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Hi John, thank you or your comment and for supporting the channel. New arrivals do not automatically get qualifying years towards their state pension. Although it does appear that they are getting more automatic support than our most vulnerable. Wealthier pensioners may get less state pension but this will always be an issue when benefits are means tested - as with the winter fuel allowance. Please keep watching and subscribe as the next video is an anniversary special. 😀

@@Economese The deal is, they paid in and it was compulsory, and were told they’d get a pension at the end of it. Like a legally binding contract that just cannot be ripped up.

Hi Dog, thank you for your comment and for supporting the channel. It is a big scam and a PONZI scheme. I will be recording a video about falling birth rates in the UK and globally and that for every 100 people now, in 4 generations there will be just 35! Who pays the taxes and supports the old people then and those on benefits? Please keep watching and subscribe as the next video is an anniversary special 😀

@@Economese ,check out your most wasted direct debit , the bill tells you the whole nation is paying for adult social care that was added not that long ago under false pretences then !

Glad it was helpful!

@ absolutely! Enjoying the content and comments 🙏

Hi, Agreed. But it the tax burden is the highest since 1948 but without a noticeable improvement in our daily way of life. Infrastructure, motorways, potholes, council efficieny, Government departments, education and schools etc etc. I am not against paying higher taxes if there is a benefit to the UK people which means less should go abroad for the foreseeable future until we get back on a more positive economic footing. All the best as always. 😀

@ yes taxes have increased and feels like nothing is improving, which is because we should have put taxes up 20 years ago and looked after our infrastructure like sensible countries did, I lived in NL 2009-2022, there are problems but healthcare, transport, administration etc is sublime. 🙏

Hi Alistair, thank you again for your comment and for supporting the channel. You're right that there is a lot of global uncertainty. Ironically and paradoxically, when there is uncetainty investors will but US treasuries, which will lower the yield. Their spending is utterly out of control and Elon may only oput a dent in the deficit. The UK is not as powerful and our gilt yields are higher than our European peers and rising twice as fast in some cases (Times). I will compare more in future so the viewers knwo that it is not the UK in isolation. Please keep watching as the next video is an anniversary special. 😀

Hi again, just checked and we are a lot higher than Germany, France, Italy, Spain, Netherlands, Belgium, Austria, Portugal and even Greece. 🙏

@@Economese yes absolutely! Agree with everything you said, but also note that UK 30 year gilts have been higher than many other countries ever since Liz Truss created what Danny blanch flower calls the “moron premium” 😂

Hi, thank you for your comment and for supporting the channel. Don't worry, after 14 years in Opposition creating the master plan to solve all the UK problems, we only have 4.5 years to go maximum. Not sure how much more financial pain I can take until then. More reviews, consultations and quangos. Please keep watching and subscribe as the next video is an anniversary special. 😀

Hi, thank you for your comment and for supporting the channel. That is a very technical term and a very fair summary of the video 😂. There are some bright spots in the world but not many. WEF in davos kicks off soon and no doubt the Government will come back with other game changing ideas to make us better off but with more regulation, restrictions and digital ID for our own safety of course. No-one can hear me here so there's no risk of getting kicked out of a pub for ranting. Please keep watching and subscribe as the next video is an anniversary special. 😀

Hi Phil, thank you for your comment and for supporting the channel. Things have got worse since the video recording. GDP increased 0.07% and CPI is down a bit. I fear that the Government will come back cap in hand for more taxes. No fiscal headroom and downgraded growth each year until 2029. Please keep watching and subscribe as the next video is an anniversary special 😀

Hi Nicolaas, thank you for your comment and for supporting the channel. Politicians ruined an opportunity to have a positive impact on the UK and for generations to come. Fighting for 2nd referendums, ignoring the will of the people, pressure from Europe and rubbish negotiators measn we are where we are - utterly adrift and without power or directions to change course - only managed decline. Please keep watching and subscribe as the next video is an anniversary special. 😀

Did you not hear the piece where he said we have gone from the highest growth in the G7 to the lowest in SIX months? Nothing to do with Brexit (we haven’t even had it yet) everything to do with the cancer of inflate/spend policies that the West has had for at least 5 decades.

Hi Paul, thank you for your comment and for supporting the channel. I think the UK Government spend is around 48% of GDP with a debt to GDP of 100%. Astonishing. Has there been a material imporvement of anything since COVID when debt to GDP was closer to 60%? madness indeed. You're right about CPI as well as when it is recorded that this is falling, many think that prices are also falling - it just measn they are rising but at a slower pace and it is cumulative. Please keep watching and subscribe and our next video is an anniversary special. 😀

Hi James, thank you again for supporting the channel. I will use the US as a benchmark in future videos as they are also having issues and it is curerntly 4.6% and commentators on Bloomeberg think it might go to 5%. A lot of mortgage borrowers in the UK will feel the paoin for longer. I have given you a mention in the next video which is an anniversary special so make sure you watch it. Thank you for all you ongoing insights and support.

Hi Barnett, thank you for your comment and for supporting the channel and for sharing your story. There are videos on our channel about getting started in 2025 and many platforms will let you start with small amounts as low as £1. Look at your budget, cut out any wasted spending and try to save monthly via a direct debit. Your future self will thank you for it. Please keep watching and subscribe as our next video is an anniversary special. 😀

Hi, thank you for your comment and for supporting the channel. There was no Labour Budget in 1993 as the Conservatives were in with John Major? and Ken Clarke? I meant this £40 billion was the biggest tax raid since 1993. This was after the Uk got bounced out of the ERM after fighting a losing battle to support Sterling against George Soros. Very dark days. Please keep watching and subscribe as our next video is an anniversary special. 😀

Hi Kornish, thank you again and I love that book and it certainly adds an extar dimension with the pensions now being included in the IHT regime rules from April 2027! Thank you for sharing your story as many younger viewers will need to read that it is possible to have a retireement on their terms - but there are no short cuts and there is a lot of sacrifice. Bravo indeed. 💪

Hi Cornish, thank you for your comment and for supporting the channel. It has got worse since the video was recorded with the 10yr gilt rising, but inflation fell slightly and GDP expanded by 0.07%!!!! Some growth. I heard the Chancellow was looking to slash benefits as well to save money but that has been rejected by the High Court. Apparently, she has the full confidence of the PM and she will be ther "for years". problem is, who would replace her? I remember the 70's and having to turn lights off in every room and 83% - YES 83% - higher rate income tax PLUS 15% tax on investment = 98% potential tax charge. In the meantime, our debt servicing has increased to £104 billion annually. Please like and subscribe and our next video is an anniversary special.

Hi WIll, you are most welcome as always! Our next video is an annniversary special - can you believe it already - and I have given you a big mention so make sure you tune in to be embarrassed 💪😀

Hi Nord, thank you for your commetn and for supporting the channel. Thank you for very kind words of encouragement! We are real people with a real channel so it helps keeps up motivated. Congratulations on the diploma - I took the Series 3 Futures & Options derivatives course for the US in December 2011 and it seems I have been studying ever since. Please keep watching and subscribe and our next video is an anniversary special 😀

Hi Dar, thank you for your comment and for supporting the channel. You can contribute 100% of your earnings into a pension to a maximum of £60,000 gross from all sources. So if you earn the average UK wage of £35K, the most you can contribute is £35K gross including tax relief. If you use salary sacrifice through a workplace pension scheme you need to make sure that your salary does not go below the National Minimum Wage so check with yor HR Department or Payroll. Please keep watching and subscribe and our next video is an anniversary special :-)

@ Thank you for your reply Simon and for clarity regarding this. Keep up the good work 🌝👍🏻

Hi James, I hope you are well and keeping warm! As a general rule 70% of your income is something to aim for as there shouldn't be any commuting or mortgage costs. Another metric is 10X your salary saved at age 67. The PLSA and HL Barometer have slightly different income required for retirement living standards and I often wonder how many actually get to these levels of income in retirement? Please keep watching and subscribe as the next video is about a Recession in 2025 😬

Hi Piner, thank you for yor comment and for supporting the channel and for sharing your insights. I agree. Over time my wife and I have become more comfortable but at no point would we consider oursleves wealthy despite meeting the 10% threshold. One emotion I am keen to put forward in the videos is the fear of spending our money in retirement, or working too long to enjoy the money. At 56 years old I have some way to go before retirement but we are programmed to save, save, save and not to spend it. In fact, most pensioners only spend 20% of their capital after 20 years in retirement!!! Please keep watching and subscribe as the next video is about a Recession in 2025 😬

@ I agree, but we all have different financial situations moving forward… What I didn’t make clear in my comment is that all three of my adult children have ASD, so my wife and I have committed to trying to (within the inheritance threshold) leave as much as we can so they can hopefully live independently more easily) hence saving every penny we could. We both retired early, myself at 56, and my wife at 58, so that amount I stated is before the state pension, we we don’t yet qualify for (and dependant on any pension reform in which it may or may not be means tested, may never qualify for - who knows). I’m happy and content with our level of income, in fact because we’re no longer putting away the extra, our spending lifestyle isn’t much different than before, we just need to be a bit more mindful.

@ thank you for sharing your story. Congratulations on retiring early to have better quality time with your family. Despite the challenges, you have a clean plan and that needs to be applauded. Please keep in contact 👏🏼👏🏼🙏🏼🙏🏼

I still think pensions are worth investing in to pass on, after all if you are a higher rate tax payer you get 40% tax relief when paying in. This has decades of growth with the government’s 40% tax relief. Then if you die with more than a million per couple, the tax changes will take 40% back. Just think about the growth that has occurred in the pension because of the 40% tax relief going in. It’d still leave more than if you invested in an ISA, and passed this on.

@JamesKerr-z4o yes but a pension will likely be doubled taxed. Iht and income tax and tappered iht relief potentially. I think planning outside alongside a pension is going to be more and more important

@@philipwood123 run the numbers for yourself, for me it is still worth it, especially if the money gets 40% tax on death and 20% when taken as a pension. If children are taking a pension and paying 40% on withdrawal it’s less clear.

Let’s use Simple numbers, and assume all of this is taxed under IHT. If you pay into an ISA £12k a year, you could put £20k into a pension getting 40% tax relief of £8k. You do this for 20 years assuming 0% growth and the ISA is worth £240k and the pension is worth £400k. Let’s take off IHT on both at 40%, The ISA loses 40% which is £96k, the pension loses 40% which is £160k so the ISA is now worth £144k and the pension is worth £240k. If you assume the pension gets taxed at 20% on drawdown then pension is worth a total £192 and the ISA gave only £144k. If you factor in growth the pension grows even more.

@JamesKerr-z4o in that small scale example yes the pension is better. But a more realistic example probably not. Isa and pension can grow at same rate if invested similarly so that is a null factor. Try a decent amount. Say 1 million. Also a pension and isa combo is a better strategy overall. Lastly over 2 million you start to lose the 0% tax allowance on the pension. So probably a strategy of both isa and pension (40% income taxed only) and withdrawing the tax free pension allowance ASAP and place into the isa over many years is worth doing

Hi John, thank you for your comment and for supporting the channel. The state pension is a contributory benefit under the Social Security Contributions and Benefits Act 1992. Eligibility criteria was 44 years (man) and 39 years (woman), then 30 years and now 35 years for both. The state pension age was 60, then 65, 66, 67, soon to be 68 and beyond. Pensions can be means-tested as they currently cost £125 billion annually. Most of the world is in population decline so for every 100 people there will be just 35 grandchildren. When they grow up they will have to pay a lot more tax for pensions and healthcare as we all get older. Please keep watching and subscribe :-)

Hi Lee, the clouds have finally gathered and the rain is falling here. Still around 15 but still a shock to the system. keep warm brother and stay safe 😬

Hi Travelling, thank you for your comment and for supporting the channel. It astonishes me that Government cannot see further into the future other than getting elected in 5 years. I doubt the triple lock system - whilst well-intentioned - was fully costed to current levels. An inflation busting 4.1% in April 2025 for 12.9 million pensioners will put more financial pressure on the Government and, again, the pensioners will be negatively impacted by any changes. It is unfair in the extreme. Please keep watching and subscribe as the next video is about a Recession in 2025 😬

Hi KJ, thank you for your comment and for supporting the channel. Well done on preparing so well for you retirement and having lots of options to pick from. As a general rule, using the ISA first is better as all withdrawals are income tax-free. A pension allows 25% tax-free to be withdrawn. FAD is basically where you take your 25% tax-free cash as a larger lump sum and then all further withdrawals are taxable. Some providers allow you to take your tax-free cash in smaller chunks rather than taking it all at once. UFPLS allows you take smaller ad-hoc lump sums which are 25% tax-free and 75% taxable. For example a £10,000 withdrawal would be £2500 tax free and £7500 taxable. The balance of the fund will remain invested. Put simply, FAD allows 25% of the total fund to be taken tax-free whereas UFPLS allows 25% of the ad-hoc withdrawal to be taken tax-free. Please keep watching and subscribe ;-) Good luck and let me know how you get on 💪

@@Economese Thank you. That explains it well enough for me to understand.

@@scotchegg6422 Hi, you’re not wrong! I’ve only got 2 jumpers and I’m wearing my other one in the next video. Back to the studio I think 😜🙏🏼🥃

Hi Heather, thank you for your comment and for supporting the channel. means testing the state pension would be difficult to administer and it could be political destruction and it would further create division in society. It is easier to increase the state pension age. However, applying inflation busting rises to the state pension is increasing the cost and it would be easier to scrap it and just focus on a CPI inflation rise each year so the state pension holds its value and is not eroded over time. The Personal Allowance is frozen until 2028 so it is highly likely that all pensioners will pay income tax on their state pension which is already a form of means testing as the HMRC will collect more taxes. Child benefit, the personal allowance and IHT are already means tested with certain thresholds and can disappear completely. The WInter Fuel Allowance was another means tested benefit which affected 10m pensioners. Please keep watching and subscribe :-) Happy New Year.

I Agree 100% . If the Government & Civil servants think telling workers if they work too much & make too much money they lose their state pension will do anything other than get people working less or not at all they are smoking crack .

Hi Hayden, thank you for your comment and for supporting the channel. There is a lot of chatter about 9million being economically inactive with 2.8m long-term sick claiming a variety of benefits. The economy is stagnant and we will be lucky to avoid a recession and an even bigger shock if this continues. Please keep watching and subscribe :-) Happy New Year.

@Economese KEEP UP THE GOOD WORK, 👍 HAPPY NEW YEAR TO YOU TOO.🎉🎊

Hi Leo, thank you for your comment and for supporting the channel. I did a video about banking surveillance and increased spying on our bank accounts with the HMRC recruiting another 5000 compliance officers. It is a dystopian future we will all get to live in. Please keep watching and subscribe :-) Happy New Year.

Hi Dominic, thank you for your comment and for supporting the channel. The state pension is low compared to Europe and internationally. 2.8m long-term sick with increases in disability and mental health combined with a generous benefit system which can be manipulated will have financial consequences for decades to come. It's not possible to keep borrowing and taxing the population to even higher levels. Something will need to snap and likley it will be sooner than we think. Please keep watching and subscribe :-) Happy New Year.

@ have subscribed. You have one of the best channels out there to be honest. Great ability to turn complex topics and put them across in a straight forward way- excellent and look forward to what’s in store in 2025. Might be a more rocky road for my pension given a really strong past 2 years 👍🏻

@ thank you so much for the kind words. We are real people behind a real channel and having your support is very appreciated. Lots in store for 2025 as we get more experienced. Markets up strongly in the last 2 years, company earnings not so much. December has been tough and the UK will be lucky to avoid a recession and higher taxes. Make sure you’re diversified as I’m expecting a more volatile 2025. Happy New Year 🎉🥃

Hi KJ, thank you for your comment and for supporting the channel. A massive majority, very poor opposition, senior voices and think-tanks lobbying for changes despite 20% of pensioners being in poverty according to Age UK. They have alienated many swathes of society already and the economy is still stagnant so will be avoid a recession with low growth, high inflation and interest rates? Please keep watching and subscribe :-) Happy New Year.

Clearly its a Diliberate Government tactic to drive a wedge between the old & young to facilitate the means testing agenda.

Hi Galaxi, thank you for your comment and for supporting the channel. Pensioners should not be considered a burden after their contribution to the country. The problems are multi-faceted from falling birth rates, longevity, economically inactive people, shocking long-term sick statistics, poor Government spending, mismanagement of the economy, taxation and immigration amongst others. there are many think-tanks advising Government to change the triple lock and quickly. Time will tell how soon this happens as the Government can change their minds at any time - see WFA. Please keep watching and subscribe :-) Happy New Year.

Hi John, thank you for your comment and for supporting the channel. I know that Reform had mooted that possibility. A Retirement Personal Allowance increased in line with the state pension so no tax would ever be paid on the state pension. In April 2025 the state pension will increase 4.1% to £11,975 per year and very close to the PA of £12,570. If the state pension rose by another 5% in 2026 would the Goverment actually tax all pensioners? Please keep watching and subscribe :-) Happy New Year.

At no time have you ever had to pay NI which covers NHS, unemployment benefits, maternity benefits and many other benefits for 44 years to receive a pension. Many think NI is simply a payment for their pensions which it is not. On top of this work out your total NI you have paid, I’d wager it won’t add up to your NI contributions, yet alone by the time it has paid for other items.

Hi Jackie, thank you for your comment and for supporting the channel.It’s true that the requirements for the State Pension have changed over the years. Previously, you needed 44 years of National Insurance contributions (for men) and 39 years (for women) to qualify for a full Basic State Pension. This changed to 30 years in 2010 and later to 35 years with the introduction of the new State Pension in 2016. So, while you're right about the higher contribution requirements in the past, the current system has a different set of rules. Regarding who funds the pensions, today’s system is similar to when you worked: current workers’ contributions fund today’s retirees under the "pay-as-you-go" system. There are complex factors for the reasons the system is not working which is why it needs a drastic rethinking which might be beyond politician's capability and capacity. Please keep watching and subscribe :-) Happy New Year.

Hi James, I think someone needed 44 years NIC up to 2010 when the criteria changed?

@@Economese surely the amount of NI you pay is based on your salary and the pension you get it is fixed, so 44 years is the mean average salary? If it is the median salary the 50% of people would not have paid enough over 44 years

@ Hi, 44 years for men and 39 years for women was in place for the basic state pension until 2010, when this was reduced to 30 years. So if you were a man born before 1945 you needed 44 years. Check the nidirect.gov.uk website. All the best 🤗

Hi Mr T, they have no regard for pensioners except during a General Election of course when they need their vote. There are a lot of pensioners will not vote for Labour again though. Happy New Year.

Hi Mr T, agreed, the state pension is the main financial pillar for 12.9 million pensioners and this number increased by 220,000 in 2023. There are likely to be changes to the triple lock and this will be blamed on the infamous "black hole" and they will just keep kicking the can down the road and increasing the state pension age instead. Happy New Year.

Hi Derek, thank you for your comment and for supporting the channel. I am blessed to split my time between the UK and Ibiza after a financial career spanning over 31 years and counting. My hope is that I can get some financial wisdom to as many people as possible as forewarned is forearmed. Please keep watching and subscribe: -) Happy New Year.

Hi Henry, thank you for your comment and for supporting the channel. That would be a definite vote winner but at what cost to the future taxpayer and Government borrowing? I agee it should eb higher as it is low by international standards. Please keep watching and subscribe :-) Happy New Year.

Hi Lawrence, thank you for your comment and for supporting the channel. The civil service, police, firefighters, military and teachers all get gold plated pensions and teh cost of providing local authority pensions is getting ever higher and accounts for 25% of their budgets. Maybe MP's should be the first to trial means tested pensions? Please keep wacthing and subscribe :-) happy New Year.