On this week's podcast Damien explains how the rise of short-term 'bonus' rates are creating a price war amongst providers. He reveals how these types of rates can leave you worse off as a saver before explaining how you can calculate the effective annual rate to see what you’re really earning. Next, Damien looks at whether the classic 4% retirement rule is still fit for purpose. With potential inheritance tax changes on the horizon, new research suggests a much higher withdrawal rate for those who want to spend their pension pot in their lifetime.
Check out this week's podcast article on the Money to the Masses website to see the full list of resources from this week's show
(00:00) - MTTM Podcast Episode 517
(04:10) - Understanding Regular Savings Accounts
(06:24) - The Impact of Bonus Rates on Savings
(07:36) - Calculating Effective Interest Rates
(08:39) - Challenges with Short-Term Bonus Rates
(10:54) - Access Restrictions in Savings Accounts
(13:49) - The Impact of Low Rates on Savings
(14:30) - Understanding the 4% Rule and Its Origins
(16:32) - Potential Changes in Pension Taxation and Their Implications
(17:59) - The Spend It All Approach to Pension Withdrawals
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