Your pension should be your top priority this year. Tom McPhail, pensions expert at The Lang Cat and former Head of Policy at Hargreaves Lansdown, explains how to calculate what you’ll need to retire, whether you can count on a state pension, and how to maximise returns without extra contributions. This is everything we think you need to know to get your pension sorted out. Watch our previous episode with Tom 👉 https://youtu.be/Kn4O2jKI4jY 📧 Get the free newsletter series Damo mentioned at the end Step-by-step guide to build wealth in the UK: https://makingmoney.email/series-tom-video 🤝 Improve your finances with our adviser service - book free consultation: https://makingmoney.email/financial-advisors-video 🎉Sponsors Vanta - Get your company secure and compliant, with $1k off: https://vanta.com/makingmoney Tide - Get 4.07% AER variable on your business savings. Use this link https://tide.co/offers/makingmoneyq1 or the code 'MAKINGMONEYQ1'. You'll also get £100 if you fund your account with £5,000 in the first 30 days. Ts&Cs apply. New Tide members receive a 0.78% AER boost on the standard 3.29% on unlimited deposits until 01/06/25 after which the rate reverts to 3.29% and is only earned on balances up to £75,000. Rate correct as of 19/12/24. Full terms: https://tide.co/terms/makingmoneyq1-tnc - If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk. This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life. Chapters 00:00 - Intro 00:42 - How much do you need to save? 05:55 - Will you get a state pension? 10:25 - Will you need to work till 75? 13:44 - Should you get an annuity? 16:04 - Why you need to look at your workplace pension 18:44 - The problem with default funds 25:12 - Vanta ad 26:08 - 70/30 vs 100% equities 29:40 - If not the default, then what? 36:55 - Is it hard to change funds? 39:35 - Who is the best pension provider for your staff? 44:01 - Double the amount you end up with 45:12 - Salary sacrifice 49:27 - Could you claim £1000s back? 52:58 - Tide ad 53:52 - Starting saving in your 40s,50s? 56:27 - Pensions if you are self-employed 01:01:24 - Sole trader vs Ltd company 01:04:24 - LISA or SIPP? 01:10:04 - How to solve the self-employed pensions crisis 01:16:58 - Join our free lump-sum webinar 01:17:28 - How did the August 2024 budget change pensions? 01:22:58 - Can the government actually solve the pension’s crisis? 01:24:46 - Should you make up your NI contributions? 01:27:36 - The key steps you need to take this year 01:31:23 - Get our free newsletter series