E43: Who wants to be a pension millionaire? With Faith Archer, Damien Fahy and Maike Currie
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Episode Description
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Building a £1 million pension pot may be more achievable than you think. But how much money will that £1 million give you in retirement?
Join our host, Philippa Lamb, and our expert panel as they discuss what it takes to build £1 million in your pension from the monthly contributions needed depending on your age, to the role that compound interest and employer contributions can play.
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Financial Expert and Founder of Much More with Less, Faith Archer;
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Founder of Money to the Masses, Damien Fahy; and
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VP Personal Finance at PensionBee, Maike Currie.
Episode Breakdown:
01:06 How many pension millionaires are there?
02:55 Monthly payments needed to grow a £1 million pension
04:50 How can parents help their kids to become a millionaire?
08:20 How much retirement income can you take from a £1 million pension?
09:13 The 4% withdrawal rule
09:54 Is £40,000 per year enough in retirement?
11:03 The State Pension
12:22 Inflation and the impact on savings and pensions
13:42 How can you save £1 million?
14:34 Pension tax relief and employer contributions
19:42 Junior pensions and Inheritance Tax
20:48 Workplace pensions and Auto-Enrolment
22:44 How can self-employed people start a pension?
23:38 £4 on a coffee vs. £4 in your pension
27:36 How much can £5,000, £10,000 and £20,000 grow in 40 years?
28:16 The annual allowance on pension contributions
Further reading, listening and watching:
- Episode 43 transcript (Blog)
- How to build a £1 million pension pot (Blog)
- What is the 4% rule for withdrawals in retirement? (Blog)
- What is the State Pension? (Blog)
- Employer matched contributions (Blog)
- What is a SIPP (Self-Invested Personal Pension)? (Blog)
- Pension contribution limits (Blog)
- Inheritance Tax guide (Blog)
- 7 of the best ways of giving money to grandchildren (Blog)
- What is Auto-Enrolment (Blog)
- Do you know what pension plan you're in? (Blog)
- Are high charges eroding the value of your pension? (Blog)
Other useful resources:
- Pension Calculator (PensionBee)
- Inflation Calculator (PensionBee)
- Pension Tax Relief Calculator (PensionBee)
- A simple strategy to help your child become a millionaire (Money to the Masses)
- Retirement Living Standards (Pensions UK)
- Claim tax relief on your private pension payments (GOV.UK)
- How to make your child a millionaire - for just £51,840 (The Times)
- Compound Interest Calculator (The Calculator Site)
- The Millionaire Next Door (Dr. Thomas J. Stanley)
- Warren Buffett (Forbes)
Catch up on the latest news, read our transcripts or watch on YouTube:
Follow PensionBee (@PensionBee) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads.
Follow Faith Archer (@MuchMoreWithLess) on LinkedIn, Facebook and X.
Follow Money to the Masses (@moneytothemasses) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads.