『QA58 - Listener Questions, Episode 58』のカバーアート

QA58 - Listener Questions, Episode 58

QA58 - Listener Questions, Episode 58

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In this Meaningful Money Q&A (Episode 58), Pete Matthew and Roger Weeks answer six real listener questions on the money decisions facing UK savers and investors. We cover paying off your mortgage versus investing, gifting surplus income to manage care fees and inheritance tax, and how to buy capital gains tax-free gold. We also explore consolidating pensions before retirement and how LGPS members can weigh up AVCs versus ISAs and AVCs versus APCs. Tune in for clear, practical UK personal finance, pensions and retirement planning guidance - education, not advice. Shownotes: https://meaningfulmoney.tv/QA58 02:18 Question 1 Hi team Been listening for ages and having a psychological meltdown over this. I have approx £20k in my S&S ISA and £20k left on my mortgage. How can I justify the decision to pull the trigger and pay it off? Note that I also have £30k approx in a cash ISA and £5k float easy access. I also overpay the mortgage about £800-£1k per month but that's eased off the last few months, with the money diverted to an early year getaway. I'm aware there isn't a perfect result or conclusion but I'm struggling to get past how to make the decision. In context, I do have a big holiday coming up later in the year (£5k-9k expected spend), but I'm itching to pay this off and get regular investing. It might be that writing this email I'm working it out for myself but I'd be keen to hear your thoughts (not advice!) on how I can think about the situation or other angles maybe I'm not thinking about. Michael 07:33 Question 2 Hi Pete, Roger & Nick, Many thanks for your podcasts. Listening to you has been a part of my weekly habits for several years and I feel that you have been a "gateway" which has helped me to get a better grip on my future. Thanks a lot! My question is how much to put aside for care fees when compared with potential IHT liability. Specifically whether to advise my mum to gift her future surplus income instead of investing in her ISA? Mum is 88, and in reasonably good health. She has £330k in a S&S ISA, £50k premium bonds and owns her property worth £600k. Mum's monthly spending is £500, her monthly income (from pensions) is £2k. Leaving mum with surplus income of £1.5k per month. Mum already makes gifts of £100 per month to her two grandchildren from her surplus income and uses her annual gift exemption of £3k per annum. I have LPA (F&A & H&W) for mum. It is important to me that I treat mum and her finances with respect and stay focussed on mums needs (rather than that of me and my immediate family). As such I have been transferring mums surplus income into her S&S ISA each quarter, so that Mum has enough money to do whatever she wants to do. I am wondering what is the point in continuing to put more money into mums ISA when she has more money than she needs already. Mum is widowed; has no desire to travel abroad; make any changes to the house; buy a new car or similar. Mums immediate financial needs are met via her pension income. Therefore aside from potential care home fees I wonder what is the point in continuing to boost Mums investments via the ISA. Assuming care home (nursing home) fees of £2k per week equates to £104k per annum. It seems to me that Mum has over 3 years of fees covered before she would need to sell her house. I am an only child and executor for mums will. Currently mum has left her estate to me in her will. Mum says she "doesn't want her hard earned money going to the tax man". My concern is that if Mum's S&S ISA continues to grow then her estate will be subject to IHT when she dies, unless of course the money is eaten up with care fees. With this in mind I wonder whether to advise mum that her future surplus income should be gifted rather than invested. What are your thoughts? Many thanks for your excellent work! Kind regards, The Rusholme Ruffian 14:37 Question 3 Hello Pete and Roger (no d!) Great podcast! I hope all the good karma you give out comes back to you! Quick and short question: I am aware some physical gold holdings are subject to CGT but some, such as gold sovereigns and Royal mint bullion are exempt. So are there CGT exempt gold holdings that one can buy and keep in a GIA to sell later CGT free? Many thanks and keep going! Adam 16:52 Question 4 Hi Pete, Hi Rog My son put me onto your podcast some time ago and I've been working through the back catalogue from 2019 and am currently up to 2023. I have also bought the Retirement Guide book and plan to join the Academy later this year. Like everyone else, I wish I'd found this years ago! But hey ho, we are where we are. I'm 57 and plan to retire next year. My wife gave up work to look after our children and so apart from state pension all our pension funds are those I've been able to accumulate through my various jobs. I have 4 pensions - 1 DB and 3 DC. One of the DCs is in drawdown as I had to withdraw the tax free element a ...
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