For this episode we're joined by John to discuss inheritance tax. Coming changes to tax law mean that many more people will have to deal with inheritance tax and we discuss ways to maximise how much of your inheritance gets passed on to your dependents.

What is changing in April 2027 and how does it affect inheritance tax? What can I do to minimise the effects?

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This episode is a follow-up to episode #12 where we discussed How Pensions Work. This time we look at the practicalities of drawing down an income from a self-invested personal pension (SIPP).

The SIPP has been chosen for simplicity although many occupation defined contribution pensions will behave in a very similar way. We again cover the difference between flexi-access drawdown (FAD) and uncrystallised funds pension lump sums (UFPLS) and how these relate to the 25% tax-free allowance.

[Correction: the podcast mentions Origo as a provider or back-end software for investment platforms. They do provide transfer services between pension platforms but the actual backend software provider for Vanguard and Interactive Investor is FNZ.]

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Can you reach financial independence by your 30s if you start early enough? We chat to Lucy and Kieran who are still in their twenties with a house and family but expect to reach Coast FI - where their investments are established and they can work fewer hours to meet their spending - in their early 30s.

They talk about both having a frugal mindset from an early age and meeting up with shared goals of making money fit their lifestyle and not the other way around. We cover how they manage their money and how they explain what they are doing to friends and family.

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