Free financial CPD for doctors. Medics' Money is run by doctors for doctors and helps to empower you to make better financial decisions. We match your requirements to a specialist medical accountant or IFA with reviews and recommendations by other doctors.
The Medics Money Podcast channel: ru-vid.com/show-UCryHC_yRlUzFli4gFWhJ6mw
Does the 95 scheme stop accruing value on the 60 the birthday date? My bday is January, but I was going to let mine run until the following August in order to accrue a full 1/80th, as I started in the nhs in August (1990). Is that incorrect?
When does the ‘best of the last 3 years ‘ clock start? If I am going to draw down my ‘95 scheme pension on my 60th birthday in January 2027 , is the start January 2024?
This is additional tax in guise of student losns If this system does not stop, uk will stop being a leader in academics and research! And then you wonder why you are treated by foreign qualified doctor as there are very few local qualified doctors in service and the little number who qualify try to go to Australia, canada, US and middle east! In other words, anywhere other than UK! To escape fromthese stiffling taxes!!
I was in the 1995 scheme (NHS)from 2001 - 2012 and left due to job requirements the scheme until Aug 2016. I rejoined the 2015 scheme. Am I eligible for the Mcloud remedy. According to SPPA email correspondence " in order to be eligible for Remedy you must have been a scheme member on 31/3/2012 and 31/03/2015". Is this correct?
Does anyone in the UK know if there is any app that I can use to help me optimise drawdowns from SIPP, ISA for me and my partner considering work and state pension?
Thank you , business asset disposal relief . Now that’s really worth knowing , thank you I just hope it’s not meddled with going forward 🤞 Great video , thank you 👏🏻
Had no idea you could do a gift aid contribution and backdate it to the prior financial year so that is incredibly helpful to know should I mistakenly go over 100k. Still think it’s mad that I’m having to hold back on extra work/WLI to avoid losing tax free child care etc
I am in the same position! Just mad tax policy that I've already maxed out what I can earn for my Trust so having to refuse any extra work even though I'd willingly do it!
Agree with SIPP, tax return/ self assessment, can't get my head around NHS pension DB scheme and how to work out what contribution to maximise annual allowance. 😵💫
Dear Medics money: Can you show us examples of retiring often strategy when you have FU money? I mean long vacations, sabbatical maybe every 5 yrs, etc. to give a taste of FI.
Paying into NHS pension for years now and likely they will continue to increase the retirement age. You need to do a video on Bitcoin as why saving cash is not going to work due to banks printing money and devaluing our savings.
Question for future Q&A session please. Thoughts on buying additional pensions. Benefits/ downsides and thoughts on buying nhs pensions vs private pension. If possible could include differences of any between devolved nations. Love the podcast/ videos, have discovered in last few months and wish I’d started listening years ago
Passive index funds are effectively ponzi schemes as no real thought is put into what you’re buying. This has been questioned on fintwit recently as a big risk.
25% in 1000 is 250. In 5000 it is 1250... yearly. Not monthly. So it will go up, but not 11.000 in 4 months. If you pay 50 (1%) you will be charged 100+ for the months so debt will be growing but not as much as you say. Am I not right??
Raising even more tax deductions for 100k+ salary….? I’ve seen cohorts and cohorts of locum medics going aboard. I’m guessing the picture would be the same for private sector- brain drain to Dubai, Monaco, Barbados etc. Off putting for international students who’s also had to pay for working visas and have barely any rights to remain to stay in UK. How to revive the high street if investors are turned away and have better offers in other EU countries (thanks to Brexit…) Don’t know what the answers is, many of my NHS peers pushed just over the higher tax rate doesn’t feel “better-off”. Need to reduce unemployment rates, reduce or exempt high street businesses rates for small/ medium enterprises to encourage high street boutiques shops. In support of Dr strike 🪧❤, working conditions and staff ratios of nurses in NHS are so bare! Should be available free to all genuine needs, but penalties should be charged for inappropriate admissions. Social care… omg 😨 bed blocking is unreal. 💔
Rather than cutting NHS salary, I like to see MPs & politicians cutting their own… (putting it back into teachers, police, fire brigades, NHS etc). Nationalised the railway and stop budging with their demand for pay rise. There’s no value for money there given the service is rather poor when compared to other countries.
Having to pay off a student loan is so debilitating in life, i was the first generation to get a student loan, 24 years later i managed to pay it off. Kids at uni now are really screwed
I'm not sure I understood Saira (sorry if spelling wrong). I would not describe it as punitive that the poorest in society pay a proportionally lower amount of tax - we need a progressive system to make highest earners pay the most proportionally.
Have you ever thought about doing a video about ethical investing? It is much more difficult deciding where to invest compared to investing in a standard index-tracker.
When I heard you mentioning my name I jumped! 😂 Just a clarification, I'd never suggest waiting to invest or trying to time the market. That would be just silly. I was just saying that making 15% last year was a tragedy for anyone with a long term horizon and regualr investing strategy (no lump sum). Minus 15% would have been so much better for my future. I do feel this is important to understand. Thanks again for quoting me!😊
Thanks for your input - Medics' Money has always been about these respectful debates and sharing of opinions between doctors. Come on the podcast for an episode and I feel we'd have a great discussion? Your point is excellent and it's a source of constant frustration to me that when the shoe shop has a 20% off sale - there is a queue of people wanting to buy. When the stock market drops 20% instead of buying more in the "sale" the data shows most DIY investors don't continue to buy more and may even sell, which historically speaking has been a massive and expensive error. Not advice 🤑
Passive investing makes 'investing' in the stock market essentially a ridiculous idea, considering you are making a very long term gamble without you being able to control any variable whatsoever.
I agree in principle it's counter intuitive but the evidence is overwhelming. You can control MANY variables - asset allocation, diversification, fees paid, tilt, tax paid, savings rate, your own behaviour. Buy you're right NO ONE can control the stock market and NO ONE can predict the future of the stock market reliably. Once you accept that buying a small share of the best companies in the world and letting capitalism do its thing for 20 years becomes the least "ridiculous" idea. In investing, as in medicine it's important to follow the evidence and not make random, ridiculous, gambles. Check out the SPIVA scorecard to see how a passive investing strategy performs against highly paid (paid using your potential investment returns) but ultimately underperforming investment managers. The active investment industry needs to sell you on the idea that they can control variables/predict the future and charge you £££ fees and they need to ridicule the idea that a low cost passive strategy could ever outperform their "star" fund managers. Sounds like you've been sold?
@@MedicsMoney I agree 'trading' is a fools game (and paying someone to do it is even worse). Passive investing in an ETF etc. is the best outcome when dealing with stock exchanges. However my main point is that investing on a centralised exchange is inherently foolish if it weren't for the market surrounding it pushed by governments like you say and popularised by Buffett, Graham etc. primarily from the US. I know the rebuttal to this is if the average of all the stock market fails, so will FIAT and we'll be eating shit for breakfast lunch and dinner in a real life version of a Cormac McCarthy novel. However surely because it is protected from the worst does not make it the least risky considering the opportunity cost and also considering the underlying companies are growing increasingly automated and easily replicated by the virtue of ease of scale with digital only companies. Investing in a company that you know, understand and trust the fundamentals of has shown to produce greater returns (nice if it's in your local area also to drive to shareholder meetings). Being able to share your views with the directors and change the company to me seems the way to go (however this is so situation specific it is hard to go into any real detail). To me investing in an ETF etc. is just long term grown up gambling (which I know you would strongly disagree with not least because everything is a gamble philosophically speaking). I have a close friend who has followed NFL (American football) for years knows all the players, teams, rules etc. spreadsheets the whole nine yards, every season he places 5 bets at very low odds but high stakes that he has a very high 'certainty' in. He has showed me his returns for the past 12 years and they average close to 20% of his pension pot (tax free, not sure how that works, re. professional gambling). Apart form the zero sum nature, I see investing in the stock market passively just as crazy however over a long time period. Similar to the fascinating episode with Dr. Abdullah Albeyatti there are obviously different personalities and risk tolerances and we don't have to agree, but appreciate the video, context and I suppose given that this is targeted to a wide audience sensible advice.
Great video. Clear and straightforward. One request, please could you either drop the music or turn the volume down on future videos. It is irritating, especially when it is in competition with the talk. Thanks.
Few questions: do you have a video or link to a resource on how to set up share structures for family members? would a 16yr old, given that they can legally work be considered a minor for dividend purposes? do you have video or link to a resource on how to set up salaried employees or is this best done via an accountant? can a ltd company put money into ISAs or other investments? Thanks for a very informative video
Dividend tax applies to GIA accounts and not for ISA. Even more reasons to use utilities all tax wrappers- LISA (£4k), ISA (combined 20k) & SIPP (now £60k allowance).
Would love to see medics money channel do a future video about additional 20% tax rebate for higher tax payers via self assessment. Those who’s already in NHS pension but decided to do a SIPP with outsider (I.e. Vanguard/ HL etc) over AVC 🙏 Trying to work that out myself and finding it confusing, will gather my numbers and dreading the phone call with HMRC
This is going to be sound like a very silly question and probably reflects my level of understanding of the pension issues. I am a year 5 Consultant, no children, do I need to let HMRC know i dont want to claim child benefit?
