April 08, 2024

EP. 117 - Financial Advisor: You Won't Retire With A UK Pension If You Don’t Do This..! ft. Godfrey Asare

1 hour 20 minutes

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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By Savvy Wallet