Episode Details

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 wit