Retirement and Money Show

Will you actually get the full State Pension — or are you one of the millions who won't?Most people assume 35 years of National Insurance means they'll get the full £12,548 a year. But the contracting out trap catches thousands who hit that number and still don't get the full amount. Then there are the gaps — years you didn't realise were missing, credits you never claimed, and a deadline that means some years are slipping out of reach for good. One missing year costs about £923 to buy back and adds roughly £342 a year to your pension for life.In this episode, I break down exactly how many qualifying years you need, what counts as a qualifying year including credits for parents, carers, and grandparents that are widely unclaimed, how contracting out quietly reduces your pension even with a full NI record, and how to check your own record and forecast for free on GOV.UK. I also cover whether buying missing years is worth it and the six-year deadline you need to know about.With over 25 years advising individuals and major employers on pensions and retirement, I've seen how NI gaps quietly cost people thousands over a lifetime.Watch this episode in full on our YouTube channel: https://www.youtube.com/@retirementandmoney

You're sitting on a house worth hundreds of thousands — so why does it feel like you can't afford to retire?Around 40% of UK household wealth is locked in property, yet the average pension pot for someone aged 55 to 64 is just £137,800. At a sensible withdrawal rate, that's roughly £5,500 a year. For homeowners with small pensions, the maths simply doesn't work — unless you find a way to turn bricks and mortar into income. But equity release has a reputation, and most of it is earned. A £50,000 lifetime mortgage at 6% can roughly double to £100,000 in just 12 years if you make no payments.In this episode, I explain how lifetime mortgages actually work, the compound interest roll-up that catches people out, the drawdown facility that can save tens of thousands in interest, and the council-run Deferred Payment Agreement that most families never hear about. I also walk through a decision framework to help you test whether releasing equity genuinely makes sense for your situation.With over 25 years advising individuals and major organisations on pensions and retirement, I've seen how property wealth can be a lifeline or a trap depending on how you access it.Watch this episode in full on our YouTube channel: https://www.youtube.com/@retirementandmoney

Is your State Pension taxable — and if it is, why doesn't HMRC take the tax before it hits your account?The full new State Pension is £12,548 a year. Your Personal Allowance is £12,570. That's a gap of just £22 — which means almost any extra income, even a tiny bit of savings interest, triggers a tax bill. And with the Personal Allowance frozen until at least 2031 while the triple lock keeps pushing the State Pension up, more pensioners are being dragged into tax every single year. There are now 9.3 million pensioners in the tax system, and most only find out when HMRC quietly adjusts their tax code.In this episode, I explain exactly how State Pension tax works, why it's paid gross with no tax deducted at source, how HMRC collects what you owe through your private pension or other income, and why even £10,000 sitting in a savings account could tip you over. I also cover two straightforward steps you can take this week — cash ISAs and Marriage Allowance — to cut your bill.With over 25 years advising individuals and major organisations on pensions and retirement income, I've seen how this catches people out year after year.Watch this episode in full on our YouTube channel: https://www.youtube.com/@retirementandmoney