How to Pay £0 Tax on a £57,000 Retirement Income

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How to Maximise your State Pension

RISK WARNINGS AND DISCLAIMERS

Capital at risk. Past performance is used as a guide only. It is no guarantee of future returns. Different funds and asset classes carry varying levels of risk depending on the geographical region and industry sector. You should make yourself aware of these specific risks prior to investing. Offshore investment bonds are medium to long-term investments and should not be
entered into if you envisage withdrawing your money during the first five years. It can take longer to access funds held in an offshore bond than funds held in your own name, and there may be restrictions on the type of investments you can hold in an offshore bond. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change. We do not provide tax advice. Any examples used in the video are for illustrative purposes only, and you may get less back than the figures shown. This video does not constitute personal advice. We do not take any responsibility for third-party websites and content we may link to from this video.

Issued on behalf of Nova Wealth. Nova Wealth is a trading name of Octopus Wealth Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 778951) and is a limited company registered in England & Wales (10739796).

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Copyright © James Shackell 2024. All rights reserved.
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00:00 Intro
01:06 Their starting situation
02:37 Where we invested their money
05:25 How we created their income

[Susan]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing below the $100k mark and in the first 2 months, my portfolio was reading $234, 800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.

[gingerkilkus]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[gregorfindlay]

What a fantastic and informative video. It is refreshing to see an actual qualified and knowledgable financial advisor on YouTube.

[AdrianJWalker]

Great video James - thank you.
Another tool in the box is holding UK Government Bonds (Gilts) with low coupons in the GIA as they are CGT free. Income is returned as capital gain as they mature.

[kellywalker]

Where on Earth can you get retirement planning advice like this? And how do you pay for it? I’ve spoken to financial planners before and they are just trying to sell you their investment products with egregious fees and that suit them but don’t suit you. I’d concluded that financial planners are on the same spectrum as confidence tricksters. I’d love to meet a good one like this guy.

[elephantandcastle]

Best you've done James, and demonstrates what value a financial adviser gives for a retiree given the complexity of taxation. No mention of funds, best ETF's, asset allocation etc. The more that governments attempt to tax, the more valuable your knowledge

[ianwall]

This was a great video albeit i had to concentrate to follow it. I think the biggest take away was the cavet in the last minute. Had they put more inyo ISAs and pensions they could have made life so much easier for themselves.

[jonathangiles]

Really good as ever James. Had to concentrate on this one more than usual!

[lozcontreras]

I would love to see some videos for younger savers but homeowners in their 20s or 30s.
I find your content super interesting! 🙌🏻

[PaulK]

Excellent. I'd never heard about the starting rate for savers.

[williamw]

Just like watching a magician at work !! And with a good explanation, too!

[markcarter]

I have always been an advocate of keeping it simple, throw money at the mortgage and the pension. I know James will be right and tax saving are probably achievable, but I know exactly where I am with no mortgage and everything in a tax efficient pension. Works for me and stress levels are at an all time low.

[gardentable]

Interesting... very complicated. James, how much would it cost for this advice & set-up? On-going fees as well presumably. Thx

[DanielMose-se]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[vickieherd]

I hope in 16 years time when I retire. Your still working. Wonderful work

[ghx]

Best sponsor ad I've heard in a while!

[darrenhague]

Great video, James - I thought I'd sorted out my tax planning but this gives me a few more tools in the box (especially the starting rate for savings). In terms of asset allocation I guess there's one more optimisation tweak, which is to put the higher-growth assets (equities) into the lowest-taxed buckets (ISAs), and the lower growth assets (cash, bonds) into the higher tax buckets (GIA, taxable pension drawdown).

[JohnHoganN]

James, excellent explanation of the starting savings tax rate thank you. Saved in our watchlist!

[suedavies]

SO great to see this bit on Order of Taxation. Where is CGT in the Order of Taxation?? I am trying to work out whether I will be paying CGT at higher or lower rate!

[OneAndOnlyMe]

Another great video. Please don't go mad with animations in videos, I like the simple format you have now :)

Could you please one day do a video on fixed term annuities, thanks.