Free Money From the U.K. Government (Time Sensitive)
Today we're exploring a topic that's not only timely, given the impending financial year-end, but also incredibly valuable—accessing free money for investing and securing your financial future. Yes, you heard it right, free money! Learn how to utilize the U.K.'s tax system to your advantage and make your investing as efficient as possible.
I've got our investment coach, Peter Deane with me who has experience with these tax incentives and also advises our clients on how to leverage them in an efficient way.
As investors, our aim is to maximize our financial security through compounded growth. One effective way to achieve this is by tapping into the free money available via tax incentives.
This is a final opportunity to check for any gaps in your National Insurance record, and if so top up your contributions to prevent a shortfall of State Pension. Normally, you can buy back up to six years, but when the new State Pension was introduced, arrangements were put in place to go back as far as 2006. The deadline for checking back to 2006 is 5th April 2025.
You should check your position as soon as possible if you think this may apply to you. You can start by checking your National Insurance record which will show you whether you have full year’s contributions from 2006 and identify any years that are not full. To do this, follow this link [Check your National Insurance record - GOV.UK](https://www.gov.uk/check-national-insurance-record) .
Next, visit the State Pension forecast calculator [Check your State Pension forecast - GOV.UK](https://www.gov.uk/check-state-pension) which will tell you how much State Pension you stand to receive based on your current National Insurance record, and a forecast of how much State Pension you are likely to get if you work up to State Pension age. The full amount of State Pension is £221.20 per week and if this is not the amount showing, you may be able to boost your contributions to get to the full amount.
If you identify a shortfall, you can make additional contributions to cover the gap. However, you should talk this through as whilst topping up is beneficial in most cases, there will be individuals for whom this is not appropriate. Phone lines are set up for people who are not yet at state pension age [Contact the Future Pension Centre - GOV.UK](https://www.gov.uk/future-pension-centre)
Remember, a full State Pension can be a valuable part of planning for retirement and is worth approximately £300,000 in today’s terms.
Thank you for joining us today, and a special thanks to Peter Deane for his insights. Until next time, stay informed and make the most of what’s available to you.
Link to slides mentioned in the episode are here and here.
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Invest Like A Pro
Hello and welcome to the Invest Like a Pro podcast! I'm Manish Kataria and I'm here to show you how simple it can be to invest in the financial markets, in shares, ETFs and options to achieve financial security.
This is all about diversifying, this is all about long term compounded investing for inflation beating growth and creating additional streams of income with financial markets.
I'm really excited to bring you all the tools and the knowledge and to show you how simple it can be to achieve financial security.
I'm going to distill my over 20 years of knowledge in professional investment management to show you exactly how to do it in a very simple way.
About Manish:
Manish is the founder of InvestLikeAPro and a Professional CFA-qualified Investment Manager with over 2 decades of experience in investment management. He has managed investment portfolios for JPMorgan and other blue chip investment houses.
Asset classes managed include Equities, ETFs, Options, and Bonds. His investment process is built with simple implementation for inflation-beating growth. His core principles maximise compounding, asset-building and creating recurring income. All with minimal fees and costs.
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