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DON'T HAVE A PRIVATE PENSION PLAN? There are alternatives and it's NOT TOO LATE | Blacktower
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Oct 29, 2024
More from the markets and pension news - including alternative savings plans if you don't have a private pension. With Christina Brady from @blacktowerfinancialmanagem7049 For any enquiries contact info@blacktowerfm FAO Christina or get in touch through the website: www.blacktowerfm.com Be sure to Like and Subscribe to our YouTube channel for more insights from BayRadio Spain, and follow us on Social Media: Website: http://www.bayradio.fm/ Facebook: https://www.facebook.com/BayRadioInSpain Instagram: https://www.instagram.com/bayradiospain/
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0:00
we specialize in protecting preserving
0:02
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0:04
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by your side visit blacktowerfm.com
0:10
so Labor Day weekend done and we're back
0:13
to it because this isn't France right so
0:15
Christina Brady is back with us from
0:17
Black Tower financial management you've
0:19
had took the yesterday off obviously
0:20
weren't allowed to work on uh yeah it
0:22
was a red day that's right yeah it is an
0:24
old thing that in Spain you're not
0:25
you're not you can't can't go in they
0:27
can read your office if you're in
0:28
working some places anyway they they can
0:31
do yes in Spain some of the holidays do
0:33
fascinate me so I'm I'm very puzzled by
0:36
them while they come down to very local
0:37
Saints and the patron saint of the Town
0:39
aren't they and all that in the Virgin
0:40
now I remember you saying before well it
0:42
was Easter I think when we last spoke to
0:44
you probably just before that and then I
0:45
suppose it would be not a lot done
0:46
yesterday because it's Labor Day
0:48
elsewhere as well so how are we out with
0:50
the markets fairly flat by the looks of
0:51
things they're completely flat at the
0:53
moment the footsie is still seven eight
0:55
seven five uh Sterling a game flat 113
0:59
71 and we'll just have to wait and see
1:02
what happens in the US they've left well
1:04
they were flat when they closed
1:07
um so we'll have to wait and see but
1:08
yeah all quiet at the moment we tend to
1:11
have my as more of a quiet month there
1:14
is sort of the fit saying selling May
1:17
for the holidays and then come back in
1:19
in September so sometimes we do see
1:22
um a selling off at the end of May
1:24
especially if markets have gained so if
1:27
markets have gained what people tend to
1:29
do is take out the first quarter profits
1:31
if they want to
1:33
um especially with Traders and that they
1:35
know they're going to go off on holiday
1:36
and then they it's that's why we have
1:39
less volatility usually during the
1:40
summer I mean it was creeping back up
1:42
the footsie right back up towards that 8
1:45
000 Mark then it kind of stalled and
1:46
it's dropped back a little bit so we're
1:48
at 7884 I have in front of me at the
1:50
moment that's where we usually say not
1:51
much movement over the last 24 hours or
1:54
so even oil at the moment is quite flat
1:57
this gold is flat so it people are just
2:01
coming back I think we'll have to wait
2:03
and see what impact
2:05
um what's going on with the banks has on
2:07
the markets
2:08
um but I think most that's been factored
2:10
in also I've got the the reason they're
2:11
subdued as well as we've got rate
2:13
decisions in the next couple of weeks
2:14
we've got the FED tomorrow which is
2:16
expected to raise rates by 0.25 we've
2:19
got the ECB the day after which is meant
2:22
to be another 0.25 and then the bank of
2:24
England next week which will follow suit
2:26
we've had Australia which has already
2:28
raised its rates uh 0.25 and has warned
2:32
that more are needed so
2:34
um all this talk about inflation being
2:36
under control everything like that I
2:38
think it's a load of um rubbish at the
2:40
moment inflation if you look at basic
2:42
food inflation there's still you know 20
2:45
30 it's not coming down so we are going
2:48
to see more rate Rises I've said that I
2:50
think throughout this year
2:52
um it just depends how inflation reacts
2:55
to that and wage growth as well because
2:57
you know wages pensions are not keeping
3:00
up with inflation
3:01
um people are you know people can't make
3:04
ends meet people are a lot worse off
3:06
disposable income across the UK and
3:08
Europe has just Fallen dramatically due
3:11
to Bills going up inflation
3:14
Etc
3:16
there were some wage growth wasn't it
3:18
beat expectations and I think I heard
3:20
yesterday it was about it works out
3:22
about two and a half percent
3:23
um loss over the last year or so so
3:25
you're still down because of the
3:27
inflation rate you are still down
3:28
pensions are still down even though
3:30
we've got State pensions which you know
3:32
have risen we can talk about a little
3:33
while how much they've risen by still
3:35
not in line with inflation so we'll just
3:38
have to wait and see but you know anyone
3:39
who thinks rate Rises are over is
3:41
mistaken obviously this is going to
3:43
impact anyone who has any types of loans
3:45
credit card debt or mortgages
3:49
um I know some people here have seen
3:50
their mortgages double some of them go
3:53
up more than doubles one lady hers has
3:55
tripled since um since last year if you
3:59
aren't weren't trying to fix rate
4:00
mortgage which I did warn everyone about
4:02
two years ago to start looking at fixed
4:04
rate mortgages then you have a problem
4:07
if you have a mortgage that is fixed
4:08
rate and it's coming up to be renewed
4:10
food you're in for a big big shock
4:12
because your mortgage payments could
4:14
have doubled if not tripled most of the
4:16
UK banks have removed their fixed rate
4:18
mortgage deals at the moment until they
4:19
wait to see what happens with the bank
4:21
of England next week so it is a hard
4:24
time for people especially if you have
4:25
got debt and you're having to pay
4:27
interest on it so you'll have people
4:28
that have Spanish mortgages as well I
4:30
presume um that tied to the to the euro
4:32
ball which is where's that at do we know
4:35
it was 3.25 I think last time I looked
4:40
which obviously is a lot more than it
4:42
used to be at zero and if they do
4:44
another 0.5 or 0.25 that's even more so
4:49
I think people if you have got mortgages
4:51
it is a hard time you are going to have
4:54
to uh cut back even further and I think
4:57
this is here not just for this year I
4:59
think High interest rates will carry on
5:01
throughout next year hopefully then
5:03
inflation will start to cool off and we
5:06
will see them steady hopefully starting
5:08
to go back down towards the end 24 maybe
5:11
into 25 we'll have to wait and see the
5:14
UK economy a U.S economy if you look at
5:16
it is is technically in recession
5:18
although most governments at the moment
5:20
are trying to avoid officially being in
5:23
recession that includes the UK Europe
5:25
U.S so times are hard yeah that that
5:29
little 0.25 it's their kind of default
5:32
um raising it so we're putting it up but
5:34
not by much it doesn't sound like a lot
5:36
when it's only a quarter of a percent
5:37
but it does make it can make all the
5:39
difference as you've just said with
5:40
people with mortgages and the like it
5:42
can because Banks usually put their
5:44
mortgage rates up by more than the 0.25
5:46
yeah it's a base rate and then they yeah
5:49
and they don't see because usually your
5:50
mortgage is so much above base
5:53
um also they don't pass any of those
5:54
rate Rises usually on to Savers so if
5:57
you've got your money in the bank
5:58
obviously it's nowhere near keeping up
6:00
with inflation most people are still
6:02
earning nothing on here to nothing so it
6:04
is a very very hard time for some people
6:06
you mentioned I think we've touched on
6:08
this before about the Australia um you
6:10
know if they're putting up rates or
6:12
whatever the Australian economy it's
6:13
it's something it's a bit of a mystery
6:15
obviously just basically for
6:17
geographical reasons what do they do I
6:19
mean are the links with China with
6:21
Australia that China yes Australia um
6:25
obviously exports a lot of minerals to
6:28
China
6:29
um but they also export to the rest of
6:31
the world and Australia is having a hard
6:34
time house prices in some areas have
6:35
crashed
6:37
um you've got inflation running right
6:38
you've got interest rates going up
6:41
um the economy is struggling desperately
6:43
because Australia was quite Draconian
6:46
more than the rest of us over covid
6:49
um so they're going to suffer even more
6:50
than any of the you know any of us you
6:52
know you saw what happened when China
6:53
closed down
6:55
um so yeah Australia is suffering and we
6:57
tend to ignore it because it is over the
6:59
other side of the world but they've
7:00
obviously increased their interest rates
7:02
which is a good indicator of what's
7:03
going to happen to the rest of us sure
7:05
and I don't know if you mentioned the
7:07
exchange rates there but no real
7:08
movement there we're still at one 1370
7:10
Euro to Sterling and US dollar to the
7:13
pound and Sterling to a Euro pretty much
7:15
the same they are everything
7:18
I said is remarkably
7:20
firm we will have we'll have to see what
7:21
happens as the week goes on yeah I've
7:23
learned from when we speak to Kevin here
7:25
that uh it's they they've anticipated
7:27
well in advance what's going to happen
7:28
with the currency markets um they know
7:30
it's maybe going to go up you know the
7:32
the central bank or Bank of England
7:34
perhaps are going to put the rates up
7:36
and it's factored in well in advance
7:37
they're way ahead with it so they know
7:39
oh gosh shaved in the markets Factory
7:41
and the markers are already factored in
7:43
as 0.25 uh rate rise across the Western
7:47
World
7:48
um the only thing that will affect the
7:50
markets if the rate Rises any higher
7:52
obviously because then it it it sort of
7:55
gives you the impression that things are
7:57
worse than we expected so if we get a
8:00
rate rise of 0.5 instead of 0.25 then
8:03
that will impact the markets and
8:05
obviously then we'll see uh the exchange
8:07
rate it depends who UPS their rate the
8:09
most but usually they try and keep it in
8:10
line it's like a little cartel we won't
8:13
raise it more than you all right we
8:15
don't win a little like we're even worse
8:17
than you are so actually if you look at
8:19
it April was the least volatile
8:21
um month for the market since the
8:24
pandemic most of that is because we they
8:27
didn't want to do anything until I know
8:28
what's happening with rate Rises and
8:30
also there's all speculation on the
8:32
banks yes okay and there's more on that
8:34
in just a moment here because another
8:35
Banks come in to play which one was in
8:37
in the news First Republic right I don't
8:40
know I don't know the First Republic but
8:42
the name it sounds like a very Grand
8:43
doing a big bank is it it is it's the
8:46
14th largest bank in America and for the
8:49
last couple of months there has been a
8:51
rumors it's in trouble well everyone's
8:53
known it's been in trouble and it
8:56
appears that JP Morgan was invited by
8:59
the U.S government uh to take it over
9:03
which obviously it has done and it was
9:06
to squash concerns of a major Bank
9:07
collapse but it is a blow to confidence
9:10
in banking across the world
9:12
um so JP Morgan have paid 8.5 billion to
9:15
buy First Republic which is the 14th
9:18
largest bank and they've taken it over
9:21
so what they're going to do is obviously
9:22
it will merge in I have to say though
9:24
that this sort of thing has happened
9:26
since the beginning of time I know when
9:27
I worked in the city many years ago
9:29
Banks were bought out all the time when
9:31
they got in trouble but it never made
9:32
the Press they managed to keep it quiet
9:34
in those days whereas things a lot more
9:36
open nowadays with the internet Etc so
9:38
you find out things and you've got
9:40
Morgan Stanley which is another bank
9:42
which plans to cut another 3 000 jobs
9:44
which will be the second reduction in
9:47
six months however talking about that
9:49
we've got HSBC which profits have soared
9:52
to 12.9 billion it bought the UK arm of
9:56
svb Bank when that went bus for one
9:59
pound and made 1.2 billion straight away
10:02
so obviously I would have bought a bank
10:04
for one pound if I could have made 1.2
10:06
billion but I wasn't offered it and
10:09
NatWest profits of surge due to its rise
10:12
in lending and the rates it's charging
10:14
on mortgages and loans
10:16
um so most of the banks their profits
10:18
are going up at the moment but most of
10:20
it is based on debt so it's based on
10:22
people's debt but they're having to pay
10:24
more interest therefore the bank's
10:26
profits have risen we saw a MasterCard
10:29
um obviously profits went up because me
10:31
more people are having to use credit
10:33
cards right to sustain them through this
10:35
time so yeah it's slightly worrying that
10:38
another bank it technically has
10:40
collapsed and what people have to
10:42
remember is a bank deposits are
10:45
guaranteed if they're in a current
10:47
account or a deposit account in the UK
10:49
it's 85 000 per person per banking group
10:52
in Europe it's a hundred thousand in the
10:55
US that's euros and in the US it's 250
10:58
000 if you have more than that in a bank
11:01
and it does collapse you will lose the
11:04
rest so if you have a joint account in a
11:06
UK bank and it's got more than 170 000
11:09
in and it goes bust so you've got 400
11:12
000 you will lose everything above the
11:15
170 000 and in the Europe if you've got
11:18
two hundred thousand in a bank so
11:20
jointly or a hundred thousand on your
11:22
own and that bank goes bust you lose
11:24
your money and the more the money is
11:26
guaranteed in some cases it's not paid
11:28
back straight away if you look at what
11:30
happened in Greece it took years for
11:32
people to get their money back so I what
11:34
I'm saying to people is it is a time of
11:36
instability within the banking industry
11:38
you've got mortgage rates going up so
11:40
you're going to have defaults or
11:42
mortgages Rising it depends how much
11:44
Mortgage Debt a bank has got on its
11:46
books as to whether it can service it or
11:48
not so please be very very careful about
11:50
what you hold in the banks and make sure
11:52
if you can that you stick within those
11:55
deposit limits yeah and remember it's
11:57
per banking group not per bank so in the
12:00
UK we have like NatWest Royal Bank of
12:03
Scotland same banking group so you've
12:05
only got 85 000 between them Lloyd's
12:07
Halifax same banking group it's only 85
12:10
between them not 85 each one sure people
12:13
need to remember that are people with
12:15
that sort of cash are they leaving it in
12:17
the bank these days because I mean your
12:18
first thing you know the things that we
12:20
say every time is that um it's not
12:22
you're losing money over time with
12:23
inflation
12:25
um are they holding that much to just as
12:27
a current account or should they be I
12:28
think some people especially if they've
12:30
sold property and they're not sure what
12:32
they're going to do are holding that in
12:33
a bank some people come and see me and I
12:35
say to them we'll go and open a bank
12:37
account another bank and split at least
12:38
split your risk and I think people have
12:40
been worried about Market volatility and
12:43
rightly so you know if you are going
12:45
into the markets you do need to go in
12:46
for the long term not short term but
12:48
there are actually some different
12:49
products out there and I know Black
12:51
Tower has got a few at the moment where
12:53
they're 100 Capital guaranteed
12:56
um and we've got one which guaranteed by
12:59
the
13:00
fcsc in the UK so that comes under the
13:03
UK banking uh guarantee of 85 000 per
13:06
person and that really what is one that
13:08
it runs out at the end of this week but
13:10
there will be another one that's in
13:11
Sterling we're hoping to get one in
13:12
euros and what it is it's taking a bet
13:14
on the fussy so what they're saying is
13:16
if the footsie doesn't go up by more
13:17
than 20 or down by more than 20 on one
13:20
day so I think it's the 12th of May for
13:22
the next five years we will pay you a
13:24
seven percent coupon and if you look
13:26
back over the last five years there's
13:28
very few days when the ftse has been up
13:32
more than 20 or down by 20 on that in
13:35
that five-year period so it's a good bet
13:38
however that does um if you want to make
13:41
an investment that does run out at the
13:43
end of this week so it's quite a short
13:44
time for people to do it also we have
13:46
fixed some deposits
13:48
um we have a a life insurance company
13:52
called night head which is out of Cayman
13:54
Islands and they're offering a
13:56
three-year fixed deposit for Sterling
13:58
paying 4.9 percent and in Euros 3.8
14:02
which is very very good when you
14:04
consider what the banks are paying you
14:06
at the moment yeah and they get their
14:08
Capital guarantees so people now have
14:10
got options
14:12
um but I would just say to people please
14:14
just be very very wary about what you do
14:16
hold in your bank accounts
14:19
um because I'm sure people who had First
14:21
Republic or svb in the United States
14:25
never ever thought that those Banks
14:27
could go under you're never too big to
14:30
fail and I think that's what people are
14:31
saying about JP Morgan as well now you
14:33
know we always had Lehman Brothers it's
14:35
too big to ever fail but it did so we
14:38
have to be you know look at bearings
14:39
look at various other Banks so please
14:42
don't bury your head in the sand try and
14:44
make your money as safe as possible sure
14:46
so I mean you could put it in different
14:47
banking groups or there are other
14:49
options as you just described there are
14:51
yes
14:52
National Life Insurance day today yeah I
14:55
don't know what I need you to do with
14:56
that information
14:58
because every day seems to be a
15:00
different day it's like love Chip's day
15:02
or um no it's National truffle day as
15:05
well I've got the whole list in front of
15:06
me doggy Mac will go through the whole
15:07
lot as well uh World asthma days well
15:10
some of them do uh are good for racing
15:11
awareness and the like but yeah some of
15:13
them are but some of them are just so
15:14
silly Melissa Daft ones take a baby to
15:17
lunch day today too if you look at when
15:19
pensions were started
15:21
um I think life expectancy was early 50s
15:24
and yet you didn't get your pension
15:25
until you were 60. so therefore many
15:27
people weren't getting the state pension
15:29
what we've seen is an increase in life
15:31
expectancy although that's Fallen
15:33
significantly over the last few years
15:37
um so people are still living to their
15:39
70s 80s so they're saying if you're
15:42
going to put that into perspective about
15:44
when State Pension started people
15:46
shouldn't be getting their pensions till
15:47
they're in their late 70s early 80s well
15:50
that is ridiculous because most of us
15:51
know but once you get in your 60s you
15:54
can't work anymore and if you've got a
15:55
manual job a very high you know heavy
15:58
labor you make sure you can't do that in
16:00
your 50s
16:01
um so we do need to have some
16:03
perspective there I think uh 60 65 I
16:07
think is a good retirement age but as we
16:09
know most of the western governments are
16:12
trying to raise that to 70 at the moment
16:14
and I wouldn't be surprised even if you
16:17
do pay to State Pension all your life in
16:20
a 10 20 years time it will be means
16:22
tested so if you have other forms of
16:24
income you may not get the full State
16:26
Pension even if you've paid into it
16:27
because they won't be able to afford it
16:30
um so it will only go to those in
16:32
Desperate needs sorry then there would
16:35
be unrest I mean it's how you know
16:37
people say Oh by the time I get to
16:39
retire there won't be a state pension
16:41
but they couldn't just whip it away like
16:42
that because there's people paying in
16:43
you know they could raise the age so
16:46
that literally you won't be getting a
16:48
safe pension
16:50
um they can do things like that and even
16:51
if you look at estate pensions okay UK
16:54
State pensions they get a rise from 10.1
16:57
from next Monday but it's still at strip
16:59
by inflation inflation has been higher
17:02
than that 10.1 percent and at the moment
17:05
2023 looks like it's going to be the
17:07
worst one of the worst years to start
17:10
taking retirement from your private
17:11
pensions this is due to a combination of
17:14
factors inflation stock market
17:17
performance in 2022 uh you know that
17:20
wiped thousands and thousands of the
17:21
values pension pots so the best idea if
17:24
you were thinking of retiring if you can
17:27
and you've relying on private pensions
17:29
uh pensions or defined contribution
17:32
pensions from your employer which is
17:34
subject to being affected by market
17:37
volatility maybe I know it sounds
17:40
difficult but put off your retirement
17:41
for a few years allow the markets to
17:44
recover inflation to hopefully stabilize
17:47
and uh come down and then your pension
17:51
pot will go further all the effects that
17:53
have happened now mean that you need you
17:55
know nearly a hundred thousand more than
17:57
you did a few years ago to get the same
17:59
sort of income in your retirement so
18:02
please be very very careful obviously
18:03
State pensions have gone up so the full
18:05
flat rate goes up to 203 pounds 85 per
18:09
week so that's 10 600 per annum if you
18:12
retired after
18:14
2016 and before that it varies on
18:17
whether you had different types of
18:19
Pensions but most people should be
18:21
getting ten thousand a year but I was
18:23
reading an article now that said if you
18:25
want to have a you know comfortable
18:28
retirement in the UK you really need to
18:31
be getting a single person well over
18:33
twenty thousand twenty four thousand a
18:35
year so the state pension if you're
18:36
relying on that alone and you haven't
18:38
got any other Provisions you're you are
18:41
in poverty there is no way you can do
18:43
that you know if you think how much the
18:45
council tax costs in the UK how much
18:47
you're you know energy bills are as I
18:50
said food inflation 30 then it is a very
18:53
very dire time for people who are
18:55
relying on state pensions alone and I
18:59
think you know youngsters nowadays I
19:02
know it's a very very difficult subject
19:03
to approach but they need to stop to be
19:06
saving for their old age if they want
19:08
not to be working until they're in their
19:11
70s or 80s you know getting a job at be
19:13
a cure on the tools at Sainsbury's you
19:15
need to start pushing away money now I'm
19:17
not saying to place it into a pension
19:19
I'm saying you could put it into an
19:21
investment plan because what they're
19:22
doing as well is they're raising the age
19:24
that you can get pensions it used to be
19:26
50 then it was 55 and now they're
19:28
raising it to 58. so if you are a
19:31
youngster and you want to retire say
19:33
you're in your 20s or 30s when you come
19:35
to retire the age you can get your
19:37
pensions be it State pensions be it
19:40
private pensions for private pensions
19:42
Etc it could be 60 or 65. state pensions
19:45
could be 70. so if you want to retire
19:48
before then you need to start thinking
19:50
about putting away some money now it
19:51
doesn't have to be a great deal of money
19:53
but if you put it in the investment plan
19:56
you could either just put it in a
19:57
tracker on the footsie or the S P or a
20:00
combination or you can put it in active
20:02
managed investment and just try not to
20:05
touch it at all if you put it on a
20:06
platform it's low cost even it you know
20:09
at Blacktail we have platforms that are
20:10
low cost you can drip feed money in and
20:14
you can buy out stuff and hopefully by
20:16
the time you come to a retire you'll
20:18
have a nice little Nest Egg which can
20:20
cushion you to have a pensions kick in
20:22
like work pensions or state pensions
20:25
especially if you are planning on
20:27
retiring before your 65 70. yeah a good
20:30
way of doing it and if it's is it a
20:33
thing where you don't have to pay in a
20:34
set amount each month so it doesn't have
20:36
to be no it's fully flexible
20:38
when you've got it you can pay it in yes
20:41
or some people like to know that they've
20:43
got to put a set amount in each month
20:45
it's entirely up to you they can be as
20:48
flexible as you want them to and then
20:50
I'm not being funny a few years ago if
20:52
someone said to me I want to set up a
20:53
regular savings plan I would have said
20:55
no don't because the costs outweigh the
20:57
benefits especially for the first few
20:59
years most of the first few years
21:01
contributions were taken up in costs
21:03
nowadays we have platforms that are low
21:05
cost you can put your money in it's not
21:08
going to eat away at things so much and
21:10
it is worth doing so if you are out
21:12
there and you fancy doing it or if you
21:15
think you're going to take a risk and
21:17
buy some shares you know you've got oil
21:19
companies I'm not going to say they're
21:20
always going to be a good bet but if you
21:21
look at BP their profits have gone up by
21:23
more than half a billion pounds more
21:25
than expected and this is due to
21:29
continue benefited benefits from an
21:31
elevated Energy prices now I'm sorry
21:33
it's been going on for so long now
21:36
governments are weak they do not want to
21:39
crack down on this because most of them
21:40
have shares in energy companies you know
21:42
we talk about ethical investing but the
21:44
people who are lecturing us on being
21:46
ethical are the ones who are investing
21:48
in analytical things most of them have
21:50
mining companies most of them have oil
21:52
companies some of them have arms
21:54
companies tobacco companies they're not
21:56
thinking ethically they're thinking
21:57
about how to make their money grow and I
22:00
think that's something when people come
22:01
to see me I do say to them oh you you
22:03
know do you want to take into a
22:05
consideration environmental social you
22:08
know these sort of things and people say
22:09
yes as long as it doesn't affect the
22:12
overall return on my investment and
22:13
sadly you have to say if you're going to
22:16
go 100 that way you're not going to make
22:18
much on your Investments you just have
22:20
to look at what the major players in the
22:21
markets are invested in but you've got
22:23
to think of yourself where money is
22:25
concerned you've got to look after your
22:27
own money you've got to think of what
22:29
you want and what you need and by
22:31
talking to a financial advisor hopefully
22:33
we can formulate a plan that gives you
22:35
the potential to do what you want and
22:37
for your money to work for you obviously
22:39
we couldn't have foreseen covid and the
22:41
lockdown in the markets for nearly two
22:43
years we did understand the effect that
22:46
would have on the market some people
22:47
thought it'd be a quick recovery most of
22:49
us knew it was going to be a rocky ride
22:51
once inflation hit in but I think what
22:53
covid has taught countries is that you
22:55
shouldn't be so reliant on one nation
22:57
for all your goods so hopefully that
22:59
will bring certain manufacturing back to
23:01
certain countries and people become more
23:03
uh you know independent but there's a
23:06
few options there and plenty to talk
23:07
about so with pensions and the like and
23:09
anyone that needs to get in touch you
23:10
can get in touch with you fairly easily
23:12
yes you can you can email info at
23:15
blacktower FM that's there's Financial
23:17
management.com you can always go onto
23:19
our website which is black tariffm.com
23:22
if you go to locations you can find
23:24
myself under the cost of blanket or
23:26
France you can always just call the
23:28
office if we're not there please leave a
23:29
message we will get back to you
23:31
sometimes we're in meetings or on the
23:33
other line but we will get back to you
23:34
if we don't get back to you we did have
23:36
a problem with one of our emails the
23:37
info one the other day and so for one
23:39
day we weren't receiving emails but
23:41
people just emailed again and we got
23:42
back to them straight away if you don't
23:44
hear from us please get in contact
23:46
because we usually try and get back to
23:47
you within 24 hours if not 48 Hours
23:50
obviously if it's over a weekend but we
23:52
are here to just help you give your
23:54
advice and if you have any questions
23:55
regarding Finance please please don't be
23:58
afraid to ask them nothing is too silly
24:00
okay if you need help with anything
24:02
pensions Investments you know we are
24:05
here to help you and give you guidance
24:06
some people we do a review and they
24:09
don't need to do anything other people
24:10
need little tweaks other people need
24:12
major tweaks but that's what we're here
24:14
to do is to help you and put your mind
24:16
at rest if we can okay actually reminded
24:18
me without restarting these again now
24:20
we've wrapped up but about um when you
24:22
get your state pension say the UK one
24:23
can you work after that are you allowed
24:25
to yes you are okay I know that's a
24:28
Dopey naive question but I wasn't sure
24:29
whether you need to do cash
24:31
you can't no right but in um in well it
24:35
depends if you get the full State
24:37
Pension in Spain you can't in the UK yes
24:39
you can carry on working and if you look
24:41
at the moment the state pension as it
24:43
rises it actually eats into your
24:45
personal allowance so if you have you
24:48
know if you are working you have to be
24:50
careful because these State Pension
24:52
Rises mean you get you know 12 000 I
24:54
think it's hang on at the moment the
24:58
allowance in the UK is 12 570 and with
25:02
the current state pension raises if you
25:04
get 10 600 a year it's using up 84 wow
25:09
so
25:10
um you know you haven't got that much
25:12
more before you start paying tax at 20
25:14
so that's another thing to consider does
25:17
it take you into a higher tax bracket if
25:20
you work and does it make sense to work
25:22
uh you know you've got to take you've
25:25
got to work things out before you just
25:26
jump in there but no you can work while
25:28
you're receiving a state pension 100
25:30
definitely because you do see the old
25:32
boys doing a bit of gardening and
25:33
handyman worked and even though they're
25:35
they're tired yeah quiet absolutely yeah
25:37
and you're not you know some people
25:38
don't want to give up altogether it you
25:41
know it would kill them off so if you
25:43
want to do that yes by all means do yeah
25:45
there's a guy on the news yesterday
25:46
who's work who's doing an online
25:47
business
25:48
um because he said I just used to work
25:50
you know 12 hours a day or whatever and
25:52
I'd come back to doing nothing I can't
25:53
do it can't just do nothing so there are
25:56
things you can do especially if you're
25:57
willing to embrace technology perhaps
25:59
all right thanks everyone so keep your
26:01
brain active yeah no definitely yeah
26:03
yeah if you can keep doing something you
26:05
can't just retire and do nothing it
26:06
doesn't work people find out even though
26:09
the sort of it's very nice sometimes
26:11
okay we'll speak
26:13
yes thank you for having me listening
26:15
and exceeding expectations for over 31
26:18
years Black Tower financial management a
26:21
team you want by your side visit
26:23
blacktowerfm.com
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