How to Pay £0 Tax on a £57,000 Retirement Income
106,584
Published 2024-06-17
I am a Chartered Wealth Manager and Partner in a financial planning practice based in the UK. If you would like to find out more about working with us, please follow this link: go.novawm.com/getintouch
Video Editor Application - Applications are now closed
How to Maximise your State Pension
• Urgent Warning | 8 weeks left to boos...
RISK WARNINGS AND DISCLAIMERS
Capital at risk. Past performance is used as a guide only. It is no guarantee of future returns. Different funds and asset classes carry varying levels of risk depending on the geographical region and industry sector. You should make yourself aware of these specific risks prior to investing. Offshore investment bonds are medium to long-term investments and should not be
entered into if you envisage withdrawing your money during the first five years. It can take longer to access funds held in an offshore bond than funds held in your own name, and there may be restrictions on the type of investments you can hold in an offshore bond. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change. We do not provide tax advice. Any examples used in the video are for illustrative purposes only, and you may get less back than the figures shown. This video does not constitute personal advice. We do not take any responsibility for third-party websites and content we may link to from this video.
Issued on behalf of Nova Wealth. Nova Wealth is a trading name of Octopus Wealth Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 778951) and is a limited company registered in England & Wales (10739796).
James Shack™ property of James Shackell
Copyright © James Shackell 2024. All rights reserved.
The author asserts their moral right under the Copyright, Designs and Patents Act 1988 to be identified as the author of this channel and any video published on it.
00:00 Intro
01:06 Their starting situation
02:37 Where we invested their money
05:25 How we created their inco
All Comments (20)
-
What a fantastic and informative video. It is refreshing to see an actual qualified and knowledgable financial advisor on YouTube.
-
Really good as ever James. Had to concentrate on this one more than usual!
-
Where on Earth can you get retirement planning advice like this? And how do you pay for it? I’ve spoken to financial planners before and they are just trying to sell you their investment products with egregious fees and that suit them but don’t suit you. I’d concluded that financial planners are on the same spectrum as confidence tricksters. I’d love to meet a good one like this guy.
-
James, excellent explanation of the starting savings tax rate thank you. Saved in our watchlist!
-
Great video James - thank you. Another tool in the box is holding UK Government Bonds (Gilts) with low coupons in the GIA as they are CGT free. Income is returned as capital gain as they mature.
-
Just like watching a magician at work !! And with a good explanation, too!
-
Great video, James - I thought I'd sorted out my tax planning but this gives me a few more tools in the box (especially the starting rate for savings). In terms of asset allocation I guess there's one more optimisation tweak, which is to put the higher-growth assets (equities) into the lowest-taxed buckets (ISAs), and the lower growth assets (cash, bonds) into the higher tax buckets (GIA, taxable pension drawdown).
-
This was a great video albeit i had to concentrate to follow it. I think the biggest take away was the cavet in the last minute. Had they put more inyo ISAs and pensions they could have made life so much easier for themselves.
-
I hope in 16 years time when I retire. Your still working. Wonderful work
-
I happily was aware of all these methods, I must be learning 😀 thank you
-
Good video James. Didn't know about Offshore bonds. Alex
-
Really great video James, thank you
-
I would love to see some videos for younger savers but homeowners in their 20s or 30s. I find your content super interesting! 🙌🏻
-
Another excellent video- and I really like the current content format
-
A brilliant video and perfect timing for me as we're soon to retire and will also be selling BTLs.
-
Insane video. Superb 👍.
-
Interesting example of methodology to minimise tax most of which I have been following for several years after early retirement without the need for any financial advice. The reduction of GIA capital gains and dividend allowances was something I could see coming a few years ago, so I maxed out ISA contributions after retiring by moving GIA into ISA for several years. Offshore bonds are however new to me and perhaps something to consider upon receiving an inheritance.
-
You work for a 40yrs to have £1m in your retirement, meanwhile some people are putting just £10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
-
Best you've done James, and demonstrates what value a financial adviser gives for a retiree given the complexity of taxation. No mention of funds, best ETF's, asset allocation etc. The more that governments attempt to tax, the more valuable your knowledge
