How to generate £40,000 TAX-FREE RETIREMENT INCOME

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(Sorry that the lead into the next video doesn't quite make sense, it will next week. Had to change order of video publishing for boring reasons! 🙃)

#pension #pensionuk #personalfinance #money
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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. The information based is believed to be accurate and currently however should not be solely relied upon. 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 and 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 to educate and inform.

[ChrisTaylor-tflt]

Really good and useful video. You did miss another tax bucket though - the rent a room scheme. You get £7500 extra tax free allowance if you rent out rooms in your primary residence.

[sandylovestoswim]

You can also have a lodger which is £7000 + tax free per year. It’s not as bad as it sounds. I have a Monday-Friday lodger who I hardly see. A good idea to specify someone who works from an office rather than your home. I believe you can also earn £1000 per year on a side hussle - like selling stuff on vinted etc.

[mangalsingh]

Brilliant videos mate, been binge watching your other videos. Keep up the good work. Would you do a video on defined benefit pensions. I.e transferring it a Sipp or taking it early.

[davidfolts]

Excellent graphics and content, George. Your creative imagination is one of the best on YouTube! Words translated into pictures are powerful.

[manishrana]

yet another good video, This was my fav topic, your video quality is improving too, your content is amazing anyways, well done.

[llamudos]

Premium bonds? if you have 50k (and maybe a partner have 50k) you can get 4.65% return on it TAX Free. (circa 4k a year!) extra

[tonyh]

Fantastic advice, I’ve been mentally juggling this type of stuff as I near retirement, this is just what I needed

[ozmunky]

George, you may want to look at the book download process -- it redirects us to a webpage that doesnt exist after we register etc

[myfyrmadocjones]

1:11 Technically the tax rate between £100, 000 and £125, 140 is 60% due to the withdrawal of the personal allowance.

[johnharper]

Interesting, but as you alluded to, not many people are able to" tick" many boxes on your list

[mdbvs]

Hi George - great content....appreciate the education! Just noticed your higher tax shows capped at £125, 000 when it should be £125, 140, otherwise there's a £140 gap! Also basic and higher start at £12, 571 and £50, 271 respectively - Cheers

[Sam-kyov]

Excelent video!!!
Could you please make a video about being your own bank in the UK Using personalized life insurance policies?
All the content available online at the moment is based on US. Is it even possible in the UK?
Thank you

[robkewley]

Daft question but do I need to complete a self assessment in retirement if I’m maximising the tax benefits?

[slr]

Great video as always. Am I being naive, but on CGT allowance, you cant just slice off your gain? You'd have to sell enough underlying assets as well so significant more tax free cash there?

[neilbrabbs]

Are we absolutely certain that "The first £1000 of dividend income is taxed at 0%, regardless of how much income you earn"? If you're a higher rate tax payer and then take £1000 dividend on top, does that not eat up more personal allowance and push another £1000 into 40% tax at the top end? :S

[bigdawg]

Clickbait - meanders into generic scenarios after explaining how to get to £29k tax free !!

[bumblebee]

Great video and i am trying my best to get there within the next 7 years max