6 Pension Secrets That Could Get You an Extra £10,000 or More | This Morning

Britain’s most trusted money man is back to talk about pensions so you can get the best out of yours. He’ll be revealing his simple tips and advice which could add thousands in just minutes.

Broadcast on 21/05/2024

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[PremSteve-ygde]

Recently, I've been pondering retirement, unsure if my 401(k) and IRA will provide a stable future. I've also put $800K into the stock market, encountering fluctuations with limited gains. i need an approach that will align with my risk tolerance and financial goals

[Riggsnic_co]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[Susanhartman.]

Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.

[YinusaSaheed]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[Aurierserge]

This is my fifth year after retirement. I’ve been following the 4% rule thing, but this isn’t really how hard I expected things to be. I still have about $460k outside funds in my IRA to invest in stocks. Pls how do I take advantage of this?

[wendyjones]

I paid £2500 last year. From next month I will now get the FULL pension. When I cut my hours to part-time, I didn’t understand how important it was to continue paying N.I. If I had done so, it would have been an awful lot cheaper! Why weren’t we taught these things at School? Even lots of kids today who have done Business Studies have not been taught about Income Tax, Pensions, National Insurance contributions and the different rates. Surely this is a better life skill than some of the nonsense they have to sit through at School! What’s the point of Business Studies if you don’t know the basics of running your own business, or being able to check an employer is doing the right thing for you.

[steve]

Why aren't pension companies legally obliged to send out annual statements even if it is a 'dormant' account (and trace your address if post is returned as 'unknown')? Banks are obliged to do this and the amounts are generally much smaller. They have been getting away with it for far too long! Combine this with no compulsory central register and the whole thing is a disgrace! We need to know about these dormant pensions and how they are invested. Some have a very poor rate of interest and we should have control over this or at least have the opportunity to transfer it, but how can we do this if we don't even know about it. There is also the issue of a deceased husband/wife - if we don't know about our partners old pensions and they die before 60/65, the money due can't be claimed. It is only when that account approaches the retirement age for the policy that the pension company attempts to contact anyone. If you have been entitled to payments (e.g. child benefit during school age) and then later you find out about the old pension of your deceased partner, the pension company will often not pay you any interest on the missed benefit payments. Again they get away with it!

[AlexMacallister-flvl]

27 billion pounds worth of lost pension is insane.

[nsynuxu]

I think that if people die before they get their pension, then a certain number of years should be given to a family member. Why should the government take money out of your salary, for you to die before you can start claiming it.

[yamyam]

I could have paid £3, 000 to get maximum pension but decided against it and im glad i did . I got the state pension rise in April which was £63 a month, i had my P60 come in the post and it informed me i would be paying an extra £55 in tax so my monthly increase was £8 so im glad i didn't pay the £3, 000 which i would have lost i would have been paying even more tax .

[coderider]

Power of compounding interest is amazing.

[TheDavecroft]

Most people won't bother even though the returns can be massive. They simply don't want to send the tax man any money! It goes against their principles. We have a strange and uneducated approach to tax in the UK, I've even known people to refuse a pay rise because it means they will 'pay more tax'!

[simonlunt]

The biggest question is if nobody comes forward for these pensions WHO gets all this money 😏

[sidgb]

Pension tracing service is not very helpful unless you have account number of the pension.

[alanmeasures]

Brilliant Martin didn't know about leaving my pensions thought it was though the will great advice

[poolsnookered]

Don't over purchase!! I purchased missed years in the 90s. Now, as I approach retirement, ive got too many years, so it was all wasted money spent.

[ravinloon]

The saddest thing is all this stuff happens when you are already dealing with massive changes. Older people have learned they can't trust other people with their money and may well not have anyone to turn to for help. If only we all had a Martin Lewis in our family... such knowledge and passion but more importantly a commitment to getting the best for you (not him).

[autoclearanceuk]

Five years ago, I was on Universal Credit for over one year. I was not credited NI contributions for that year. Has this error been rectified by the DWP ?

[MinkieWinkle]

I'm surprised Martin considers 50 to 75k pension to be large? i just turned 30 and already have that in a pension? is that not the norm?

[PrinceFluffy]

Pension company contacted me about a company pension from the 80's, i worked for the company from 79-88 and received was after i had moved house six times....