E43: Who wants to be a pension millionaire? With Faith Archer, Damien Fahy and Maike Currie
The Pension Confident PodcastShow Notes
Building a £1 million pension pot may be more achievable than you think. But how much money will that £1 million give you in retirement? Join our host, Philippa Lamb, and our expert panel as they discuss what it takes to build £1 million in your pension from the monthly contributions needed depending on your age, to the role that compound interest and employer contributions can play.
Financial Expert and Founder of Much More with Less, Faith Archer;
Founder of Money to the Masses, Damien Fahy; and
VP Personal Finance at PensionBee, Maike Currie.
Episode Breakdown: 01:06 How many pension millionaires are there? 02:55 Monthly payments needed to grow a £1 million pension 04:50 How can parents help their kids to become a millionaire? 08:20 How much retirement income can you take from a £1 million pension? 09:13 The 4% withdrawal rule 09:54 Is £40,000 per year enough in retirement? 11:03 The State Pension 12:22 Inflation and the impact on savings and pensions 13:42 How can you save £1 million? 14:34 Pension tax relief and employer contributions 19:42 Junior pensions and Inheritance Tax 20:48 Workplace pensions and Auto-Enrolment 22:44 How can self-employed people start a pension? 23:38 £4 on a coffee vs. £4 in your pension 27:36 How much can £5,000, £10,000 and £20,000 grow in 40 years? 28:16 The annual allowance on pension contributions
Further reading, listening and watching: Episode 43 transcript (Blog) How to build a £1 million pension pot (Blog) What is the 4% rule for withdrawals in retirement? (Blog) What is the State Pension? (Blog) Employer matched contributions (Blog) What is a SIPP (Self-Invested Personal Pension)? (Blog) Pension contribution limits (Blog) Inheritance Tax guide (Blog) 7 of the best ways of giving money to grandchildren (Blog) What is Auto-Enrolment (Blog) Do you know what pension plan you're in? (Blog) Are high charges eroding the value of your pension? (Blog)
Other useful resources: Pension Calculator (PensionBee) Inflation Calculator (PensionBee) Pension Tax Relief Calculator (PensionBee) A simple strategy to help your child become a millionaire (Money to the Masses) Retirement Living Standards (Pensions UK) Claim tax relief on your private pension payments (GOV.UK) How to make your child a millionaire - for just £51,840 (The Times) Compound Interest Calculator (The Calculator Site) The Millionaire Next Door (Dr. Thomas J. Stanley) Warren Buffett (Forbes)
Catch up on the latest news, read our transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube Follow PensionBee (@PensionBee) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads. Follow Faith Archer (@MuchMoreWithLess) on LinkedIn, Facebook and X. Follow Money to the Masses (@moneytothemasses) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads.
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