The One Thing You Need To Do Financially This Year.

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The One Thing You Need To Do Financially This Year.

Рет қаралды 153,961

Күн бұрын

The gap between what we need in pensions and what we have is set to hit 400trillion by 2050! That is 4 times larger than the global economy at the moment..The reality is many will live in poverty in retirement I want to make sure that does not apply to you.
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Inflation calculator:
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Timestamps:
00:00 - A letter
04:28 - How much will you need?
07:30 - The Benefits.
10:29 - How much should you save?
11:15 - State Pension
13:55 - DB Pension
14:50 - DC Pension
18:46 - SIPP
20:24 - Fade has faded.
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Пікірлер: 805

@SJessicaL Жыл бұрын

tl;dr following the advice on this video lead me to discover one previous employer HAS NOT PASSED ON ALL PENSION CONTRIBUTIONS THEY DEDUCTED from my payslip! Thank you so much for this video. I've always avoided looking into my pension since it is just something that sits here and takes ages. After a groan, I took your advice and logged into old company pensions and to my horror, one previous employer HAS NOT PASSED ON ALL CONTRIBUTIONS THEY DEDUCTED! They haven't contributed their portion either. I'm shocked. This is illegal and I have reported it to the Pensions Ombudsman and Pensions Regulator. Without your video this would have carried on undetected and I would have missed out on even more compound interest in the meantime. The situation is tricky because the company has since been acquired by another, so it isn't a simple case of getting in touch with them. I do believe this is the result of administrative error and not intentional but it doesn't help me either way. If anyone is still reading this, I implore you to do the boring thing and check your own pensions against your old payslips. Don't take it for granted that your employer is doing/has done the right thing. I'd also like to add how sorry I am to hear about your attack.

@DamienTalksMoney Жыл бұрын

I will make sure others read it by pinning the comment! Well done for checking sorry to hear of this situation but I am glad you caught it

@laurence2824 Жыл бұрын

Damien, your advice is crucially important. I'm 61; I don't smoke, don't drink excessively, am not particularly overweight and taught karate for several years - so I reckon I was in reasonably good health. Who in the world could have predicted that in 2018 I'd suffer a massive brain haemorrhage and would no longer be able to work from the age of 57? If I hadn't made suitable retirement plans for myself I'd be absolutely f***ed now. I started making plans and saved for my retirement from the age of 27 (thank God!). It's much easier to live on a shoestring in your 20s and 30s than later in life so THEN is the time to start squirrelling away assets; you'd be surprised how quickly 60+ comes around!

@DamienTalksMoney Жыл бұрын

Thank you so much for sharing this Laurence. I am sorry to hear that you had a scare with your health and I hope it has not impacted your quality of life too much. Really inspirational that you were able to support yourself via the efforts of your retirement planning and you are an example to us all. The point you make around being frugal while young is spot on. As we get older the cards we have to play get fewer and fewer and when we are 80 or so we do not have the ability to work or earn so really we need to prepare when young. I think everyone gets to a point where they realise hold on I am getting older and I am not invincible. I hope your comment can inspire some of the younger viewers to start taking action like you did! Thanks again mate. Damo

@laurence2824 Жыл бұрын

Thanks, Damo, for your kind words. Without wishing to be preachy, I'll add a bit of detail which might enhance the pension wake-up call! My cerebellum was damaged (that's the bit of the brain dealing with balance and coordination). As a university music lecturer I suddenly couldn't write or play the piano any more. Aged 57 my career was completely over. Period! If I'd had to add being skint to the mix I'm not sure how I'd have coped, especially as my husband left me later that year (my disability must have become very challenging for him). I needed all sorts of adjustments made overnight to the house which cost well over £15,000 on no salary. These made the difference between being able to live independently in my own home or going into care. If I hadn't had a pension lump-sum pay-out I'm pretty sure I'd be in a home by now. When you weigh up a couple of extra skiing holidays I could've taken in my 20s against the next 30 years in a state-subsidised care-home, marinating in my own wee with no private income, it doesn't half sharpen up your priorities!

@curt3494 Жыл бұрын

I'm 40 and have only just started. Better late, than never.

@laurence2824 Жыл бұрын

@@curt3494 You can't do better than your best, Curt. You'd have to be INCREDIBLY unlucky to be hit like a train by a disability as I was. Damien is great on the financial guidance (I'll not be the fool who rushes in where wise men fear to tread) so I'll leave that bit to him. The one bit of advice I would give is: take extra care of your health. Reading the tea-leaves, I'm not sure how long we can keep relying on a fully-functional NHS and state pension system. Too late to be of any use to me now I'm discovering I had several warning-signs leading up to my haemorrhage; hypertension was the crucial one. Keep an eye on your blood-pressure; don't smoke; try not to get overweight; drink sensibly. I think it was Groucho Marx who said: "Giving up alcohol doesn't make you live longer; it only feels like that!" Charles Aznavour, on the other hand, definitely said: "Old age isn't nearly so bad when you consider the alternative." I wish you a long and comfortable life full of every happiness you would wish for yourself.

@LT99_ Жыл бұрын

@@DamienTalksMoney could you do a video on the book Die With Zero. I don’t have and don’t want kids so don’t need to leave any inheritance to anyone. Thanks

@DamienTalksMoney Жыл бұрын

Sorry this one is a bit of a beast! I really think pensions need more attention.. We will all get old one day and the stats around how big the shortfall will be for many are shocking. So please make this the year you take your retirement seriously.

@markmahood3093 Жыл бұрын

Worked for a private company 10 years ago. Would I have been automatically enrolled in a pension or is that a more recent requirement?

@nathankirby973 Жыл бұрын

Love the long videos!! Love the info would happily spend my entire Friday night watching! 😂💪💪

@alangordon3283 Жыл бұрын

I’m whacking as much as I can in mine .

@gavinwelsh4534 Жыл бұрын

As someone who specialises in giving pensions advice, it’s great that you are promoting the benefits ❤

@DamienTalksMoney Жыл бұрын

@@markmahood3093 Just call them and ask mate! It is newer than 10 years i believe but worth checking.

@tradekings5433 Жыл бұрын

This seems like the worst period. Even the market are now very unpredictable. Started invêsting recently when the market prices were a bit high,today I am more than 60% down!

@stevenkarson4392 Жыл бұрын

Most of the professionals on YT and IG copytrade him that's how they make enormous profits from seemingly unknown market.

@dawsondanny990 Жыл бұрын

Lol. I'm one of them. Not a pro though,started last year in all honesty wish I had known about him earlier.

@romneyhugo Жыл бұрын

I'm your new subscriber , Love your content. Trev has already made a name for himself his reviews are exceptional I was able to grow an account close to a million,withdraw my profit right before the correction and now am buying again ..

@wolfhound5108 Жыл бұрын

It's the market, if you can't be on it on the bad days,you shouldn't be in it at all...

@Dr_JK Жыл бұрын

Damien you've done it again, I mean it when I say that when I'm over 100 years old and financially stable enough to look after myself, I'll tell my grandkids or whoever that a KZfaq channel got me here. Thanks to you, I've managed to put away nearly six figures in assets through careful safe investments. Every now and then when something scary happens in the news I can always count on you to give us a less dramatic and focused perspective. A lot of other KZfaqrs and bloggers use scare tactics and are screaming at the camera. As always however, you speak in a calmer tone, and actually explain things. People don't realise that your content is absolute gold dust.

@TonyP_Yes-its-Me Жыл бұрын

My 20 something work mate left the works pension scheme, a few years ago, because, he said: "It's better off in my pocket, than theirs." And he's not alone. I've known others do the same. He's back in the scheme, now though, but it make you worry about some people.

@mitchrils Жыл бұрын

The only reservation I have with pensions is the constantly rising pension age as well as the impending demographic crisis of our rapidly aging crisis. I don’t have complete faith that by the time I’m in my 60’s no greedy government or banker will have tried to pilfer my pension. I am tempted to lower my contributions and invest my money myself where I see it as less vulnerable to these risks. That said, at the moment I contribute the maximum amount as my employer contributes double the amount of my contributions.

@IR._ Жыл бұрын

I know someone that said exactly that and I was baffled. But then I learnt that they recently bought their second home in their mid 30s (believe they’re worth 800k combined, one’s a buy to let). Rare example I know, but I wouldn’t write people off. Some seem to know what they’re doing

@musheopeaus4125 Жыл бұрын

Most poeple are finica!ly illiterate and djmb

@jimbobentley Жыл бұрын

I have 3 pensions and have access to them all. Your talking the truth which a lot of people do not even consider. Good on ya lad

@mmherrebrugh Жыл бұрын

Hi Damien, your comments at 19:25 are a game changer. It has continued to resonate with me for over a month now. We have a 3 year old and a newborn. Both of them have a Junior ISA in which we save a little every year. But following this video my wife and I have decided to rob some of our savings and they will now also get a Junior SIPP with £5,000 each in it. This wouldn't have happened without your video. Thanks! May you long continue with great content. 👍

@DamienTalksMoney Жыл бұрын

Thank you so much for letting me know! The best feeling is knowing two kids will one day be comfortable in retirement and a part of that was my doing, well done for giving them an amazing gift! It will be awesome when you can sit down with them in 20/30 years and go look at what this has done now it is your turn to start paying in

@tateoften Жыл бұрын

Great Video Damien! Maybe make a video on potential investments in this current market that would fetch substantial profit, been coming across articles on bloomberg, business insider etc about folks raking in $200K averagely in 6weeks using some sophisticated strategy and I'd love to know how.

@mchutek Жыл бұрын

In England, he spent a year in silence just to better understand the sound of compounding dividends. And so without further gilding the lily and with no more ado, I give to you, the seeker of serenity, the protector of financial virginity, the enforcer of our budget plans, the one, the only, Sir Damien von Lichtenstein!

@DamienTalksMoney Жыл бұрын

🤣🤣🤣🤣🤣 what an awesome comment. You legend

@mchutek Жыл бұрын

@@DamienTalksMoney Keep throwing in movie clips, and i'll keep commenting. Good work buddy.

@kimwarburton8490 9 ай бұрын

i opted out because i believed i needed every penny to keep my head above water and have SOME enjoyment during my leisure. I was on min wage and it felt like survival. I dont know if that was true or not, im 10-12 years in the future having gone through a gruelling health situation, which gave me the mental bandwidth to educate myself and my personality has also changed, my desires have changed. Thankyou SO very much for giving me links to james and chris' channels. For some reason, youtube has stopped showing me their vids and i had forgotten their names. I spent 1-2mnths away from financial vids, i come back n theyve vanished XD

@MeaningfulMoney Жыл бұрын

You, my friend, are very kind - thanks for the shout out, as ever!

@Simply1ism Жыл бұрын

Thanks for being an example of placing small pensions into a SIPP. I emailed the BBC Moneybox this week to try to get to find out what to do and show interest. I have ticked the box on one small pension to be more invested in stocks. Now just reaching the end of my 40s I had 18 years in a defined pension; very pleased I lasted in the scheme as long as i did! Clarity you are.

@kellywalker4494 9 ай бұрын

One problem is the complete ineptitude of politicians makes the stock market a volatile casino. Those putting money into pensions pay egregious fees and suffer the massive risk that comes with stock market crashes. Yes, the theory is you start at age 21 and stay in the market until you are retirement age and everything will be ok. However, what if you started late. My pensions all took a huge hit over these last 3 years. The damage done by printing all that money unnecessarily will be very long lasting.

@bazwan6396 Жыл бұрын

I wish I could give this more than one like. I will be sharing this with my kids as soon as they are awake today. Thanks.

@elliotsmith9623 Жыл бұрын

Damien, as your lucky one thousandth commenter I'd like to thank you for providing the most concise summary of what I need to do to take decisive action on this essential matter. Your presentation is simple in the best possible sense but obviously very well-researched, and you make clear what the limits of your knowledge are - more should respect their audience by doing the same. Some things are already in place, but more needs to be done and you've pointed me in the right direction. Big respect!

@jonathangiles4854 Жыл бұрын

All this should be taught in schools. Vital. Solid stuff mate - keep it up

@ToolReviewsofToolsIUse Жыл бұрын

What a fantastic channel this is. I'm ashamed by how little I know about pensions when I see a young man like yourself putting it across so well. Thank you for this vid, it's going to help me a lot.

@paulcoverdale8312 Жыл бұрын

Allo Damo, been watchin an learning from your shows. Yday 2-4-23 took the plunge an got a Vanguard investment isa. Just wanted to say thanks for clearing up all the crap we have been spoon fed over the yrs. Cheers mate.

@sampennell5196 Жыл бұрын

Solid content thanks chap. the past year I’ve been trying to get my head around what actions to take for my financial future. I started to take action after I read that 69% of self employed workers don’t have any pension and 86% aren’t contributing to a pension. Source penfold. I’ve watch many KZfaq video, listen to a ton of podcast and read a fair share of articles. Why this isn’t taught at college or A levels is just beyond me. Again this is some solid content bud and thanks you. I will be sharing this video with my younger siblings.

@chrismajor69 Жыл бұрын

I’m in the civil service pension scheme , the benefits are continually being changed and we have had the goalposts moved after years of being in the scheme and planning accordingly . recently the UK government lost a court case for discrimination, check out the mcloud judgement

@davidr7819 Ай бұрын

Much the same with Teacher’s pension ☹️

@adcatman Жыл бұрын

Really informative and easy to understand. 58yrs and starting to become more aware!

@Afrinaturality Жыл бұрын

The coincidence that this video is for me as I was just thinking about my pension yesterday and thinking I really need to up my contributions. My future self will be thankful.

@chrisyates2591 3 ай бұрын

Your project is so important Dammo. Thank your realising this and doing something about it. Yesterday I asked you who you thought the next Jack Bogel might be - I think I may be looking at him. Keep going mate.

@ScrambledEvs Жыл бұрын

Congratulations on the 100k, I only came across your channel this last week. It’s excellent. 🏆

@Mark_Gibson Жыл бұрын

Another great video Damien. I have pensions with previous employers that I don’t keep track of and you’ve inspired me to go back and properly get to grips with what they are. The Knight’s Tale edit was genius btw 😂

@mz-hv2vh Жыл бұрын

Sometimes I see my private sector friends (I work as a trainee lawyer in the civil service) and I'm jealous of their higher salaries - but then I ask them about their pensions and feel a lot better

@adamrobinson2696 Жыл бұрын

Sh*t hot mate! Your content makes financial information interesting! I don’t want to wrap my head in cling film and slowly pass away while someone talks pensions. Only if schools would teach financial tactics and have teachers to deliver the subject in such a humorous and engaging way. Excellent bud!

@jakkuwolfinsomnia8058 Жыл бұрын

This is really good advice, it really makes it harder that finance and pensions are not mandatory school subjects because if they were there probably wouldn’t be as many people in poverty today. I’ve recently moved from my parents, bought my first place and I’m taking ownership over my life and future. Even down to organising messy files, the amount of eye opening experiences I’ve had is phenomenal. The whole pension area really i always kept saying to myself “I’ll never stop working” or “i don’t care if I get too old” but thinking like that is probably what will lead me to being 65 with maybe a medical condition unable to work with no backup. So, taking ownership of my pension and at the very least having a stronger understanding of where my retirement is headed is better than messing around expecting it all to fall into place. I’m taking ownership of everything else I may as well take ownership of this too. Your info was great and really helped me to understand where to start with my future finances. I always wondered where to find the national insurance contributions I didn’t know they were on the gov website (that’s how poorly I understood this topic). Thanks for the video 😊👍

@whtmasterd Жыл бұрын

great video, maybe 30 years too late for many people. 22 years ago. I moved to the US for work. Here the majority of people were more aware of what was required for retirement and as such there were more financial vehicles to assist in the journey. Whilst the US has many issues, understanding that you and only you are responsible for your financial future was the biggest message that resonated with.

@ReconTHG Жыл бұрын

People that are balancing on the break-even every month are not going to worry about these valuable advice.

@99jasonhooper Жыл бұрын

Great video Damien - there is a school of thought that yes age profile will increase re older cohorts but will top out at 100 not 150 even with science improvements and due to poor diet and Covid etc - average age has decreased in the past 2 years. Interesting times…

@blackandwhitetube Жыл бұрын

I've just redeemed my mortgage at mid 30s to shield from a big hike, but being self employed I've done nothing for my retirement, other than the big lump sum I've just sank into the bricks. Going to be playing catch up now by basically paying the previous monthly mortgage amount into a SIP, it'll mean being able to adjust the amount as needed; paying in more when things are good, but also throttling back if things go crazy, not exactly possible if I was still mortgaged. Being a person who graduated into the 2008 financial crisis, I've constantly carried a huge mistrust of the pension schemes that I'd been offered in the past, but it's no excuse for not arming myself with decent info and should have had a S&S ISA running alongside my cash ISA (with an emergency fund in it) all these years.

@peterwalkinshaw5553 Жыл бұрын

Damien, I am also 61 and I mirror Lawrence's comments, your videos are always engaging and very informative. The interesting observation that i have found is that Pensions provisioning does seem to be influenced by the generation you are born into, Us baby boomers (from the 60s) had a save now and purchase later attitude and credit cards were a last option, Currently we have a generation who are maybe sacrificing financial due diligence, in favor of consumer instant gratification. This is social media led, where the latest tech is heavily promoted and saving is not fashionable. Lawrence comment on health is also fundamental, whilst you are saving, remember that God has a sense of humor, and there is a chance that you may not be fit enough to enjoy your accumulated Pension wealth. Arguably the sweet spot is maybe between 65 and 75, assuming you have no debt. Keep up the good work.

@musheopeaus4125 Жыл бұрын

Correct sir . My younger colleagues buy a house then immediately have a £20,000 kitchen and interior refit on the knock and a new hire pp car to complete the look

@beawatton Жыл бұрын

Just a note on workplace pensions - Some firms (like the one I work for) actually append their contribution onto your paycheque as a cash benefit if you opt out. While this is slightly less tax efficient, it is nice if you'd rather (like me) manage the pension yourself

@markhodge2735 Жыл бұрын

That junior Sipp idea sounds like. a genius plan .I had only heard of junior ISAs Going to sort one for my grandson. Had Sipp for 12 years best thing I could have done with my pension .

@DamienTalksMoney Жыл бұрын

Incredible gift for your grandson Mark! Securing his retirement from a young age. He is lucky to have you

@utterlee 10 ай бұрын

This video cajoled me into increasing my pension contributions!

@grahamlewis6777 Жыл бұрын

well said.. it took a friend to tell me a few years ago what a huge tax saving pensions are, and to consider what my spouse is paying in too, to realise I was making the wrong decisions on my savings. I owe him so much now. I even have friends who are nearing retirement who have a good income and not even maxing the pension deductions when they could. Just throwing money away (figuratively).. So many get this wrong and don't realise this is the biggest UK tax benefit that exists and should be maxed. Well done making this front and centre of your video, and like the laid back casual man of the people vibe you project, it helps get the message across.

@webzfamilygaming1304 Жыл бұрын

Damien, this was a great video, Thankyou! Ive recently turned 40 and have realised i really need to start taking care of my future finances. Ive now got a S&S ISA with 212, and luckily have the beneift of being in a DBF pension scheme. Ive got 27 years to sort this out and your videos are a great help to point me in the right direction for research!

@VishalGuiris Жыл бұрын

What a banger of a video! I can't stress pensions enough to my family members and friends.. It's such a big thing but hardly ANYBODY GETS IT!

@DamienTalksMoney Жыл бұрын

No one gets it mate like you say it is madness.. You are doing a great service pecking your families heads about it.

@Andysfishing Жыл бұрын

I like your comedy aspect in the videos, cool.

@pauledmed592 Жыл бұрын

Brilliantly put Damien, really nailed the subject with this one, thank you

@patrickhd34 Жыл бұрын

I had to extract a relative from an SJP investment trust. I had my IFA work out the SJP fees, it took them a day to do it. Works out that over 6 years the "advisor" earned more than my relative. So part of the issue is hidden rip-off charges and companies that tell you a percentage, but will not tell you a yearly figure. When the onus shifts to individuals the issue is the companies waiting to exploit that. take advice from a properly regulated IFA, but I also do my homework and make the ultimate decisions regarding investments. Educating yourself is an ongoing process. But on the plus side my relative reduced their yearly fees from 34k to 5k - think about that. Now they receive proper independent advice and they get to keep much more of their money.

@mtb5778 10 ай бұрын

another great video. human behaviour is so hard to explain. our psychology can just ignore future problems.

@techmidas Жыл бұрын

Thank you @Damien Talks Money, really good talk. I have been treating my pension as the ugly step sister; 2 things people don't wanna talk about is getting old and dying so maybe that's why pensions and funerals get brushed to the side but definitely will push this to top priority after this vid. Thanks mate.

@CryptoSafetySquad Жыл бұрын

I transferred all my previous pensions into vanguard, huge fee savings and the ability to invest in the indexes that I desired, best move ever imo..

@KerrBearrxo Жыл бұрын

I could listen to you all day

@kaopin14 Жыл бұрын

I've followed you and other personal finance channels for a while so I knew most of what was covered, but I still appreciate that you're continuing to educate people.

@move3759 Жыл бұрын

The right approach, become financially self sufficient

@billmccreath9930 Жыл бұрын

Excellent advice Damian. I have retired on a decent pension with a reasonable amount in the bank. If I had acted earlier I could have much more to see me through to reaching "The End of the Road" (©Boyz II Men). I hope that anyone young people listening to you act now. They will regret it if they don't. Cheers

@LawrenceAnton Жыл бұрын

The man, the myth, the legend strikes again. Great video geeza no need to keep apologising!

@leahspasova Жыл бұрын

Damien, thank you for your content and hard work on those videos! It's appreciated! I also want to highlight - well done for promoting other folk's content, as they may cover it in more depth and all. There are so many ppl out there who wouldn't promote anyone coz they're so small-minded and scared of the ''competition''.

@raymondwebb4179 Жыл бұрын

As a gift I paid into my grandchildren’s pension pot ,on birth , they still got there 20% a lot of people don’t realise that. Children get this uplift ,with a firm called Hargreaves lands down plus it cannot be squandered in early years as it is tied up until 57,

@lauratau3206 Жыл бұрын

Damien your videos are gold!! I can not thank you enough, super useful and never heavy!

@DamienTalksMoney Жыл бұрын

Thank you Laura! Really appreciate this.

@Gazo79 Жыл бұрын

Great video. Very informative Just recovers you channel. Well done young man, well done 👏

@peterward6205 Жыл бұрын

Great vid. Thanks for doing this. More and more people need to know about pensions rather than assuming the state will look after them.

@Gemstonetarot Жыл бұрын

Brilliant video! Just wanted to add, if you’re lucky enough to be in a pension scheme like NHS or Civil Service it’s worth looking at added years that you can buy. They don’t tell you about it usually but it’s worth it in the long run.

@jdizzle1779 Жыл бұрын

Fantastic vid. Opened my eyes to how much I need to catch up. Came out of my scheme to help Dave to buy a house but need to get back in this year without fail

@Icebergsalad Жыл бұрын

Thank you, Damien. You are helping me a lot 💡📝 27yo, finally getting some clarity about life in society 👌

@wilgoldsworthy950 Жыл бұрын

Brilliant! The only KZfaqr worth listening to! Well done sir 👏👏👏👏

@pawelk9876 Жыл бұрын

I'm 42 and I don't have a private pension, all my money I invest, most in properties. 3 buy to lets and mortgage free house I live in. Planning to retire before 50

@gavinderbyshire5535 Жыл бұрын

Great content and something i need to do. I’ve got multiple pensions with different companies. Some are now out of business but I guess there’s a paper trail.

@MoonBrainLondon Жыл бұрын

Try the government's free Pension Tracing Service.

@SajSajidmk 5 ай бұрын

If pension company is out of business? Does it means you investor lost all money? Or uk government or anyone protect ppl investment?

@britishroyalty372 Жыл бұрын

Damien talks a lot of sense. Fast becoming the best financial youtuber.

@davidlee8999 Жыл бұрын

only watched a couple of your videos very easy to watch and easily explained being now retired I looked very hard at my pensions my employer contributed 7.5% and so did I the result was 100k plus 120k from previous employer so thankfully in a decent position yet colleagues still refused to pay into a company plan and very often the reason was they didn't want to give "them" back their income I honesty believe the lack of education on pensions and financial matters is very poor I know when I left school I could add up but financially I was ignorant

@Todbrecher Жыл бұрын

hi, german here. I am currently planing without our miserable pension system...I am able to save roughly 40% of my net income - and this will even rise with payrises, as I don't automatically increase my standard of living with a pay rise.

@HeartoftheMatter Жыл бұрын

Damien this is the best video you have ever made. Well done buddy! My employer contributes 14% towards my pension, and I am only required to contribute 5% . I decided that I will match what my employer is contributing after all it is tax free. Love what you said about child SIPPs, I think it is an awesome idea and less burdensome on the taxpayer. How do we mobilise to get this to become legislation?

@kenjepson1908 Жыл бұрын

Yes "pensions are complicated" and therein lies the majority of the problem for the average person, from my experience you can do everything you are advised is right but end up shafted. I paid (over paid in fact, lots of AVC's) into a pension scheme for 18 years and ended up with less than I paid in due to corruption and negligence (pension holidays for the company, loans to the company from the pension scheme and a merger with a badly performing management only scheme) the only people who made anything from that scheme were the people who ran it and the solicitors and advisors who were involved in sorting out the legal mess at the end, 18 years is a lot of compounding to try and catch up on, and I still have to navigate buying an annuity at some point. My current pension pots are pretty dire, my own ISA and stock investments have far out-performed the pensions and, due to my age, a lot of my pensions were tied up in bonds (bonds are safe and pension companies put more of your money into them as you get closer to retirement... but they're safe, right!) bonds can't take advantage of a rising market and then came Kwarteng and May's "budget".

@aerial558 Жыл бұрын

The biggest problem when it comes to pension (Private) the general public doesn’t like saving, taking on credit YES? Back when I was 21 years old I decided and advised by my father you need to take out a pension. I took his advice and started my pension. Every year my pension rep would pay me a visit and explain that I need to increase my monthly contributions. Where I am going with this it became unfordable due to other financial commitments? I believe if the pension rep was so pushy I would have kept too the original payment and increased it more realistically? Today nobody wants to save as the time frame is so far away, and jobs are to volatile? Great content as usual 👍

@leezygeezer Жыл бұрын

Great information and content. I am in an atlas master trust fund for my pension and have come to the party very late. Trying to find actual market comparisons and performance of the fund has proved elusive.....

@teams3345 6 ай бұрын

Yes, they told me before I graduated from college almost 40 years ago. Just max your 401k and if you don’t know where to invest put it in Guaranteed Interest. When you get older you will learn how to invest.

@gregorwilson4899 Жыл бұрын

Damien, you are the goat! I've learned more about finance from your channel than in the first 40+ years of my life. Do you have any go-to recommended finance books? will you write a book of your own? keep up the great work my friend. 👌

@mrericpritchard Жыл бұрын

I started a SIPP last year; you are totally correct. Great videos, keep them coming. Great style.

@JoeHardacre Жыл бұрын

Appreciated all the advice, but the knights tale clip was the icing on the cake.

@adrianellis2433 Жыл бұрын

Excellent Video as always. Just a quick warning for anyone close to retirement Don’t rely on the Gateway for a correct state pension Get it in writing. I’ve known a few people who have come up short after using the internet calculator.

@charliep6235 Жыл бұрын

Had to like this just for the ‘not unusual’ pun. Great video!

@evandroitaly Ай бұрын

I'm Italian, things don't necessarely apply here, but we have a 'newborn bonus' (parents get 1k for having a child) while I argue they should create a Junior SIPP as well (ETFs, global, can't touch it until going in pension, etc...) pretty much like you are saying.

@davidwalsh9807 Жыл бұрын

Brilliant edit Damo - great use of the room at the start Made me laugh out loud

@King_Harrold Жыл бұрын

JSIPP concept is something I've said for years 👏👏👏👏👏👏👏 Shame no government will do it.

@BeastProSHADOW Жыл бұрын

NAY! The Pleasure ! God damn love your vids mate

@DamienTalksMoney Жыл бұрын

You are a legend for watching all the way!

@Henry-nt5zg Жыл бұрын

Couldn’t agree more mate. People really over complicate pensions. Employers and pension providers scare people into the cautious or even balanced portfolios, full of government bonds, which helps who? Surprise surprise, the government! I moved my entire workplace balanced fund into a few low fee index funds, globally diversified, for long term higher growth at low fees. I picked iShares index trackers with US equity, UK equity, Emerging markets and developed Asia. Simple as that!

@jonw6279 Жыл бұрын

Damien, Brilliant. I spent my last 5 yrs working maxing out my pension contributions and advising all around me to do the same. Was very grateful to be allowed to be made voluntary redundant at 54 yrs old and enjoying my retirement knowing I have the funds to live as I want to....just!!!

@screambluemurder101 Жыл бұрын

Nicely done 👌🏻

@noizeuk Жыл бұрын

I have 9 years of unpaid contributions on my gov record. I can clear 4 of these for 500 quid so I will be looking to do that asap. The other 5 are 500+ each, but I am surprised they count if you're in education?!

@davidwarwick6378 Жыл бұрын

Damien, your videos are first class, they need to be on main stream TV. Although our rules differ here in Australia from the UK and it would be easy to turn them off, they are enjoyable and very relatable. “ It’s not unusual “ ( Tom Jones) for me to watch them a few times. Keep up the great work.

@DamienTalksMoney Жыл бұрын

Wow you are in Australia! Now i could keep the Tom Jones thing going and ask how do you watch the videos all the way from the other side of the world,do you "spy on me baby use satellite?" But i wont.. instead i will just say thank you so much for watching the videos once, let alone twice!

@davidwarwick6378 Жыл бұрын

@@DamienTalksMoney you can keep going with Tom Jones just ease up at calling me a sex bomb

@robertpearce7795 Жыл бұрын

I have two pensions and have control of them both - A lot more "set it and forget it" than my ISA though.

@andrewmansbridge1491 Жыл бұрын

Great video. Had saved into a pension since I was 24. Going to check my accounts to see what I have saved as I’m now 43

@peterstokes8631 Жыл бұрын

Hi Damien, I hear your passion and think this is the best video you have made, well done and keep up the good work!

@TwinTiger Жыл бұрын

You are a fantastic teacher! These videos are some of the best content available on youtube. Thank you for YOUR time! 🙏

@Asif24960 Жыл бұрын

I agree. Prepare for the worst and hope for the best. I’m 36 and all my planning is on the basis the state pension will be nil.

@DamienTalksMoney Жыл бұрын

Yep! best way to be. but i must say if it is going to be nil get on with it and let me keep the NI...

@Asif24960 Жыл бұрын

@@DamienTalksMoney unfortunately that’s never going to happen. More likely to keep it in one form but call it something else. Politicians really are the scourge of society

@Ricky-kd5km Жыл бұрын

I’m the same age as you and I’m just forgetting about the state pension. If we get it then it’s a nice bonus.

@Asif24960 Жыл бұрын

@@Ricky-kd5km best way to be and it’s great to see more people around my age thinking about retirement now. I’m literally the one in my circle

@Ricky-kd5km Жыл бұрын

@@Asif24960 haha same here not one of my friends or family engage in the pension conversation 😂

@Ricky-kd5km Жыл бұрын

I’m front loading my pension as I know I want to stop working before I’m 55. My plan for the last 16 years has been to max it out to allow me to stop paying into one day and for it to grow until and can access from 55 +

@alastairford7145 Жыл бұрын

I think this is your best video yet. I still can't quite believe you managed to cover so much ground in just 22 minutes, and so many valuable calls to action. Brilliant!

@DamienTalksMoney Жыл бұрын

Thank you so much for this. I was worried it was information overload but this is so good to read. Thank you as always for watching Alastair.

@Life_Literacy Жыл бұрын

Absolutely fella! When talking about finances in work and stocks and shares reply I normally get is ‘na, cash ISA is best as stock market goes down as well as up”. When I highlight that all pensions are floated on the markets in varying funds in the market… they are surprised and have no idea about their pension! Such a let down in education system not teaching this stuff. This is why channels like yours are so important!

@DamienTalksMoney Жыл бұрын

It is crazy that most have no idea what their pension is even invested in considering they will spend 1/3 of their life living off it! Most people can say the rate of their mortgage no problem… but pensions are just ignored

@lawrencer25 Жыл бұрын

Fabulous video. Thank you 👍👍👍🥳🥰🕺🏽🤩🤓

@Dr.JubairsFinance Жыл бұрын

You made a video on pensions engaging, well done Damo

@boyter8 Жыл бұрын

Just discovered your channel yesterday. Love what I'm seeing and hearing. Keep up the great work.

@elliotpollard9083 Жыл бұрын

Good video but dead pixel on your camera, thought my TV was knackered!

@alestorcrowley Жыл бұрын

Fantastic video, learned a lot and find the way you demonstrate and explain very clear and approachable

@LiamR90 Жыл бұрын

Agree with the comment on SIPPS for children. The state pension is going to fail eventually anyway.

@madds6678 Жыл бұрын

Thanks Damien I’ve been putting off the 2 dormant pensions I have a normal one & a contracted out serps which I am probably paying double fees on both been meaning to combine the 2 into 1 but it fills me with dread. I also have another with my current employer which they have changed from 1 pension provider to another only now for our company to be sold & transferred to another company in 3 months which no doubt will be changed to another provider 🤬. I’m 57 next month & don’t have a massive pot (due to missing 15 years paying into one as I couldn’t afford the mortgage & pension contributions so one had to give) I’m hoping I can combine all 3 together depending on who our new provider might be but if not the 2 into a sipp. The whole pension thing is a nightmare & can certainly understand why most people bury their head in the sand. My personal thoughts is the government could provide a basic state pension which everyone gets & then people who work could pay additionally into that for a better pension & if you change jobs it doesn’t matter as your paying into the one fund. It’s probably too simplistic but apart from that I think a sipp is the way to go & the government force employers to contribute to the employees chosen sipp. It would nice if you could cover sipps & the different providers like pension bee & the likes. Once again thanks for your videos which have helped me seriously start thinking about finances , I now have a life strategy isa & savings isa so have made a start pension review next.