Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/

In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future.

00:00 Introduction to Retirement Planning

00:45 Meet Dennis Hall: Financial Expert

01:24 The Evolution of Financial Planning

02:26 Pensions and Retirement Strategies

06:04 Financial Mistakes and Missed Opportunities

09:17 The Importance of Personal Financial Goals

11:52 Frameworks for Retirement Planning

18:47 The Emotional Side of Financial Planning

24:16 Advice for Younger Professionals

26:58 The Importance of Active Financial Planning

27:35 The Cost of Inaction and High Fees

29:16 The Rush of Last-Minute Investments

29:42 Tailored Financial Advice for Medics

30:16 The Pitfalls of Uncoordinated Portfolios

30:55 The Simplicity of Effective Investing

31:20 The Influence of Online Financial Advice

31:39 The Dangers of Unregulated Investments

32:33 Procrastination in Financial Planning

35:11 Addressing Financial Blind Spots

37:53 Unexpected Life Events and Financial Planning

38:46 Over-Insuring in the Medical Profession

40:23 Engaging with Your Finances

44:01 The Value of Long-Term Planning

46:37 Final Thoughts and Contact Information

Resources to help: https://youtu.be/ZHSBcGyycMI?si=vkQDr5FRb9O8JmAE

https://youtu.be/9Q3O34IapOE?si=2vMbNifmaACFaRgj

https://youtu.be/AngBbipPGCM?si=bFUPyJgLXM3YySqZ

Reforming the NHS Pension System: A Manifesto for Change

In this episode, the hosts discuss the current issues plaguing the NHS pension system, particularly for General Practitioners (GPs). They detail the problems with missing contributions, incorrect paperwork, and bureaucracy that have caused many to lose faith in the scheme. The discussion is joined by Andy Powell, an independent medical accountant and NHS pensions expert. Together, they propose a manifesto outlining several reforms, including producing forms earlier, abolishing the GP Solo system, automating data entry, regular updates between departments, and simplifying the annualization process. They also touch upon the necessity for a one-off investment to streamline the system. Additionally, they provide resources and courses for GPs to better navigate the current pension system.

00:00 Introduction to the GP Pension Crisis

00:21 Presenting the Manifesto for Change

00:52 Meet the Expert: Andy Pow

01:08 Current State of GP Pension Records

01:43 The Annual Return Process

02:12 Challenges with PCSE and Systemic Issues

03:09 Complexity of Pension Forms

05:19 Proposed Solutions: Early Form Availability

05:39 Abolishing GP Solo

06:43 Automating the Pension System

08:33 Regular Updates Between PCSE and NHSBSA

09:48 The Issue of Annualization

12:50 Investing in System Improvements

15:03 Resources to Navigate the System

16:34 Final Thoughts and Additional Suggestions

17:34 Conclusion and Call to Action

Navigating Maternity, Paternity, and Shared Parental Leave for Medics In this episode of the Medics' Money podcast, Cyra and Matthew delve into the complexities of family financial planning specific to healthcare professionals. They discuss various types of leave available for working parents in the medical field, including maternity, paternity, and shared parental leave. Cyra, a doctor and chartered accountant, offers an in-depth explanation of entitlements, occupational versus statutory leave, and the nuances of shared parental leave. The episode is a guide for medics to understand their rights and plan financially for family life. Topics include risk assessments, rights to pay rises, and annual leave accrual during parental leave.

00:00 Introduction to Financial Family Planning

00:24 Meet Cyra: Doctor and Chartered Accountant

01:55 Understanding Occupational Rights During Pregnancy

06:45 Navigating Maternity Leave

14:41 Statutory Maternity Leave and Pay

17:25 Understanding Maternity Allowance

18:00 Maternity Allowance for Self-Employed Individuals

19:42 Maximising Your Maternity Allowance

20:43 Maternity Pay for Salaried GPs

21:40 Recap of Maternity Pay Tiers

23:15 Introduction to Paternity Leave

24:25 Eligibility and Details of Paternity Leave

26:31 Adoption Leave Explained

28:10 Shared Parental Leave: An Overview

30:59 Maximising Shared Parental Leave Benefits 3

6:38 Conclusion and Next Steps