EP. 117 - FINANCIAL ADVISOR: You’ll Never Retire With A UK Pension If You Don’t Do This..! ft. Godfrey Asare
Description
This episode is sponsored by Unbiased a platform that connects you easily and quickly with over 27,000 FCA regulated financial advisors, accountants and mortgage brokers.
Connect with a financial advisor for FREE by visiting Unbiased here: https://www.unbiased.co.uk/savvywallet
*NOTE: As of April 2024 the Full UK State Pension has increased to £11,502*
Joining us in the booth this week is Godfrey Asare, a FCA regulated financial advisor.
In this episode we discuss:
- Why Godfrey decided to become a financial advisor
- Money lessons that he learnt from himself
- The difference between State pension, company pensions and private pensions
- Is it worth getting a private pension if you have a company pension?
- The tax benefits of having a pension as an employee and business owner
- How much you can put into a pension before you lose tax benefits
- Reasons why you shouldn’t solely rely on the state pension
- How contributing to a pension can help you with child tax benefits
- The minimum age you can get the state pension & your company/private pension
- Thoughts on whether the state and private pension age may increase in the future and much more
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TIMESTAMPS
00:00 - Preview
01:13 - Intro
01:48 - Meet Financial Advisor Godfrey Asare
02:59 - Growing up in Aylesbury Estate
05:17 - Playing semi-pro football!
08:57 - My Dad taught me about investing at 19!
12:23 - Money lessons I learnt from my Dad
14:49 - Different types of pensions!
17:02 -Maximise your employer pension!
17:54 -Why I setup a private pension pot
19:04 - Is everyone entitled to a state pension?
22:07 - State pension is becoming expensive for the government
27:35 - The amount you can put into a pension before you lose tax benefits!
29:21 - Pension carry forward!
32:55 - Unbiased Ad
33:42 - What ways can you contribute to a pension?
36:01 - Do this to qualify for child tax benefits!
39:35 - The benefits of a financial advisor
40:46 - If you have a company pension. Do you need a private pension?
43:57 - Contributing to a pension as a business owner
50:00 - You can take this amount from your pension tax free!
51:51 - When can you take money from your private pension?
54:23 - Balance your lifestyle needs now with your future needs!
56:17 - How much pension is needed for a £50,000 income?
58:30 - How much tax you potentially may pay on pension drawdowns!
01:01:48 - Pensions are not subject to this tax!
01:05:45 - The maximum amount of pension you can have
01:10:54 - Final words
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