Ep 490 - Turn £100 a month into £37k a year pension, bonds explained & self-assessment check
In this week's podcast, Damien explains what's going on in bond markets and how rising bond yields could impact your personal finances, including mortgage rates and pension funds. Next, Damien explains how those aged 30, 40 or even 50 with no pension savings, can still build a retirement income equivalent to £37,500 a year (the average UK salary), by saving as little as £100 per month. Finally, with the self-assessment deadline approaching, Andy provides a simple checklist of scenarios that dictate whether a self-assessment tax return is necessary.
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00:00 - Introduction and Lola's Update 02:47 - Understanding Bond Markets 15:50 - Pensions and Retirement Planning 19:18 - Strategies for Building a Pension at 30 24:39 - Strategies for Building a Pension at 40 26:14 - Strategies for Building a Pension at 50 28:37 - Navigating Self-Assessment Tax Returns
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Links referred to in the podcast:
Best mortgage rates in the UK Best questions to ask a mortgage broker Pension Calculator from Moneyhelper Pension Calculator from Hargreaves Lansdown What is auto-enrolment Check if you need to complete a self-assessment tax return Set up a payment plan with HMRC Tips for completing your self-assessment tax return for 2023/24