💷 Grab the FREE eBOOK - 5 Pension Tax Mistakes to AVOID 👇 GET ACCESS ✅ Learn the 5 KEY PENSION tax mistakes to AVOID, so you don’t leave HMRC a tip ✅ Understand what are the 2 financial questions EVERYONE needs to answer ✅ Discover the evidence-based approach so you can love your retirement and fill it with fun and purpose ✅ Understand what your most valuable retirement asset is ✅ Find out the secrets professionals use in a LIFE-CHANGING retirement masterclass 📺 WATCH - NEW VIDEO ✅ -10 STATE PENSION SECRETS👇 In this video I go over probably the least exciting area of finance. The State Pension! Can I make it exciting? Probably not but we all love a trier. WORK WITH ME - ✅ 📝 I am a Chartered Financial Planner providing financial planning services in the UK. I help people retire earlier, make the most of their finances, protect their family and save taxes. If you would like to find out more about working with me, please follow this link: Thinking of working with a Financial Planner but not sure yet? CLICK on the below we see the big questions you should be asking before you decide. 🤔 7 CRITICAL PENSION MISTAKES - AVOID THESE TO RETIRE EARLY PROPERTY OR PENSION? A CHOICE AS SAFE AS HOUSES? TIMECODES 0:00 - State Pension Explained 0:21 - What is the State Pension? 1:21 - How much is the State Pension? 1:41 - When do I get it? 2:32 - How does it work? 3:22 - How much do you need to earn to meet the contribution threshold? 4:21 - The different systems 4:46 - What you can do 6:16 - Tax and Deferring Options Why not sign up for my mailing list? www.principlespersonalfinance.co.uk Or contact me for a chat: info@principlespersonalfinance.co.uk REFERENCES CHECK YOUR STATE PENSION WHEN DO YOU GET YOUR STATE PENSION CONTRACTING OUT - A BACKGROUND PLEASE BE AWARE IF YOU PLAN TO RETIRE ABROAD NATIONAL INSURANCE CREDITS - ELIGIBILITY SOME GOOD NON-GOVERNMENT SOURCES OF INFORMATION CONTRACTING OUT - IN MORE DEPTH Booklet from Royal London on contracting out (booklet is 2018/19) *Bit of a weird edit cut on the personal allowance which cut off me saying £12,570 and don't even get me started on 'unnecessary'. A BORING BUT IMPORTANT DISCLAIMER: This channel provides information on general financial planning. It is for educational purposes only and does not constitute financial advice. Unless you take regulated financial advice only YOU are responsible for your own decisions therefore we cannot be responsible for any action or inaction you take. Please take advice specific to you before making any decisions. Principles Personal Finance is an educational channel and is not affiliated with my employer. As such views are stated are individual and should be seen as such. Investment involves risks. The investment return and principal value of an investment may fluctuate so that an investor's portfolio, when redeemed, may be worth more or less than its original value. Past performance is no guarantee of future results. The information provided in this presentation has been compiled from sources believed to be reliable and current, but accuracy should be placed in the context of the underlying assumptions. A WARNING There are some scams on YouTube where a profile image is copied then used to promote cryptocurrency scams and all that nonsense. I will never, ever, contact you selling any investment product or service. I would never do that, am not allowed by regulation and it goes against the intention of this channel is to educate and inform....(read more)
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When people think of retiring, they often think of living the rest of their life without worrying about work or financial concerns. But worry about finances can sneak up on them if they neglect to think about the state pension. To help you navigate the complicated world of pension plans in the United Kingdom, we have broken down the State Pension scheme. What is the State Pension? The State Pension is a retirement fund that is provided to UK citizens by the government when they reach retirement age. Although this is a government program, not everyone can get this type of pension. It is only given to people who meet certain criteria, which includes years of employment and national insurance contributions. How do I become eligible for the State Pension? To become eligible to receive the State Pension, you must have reached pension age, which is currently 66, and must have made the necessary National Insurance contributions. One should have a minimum of ten qualifying years so that they can receive at least a small pension, while they must contribute at least 35 years to earn the maximum pension. If you take a career break to care for someone or raise your family, you may still be able to make National Insurance contributions to maintain your eligibility for the State Pension. How much money will I get? The amount of money one can get from the State Pension depends on the number of years of National Insurance contributions, and when you reached pension age. The current maximum pension per week is £179.60, though not everyone will necessarily receive this amount. The amount will change with the government's decision to introduce Triple Lock Guarantee, which will increase the amount by the maximum of 2.5%, inflation, or average earnings. It is important to remember that the State Pension should not be relied upon as the sole source of income in retirement. People are highly suggested to make other investments or take part in employer schemes. When can I start receiving my State Pension? The pension age is 66 for individuals born between 6 October 1954 and 5 April 1960. The government aims to gradually increase the State Pension age for future generations, so it is essential to keep up-to-date with the current pension age. In conclusion, State Pension is an essential part of retiring for UK citizens, and taking the necessary steps to ensure your eligibility for it can help greatly in maintaining financial stability. By contributing to your National Insurance and with a little bit of planning, you can ensure a comfortable retirement for years to come. https://inflationprotection.org/unraveling-the-uk-state-pension-with-a-dash-of-excitement/?feed_id=101438&_unique_id=6470e5aeeb625 #Inflation #Retirement #GoldIRA #Wealth #Investing #butImyettobeconvinced #contractingout #explainingtheStatePension #howdoestheStatePensionwork #Imskepticaltagswork #notskepticalenoughtonotdoit #personalfinance #StatePension #statepension2021 #statepensionexplained #statepensionuk #thesingletierstatepension #ukpensions #UKStatePension #RetirementPension #butImyettobeconvinced #contractingout #explainingtheStatePension #howdoestheStatePensionwork #Imskepticaltagswork #notskepticalenoughtonotdoit #personalfinance #StatePension #statepension2021 #statepensionexplained #statepensionuk #thesingletierstatepension #ukpensions #UKStatePension
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