMoney 5 ай бұрын

Thanks very much. Spreadsheet is part of our course www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ but the actuarial reductions table is available on NHS website.

@MH-we1ew 4 ай бұрын

As the 1995 scheme is a final salary scheme- and you can no longer contribute to it- will your pension be based on the final salary paid into the scheme or your final salary on retirement?

@johnnyfortpants1415 3 ай бұрын

On retirement

@dr_jonathan_whelan 4 ай бұрын

Great video. Thanks as always. Can I ask about the additional pension purchase ? I hadn’t heard of this before and it looks like a great option. But are there annual allowance tax implications ? I’m thinking for example if I purchase an additional £8000 of annual pension (which presumably revalues year on year in addition to the rest of my 2015 pension?) - while I get tax relief on the contributions towards this, does the sudden growth in my pension value mean I’ll be stung for a huge annual allowance tax bill ? (I’m a consultant in wales so we’ve just had a bit of a pay rise after industrial action too - hence wanting to not shoot myself in the foot here !) Appreciate individual circumstances and individual advice. But I wondered in general terms - presumably buying an extra £8k of annual pension would have some implications for pension value calculations (and thus annual allowance ?) Thanks as always.

@dr_jonathan_whelan 4 ай бұрын

I may have found part of the answer to my own question ! I found something on the NHSBSA website that says the additional pension is added in the year it’s purchased. So if I bought £8k as a one off lump sum, it would be £8000 x 16 of growth for that year. But if I buy it in instalments then it’s pro-rata’d growth over the period of instalments ? So in that same example if I bought £8000 over 8 years, am I correct that this would mean £1000 per year of additional pension value growth ? (So £1000 x 16 = £16k toward my annual allowance contributions for that 8 year period ?) Sorry - this stuff makes my head hurt but you guys make it make sense :) Thanks again.

@flaviatauro8491 Ай бұрын

Joined nhs 2015 scheme in 2022 if, i retire at the age of 55 how much pension will i be able to get as a lump sum. And every month after retirement

@SamuelMing-m9n 4 ай бұрын

Is Andy presently offering financial advice / help with modelling etc ?

@MedicsMoney 4 ай бұрын

Sorry we don’t offer individual advice but Andy and all the experts are helping hundreds of doctors understand and manage their finances here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/

@campagnol1 Ай бұрын

I have 14 years in the 1995 scheme and have built up 4 in the 2015 scheme. I am wondering if I will be able to take my 1995 (which is normal pension age 60) at 60 with the lump sum and continue working?

@helenbrown4140 9 күн бұрын

Yes you can, I have recently taken my 1995 pension, reduced my hours and continue paying into the 2015 scheme

@campagnol1 9 күн бұрын

@helenbrown4140 Thanks, that's really helpful and good news 🙂

@lovingit824 5 ай бұрын

What if you retire early but don’t draw your pension until state pension age? Thanks

@MedicsMoney 5 ай бұрын

This www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early%20Retirement%20factsheet%20%2805.2017%29%20V3.pdf

@em89000 4 ай бұрын

@@MedicsMoney I don't think the link answers @lovingit824'a question. I am keen to know the answer.

@jeff-zd2bg 4 ай бұрын

You mean can you retire, live off savings for a few years, and then take pension, thus avoiding the actuarial reduction? I belive that's a solid yes, but your pot will have less in it.

@Sweetie8387 Ай бұрын

I’m doing exactly that. I work for civil service but very similar pension scheme I’m saving each month so I can retire 53 so I have enough to live off 53-58 until pension kicks in. Does mean I need to be mortgage free by then. With two kids it’s right but doable so I have options in my 50’s

@lizcruddas1919 5 ай бұрын

I have retired and returned and paying now into 2015 pension I am working 0.5FTE. If I work only 6 years total I’ll only get 3 years pension…. Is it worth it. Do I get the employer contributions if I retire fully at 64?

@martinobeirne4591 2 ай бұрын

Is paying off your mortgage or overpaying too obvious a part of retirement planning to mention?

@akosiamarillo 5 ай бұрын

As a non medical NHS worker, my pensionable pay is way below your figures. Plus I want to retire at 62. Based on that spreadsheet, I am looking at less than 15k per year NHS pension 😢. Wife, also an NHS worker maybe getting just over 16k. All reductions have been applied. Need to think of another income before 68 or 71 😮

@MedicsMoney 5 ай бұрын

So glad this helped you. Don’t forget state pension as well. But also depending on your age😮plenty of time to top up if possible?

@akosiamarillo 5 ай бұрын

@@MedicsMoney thanks, i have been following the channel for a while. but i sometimes cannot relate due to the different nhs jobs we do. the figures already projected income until 62. state pension kicks in at 68. another income will need to come in before state pension. or we can go and live in a ‘cheap’ country….

@MH-we1ew 4 ай бұрын

As the 1995 scheme is a final salary scheme- and you can no longer contribute to it- will your pension be based on the final salary paid into the scheme or your final salary on retirement?

@akosiamarillo 4 ай бұрын

@@MH-we1ew my wife only have a value of her 1995 pension but i think she combined it with 2008. not sure what it amounts to. i only have 2008 and 2015.

@SteveMoore1969 5 ай бұрын

When my wife buy's an additional pension what happens if she dies before 68 and has stopped working

@MedicsMoney 5 ай бұрын

www.nhsbsa.nhs.uk/pensioner-hub/bereavement/what-happens-your-pension-when-you-die

@SteveMoore1969 5 ай бұрын

Thank you but I am still unsure in your video my wife could buy £2000 pension when she is 71(68) with a £23k lump sum.. But if she dies before it suggests 2 times the pension so I would get £4k. Is this right?