This episode is sponsored by Unbiased a platform that connects you easily and quickly with over 27,000 FCA regulated financial advisors, accountants and mortgage brokers. Connect with a financial advisor for FREE by visiting Unbiased here: https://www.unbiased.co.uk/savvywallet *NOTE: As of April 2024 the Full UK State Pension has increased to £11,502* Joining us in the booth this week is Godfrey Asare, a FCA regulated financial advisor. In this episode we discuss: Why Godfrey decided to become a financial advisor Money lessons that he learnt from himself The difference between State pension, company pensions and private pensions Is it worth getting a private pension if you have a company pension? The tax benefits of having a pension as an employee and business owner How much you can put into a pension before you lose tax benefits Reasons why you shouldn’t solely rely on the state pension How contributing to a pension can help you with child tax benefits The minimum age you can get the state pension & your company/private pension Thoughts on whether the state and private pension age may increase in the future and much more Connect with Godfrey on Linkedin here Connect with Godfrey through his website here Follow me on: Instagram - https://www.instagram.com/savvywallet Tiktok - https://www.tiktok.com/@savvywallet Check out: https://www.youtube.com/savvywallet for the video version Our partners: Coursera Learn AI, Cybersecurity, Project Management, Data Science & more with Coursera here: https://imp.i384100.net/savvywallet Ato has personally used Coursera to obtain an AI certificate. NordVPN Get 3 extra months free with a 2 year plan: https://go.nordvpn.net/aff_c?offer_id=15&aff_id=106735&url_id=902 Some of the links are affiliate links which means that we will receive a small commission if you make a purchase, however there will be no additional charge to you. TIMESTAMPS 00:00 - Preview 01:13 - Intro 01:48 - Meet Financial Advisor Godfrey Asare 02:59 - Growing up in Aylesbury Estate 05:17 - Playing semi-pro football! 08:57 - My Dad taught me about investing at 19! 12:23 - Money lessons I learnt from my Dad 14:49 - Different types of pensions! 17:02 -Maximise your employer pension! 17:54 -Why I setup a private pension pot 19:04 - Is everyone entitled to a state pension? 22:07 - State pension is becoming expensive for the government 27:35 - The amount you can put into a pension before you lose tax benefits! 29:21 - Pension carry forward! 32:55 - Unbiased Ad 33:42 - What ways can you contribute to a pension? 36:01 - Do this to qualify for child tax benefits! 39:35 - The benefits of a financial advisor 40:46 - If you have a company pension. Do you need a private pension? 43:57 - Contributing to a pension as a business owner 50:00 - You can take this amount from your pension tax free! 51:51 - When can you take money from your private pension? 54:23 - Balance your lifestyle needs now with your future needs! 56:17 - How much pension is needed for a £50,000 income? 58:30 - How much tax you potentially may pay on pension drawdowns! 01:01:48 - Pensions are not subject to this tax! 01:05:45 - The maximum amount of pension you can have 01:10:54 - Final words Learn more about your ad choices. Visit megaphone.fm/adchoices

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