Episodios

  • The Retirement You Didn't See Coming, with Dan Haylett

    The Retirement You Didn't See Coming, with Dan Haylett
    Nov 19 2025

    This week I enjoy a brilliant conversation with Dan Haylett, a fellow financial planner and podcaster, and author of The Retirement You Didn't See Coming, a book I highly recommend.

    Dan Haylett on LinkedIn
    https://www.linkedin.com/in/dan-haylett-retirement-coach/


    Humans vs Retirement Podcast
    https://www.humansvsretirement.com/


    The Retirement You Didn't See Coming - Book on Amazon
    https://amzn.to/4o0UhYB


    The Retirement You Didn't See Coming - Book on TGBB
    https://www.thegreatbritishbookshop.co.uk/products/the-retirement-you-didn-t-see-coming



    The above links can also be found on the Meaningful Money website, at
    https://meaningfulmoney.tv/session597

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    45 m
  • Listener Questions Episode 32

    Listener Questions Episode 32
    Nov 12 2025
    Some excellent questions this week, as always, and with the added bonus of moving the podcast onto YouTube! Join Pete and Rog as they answer questions about finance management apps, investment platform selection and transitional tax-free allowance certificates! Shownotes: https://meaningfulmoney.tv/QA32 01:39 Question 1 Hi Pete and Roger Thanks so much for all the work you do, I've only found the podcast recently but already enjoying learning more and thinking about things differently. My question relates to saving for retirement and specifically the period leading up to retiring. Nearly all of our (mine and my husband's) pensions are in SIPPs where we have been happy to be 100% equity, in global index funds. We are now maybe 7-10 years from the point where we could retire, and I've been able to research withdrawal strategies to the point where I'm confident managing that when we get there. We have determined our target asset allocation split between equities / bond funds / individual gilts and money market funds for the start point of retirement. I haven't been able to find much information about the period of transition from 100% equity to the asset allocation we want in place for the start of retirement. Obviously it's a balance between reducing exposure to volatility as we approach retirement and accepting a drag on the portfolio caused by the increasing allocation to cash and bonds and my instinctive (but not evidence-based!) approach would be to gradually move from one to the other over a number of years. So my question is this - is there a better approach than just a straightline shift from one to the other? How far out from retirement is it appropriate to start making the transition? The best advice I can find online is just to pick whatever makes you feel comfortable and do that but surely there must be some more robust guidance out there? I appreciate it might not be a one size fits all answer but would appreciate your thoughts on how to approach this. The one piece of advice I do seem to have found is that however we decide to do it, to stick to a predetermined schedule to avoid temptation to try to time the market - does that sound sensible or have I missed the mark on that? Thanks so much for any help you can give. Fran 08:28 Question 2 Hello I listen to your show when out on walks and find it helpful for somebody who struggles at times with pension planning I am 55 and myself and colleagues were told we had to leave the Final Salary pension scheme in 2019, the flipside being we would still have employment and our final salary pension would be triggered at reduced age of 50, although we would only get the years paid into rather than the magic 40 years which would give 40/80ths of your final salary. So, for me , mine was triggered in 2020 and it was around 32/80ths (paid in since age 17), and I still remain in employment. At this time I received a statement saying my pension had triggered, I had opted for the smaller lump sum (we had two options and some took the larger sum). There was no option to not take a tax free lump sum. I received a statement from the pension provider and it stated I was using 57% of the LTA Now, since 2024 the P60 I receive from the pension provider annually now shows how much of the LSA I have used, this shows an amount of £153k , which equates to the same 57% , this time of the tax free lump sum allowance of £268k (I have rounded the figures). However, the actual lump sum I received was £80k - so should I not have £199k left to use up ? As I got my lump sum prior to 2024 and it is far lower than the standard calculation used to generate £153k used figure , do I not have any protected rights and able to dispute this ? It seems unfair that others who opted for double the tax free lump sum I received will be treat the same as myself regarding what tax free lump sum they can get in future (We all pay into a company DC scheme these past 6 year, with a different provider). I have read about Transitional Tax Certificates but unsure if they are relevant to my scenario. I was unsure if the onus is on myself to take some action, or if the above is correct and that is how it works. Any advice would be appreciated and may help others in a similar scenario also. Many thanks, Jason 13:15 Question 3 Hi both, Thank you for all the great content, my question relates to financial planning as a couple. My partner and I are getting married next year and plan to combine finances at that time. We will also be looking to buy our first home in the next few years. Aside from some lifestyle creep, we are both 'good' with money and have worked with monthly budget systems before. We are looking for a system to help us manage our *total wealth/finances* on a larger scale as opposed to the majority of online finance spreadsheets which focus more on monthly budgeting. Do you have any recommendations for spreadsheets or software to help ...
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    35 m
  • Listener Questions Episode 31

    Listener Questions Episode 31
    Oct 29 2025
    A couple of questions this week about having too big a pension fund, plus a great question on platform choice where Rog and Pete discuss their own experiences. Shownotes: https://meaningfulmoney.tv/QA31 01:58 Question 1 Hi, really enjoying the podcast. Started by watching your YouTube videos and still like getting the notifications of your new content. I have a question regarding early retirement, before pensions are available. I'm 50 and my wife is 52 and we would like to retire now. We have a mix of DB and DC pensions that will be sufficient for our retirement. She can start taking her pensions at 55 and I'll start at 57. We have a savings pot outside of pensions of £700k in a mixture of investment funds (ISA being maxed yearly) that we would like to live on between now and our pensions becoming available. Based on £5000 per month to live on, we would need to withdraw £60000 in year 1, year 2 and year 3. After that, we would need to withdraw £32500 in year 4, year 5, year 6 and year 7. Based on these figures and your experience of the expected interest we should gain over the period if our pot is sensibly invested, what are your thoughts on how low the pot will drop to over the first 7 years and how long would the amount we spent take to recover to the original value of the pot? Many thanks, Adam 10:39 Question 2 Hi Pete and Roger, Thank you both for all of the content and guidance – it has really helped me build my confidence in planning my finances. How much is too much in a pension? I'm 42 years old and have always prioritised pensions as a relatively high earner. I'm now in a position where I have a fairly healthy £530k in my pension, and wondering if I need to throttle back the contributions soon? If I take an assumed 5% growth rate, I'm on target for a £1m pot by age 55 without any more contributions (my access age is protected at 55). Should I just pay in enough to get employer match - I get 7% employer contributions for my 5%? My employer offers salary sacrifice, so as an additional rate taxpayer, I benefit from 47% relief (the employer savings are not shared unfortunately). I do already manage to fill my S&S ISA every year and have an adequate emergency fund, so really it's a question of pension vs GIA at this point. My concern is that I may have to pay 40% tax on withdrawals on the way out, so I might be better to keep the money accessible and support an early retirement before pension access age. What is the maximum pension pot size to target at age 55? – what do you think? Many thanks and keep up the good work, Steve 15:55 Question 3 Hi Pete and Roger, Thank you for all you do! My mum is 63 and retired a few years ago. She has a DC pension, which she won't need to take until she's around 68 as they currently live off my dad's income. Her pension has been in the default fund, which automatically de-risks as she approaches retirement age. We only recently learned that this default fund probably isn't ideal for her circumstances, when I discovered your podcast and forwarded some episodes to her! She doesn't intend to buy an annuity, so what can she do with her pension pot at this late stage to stop it being entirely de-risked and losing value as she gets older? She plans to start taking an income from it in around 5 years time. Many thanks in advance! Kathryn 22:23 Question 4 Hi Roger and Pete, Listening to your podcast has me feeling like a money ninja - ready to conquer my finances one episode at a time! Here`s my question: My workplace pension match is 3% and I also I contribute 3% - it`s auto enrolment and a DC pension. I would like to put 15% in my retirement, but can`t find any advice on how to best do that – do I just up my contribution into my workplace pension to 15% and that`s that, or do I also open a SIPP and GIA and split between all three? What do people usually do? :D Thanks so much – Leah 27:22 Question 5 Hi Pete and Roger Been a fan of your podcast for a long time and have put some of the lessons from yourself and others into practice since I was 19, now 46 . Regularly saving and investing as much as possible by way of ISA , high interest accounts etc I have been able to build a decent portfolio over the years My question is regarding the most efficient platform for Stock and Shares ISA regarding fees. In the past I had an FA and the ongoing fees I always felt eroded investment gains and switched to Hargreaves Lansdown. I have a mix between individual shares/funds and trackers totalling £210k with Hargreaves Lansdown. I have heard about other cheaper platforms such as AJ Bell Trading 212 and wondered if your opinion would be to move over to something cheaper with an in specie transfer. I remember well the financial crisis and Lost money with the bank ICESAVE, only saved by the then PM Gordon browns decision to reimburse. So although I am attracted , once bitten twice shy for lesser know companies. My end goal is to scale back or ...
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    44 m
  • Listener Questions, Episode 30

    Listener Questions, Episode 30
    Oct 22 2025
    It's another varied mix of questions, with a couple on catching up after a late start, avoiding the 60% tax trap and lots more. Shownotes: https://meaningfulmoney.tv/QA30 01:03 Question 1 Hi, I'm curious if you have advice, best practice or tools to advise people who have a reasonable rental property portfolio on how to plan for retirement? I am 55, have taken 50k tax free cash, and 13k a year drawdown, approx 40k left. I have 11 rental properties, but I am still remortgaging and buying more properties. Currently have about 450k available to reinvest into a few more properties, and then probably stop buying. I'm really struggling to understand how much I can/should have available to spend each month, especially as I'm still reinvesting into properties. I'm sure I should be spending way more than I am, but can't work out how best to put a retirement plan together to show how much I truly afford to spend each month. Love your content, and thanks for any advice you may be able to give. Thanks, Paul 09:49 Question 2 Hi Pete and Rog. Big fan of the podcast, keep up the good work. I am looking at ways to stay under 100k income each year to remain eligible for childcare benefits. I know if I were to make AVC into my work pension this would help to remain below that figure. I would prefer to put this money into a SIPP. My question is if I got paid the money and deposited it into a SIPP instead of my work pension will this reduce my income tax and prevent me from going over 100k and losing childcare benefits. Kind regards, Joshua 12:33 Question 3 Hello Pete and Roger, Firstly, thank you so much for such an informative podcast. I don't think I listen to a single episode without taking away something valuable! My question relates to what I should do to with money as I accumulate it for the next financial year's ISA and SIPP allowance. For context- I am 39, an NHS doctor with an NHS pension, have a paid off mortgage and have started making SIPP contributions to bring my adjusted net income below the 60% tax threshold. I am in the privileged position to be able to contribute maximum S&S ISA contributions at the beginning of each tax year and already have filled premium bonds allowance as my emergency fund. Should I put my accumulating savings in a high interest savings account until April, or am I missing out on growth each year and should I be using a GIA with a bed and ISA approach? I appreciate there may be tax on savings interest above £500 or CGT on anything over £3k gains. I just don't want to be missing out on the best approach for the next 20+ years as I hopefully continue to max out ISA and pension contributions. Thank you so much in advance and keep up the fantastic work! Paddy 16:36 Question 4 Dear Pete and Rodge, I am relatively young (36) and have started listening to your podcast relatively recently (in the last year). What I like about it best is the calming relaxed attitude that money matters are discussed in and the comforting belief that life is more important than money I think shines through. Comparison is the thief of joy I know but I find it hard to situate myself in relation to where I 'should' be financially. I stayed at university a long time (10years) and so always perceived of myself as 'in debt' and living to the brink of my means, I didn't have a credit card but I would spent all my money and save nothing. When I did eventually get a job it didn't pay much and again it was paycheck to paycheck for many years. Then came three big changes almost at once. First me and my wife had a baby daughter come along, next the company I worked for went bust and third I found your podcast! Something about the mix of these three made me sit up, take notice and want to engage with my finances where previously my head had been in the sand. I did very much feel like I was way behind the running. I managed to find a job which paid almost a third as much take home pay again and decided to set up savings for my daughter, set up an emergency fund, increase pensions contributions, open a stocks and shares ISA, all of the good stuff that you guys continually discuss. However, I still am very much of the opinion that I am way behind the game and starting late which is a shame seeing as time is such a valuable component in investing. My question to you guys is, were you in my position, where would be the first places you would look to educate yourselves on the right things to do next? I feel like I don't know what I don't know and things continually surprise me (for instance I didn't realise that having a car on finance was considered bad debt until the other day). I have this constant nagging doubt that I will be missing something because I haven't started from the beginning. I did consider going back to the start of the podcast when I found it, but Rodge wasn't even around in the first few so I didn't enjoy it as much and also felt like maybe some advice would have gone out of date? Is...
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    35 m
  • Listener Questions Episode 29 - Retire Soon

    Listener Questions Episode 29 - Retire Soon
    Oct 15 2025
    In today's Q&A episode, we're answering a bunch of questions from those on the threshold of retirement, getting into the nitty-gritty of age-difference planning, DB scheme reductions and all sorts! Shownotes: https://meaningfulmoney.tv/QA29 01:04 Question 1 Hi Pete I am really enjoying listening to the podcast, thank you. They make what can sometimes be a complicated subject much easier to understand. I have a question which I have asked my SIPP provider but even they don't appear to know the answer so here goes: If someone has a SIPP valued at say £1.2m and a DB pension valued at say £300k, in order to maximise the favourable annuity provided by the DB pension, is it possible to draw the full LSA (25% tax free cash) from the SIPP? Or is there a requirement to draw the LSA on a pro rata basis from both the SIPP and the DB pension? Thank you, AJ 07:07 Question 2 Hi Pete and Roger, Thanks to The Meaningful Money Handbook, The Meaningful Money Retirement Guide and listening to all of your podcasts, I'm now in the fortunate position to retire in three years at the age of 55. However, I have a couple of questions about building a Cash Flow Ladder: Q1 - Should I be moving my investments into the various rungs of the ladder now, or just wait until I retire? Q2 - Most of my investments are in a pension, but I also have an ISA for a bit of flexibility. Would it make sense to use the same ladder structure in both the pension and the ISA? Thanks for all your good work. Tim 11:17 Question 3 Hi guys Loving the podcast - helped me through the COVID years and it's been a staple ever since so thank you for that. My question is around investing in older age. At what point, if any, is it worth cashing out GIA investments if other sources of income such as state pension and DB pensions are more than enough to live off and I have sufficient other capital (cash isas) for those big things still ahead? I'm not planning to leave any sort of inheritance (unless I pop my clogs early !) so is there some rule of (age) thumb of when to cash out and spend investments? I sort of don't see the point of continuing to invest after a certain age and to spend the money. But I guess it's not easy switching from investing to spending. Thanks, Chris 16:33 Question 4 Hi Pete & Roger, Great show gents, always interesting and informative. I've been an avid listener for a couple of years now and have been encouraged to write in on the off-chance that my question may have relevance to others with a similar dilemma. I fear you may feel it's too niche but here goes: I'm 59yrs old and for all intents and purposes retired, in as much as I quit my career in business 18months ago to take on the full-time parental care role of my 6yr old twins which enables my wife (15yrs my junior) to continue in the career she loves. We are fortunate that my wife is an additional higher rate tax payer (as was I before I quit), we live mortgage free in a ~£1.5m family house - all of which means I have no plans to draw a pension until my wife is also ready to retire, which despite her occasional gripe, is not likely to be until our children leave school (by which time we will be ~ 72 and 57 respectively). I have a small index-linked Public Sector DB pension that kicks in in a few months time when I hit 60 (£7k per year) and expect to get a full State Pension which should provide me with around £20k p.a. at todays values as a base income when I reach state pension age in 7 years time. I also have a Pension pot currently valued at around £1.2m, made up from £1m SIPP and £200k S&S ISA) and my wife's Pension pot is currently valued at around £520k (£400k SIPP & £120K S&S ISA). I no longer contribute to my SIPP but my wife invests around £30k Gross in to her SIPP annually and we plan on continuing to fill both ISA allowances each year until she retires. We are both 100% invested in equities using low-cost Global trackers to maximise their growth potential. Here's my question, I was burnt a few years back (before I started listening to podcast like yours to educate myself on how to manage my finances) when I was persuaded to join SJP and combine all my old workplace pensions into a single pot managed with them. I even persuaded my wife to join and I opened Junior SIPPs for my twins when they were born (not their advice, my own) which we continue to pay the full amount into monthly to hopefully secure their future retirement. Long and the short of it, the more I learned about investing, the more I regretted my decision to tie myself into SJP and the more I begrudged paying their relatively high fees (for what turned out to be a lower return than much lower cost tracker options could / would have produced over that same time period). I eventually sucked up the exit fees and bailed out a few years back, taking my wife and children's accounts with me and whilst I haven't looked back, it has made me reluctant to spend money on financial ...
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    43 m
  • Listener Questions Episode 28

    Listener Questions Episode 28
    Oct 8 2025
    It's another mixed-bag of questions this week, covering income protection, the local government pension scheme, avoiding the 60% tax trap and much more besides! Shownotes: https://meaningfulmoney.tv/2025/10/08/listener-questions-episode-28/ 01:33 Question 1 Hello Pete & Rog I like to think of you as a couple of great mates offering me life changing information in a relaxed & entertaining fashion. When putting income protection in place, how do people/planners typically frame a target? Just replacing essential income? Or also replacing large contribution to pensions (including lost employer contributions) and S&S ISAs for long term wealth building? Thoughts on how I should frame these questions are very welcome! Many thanks, Duncan 11:27 Question 2 Dear Pete and Roger, Firstly thank you so much for all the free resources you put out there to try and help make the world more financially literate and astute. I myself started a journey of self awareness a few years ago thanks in no small part to your content. I have a question about pension recycling and what is allowable. I've read the rules on the criteria, all of which I think have to be met in order to fall foul of the rules, but am not clear on my wife and my specific situation. My wife and I met later in life and have been married for 13 years in a happy and stable relationship. I've just turned 50 but my wife is eight years older. In summary when we came together I brought earning potential but no assets (previous divorce wiped me out!) and she brought assets (house, SIPP pension built up, inheritance) but, through mutual agreement, no earning potential. Fortunately we have a healthy open discussion about money. I am an additional rate tax payer and use my £60,000 limit of pension contributions every year. We have paid off our mortgage and we have always lived using my salary for all our outgoings and live within our means with little consumer debt. I max out my ISA allowance too. Essentially I have no more tax breaks we could take advantage of by her giving me money, save for CGT or dividend allowances. After thinking about her tax implications I have encouraged my wife in the last couple of years to start to withdraw from her DC pension the maximum amount that would result in no income tax being paid (currently £16,760 of which 25% is tax free). Since we don't need the money for living expenses she tops it up with her savings to £20K and puts it in a S&S ISA so really is just moving investments from a less flexible tax free wrapper to a more flexible one while she pays no income tax. We will do this for the next ten years until she reaches state pension age and I retire myself. She'll still have a sizeable SIPP at this point as this strategy won't deplete all her pension. She still has significant other assets that attract tax as she earns more interest than the starter rate for savings allows tax free. She's fully paid up all her NI through additional contributions, has the maximum in premium bonds and I also have started to get her to put £2,880 into a new SIPP in her name every year to get 20% tax relief. My question (sorry it took so long to get here) is that now she is drawing an income of sorts from her DC pension could she recycle more than £2,880 into a SIPP? Clearly it fails on the intention front, on the >30% of the tax free cash and the fact she has actually taken tax free cash. But she's not taking in excess of £7,500 of tax free cash in a 12 month period (another one of the criteria) and I'm also not sure if her taxable DC withdrawals (on which she pays no income tax as <£12,570) count as relevant earnings as to how much she could add to a SIPP. Basically could she pay say £5,000 or £10,000 a year into a SIPP (gross as she has triggered MPAA), gain 20% tax relief on her net contribution and not be falling foul of pension recycling rules? The reality of the situation that the real source of all the contributions is significant savings she has that are now attracting tax and we don't need any of it, nor its growth, for at least ten years. Any advice gratefully received, Tom 15:56 Question 3 Dear Pete and the lovely Roger Weeks, Hope you are well. Thanks for all the amazing work you are doing to support people to have a better understanding of their personal finances. I have recently bought and read your new book, it's fantastic. Plus, I have bought several copies of your first book and given them to family and friends as presents. I love a practical gift haha; not sure the recipients feel the same but it's a gift that will keep giving if they follow your advice. Anyway, my question is related to a defined benefits pension. Background info, I am 49 (50 in a few weeks) and my husband is 64. From 1996 to 2000 I built up benefits within Merseyside Local Government Pension Scheme. I transferred this along with a DC pension from the voluntary sector (at the time I heard this was a good idea, I literally didn't have ...
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    42 m
  • Listener Questions - Episode 27

    Listener Questions - Episode 27
    Sep 24 2025
    This week, we have questions about planning property purchases together as a soon-to-be-married couple, investing an inheritance, balancing an age gap between spouses and much more besides! Shownotes: https://meaningfulmoney.tv/QA27 00:52 Question 1 Hi Pete and Rog, I've been listening to the show since 2020, and I absolutely love it. It keeps me grounded in a generation that frivolously spends for the sake of Instagram. Thank you for offering such helpful advice for free. I'm in my early 30s, I have no bad debt, regularly contribute to my workplace pension, and have been saving for a 2–3 bedroom house over the past three years. In 2 months I'll have the 10% deposit (the minimum I want to put down) saved in my LISA. I'm currently renting a really affordable flat with a great landlord. I started saving when I was single, but I met my lovely boyfriend almost two years ago. We're serious and are planning to get married and move in together in the next 12 to 18 months. Here's my question: Should I delay buying a house for a year or so until I'm married, or should I buy now and plan to keep it for at least five years—even if, during that time, my boyfriend and I buy a different house and I end up renting this one out? Many thanks, Leah 07:50 Question 2 Love the Podcast guys My Question is about what to do with an unexpected inheritance (likely to be around £150,000 from the sale of my late parents' house) a year before remortgaging. For context; both my Wife and I have recently become Additional Rate tax payers with a defined benefit NHS pension. We can max out ISA contributions for a few years (including LISA for the next 6yrs) but with no personal saving allowance and only being able to effectively get savings rates of <3% in GIAs we are drawn to an Offset mortgage (current mortgage 21yrs to run ~£330k remaining LTV 40%) but these don't seem to be popular and don't get mentioned much. I estimate within 5yrs we'd be paying 0% interest and could start drawing down from the offset savings pot. This seems like a hedge against uncertainty (and allows us access to the funds cf to paying off the mortgage) and would be effectively paying us whatever the mortgage rate would be (>4%). Would welcome your thoughts on this Gareth + Helen 12:27 Question 3 Hi Pete and Roger, I've been following your channel for over a year now, and I'm really grateful for the practical insights—wish I'd discovered you years ago! Your guidance has helped me make some much-needed improvements to my financial planning. My question is: Could you provide any guidance for couples with an age gap on balancing pension contributions and withdrawals, as well as utilising ISAs, to effectively phase-in their retirements together? My Civil Partner and I have an 8-year age gap, which didn't matter in our 20s and 30s, but 20 years later, with some middle-aged aches and pains! We want to align our plans better to enjoy more time together, rather than one of us retiring much later or sooner than the other. We underutilised pensions, unfortunately, but hold equity in two properties and decent cash savings. We are now mortgage free and plan to boost our pensions. Within 10 years, we might buy a small flat in Malaysia (his home country) and downsize our UK home from Manchester to Scotland (my 'home country'!). We hope to split time between the UK and Malaysia or possibly settle over there, drawn by the affordable living and our fondness for the country. Best wishes, James 18:53 Question 4 Love the show, you guys accompany me on walks when I have a break from work. I have two questions but this may be a bit much so I have broken them down I have possibly an easy question for you but one that I can't find the answer to online. My wife is a teacher with a final salary pension estimate of £23.5k p/a. We're unsure whether or not this will provide for a comfortable retirement, so we are considering making additional savings for retirement. My wife is a basic rate taxpayer and currently 39 so my question is whether it is better to invest the money in a lifetime ISA and effectively get the tax relief through government top up, as when she comes to retirement the additional income that would come from the LISA would be tax-free and not subject to income tax, or invest in a SIPP but this would incur income tax when accessed? To me it seems a no brainer as the tax benefit on the way in is effectively the same but there is no tax burden on the way out of LISA versus a pension am I being dim or is this the right way to go? I am a higher rate taxpayer so I know that to get the most tax efficiency it should go in my pension but there's a possibility I would be a higher rate taxpayer in retirement too so not sure it's sensible to have it all in my name (also mindful of lifetime allowance being reinstated) Other question is more complicated and around planning for me. I'm 38, a higher rate TP recently earning £90k p/a, I currently have c....
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    43 m
  • Listener Questions - Episode 26

    Listener Questions - Episode 26
    Sep 17 2025
    Some great questions this week about planning for the loss of the personal allowance, investing in GIAs, persuading an aunt to write a will, and much more besides! Shownotes: https://meaningfulmoney.tv/QA26 01:11 Question 1 Dear Roger and Pete, I enjoy listening to your show driving to work. You are both down to earth and humble with your opinions. I read a lot on finance and have been investing in stocks and share ISA since 2004 and VCTs since 2017. I have built a healthy portfolio of nearly 300k in VCT, 400k in Stocks and share ISA. I also have a healthy DC pension of roughly 700k and DB pension worth around 10k per year from age 60. I am approaching 50th birthday this year and so decided to use up some of my cash savings which is in excess of my target investment of 20k in ISA and 50 k in VCT(as unable to go over 10k in pension (due to annual allowance threshold). I know I am fortunate and I also live frugally as that's my nature and don't have too many wants. The question is if I have roughly 80k in mortgage and I have the ability to clear it, should I invest that 80k in VCT on top of my regular VCT allocation of 50k and get the 30% tax benefit(as I am unable to get much tax benefit from my pension) or clear my mortgage as the mortgage is coming up for renewal and likely interest rate will be 4-4.5%. I am torn as I understand in my head that 80 k invested is better than clearing the mortgage over a 20-30 year time frame, but as I am going to be 50 and would like to clear the mortgage and have freedom to decide if I want to enter a life of FIRE or have the ability to FIRE if I get bored. However, I have kids in school and so unlikely I will FIRE until they go to university. Sorry about the long question. Thank you, Fred. 06:25 Question 2 Hello Pete / Roger, Great podcast! I hope karma holds true and all the good you give out back comes back to you both! Question: I am a higher rate taxpayer who maximises their pension, stocks & shares ISA and other best tax sheltered places so need to also build wealth in a taxable GIA. What is best strategy for a higher rate tax payer to do this... dividend / income generating stocks or accumulating (non dividend paying) investments and pay CGT at some stage (regularly)? Thanks, appreciated as ever and hope may help others Ivana 10:43 Question 3 Hi, Nick (who I assume will read this first), Pete and Roger, I'm not sure if this is a suitable question for the podcast but here goes. How can we persuade an aged aunt that she needs to write a will, as us knowing what her wishes are is not sufficient. I have an aunt who has no children but she has said she wants her estate split equally between her 8 nieces and nephews but she refuses to make a will. The problem is that if she dies intestate there is an estranged brother who would be a beneficiary as far as we understand and so what she wants to happen won't happen. Richard J 15:50 Question 4 Hi Pete and Rog My husband and I have been MM diehards for many years. We think It's a sad reflection of the state of nation when David Beckham gets considered for a gong before Pete does! I wanted to ask you about UK T-Bills because they are rarely (if ever) mentioned in your discussion of financial instruments. We are at retirement age I have a few DB pensions and a SIPP with Interactive Investor of approx. £300k. About ½ is sitting in Cash (including short term money market funds) because we want to draw out our 25% tax free allowance within the next 2 years and we want to minimise risk until that time arrives. I still want to diversify my low risk investments as much as possible into bonds but my experience of bond funds is that they can also drop significantly with economic conditions whereas we want something to deliver us a (near as possible) guaranteed return. Our platform (ii) allows us to purchase bonds on the primary market however they are too long-term for us to see them through to maturity given our timescales. The platform has started to release UK T-Bills which seem typically much shorter term (3 or 6 months) and therefore appear to give us what we are looking for (guaranteed rate at a decent %) and very low risk. I know the % return is determined by the 'auction' but it currently looks to be around 4.5% on average (especially the 3-month ones). We plan to apply the bond ladder concept and buy these T-bills over the next few years on a rolling basis. As they are very short term, if rates drop we can change our strategy mid-plan so I think it also gives us a degree of flexibility too. Have we overlooked something obvious as it seems to fit our needs perfectly for the next couple of years? We are very hands-on on the platform so we don't mind getting stuck into the action process (which looks straightforward). I'd be interested if you had any additional insight / comment on T-Bills being used for this or other strategies. Regards, Gilly 22:55 Question 5 Hi Pete, Roger, Thank you for the ...
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