Check the description for the links to the sources I mentioned. These might be useful too: 🔴 kzfaq.info/get/bejne/orVioZybtJyVk6c.html - Click here to watch Ultimate Guide to Paying Off Debt 🔴 kzfaq.info/get/bejne/Y7-Wast1v5rSiJc.html - Click here to watch Ultimate Guide to Budgeting
@stevenerskine7512 жыл бұрын
Question: If my state pension shows max, and Ive paid into it for the required amount of time to claim the maximum amount, can i retire/go off grid at 50 and still claim state when I am 68? or do I need to keep contributing to receive it? thanks
@alangordon32832 жыл бұрын
@@stevenerskine751 do what you want
@NicholasBall130Ай бұрын
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
@cowell621Ай бұрын
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
@StocksWolf752Ай бұрын
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@TylerJamestownАй бұрын
Mind if I ask you to recommend this particular coach you using their service?
@StocksWolf752Ай бұрын
Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@VictorBiggerstaff16 күн бұрын
Thank you so much! This is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon. I plan to start the year on a strong financial note.
@alexsteven.m641424 күн бұрын
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
@bernisejedeon588824 күн бұрын
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
@yolanderiche747624 күн бұрын
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
@fresnaygermain818024 күн бұрын
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
@yolanderiche747624 күн бұрын
Sharon Marissa Wolfe is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@fresnaygermain818024 күн бұрын
She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
@TheJackCain-842 ай бұрын
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
@Jamessmith-122 ай бұрын
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@kevinmarten2 ай бұрын
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@JacquelinePerrira2 ай бұрын
Mind if I ask you to recommend this particular coach you using their service?
@kevinmarten2 ай бұрын
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
@JacquelinePerrira2 ай бұрын
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
@Deborah-r6xАй бұрын
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@Essien-ijАй бұрын
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@Deborah-r6xАй бұрын
@@Essien-ij However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@Essien-ijАй бұрын
@@Deborah-r6x Oh please I’d love that. Thanks!
@Deborah-r6xАй бұрын
@@Essien-ij Clementina Abate Russo is her name
@Deborah-r6xАй бұрын
Lookup with her name on the webpage.
@costelloj70 Жыл бұрын
Thank you for this im 50 and started late, I wish financial education like this had been more readily available in my youth, keep up the good work!
@Michael-4 Жыл бұрын
Sadly I'm 60 and have nothing, but I'm an optimist and expect to die before retirement age.
@klobmiester Жыл бұрын
Life’s a bitch and you’ll probably live to 100🎉
@alangordon3283 Жыл бұрын
Not very optimistic 🤷♂️
@pen21996 ай бұрын
Same here, I'm surprised I've hit 59 dying skint has allways been the plan
@Me-ll4ig6 ай бұрын
Made me laugh
@leemcarthur43346 ай бұрын
Have you thought about saving a bit of money by your retirement, then move somewhere like the Philippines, buy or rent a property and live on your state pension? It might just be an alternative to dying skint 🤔
@parismozzy5388 Жыл бұрын
Thank you so much! Fantastic advice! I’m 35 and have no pension yet. There is hope for me after all!
@daveburgess97866 ай бұрын
My father had his own home, great pension,private & state.He got dementia & had to go into a home, i had to sell his house to pay care fees & accommodation in excess of 50k p/year. He was the only one in the home that paid! Moral of the story is whatever u have they take ,so sometimes better off having just a few quid in the bank.
@yoeddie25384 ай бұрын
The moral of the story is put your home in a trust.
@davestevenson90804 ай бұрын
@@yoeddie2538 moral of the story is look after your health, dementia is entirely avoidable through proper diet
@polaris71224 ай бұрын
@@davestevenson9080 put your house in trust, it's obvious!!
@davestevenson90804 ай бұрын
@@polaris7122 No, I put all my time and attention into strength training and collecting weapons. I cba to do any system bulls***
@Allegro_Giusto4 ай бұрын
@@davestevenson9080🥴
@marilynseptember214 ай бұрын
Pay off bad debts first - Credit cards, loans, etc Current finances - Bank balances, Pensions, etc How much to live on day to day - calculate for the year and add 10% Get you state Pension when you retire - Guaranteed amounts Remove the guaranteed pension from what you need and find a way to get the difference - target amount needed Save if you can and or other sources of income - Rent part of your home or whole home (move somewhere cheaper) Increase savings if you can by 10% each year - pay the money into work place pension - your employer will top up your pension (check with your employer if working) and if not working save in a higher interest account Budget really hard to find more money to save - cut down unnecessary spending Learn more about savings and investments and pensions - commit to learning more to improve your circumstances
@Whalewraith Жыл бұрын
A lot of people don't get £20,000 even when working.
@jercruse Жыл бұрын
Been sorting my pension out, been telling the family how important it is..but after watching you , will send them the link as you have explained it so well..cheers Pete 😊
@MeaningfulMoney Жыл бұрын
Thanks for that, JC!
@PaulHardingham Жыл бұрын
Of course, one of the big problems is that you can really scrimp now to save for your retirement but no-one knows when our last day on earth will arrive, and we only get one life. Would it be better to live a "good life" now and every day rather than risk having a paupers life now and then die 1 day after retiring? There's no second chance to live our lives again.
@Stupot20246 ай бұрын
Start early enough and it's unlikely to be a paupers existence as a couple of hundred invested as a teen each month into a decent Global Tracker in a SIPP would bring in a decent amount later in life. Best to use a Workplace pension and get the Employer contribution on top though. Can't understand people not taking advantage of this extra money into your future.
@Bossman5256 ай бұрын
@@Stupot2024What if you have a large pot of savings but no pension??
@Stupot20246 ай бұрын
@@Bossman525 I'd say use your maximum ISA allowance to get your lump sum well invested. Pay into a SIPP too to get the tax enhancement. Use your spouses allowances too if you trust them enough. Bank accounts only allow you £1000 interest earnings or only £500 if high tax payer. I've got a wedge in premium bonds which although not ideal are tax free earnings and doing better than I would get in a bank so far.
@Bossman5256 ай бұрын
@@Stupot2024 appreciate the advice
@CCP_Operative4 ай бұрын
investing gives you more money
@tancreddehauteville7642 жыл бұрын
After a load of false starts and bad work experiences after leaving university I finally started saving for a pension at age 29. Now I'm 55 and have saved up £690k in my fund. I'm hoping to retire at age 61 with a shade under the 55% tax threshold.
@u3vs62cja Жыл бұрын
That’s a tidy pot. I’m 24 and I hope to end up with something like that one day. Spend it well, mate.
@fredatlas43966 ай бұрын
What 55% tax threshold. There's 20% basic rate, 40% higher rate and 45% maximum. You pay 40% on income above £50000 per annum and I think it's 45%, on income above £125000
@Me-ll4ig6 ай бұрын
Are you bragging ?
@tancreddehauteville7646 ай бұрын
@@Me-ll4ig Not at all. Many are far richer than me.
@watson9466 ай бұрын
I don't understand how you will pay 55%. Do you mean higher rate tax?
@beaverundercover3479 Жыл бұрын
Thanks for the optimism. Would love to see some illustrations.
@TheSpeedDemon6662 ай бұрын
I turn 60 this Saturday (29th June) and lately I have been waking-up very early in the morning thinking I have not planned for retirement. I haven't got much at all but this video has given me some hope but my situation is so straight-forward and I see myself working for many more years to come.
@radhikasingh38402 жыл бұрын
What wonderfully helpful advice this is. Even for those of us who are not in the UK! Thank you.
@MeaningfulMoney2 жыл бұрын
Thank you Radhika, and thank you for watching!
@samhemsworth69338 ай бұрын
Love this channel 💖 clear and concise delivery 🌟
@ray5869 Жыл бұрын
You'd think this topic would be taught in school from a very young age, i wonder why it's not 🤔.
@Andy-si1pl Жыл бұрын
We all learnt about compound interest in school but we thought we had ages and then we forgot about it because we stopped doing maths. There should be a strong focus on "life skills"
@andy_xtr3861 Жыл бұрын
Yeah exactly, trigonometry and algebra instead.
@alanmurphy81376 ай бұрын
Because the government don't want you to prosper and want you in debt. That's a fact.
@gonnahavemesomefun6 ай бұрын
Totally agree. Two years ago I sorted my finances out as I saw 50 looming. At the same time I educated my kids. Got them into good habits with pocket money, ISAs and even their own pensions. It's not difficult to teach and I have no idea why the schools don't teach it. My two boys now focus on the excitement of seeing their bank balances grow instead of wanting to own the latest designer cr^p. It's been an amazing thing to watch. They now choose not to buy things more often than buying. It's a crime not to teach kids these skills.
@MM-ev1fg4 ай бұрын
I guess your statement makes it obvious who really should be teaching this. Our parents and family.
@F0ssil3 ай бұрын
I found this channel today, and felt this was a decent place to start. I am lucky in that I do have a few pensions already that I have had for some time, I’ve no real debt but I don’t have a property which is something that I focus on. I wil go through the steps though as I don’t know what they are all worth and never worked out a budget so to speak on what we would need later in life, so ill get that done. Thanks for explaining in a clear way.
@MeaningfulMoney3 ай бұрын
Glad it was helpful - good luck!
@nyemartin57373 ай бұрын
When I reached 66 last year I soon realised the state pension wasn't enough to live on, now I work to make ends meet, couldn't retire if I wanted to 🤦♂️
@leejones33776 ай бұрын
Thanks for this. I'm a late starter knocking on the door of 50. Other than a pension I had during my apprenticeship I told myself I'd never live to see pensionable age so why bother. My family has a history of male heart trouble and i started suffering from panic attacks at the age of 21, this is way before people had heard of them and the only thing my doctor told me was to get back to work, which i did and silently put up with them for over 20 years, everytime feeling like i was about to die. It''s only this last 5 years that I've stopped getting them regular. Only joined my company pension 10 years ago because of this fear. 18 months ago I started watching you tube investors like yourself and opened a stocks isa with vanguard, been putting £500 a month into a global index since. Now I'm worried I'll be to late, I still might not make pensionable age but I'm trying.
@AgileSnowWeasel3 ай бұрын
If you have offspring/wife/favourite charity then make sure your pensions list them in the beneficiaries section, so the pension is passed to them in case you die early.
@summerrr13 ай бұрын
Who lives at number 50? Why are you knocking on their door? Are you a postman? This video is about pensions, not delivering parcels.
@devinraymond3 ай бұрын
Rather than worrying about money, concentrate mainly on keeping physically fit. This will then enable you to collect a decent wood pile and carry tarpaulin, cardboard etc for reasonable distances. Whilst you are still able to look at youtube, take some time to look at how to build make-shift shelters in the woods, and trap rabbits etc.
@charlottet7548 Жыл бұрын
I’m glad I’m watching this in my early thirties!
@celiaresells2 жыл бұрын
Thanks Pete, I only started with investing/pension last year at age 48.. I'm doing my best to retire at 57 .. I only have a low level manual job wage, but am now on track as I invest at least 50% of my earnings.. Please keep doing videos like these, it gives hope :)
@MeaningfulMoney2 жыл бұрын
That’s the way, Celia! Great job - goes to show that anyone can make a difference to their future!
@tancreddehauteville7642 жыл бұрын
Blimey! I'm surprised you can survive on so little.
@katemck13952 жыл бұрын
Thanks Pete. Starting two new jobs next month: tutoring and supply teaching and the main reason was to get back into a teachers pension so I can pay extra in. Am 55, clueless about all this and am in a housing association flat. Glad I found your channel as I’ve been really worried.
@MeaningfulMoney2 жыл бұрын
Great to have you with us, Kate. Anything you can do now will make the future brighter, so more power to you - go for it!
@katemck13952 жыл бұрын
@@MeaningfulMoney binge watched some of your other videos and have already taken some action. NI record checked, emergency savings pots created along with car + Christmas ones. At 55 and in rented I’m not going to be ‘minted’ but I’m feeling very empowered by just giving myself the opportunity to learn some stuff. Gone my whole life being mindless about my money. First target is to whittle the debt down ( 14,000) and then pile into my teachers pension which I’m returning to next month from a local government one.
@saanvi848 Жыл бұрын
I am 55 years old with passive income and very little savings set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns.
@steffan683 Жыл бұрын
@@saanvi848 Buy index funds if you wanna be safe, though you’d probably be better off just going to Vanguard or something for that
@jaluriaja6294 Жыл бұрын
@@steffan683 Even with the right technique and assets some investors would still make more than others, as an investor, you should've known that by now, nothing beats experience and that's final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I'm buying again
@happyguy78362 жыл бұрын
I went through a divorce in my 50's that severely hurt my retirement planning. I immediately began flipping houses to make up the difference. It sucked, but now I'm am flush again.
@fredatlas43966 ай бұрын
What do you mean flipping houses, how do you flip houses
@Ma55ey3 ай бұрын
50's...... i'm 38 and freaking out lol
@jeanpaice20216 ай бұрын
I paid into a work pension schem from the age of 40 to 61. I brought up two children on my own. I paid approximately £50 to begin with and gradually increased it to £ 100 per month. At 55 I had over £ 50, 000 but then this got hammeted because of Truss and the stockmarket going mad. I lost £ 13, 000 in one fell swoop. I have left my pension untouched and it jas increased by £3,000 but I am still £ 10,000 less than I had. I feel sick about this.
@MeaningfulMoney6 ай бұрын
I’m sorry to read this. That would suggest your pension was heavily invested in bonds. They will recover, but it might be a bit slower than the time it took to lose. As interest rates start to come down bond prices should edge up. Sorry you have had a bad experience.
@imranhaa3 ай бұрын
Take the money out and put it into Gold. I guarantee you in 5 years time you'll have trebled your money and in 10 years time you'll have x5 minimum, if not more. The other great thing is that it has intrinsic value. It can't just disappear because somebody decided to do a bad investment with your money
@elijaprice6 ай бұрын
For the "it's too late, there's no point now" people, I'm always reminded of my uncle, he reached the age of about 73, and had nothing, no assets, no pension, no savings, and had spent his life 'bumming around' (as my dad put it). His family lived in permanent fear of him turning up on their doorstep and saying "Hi! I've come to stay! (indefinitely)". One of the reasons I'm kicking myself that I left it so late, and am very keen to play catch-up now, is I'm desperate not to be 'that guy', who has nothing.
@trevorcooper52232 жыл бұрын
Love this. There needs to be more of this kind of stuff for those that think there position is impossible. Good practical advice that shows there is hope for all of us
@MeaningfulMoney2 жыл бұрын
There is indeed, Trevor, and thank you 🙏🏻
@vinay48862 жыл бұрын
Thanks for another great video! You make a good point about pensions but most people forget retirement planning involves not just pension money but other assets. Owning your own home is a massive plus and we often underestimate the monthly saving this translates to.
@MeaningfulMoney2 жыл бұрын
Totally agree Vinay!
@ballisticsmeg2 жыл бұрын
I started a pension when I was 23 a tiny amount never noticed it going out of my account and now at 58 its worth 100k, I'm mortgage free have 150k savings I'm not in the best of health manual jobs all my life but I am going to stop work this year its anoth to live not like a king just live but without the stress of work. Life is a gamble but give yourself a helping hand later in life it may pay off.
@MeaningfulMoney2 жыл бұрын
I wish you a long and healthy retirement!
@harasukekuroi33472 жыл бұрын
Inspiring mate 😊
@tancreddehauteville7642 жыл бұрын
So you have a £250k pot including non-pension savings? At 58 I don't think it's enough. I suggest working another 5 years.
@dallassukerkin68784 ай бұрын
@@tancreddehauteville764 I think it does rather depend on your spending habits - for me, 12k a year would be enough to cover my needs, which only requires a 5% return from a pot of 250k
@gavinmcleod74463 ай бұрын
Move to south east Asia or anywhere where the pound will stretch a long way ….rent your property out and live on the monthly rental you receive ,along with your pension, you’ll be living the life of Riley….leave the UK .
@arnoldrimmer916111 ай бұрын
Very helpful and encouraging thanks
@jameschu83763 ай бұрын
I started rebuilding an entire life at age 40 with a backpack of clothes and £12 in pocket, so stuff like this saying it's not impossible to still build upto a retirement is fantastically motivating!
@Bossman5256 ай бұрын
I’ve just discovered your channel. You explain finance in a very simplistic way and you’ve obviously seen more life than most of the young guns that have KZfaq platforms. My question to you is this, I have a fair amount of savings but no pension Pot. What would your advice be in my case. Im late 30s.
@maltesetony90302 жыл бұрын
Encouraging & wise words for the not-so-youthful.
@MeaningfulMoney2 жыл бұрын
Cheers Tony! 'Not-so-youthful' - I like that! (And I feel it!)
@mohamedpatel39782 жыл бұрын
I'm 62 and this video gives me hope.
@MeaningfulMoney2 жыл бұрын
That’s all I wanted to do, Mohamed! Remember - it’s NEVER too late!
@jmcdowall154 ай бұрын
Some cleaver mathematics here. 3k per year for 17 years, plus on average compound interest of 6% using the rule of 72, it would take roughly 12 years for your 3k to double in interest. Take into account that your savings keep growing as you keep adding to it, therfore the interest you earn will go up. After 12 years of saving 3k would give you 36k, double that with your compound interest, it would give you 72k, however, as you didn't start with 36k to begin with the amount would be much lower. More closer to just over 45k. Add in the next 4 years of savings and interest you will earn on such an amount would get you to just under 90k 👍🏻 So, if anyone wanted to give their children the best retirement or their grandchildren a good start in life, saving 3k in an account with 6% compound interest for 51 years would give them a nice 1 million. Compound interest, the 8th wonder of the world 😜
@paulburton515014 күн бұрын
My wife (54) doesn’t have a pension and recently inherited £400k. Should she use this to start a pension? It’s putting most of it into the pension immediately a good idea…or does it only make sense to spread it and pay in the £60k tax limit per year. As you can tell, i am not money savvy!
@rawdah7862 жыл бұрын
Great Channel, I’ve Subscribed 👍🏼
@MeaningfulMoney2 жыл бұрын
Great to have you with us, Urwa!
@richardmcgreary6368 Жыл бұрын
Thanks! This video has really lit a fire underneath my butt, to take my future by the horns like I know I should have been for many years already!!
@ellendean22734 ай бұрын
I think it is amazing that you find time and patience to answer to almost everybody. Your videos are very inspiring but sometimes you may be too optimistic. I constantly worry abour the future, can't afford finiacial adviser but when I ask people at work they don't seem to know much about pensions or to care. Most of them have no idea how much they have in their pension pot. At times I feel weird that I am researching this topic and saving (about 500 pounds monthly into my employer's pension) because most of my educated colleagues completely ignore this issue.
@MeaningfulMoney4 ай бұрын
You’re not weird, you’re ahead of the game! And you’ll retire more effectively than your peers. Keep going, keep learning and enjoy the journey - your future self will thank you! 👍🏻👊🏻
@MeaningfulMoney4 ай бұрын
You’re not weird, you’re ahead of the game! And you’ll retire more effectively than your peers. Keep going, keep learning and enjoy the journey - your future self will thank you! 👍🏻👊🏻
@jonm1892 жыл бұрын
Superb video Pete; there's hope for me yet!!! Thank you 🍻
@MeaningfulMoney2 жыл бұрын
There is indeed! Go for it Jon!
@dnichol27606 ай бұрын
No good when you are 55 private renter have an employee pe sion thats been abused by employer ih and cannot forget the od and cc oh ang pl ,got no chance
@craig1175 Жыл бұрын
Only just found you on here Pete, great vid very useful
@tonyska4 ай бұрын
Good to see Gary Newbon looking well..👍
@christines54302 жыл бұрын
I really appreciate your videos. Always practical and encouraging.
@MeaningfulMoney2 жыл бұрын
And I appreciate your encouragement Christine - thank you x
@shamps25 Жыл бұрын
Brilliant video Pete thanks, I'm 52 and anxious about the future,i have 2 small pension pots totalling 65k and 22k in my current workplace pension which I pay in £600 per month including Their Contributions, hopefully i will be debt free in 5 years,what is my out look for retirement at 67/68? Thanks in advance Regards Shane
@rob16XC7 ай бұрын
James shack(another equally good yt channel) cashflow planner is a spreadsheet that helps you work this sort of thing out, free to download etc videos to help use the spreadsheet. Very interesting to see what things may look like in the future and what small differences can make over many years
@kbeesmot9928 Жыл бұрын
If you `re in a position to pay in £250 per month from 50 to 67, the chances are highly likely you will already have a pension pot. In the early part of the example, from 67 the bloke said an income for pensions (state and DB) of £12,000, ergo only £2k from the DB, that is exceptionally low. I was in a DB from 1987 to 91 and as a youngster was on low pay, probably from £7K to £14K in that four years and when I get to 65 may "Members Pension Payable from Normal Retirement Date" is £25,600pa. I cannot see how a DB in the example in the video can only be approx £2,000
@robi45142 жыл бұрын
Great video Pete and realistic advice on how to dig yourself out of a pension hole! I myself was in a similar position eleven years ago, in my late forties and after having to close my business after the 2008 credit crunch, and virtually no pension. Well through very hard saving and investing over the last eleven years, and doing pretty much what you describe, I now have a pension pot of £300K. So I am living proof that your approach does work. But two things I would add, you do need to earn a decent income to achieve it, and it will HURT somewhat. But when the pot starts to build up, these large sums don’t seem so unreachable anymore.
@MeaningfulMoney2 жыл бұрын
Well done Rob - just shows what can be done if you put your mind to it, but I absolutely accept it isn’t easy…
@tancreddehauteville7642 жыл бұрын
That's a lot to have saved up over 14 years but doable if you have a 'professional' income.
@howardturner7466 ай бұрын
My best friend planned for her retirement all her life, invested wisely and built up a huge pot. One month from retirement she learnt she had cancer and died the following year at 56, I stopped worrying after that. No plan ever works out how you think.
@MeaningfulMoney6 ай бұрын
I’ve seen that happen too many times. It’s why you should prioritise today while not neglecting tomorrow completely.
@thelight138525 күн бұрын
Do you think it’s worth it to save into a pension if you’ll never buy a home? With my salary buying a home is impossible. Pensions are great assuming you paid off your home. What you didn’t? It’s impossible with how rents and property costs are
@natsdaley96153 ай бұрын
You're like the UKs Dave Ramsey thanks for this
@MeaningfulMoney3 ай бұрын
I’ll take that - thank you!
@TheMpdavies2 жыл бұрын
Fantastic video, so informative on Money and building wealth
@MeaningfulMoney2 жыл бұрын
Glad it was helpful!
@neilstewart97064 ай бұрын
Look after your body and mind, don't worry to much about the material stuff, life's temporary.
@TheStubertos4 ай бұрын
Why not look after your body, mind and finances? They are not ;utually exclusive.
@davidlittle71824 ай бұрын
Can’t help but think you were testing us with the ‘20% of 20 thousand pounds’ calculation
@meredithelbert66088 ай бұрын
I and my husband just sold one of our properties… any idea what to do with the capital?
@jerryscotfield69138 ай бұрын
I made some money in real estate then invest my profit into stocks but it is a tricky game and you need all the help you can get
@ParishBlein8 ай бұрын
Very true… stocks is the way to go, invested 200k last December and I am already up a million dollars… looking forward to next years analysis with my advisor… pretty excited!
@Lorre3868 ай бұрын
Pls who is your advisor and how do I contact?
@montyloads7 ай бұрын
Does Emily have fairy wings and a swag bag hidden up her skirt 😮
@geeman40416 ай бұрын
@@ParishBleinof course you did 🙄
@pamwoan50632 жыл бұрын
Sorry unfortunately my brother in law put heaps in his pension sacrificed his life to have a good retirement and died at 62 never saw it we need to enjoy life who knows what life has in store for us
@MeaningfulMoney2 жыл бұрын
I agree with your sentiment, Pam, and I’m sorry to hear of your loss. It’s about balance. Putting nothing away for the future makes as little sense as sacrificing everything for tomorrow and not enjoying today. For everyone who unfortunately dies early, there are more who are living longer and need to be able to support themselves through a 30+ year retirement.
@andrewcarter7503 Жыл бұрын
It's sad that your brother died so young but most won't.
@capcomgenius39745 ай бұрын
Hi Pete, great video!, I earn 50k per year and am on the 20- 40%tax threshold. Is it worth my next pay rise of £5000 (for example), taking a salary sacrifice and asking my employer to put the full £5000 into a SIPP account of my choice?. Could I also then do an extra 3% and then get them to match the 3%?. How can I explain that this benefits them as well?.
@ncrongendov7334 ай бұрын
Saw my doctor yesterday. High blood pressure, chest pains, high heart rate, high cholesterol and a sliding hernia. Went home and added another £200k to my life insurance so my wife and child are OK. This morning the usual sausage, egg and bacon baguette with brown sauce and a builders’. I’m 58 and retirement isn’t a worry
@ncrongendov7334 ай бұрын
@@springwood1331 if done right it’ll be lights out Vienna. My grandfather was my age when he went to
@AgileSnowWeasel3 ай бұрын
Cheerful. Take the BP meds and get some exercise. You'll have a stroke and spend 20 years in a wheelchair.
@TheAdamRawks6 ай бұрын
We're not going to get to retire regardless the way the UK government is going.
@MeaningfulMoney6 ай бұрын
People have been saying that for decades, if not longer. So we have to take things into our own hands…
@andrewcarter7503 Жыл бұрын
I don't think there's anything wrong with seeing "retirement" as being a reduction, not necessarily a cessation of work. Who reading this who is working wouldn't like the idea of 2 or 3 days' working and a 4 or 5 day weekend? Might mean taking a different sort of job. Even a minimum wage job would give you about £7k a year for a 2 day a week job. Maybe just for just the first 3,4 or 5 years after getting to state pension age. Sure, it's not ideal but "ideal" would be winning the lottery 🙂 . It's about being realistic. Planning that could mean whatever you have in a pension pot has an extra few years to grow before you need touch it. As this great video makes clear, just because you've done nothing to date, doesn't mean you can't start planning today!
@cannontrodder10 ай бұрын
Late reply to this comment but I agree that the idea of retirement being picking up a golden clock on the Friday and then stopping completely. Keeping active in old age means a better retirement and a bit of work 2 days a week sounds perfect!
@elijaprice6 ай бұрын
I heard someone say recently "The key is to able to retire, but not want to". My dad and some of my friend's dads have all done a similar thing, they 'retire' in their mid 60s, but then take a part-time job at B&Q or whatever - my dad works a couple of days a week at a school, not because he desperately needs the money, but because he likes it. He gets to stroll down there of a morning, chat to the staff, chat to the kids, do a bit of work, and then be home again before my step-mum finishes work for the day. He told me he'd keep doing it if they stopped paying him.
@alexblue69912 жыл бұрын
I worked for fifty years long hours low pay because I paid into a works pension I get less of a government pension than someone who couldn't be bothered to get off their arse and work
@MeaningfulMoney2 жыл бұрын
Are you sure that’s the case, Alex? You may be talking about SERPS/S2P pension. Also it depends when your state pension age is - have you already retired?
@alexblue69912 жыл бұрын
@@MeaningfulMoney yes it is but I'm still paying taxes it still not right for someone who couldn't be bothered to work
@alexblue69912 жыл бұрын
@@MeaningfulMoney yes I'm 70yr
@gordonjames82332 жыл бұрын
An inspiring video. I'm 52 and have been maxing my ISA for the past 3 years. Also using a SIPP. I wish this information had been so easily available in my 20s. This has to be one of your best!!
@MeaningfulMoney2 жыл бұрын
Thank you Gordon, and we’ll done for taking radical action! Your future self will be glad you did! 🙏🏻👊🏻👍🏻
@richardkelly11242 жыл бұрын
Problem can be that we get taxed on our income and then put some after tax into ISA as it seems it’s tax free. If it’s possible to take money from salary and divert it to pension without tax - that’s a big difference
@knobbyrusset13862 жыл бұрын
Hi Gordon, are you maxing a cash ISA or a stocks and shares ISA. If the former you are effectively losing money as the interest rates are tiny compared to inflation.
@gordonjames82332 жыл бұрын
@@knobbyrusset1386 S&S ISA. I'm way down in it for this financial year.
@knobbyrusset13862 жыл бұрын
@@gordonjames8233 I dare not look at my Vanguard ISA after today, I prefer property.
@amahmood37992 жыл бұрын
Really nice video but the starting position of magically having a 5k per annum pension just sitting there doesn't seem reasonable ... and adding that magic income to the required pot of 250k really does make it harder
@MeaningfulMoney2 жыл бұрын
There are very many people with Defined Benefit pensions who may have guaranteed incomes. Plus, the full state pension is £9500 a year approx, so most people will have some kind of guaranteed income.
@alangordon32832 жыл бұрын
My pension is 9709 per annum after commuting a tax free lump sum. I started receiving it at 42 and it 55 it will increase by the annual CPI in the intervening years. Current rough estimation is it worth £13200 at the moment . I’m paying into a workplace pension £ 120 Pw .
@PaulrB1968 Жыл бұрын
I am only here for the Lego Land Rover
@necroCODE6 ай бұрын
I wish school would teach people real life economics. Some people die not even knowing what an index fund is.
@mrkitewine7700 Жыл бұрын
Thanks for this, it has given me hope. Would you recommend focusing on mortgage overpayments (to reduce the mortgage term) or paying extra into the work place pension? I can only realistically do one of these.
@minimad8793 Жыл бұрын
Can you not split the difference?
@johnporcella23752 ай бұрын
If you pay off £100 off the mortgage, what will you save? If you pay £100 into your pension, what will you make? If you are getting tax relief on your pension payments, I suspect the pension wins every time. But make sure that you have a cash buffer or reserve should you need emergency funds.
@imranhaa3 ай бұрын
If you've got a 3 bed house, ideally you should have paid it off by retirement. Split it into 2 and have a 2 bed flat on rent upstairs. Keep the downstairs as your UK base and emigrate. With the rental income and your state pension, you'll live very comfortably in a hot country and be able to get cheap housemaids, carers and other workers. That's what I'm planning for, the UK doesn't care about the elderly. They are just seen as cash cows by the government, hence the 40% inheritance tax and unfair interest rates on savings offered. These banks make double digit growth on your savings but offer you less than half of what they earn on your money.
@Gotta_Keep_Moving_On2 ай бұрын
When it comes to dividens from a mutual fund ..how would people know they're getting the right amount? I ask as it's something I find difficult to get an answer about. Currently have about £7000 in an UBS S&P 500 fund and get about 27p to 40p 'distribution Reinvestment' each month...is that about right or should I be switching? Im about £800 up and happy with the low cost 0.09 fund...just find the dividend side hard work after seeing so many yotube videos. Really appreciate your channel as somwone who is really trying my best to make a better future ...a little too late of course.
@CheJoffre2 жыл бұрын
Off topic...but where did you find that Land Rover scale model in the back? Love it.
@MeaningfulMoney2 жыл бұрын
It’s the Lego Technic model. 12-hour build - absolute bliss. My Xmas pressie last year!
@deputydd43642 жыл бұрын
That made me laugh too. I have 4 friends (all middle aged, kids etc) and we all bought during lockdown without realising the others had too! It's awesome. Lego set 42110
@CheJoffre2 жыл бұрын
@@MeaningfulMoney thank you!
@imranhaa3 ай бұрын
Call me old school but I've never had the trust in pensions and their volatility. Pay off your mortgage quicker by using your savings into an offset mortgage. Then use your savings to buy one 2 bed flat outright and put it on rent. This rental along with your state pension should give you a yearly income of c£20k. If you're on your own or with a partner and you live in a 3+ bed house, either downsize and have extra capital or, convert the upstairs into a 2 bed flat and put that on rent as well. Keep the downstairs as your own 2 bed flat and emigrate! Better still, if your figures add up, go to an all inclusive resort in Egypt, Morocco, Turkey etc and it will cost you c£1.5k per month with nothing else to pay for. No food , gas, electric, water, etc. Your state pension and rental from the 2 bed flat will easily cover this. The rental you'll get from your converted 2 bed flat upstairs will be added income just building up! This is my plan for retirement.
@DamienTalksMoney2 жыл бұрын
Loved this one Pete and your studio/office looks amazing.
@MeaningfulMoney2 жыл бұрын
Thanks bud - it’s taken a long time to get to this stage! Hope you’re well 👊🏻
@DamienTalksMoney2 жыл бұрын
@@MeaningfulMoney I am sat here wondering how on earth you present so well to camera without a single cut or stumble in your words.
@MeaningfulMoney2 жыл бұрын
Not a chance mate - it’s called an autocue!
@MeaningfulMoney2 жыл бұрын
And great editing by my comrade in arms£
@johnwitham53534 ай бұрын
You haven't allowed for inflation. With inflation that extra £10k needed could turn out to be nearer £15k to £20k meaning you would actually need a pot of around £400k-£500k.
@AgileSnowWeasel3 ай бұрын
In general you try to accommodate inflation by reducing the return by 3%-ish, so if a pension returns 10% on average (some years are good, others are bad), you calculate growth using 10-3=7%.
@johnwitham53533 ай бұрын
@@AgileSnowWeasel So out guy here is talking about 6% average annual growth for 17 years. Are you saying the actual growth would be 9% and the 6% is a 'real terms' growth rate having allowed for inflation at 3%?
@AgileSnowWeasel3 ай бұрын
@@johnwitham5353 Yes, S&P500 returns 10% on average, FTSE World is 11% on average (shorter history though), and there are various risk profiles. So if you thought US Tech Stocks were still going to grow massively in the next decade you could get an S&P500 Tech ETF like IITU and get even more. At some point you switch from investment into speculation territory though, and it's down you how much risk you can stomach.
@AgileSnowWeasel3 ай бұрын
@@johnwitham5353 Obviously as you watch more of these videos you'll hear a lot about SIPPs, Stocks and Shares ISAs, and ETFs, and it turns out these are fairly simple to get into, and the risk is spread over lots of different companies. It's why a lot of people use SIPPs instead of pension companies, it reduces the fees (which I didn't mention).
@tc97162 жыл бұрын
Please address the massive drop in pension funds that has happened since January 2022. I have lost 26% over of my two funds in five months since mid January and the rate of loss has accelerated. I have been losing £800 a day for the past ten days on one of my pension funds. Be realistic. We have inflation, a war and soaring energy costs, plus Brexit effects. It could take many years for the funds to recoup what they have lost and I am at state retirement age and was wanting to retire in a year. I am very worried about this. Please provide analysis that is based in reality.
@MeaningfulMoney2 жыл бұрын
Watch this space, TC
@TheOnlySMG5 ай бұрын
@@MeaningfulMoneythis comment aged like fine wine!
@ellendean22734 ай бұрын
Agreed. Please consider talking about the safest option. I have been thinking about investing for a year now and reading about but my main worry is not to lose the money I already have. With this attitude, is the likelihood of losing money with work pension provider lesser than with SIPP? Afterall these are gov backed companies? That's my naive thinking...
@rover-t4 ай бұрын
Thanks for this sound advice. So important to have no debts (inc mortgage) as soon as possible in life.
@MultiOutdoorman Жыл бұрын
Regarding pension planning ? My main concern is the losses my pension has made , my IFA and wrap sipp pension are taking fees out of my pot every year even though it has lost 5 k in 12 months. I don't trust my "new" advisor to do what's best for me ( they are a takeover "phoenixed" company) and my original IFA has disappeared under a new name. I refused to sign the forms they sent out due to my cynicism. 4 years ago it was worth 82k and now its only 75k. I am uncomfortable paying any more into this haemorrhaging pot. I am 57 , self employed and had this going since i was 20. Any guidance is appreciated, Si
@MeaningfulMoney Жыл бұрын
Find out WHY it is losing value, Si. Fees will be a part of it, but most important will be the underlying investments. Learn what’s in there and how it works. Plenty of videos on my channel about investment funds etc. Learn about investing - your future wealth is at stake. Good luck…
@MikeeTompkins3 ай бұрын
Watching this at age 47 and about 15k in the pot. Will have my state pension and Army preserved pension payable at age 60 and 65. I'm at that point in my life where I'm starting to worry so going to start putting away to build that pot up. I don't really want to be working in the job i do pass 67.. 20 years to go 🤞
@MeaningfulMoney3 ай бұрын
More power to you - I believe in you.👊🏻
@thetudors98752 жыл бұрын
Thank you so much for this post , really appreciated this !!!
@MeaningfulMoney2 жыл бұрын
Glad it was helpful!
@mickrobo60734 ай бұрын
You can manage on 25,000 a year no problem if you have no mortgage or dept .easy if your not on high status life ..
@carolaspinall19656 ай бұрын
That's good advice for sure but I have been sleep walking into my pension years and I'm 62 without a plan or any assets. Is there anything I can do?
@chrisdugs61875 ай бұрын
Excellent video
@u3vs62cja2 жыл бұрын
I'm 24 and the thought of having nothing in a pension worries me so much! My boss (in her 40s or 50s) told me she didn't use a pension and I felt nauseous...
@MeaningfulMoney2 жыл бұрын
Ha! That’s the right response, Matt! Start early and all will be well…
@lisajel522 жыл бұрын
My husband was adamant about putting money away to retirement in our 20’s. I thought he was mad! Every raise, a portion of that got socked away. We did it, I reluctantly. I never got the boat I always wanted or the motor home I thought would be fun. Or the expensive clothes or vacations. Did we have fun during these times? Absolutely! We made our own fun and it never cost an arm and a leg. All of a sudden we are in our 60’s and have more money than we thought possible. We were NOT ever highly paid, just average people. He was just smart about how to succeed ❤️ Everyone can do it.
@mitchmitchell74704 ай бұрын
Thankfully I retired at 50.
@getawayhs28564 ай бұрын
Hmm, scrimp now, be frugal, for something you may well never get the benefit on. I'm more trying to work out how I might live, but also spend all my assets and not leave anything behind.
@MoonVision_16 ай бұрын
He just speaks the obvious, offers nothing but hope with easy speak.. he may as well say just buy several lottery tickets a week. If you are in the position of basically nothing at 50 with no assets then sacrificing your remaining healthy years away by saving and enjoying nothing in the present for some elusive future that you may not even reach is bad advice.. reality is you will never save enough and the stress of worry achieving that may likely kill you.. so continue to live for now and enjoy life aa it happens.
@darstow14 ай бұрын
So in 2019 I had a pension pot worth 67k in a low to medium risk fund. Current world affairs caused my pension to drop to 59k in 2021, a loss of 8k. "Don't worry", they say, it'll recover! So in March, it got back to 64k only for me to lose another 2k! So, is it really worth investing your pension and even continue contributing into it. At this rate, it'll take a further 5 years to get back what I've lost?😢
@AgileSnowWeasel3 ай бұрын
The past year has seen excellent returns in competent pension schemes. Your issue is that you've gone safely-safely and been affected by bond markets performing badly just as the high risk equities have performed as they always do, excellently (averaged over the long term).
@gerry23452 жыл бұрын
I like this vid. Good insight.
@MeaningfulMoney2 жыл бұрын
Thank you! 🙏🏻
@Scolopente4 ай бұрын
Pension? I've lived abroad since I was 25ish. Many different countries. I'm 54 and have little savings... I'm planning on dying as a retirement scheme.
@auntagatha25094 ай бұрын
Having to leave the country (uk)!
@johnmoors49692 жыл бұрын
Thanks for another great and informative video, i've shared with my work colleagues many of whom are significantly younger but figured the sooner they start, the less painful it's going to be. Unfortunately many of them joining the company far later in life than i are on a Dc pension whereas mine is part DC and part DB. Hopefully they will take the info on board.
@MeaningfulMoney2 жыл бұрын
Thanks for sharing, John. the more people hear this stuff the better, eh?! I appreciate your support...
@davidmarsh5966 ай бұрын
How do you (me) go about finding an old pension from a workplace that no longer exists. So even if I had the address of that company at the time , there's no one to contact to find out who the pension provider was with and I have no payslips to look at. I have asked a few ex colleagues and they don't know either. Also on the government website I can't find the company. I worked at coast stores ltd in the UK. Coast in name only does still exist, but it has entirely different owners.
@janelloyd76014 ай бұрын
Very inspiring
@paulf8517 Жыл бұрын
At 4:30min: 12000£ from guaranteed pensions?. What is that?
@MeaningfulMoney Жыл бұрын
State pension plus a couple of small workplace pension schemes, per the example. ONLY an example - many people will only have the state pension guaranteed, currently £10,600 (23/24)
@paulf8517 Жыл бұрын
@@MeaningfulMoneyThanks for your answer. Does it mean £10,600 after the full contribution (38 years)?
@MrKlawUK6 ай бұрын
53 here. Aiming for 67 retirement. Do I (a) push for three years to clear mortgage then invest in work pension (40% salary sacrifice) for 11 years? or push a little less hard on the mortgage to free up some additional contributions to the pension for those three years?
@jimmygill16352 жыл бұрын
If my money is in a pension why can I not just take however much I like when I want & how I want ??….this was the reason I never was really attracted to pensions in my early years. It’s my money so should be able to draw down how I prefer & not be told how I can draw it down.
@MeaningfulMoney2 жыл бұрын
It’s a good point, Jimmy. The answer is that because you get tax advantages for paying into a pension, the flip side is that the government sets rules about how and when you can access the money. That’s fairly standard across all developed economies, not just the UK. The best thing is is to get the benefit of a pension while also (if possible) saving into an ISA, which don’t have the same restrictions.
@RDR14566 ай бұрын
I just checked £264 a month at 6% annual interest over 17 years, it comes to £90,000. This guy said £12700. Confused 😢
@pqoeuehsnskduxueownwudispwsn3 ай бұрын
Compound interest, the longer it has to compound the better.
@debramac79644 ай бұрын
So where do you get 6% and compound interest these days?
@MeaningfulMoney4 ай бұрын
Here you go: Invest For Growth - Beat Inflation - Retire Well kzfaq.info/get/bejne/sJd5jZeGrtLVj2g.html
@BobGP1 Жыл бұрын
When the nhs forced this hormone uids my mum suffered from this 20 years ago nhs stopped forcing this type and leave more choices. So being told its you not the device seems like a I make money off selling this type of attitude from a business.