Most people don’t realise how much money they need to retire the way they want, nor how to build that pot. Hell, our Producer Will had opted out of his workplace pension before this podcast. To figure out what to do, we’re speaking to the wonderful Lisa Conway-Hughes, also known as Miss Lolly - a financial advisor and author. 🤝 Want help from Lisa planning your financial future? Check out her website: https://lchwealth.co.uk/ 📈 Investment platforms we use: Trading 212 Watch this video where Damo explains how to get the most from Trading 212: https://youtu.be/BVVZhrM0LVQ You can get free fractional shares worth up to £100 when you deposit £1 through this link (terms apply): https://www.trading212.com/promocodes/MM Or use the code ‘MM’. Vanguard Minimum investment of £500 or £100/month https://www.vanguardinvestor.co.uk/ If you purchase a product or service using one of these links (including Lisa's firm LCH Wealth), 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. 🎉 Sponsors: Get 45% off Blinkist after a 7-day free trial. https://blinkist.com/makingmoney ✉️ Summary: If you want a summary from this episode in an easy format, please subscribe to our newsletter: https://makingmoney.email/ep12. Disclaimer: 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: 00:00-00:25 - Intro 00:25-02:50 - Damo challenges T with a Mensa question 02:50-07:45 - How much are you going to spend in retirement? 07:45-11:15 - Work out every year what you need 11:15-14:00 - Are you saving enough to afford the lifestyle you want? 14:00-17:33 - Ways to be as tax efficient as possible 17:33-19:30 - How tax on your pension works 19:30-21:59 - Putting your money into lots of different pots 21:59-23:30 - How long will the state pension be around? 23:30-24:55 - Blinkist Ad 24:55-26:05 - Is now the golden time for higher earners? 26:05-30:48 - How safe is your pension? 30:48-32:40 - Should you move your pension? 32:40 - 36:15 - The different types of pension: workplace, state, SIPP etc… 36:15-38:48 - Getting the most out of your workplace pension 38:48-42:17 - How much should you save a month? 42:17-46:14 - Pensions when you are self-employed 46:14-48:34 - What you can do today to get on top of your pension 48:34-52:13 - Should you consolidate? 52:13-54:28 - Are you clever enough to get into Mensa? Damo reveals the answer