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Building a £1 million pension pot may be more achievable than you think. But how much money will that £1 million give you in retirement? 

Join our host, Philippa Lamb, and our expert panel as they discuss what it takes to build £1 million in your pension from the monthly contributions needed depending on your age, to the role that compound interest and employer contributions can play.

 

• Financial Expert and Founder of Much More with Less, Faith Archer;

• Founder of Money to the Masses, Damien Fahy; and

• VP Personal Finance at PensionBee, Maike Currie.

 

Episode Breakdown:

01:06 How many pension millionaires are there?

02:55 Monthly payments needed to grow a £1 million pension

04:50 How can parents help their kids to become a millionaire?

08:20 How much retirement income can you take from a £1 million pension?

09:13 The 4% withdrawal rule

09:54 Is £40,000 per year enough in retirement?

11:03 The State Pension

12:22 Inflation and the impact on savings and pensions

13:42 How can you save £1 million?

14:34 Pension tax relief and employer contributions

19:42 Junior pensions and Inheritance Tax

20:48 Workplace pensions and Auto-Enrolment

22:44 How can self-employed people start a pension?

23:38 £4 on a coffee vs. £4 in your pension

27:36 How much can £5,000, £10,000 and £20,000 grow in 40 years?

28:16 The annual allowance on pension contributions

 

Further reading, listening and watching:

• Episode 43 transcript (Blog)
• How to build a £1 million pension pot (Blog)
• What is the 4% rule for withdrawals in retirement? (Blog)
• What is the State Pension? (Blog)
• Employer matched contributions (Blog)
• What is a SIPP (Self-Invested Personal Pension)? (Blog)
• Pension contribution limits (Blog)
• Inheritance Tax guide (Blog)
• 7 of the best ways of giving money to grandchildren (Blog)
• What is Auto-Enrolment (Blog)
• Do you know what pension plan you're in? (Blog)
• Are high charges eroding the value of your pension? (Blog)
  

Other useful resources:

• Pension Calculator (PensionBee)
• Inflation Calculator (PensionBee)
• Pension Tax Relief Calculator (PensionBee)
• A simple strategy to help your child become a millionaire (Money to the Masses)
• Retirement Living Standards (Pensions UK)
• Claim tax relief on your private pension payments (GOV.UK)
• How to make your child a millionaire - for just £51,840 (The Times)
• Compound Interest Calculator (The Calculator Site)
• The Millionaire Next Door (Dr. Thomas J. Stanley)
• Warren Buffett (Forbes) 
  

Catch up on the latest news, read our transcripts or watch on YouTube:

• The Pension Confident Podcast
• The Pension Confident Podcast on YouTube

Follow PensionBee (@PensionBee) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads.

Follow Faith Archer (@MuchMoreWithLess) on LinkedIn, Facebook and X.

Follow Money to the Masses (@moneytothemasses) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads.