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What retirement income will a £100K PENSION POT provide? Episode 2 Pension Income Planning
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Күн бұрынIn this second episode of a pension income planning series we look at your options with a £100K/$100K pension pot. What retirement income will a £100K pension pot provide? Can you retire early? What are your options for topping up your pension further - watch and all is revealed.
Illustrative figures are given for people retiring in their mid-60s but state pension age increases will also affect annuity incomes when you do come to retire.
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Bouncing Back, is a £100k pension pot enough, is a £100k pension pot enough to retire on, can i retire with £100k, what is a £100k pension pot worth, what can i do with a £100k pension pot, what is the average pension pot size, what annuity can i buy with a £100k pension pot, what is the average pension pot by region, what is the average retirement income, what is the average pension pot uk, how much to save for retirement uk, how much money do i need to retire, retirement planning, can i retire early with £100K, how much income can you generate from a £100K pension
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DISCLAIMER: This is NOT financial advice, it is financial education. Be sure to seek a professional financial advisor for advice tailored to your needs.
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@alexsteven.m6414 Жыл бұрын
The thought of retirement makes me cry, My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. . It’s so difficult for people who are retired.
@yolanderiche7476 Жыл бұрын
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
@belobelonce35 Жыл бұрын
@@yolanderiche7476 Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $350k since then.
@edelineguillet2121 Жыл бұрын
@@belobelonce35 I will be retiring in three years and I have a goal of doing that with $1M. How can I reach out to your advisor?
@belobelonce35 Жыл бұрын
@@edelineguillet2121 JULIA ANN FINNICUM , is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@madharry6792 7 ай бұрын
@@belobelonce35how do these advisors charge? Monthly or one off percentage?
@edward.abraham 11 ай бұрын
Pensioners grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor, I'm currently retired at 40.
@james.atkins88 11 ай бұрын
Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
@hunter-bourke21 11 ай бұрын
It's regrettable that many individuals lack access to such insights. I understand why people might become anxious. Insufficient information can indeed pose significant challenges. Personally, I've been able to generate over $63k passively simply by investing through an advisor, and the best part is, I don't need to exert much effort. Regardless of economic fluctuations, skilled wealth managers consistently deliver returns.
@rebecca_burns14 11 ай бұрын
@@hunter-bourke21 Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
@hunter-bourke21 11 ай бұрын
Do your homework and choose one that has strategies to help your portfolio grow consistently and steadily. *Camille Alicia Garcia* is responsible for the success of my portfolio, and I believe she possesses the qualifications and expertise to meet your goals.
@Believer292 11 ай бұрын
I've taken the initiative to research Camille Alicia Garcia online and verify her credentials. I'm impressed with her expertise, and I've reached out to her to share my financial market goals in detail.
@MiikeFaber Жыл бұрын
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,
@sherryie2 Жыл бұрын
Everyone needs a different stream of income , unfortunately having a job doesn't mean security due to the high rate of tax , one needs to move ahead their expectation, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.
@user-3456rtu Жыл бұрын
@@sherryie2 true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@c.t.u.o Жыл бұрын
@@user-3456rtu Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@user-3456rtu Жыл бұрын
@@c.t.u.o credits to NICOLE DESIREE SIMON, one of the best portfolio manager;s out there. she;s well known, you should look her up
@c.t.u.o Жыл бұрын
@@user-3456rtuI looked up your advisor's full name and she appears to be trustworthy and knowledgeable. She is a fiduciary who acts in any individual's best interests. So I left a message on her website, and I'm hoping she responds soon.
@SurvivingRetirement 8 ай бұрын
I have as pension pot of £ 120,000 and I just use the draw down facility. I am able to draw down £ 12,000 per year. Hopefully I won`t run out of money before I go to meet my maker!!! I am 71.
@brownwellson54 9 ай бұрын
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point........
@LorenaG.Cresswell 9 ай бұрын
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge/professional
@GudrunScharrer 9 ай бұрын
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment........
@LorenaG.Cresswell 9 ай бұрын
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.....
@GudrunScharrer 9 ай бұрын
There are a lot of independent advisors you might look into. But i work with Stephanie Kopp Meeks” and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her...............
@LorenaG.Cresswell 9 ай бұрын
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII..........
@TheSilvercue Жыл бұрын
I have just started thinking about all this (I am 52) so this is great timing and very useful.
@steeleye2112 2 жыл бұрын
Well that's nice and simple. Basically if you've got 100k and you don't own your own home you can forget retiring at all, which is what I expected. Thank god I enjoy working.
@chrisgaskell3706 2 жыл бұрын
I had a 100k pension pot but Equitable Life managed to reduce that to 60k so I transferred to a different company who also managed to grow it to 55k after 5 years in a money fund.. So on moving to Spain I transferred it to a Qrops and drew it down over 4 years managing to only pay 4k in tax. I spent the money on renovating my house and building bnb accommodation. The house has increased in value by over 150k and I now have two income streams that will last into my retirement which as I have no intention of retiring until I am well into my 70's I will continue to work as a builder for two years then turn to my house and land and enjoy working that as a business and leisure for 7 or so years. I am into my sixties but still have great health and a fit and functional body. I see many retired people in their 50's and early sixties and many seem bored with life.
@normhanson981 Жыл бұрын
Really informative, thank you . I own a small property in York with no mortgage and I’m on course for 100k pot plus my state pension . I don’t expect to retire early though , I’m 60 now and I’ll be working till 67 . Very useful, thank you .
@joneastelow3242 4 ай бұрын
I have worked for the same company for 15 years and in that time the pension scheme has changed provder 3 times. I have scooped that into a privately run pension that is properly managed and regularly reviewed. Company pensions are better than nothing but you will get better returns if you do your homework in my situation. And yes, there are fees but I'm doing pretty well with a higher risk level. I'm planning to semi retire ( I hate the word retire) and do something totally different a few days a week during the winter months.
@cheshirehomebrew 2 жыл бұрын
Really appreciate the videos and have subbed too. My thought is to take a higher income from aged 57 for 10 years via income drawdown and then reduce the amount once I can claim my state pension. For me there is no point in having the biggest pension pot in the graveyard.👍
@BouncingBack 2 жыл бұрын
Yes that is an option too. How we all decide to take our pension income will be personal to us all. Certainly those of us who want to retire earlier than the state pension age will likely take a similar approach.
@tomthompson7400 2 жыл бұрын
@@BouncingBack depending on the dependants situation , must confess Im thinking exactly like that too .
@hungtai7671 2 жыл бұрын
Definitely an option and please remember there is no right answer. Do what is good for you and it sounds like you got your head screwed on as in you known what you want to do. Unlike a lot of people I speak to.
@Senna-xi1gr 3 ай бұрын
Great information as always. Thank you. 👍🏆
@davymc6764 2 жыл бұрын
Im 56 and retired this year due to ill health with a pot of 134k. I already had 1 rental generation £540 per month and took 25% from my pot for another rental deposit which generates £515 a month. I drawdown £1000 a month. Growth this year has been 19.5% allowing for the covid nosedive....ive taken 41k and still have 115k left. Forecast is to have 25k left at 67 when full state pension kicks in. Use drawdown and other imcomes. You cant take it with you. Currently my income equates to a salary of 31k after tax.
@DSmith-ix1xf 2 жыл бұрын
Well done!
@user-gz6tx6yp3v Жыл бұрын
If there's 2 of you working with contributions to full state pension that's £19,240pa pension. Now if your mortgage is paid off you can live ok on £1,603. An extra £10k a year is really needed on top for spending money and holidays to be comfortable. You can also set up an equity release as a monthly income, as opposed to a lump sum draw down.
@azieltobias 4 ай бұрын
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
@Buffet-walton22 4 ай 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.
@mellon-wrigley3 4 ай бұрын
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
@sloanmarriott5 4 ай бұрын
*@mellon-wrigley3* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
@mellon-wrigley3 4 ай бұрын
The decision on when to pick an Adviser is a very personal one. I take guidance from “Gertrude Margaret Quinto” to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
@Buffet-walton22 4 ай бұрын
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
@colindaly302 2 жыл бұрын
Very good 👍 ,, I'll av bout 100 k in about 3 years 👍
@dallassukerkin6878 2 жыл бұрын
Good and straightforward, thank you. As someone who recently discovered just how poor my workplace pension was shaping up to be, it is good for someone to be putting out the warning that, even with the State pension, retirement before 65 (68 in my case) is a bit of a dream and, even if you can afford to take retirement at all, you won't be taking any Pacific Islands holidays!
@BouncingBack 2 жыл бұрын
Glad it was useful
@Hide_and_silk 2 жыл бұрын
A little off topic but look at home exchange for exotic travel. We've travelled across the globe for extended period paying only for the cost of the flights (£600 each for 5 weeks in Hawai'i for example swapping homes and cars). A quality retirement is as much about managing spending as it is about managing income.
@dallassukerkin6878 2 жыл бұрын
@@Hide_and_silk What a splendid idea! That was creative thinking indeed.
@EtonieE25 Жыл бұрын
@@Hide_and_silkBrilliant well done yous! 👍😎🙂
@Sukariguru374 Жыл бұрын
Thank you for this information
@ericwilliams7520 2 жыл бұрын
Nice video, good advice, and would appreciate further for £250k, £500k, £750k, £1m and £1.25m with LTA exceedance advice in the last video. One observation the sound levels are very low in this and the previous video.
@timothypeacock2737 2 жыл бұрын
Thank you for the advice Plain and simple advice… no complicated words, just plain advice. Rebecca xx
@TheDaf95xf 2 жыл бұрын
Morning Helena. Another really easy understanding pension video 👍🏻 Hopefully I’ll have £180k pension pot in 2023 when I’m 66. I’ll be working for an extra year and will defer my state pension for a year. Hopefully that be enough for a reasonable retirement. Can you do a video about deferring your state pension? Thanks Stevie 😘
@BouncingBack 2 жыл бұрын
Thanks for your comment - I'll look into your video suggestion - cheers
@chris-vn6sw 2 жыл бұрын
Recon I’ll retire to Laos 27p a pint £1000 acre for land. 🤔🤔
@charlieboyvespa8610 2 жыл бұрын
How do people who rent retire?
@paulkane6645 2 жыл бұрын
Great vid thank you. The defer option at 12:23 doesn't look great! In the calc example, a whole year deferred will mean you delay getting 52wks x £179.6 = £9339. You get an extra £10.42/week but at that rate, it will take over 17years to get all the £9339 money back !
@stephenmatura1086 2 жыл бұрын
I think deferring would only make sense if you were a higher-rate tax payer who is still working.
@tonyh1460 Жыл бұрын
Couldn't agree more, people don't 'do the maths', I like the government are hoping you'll die before you get your pension
@jondavies450 11 ай бұрын
Related to this topic could you please tell use about fixed term annuity and none crystallised pension lump sum - thanks.
@bobdunn3222 Жыл бұрын
Bravo, one of the few so called ‘retirement experts’ on line to mention natural yield. Obviously if you only take the natural yield, even if the stock market falls, your income is lest unaffected. So few people get this. Although slightly worrying mentioning Vanguard (income experts they certainly are not) and actually the fees are irrelevant if performance is quoted net of fees. Sometimes it’s worth paying more to get a higher more sustainable PPS income (not yield as yield is irrelevant bar point of entry) but overall a good video so thank you
@FlyingFun. 2 жыл бұрын
100k is too low, inflation will turn it onto nothing in no time. I have just invested my money in stock market and hope for the best but prepare for the worst, my house is big enough to rent out a couple of rooms if push comes to shove. Here is the UK we are woefully unprepared for retirement if 100k is above national average.
@christopherflynn843 2 жыл бұрын
To be fair I agree. My missus works in a care home on low wages and didn take a pension out until 27 and her pension is currently sitting around the 100k mark with 24 years of work to contribute and grow. If you retire with less than 100k frankly you better have a good excuse or you get what you deserve.
@FlyingFun. 2 жыл бұрын
@@christopherflynn843 she should be ok with 24 years to go hopefully. My wife is NHS and we worked out her pension the other day, she was a bit shocked just how small it was going to be with only 10 years left. I never trusted pensions and being self employed decided to save the money and buy a second house to rent out instead , worked out well until recently when tenants trashed it and the new Gov tax changes kind of forced my hand to get rid of it and invest the money in stocks, not sure that was wise with all the impending doom and gloom around stock market but time will tell.
@chrisflynn9273 2 жыл бұрын
@@FlyingFun. the markets dropping are a good thing as long as you as you can put more money in. If you are retired its a case of tightening your belt. The reality is the 4% rule is a guide its not a "rule". If you have a few bad years in the market and keep taking 4% it could be hard to recover with a small pot. Personally im going to be going with the 2 or 3 bucket method in conjunction with the 4 or 3% rule funds depending. I have an ok pension and we save extra in a stocks and shares ISA so we can subsidise her pension. Just make sure you dont sell if yhe markets go down. You have not lost money, they have lost value which will rebound back over the years stronger. You only lock a loss in when you sell. Sorry to hear about your second house, that terrible.
@kenbuckley2211 2 жыл бұрын
Really appreciate the video, I am 65 and reach retirement age next September. I contracted out, but don't remember doing it. I paid into a pension but never increased the payments, so naturally I am now panicikng.
@donaldgaff2271 Жыл бұрын
@Alexedmartin. Жыл бұрын
Congrats on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Last year, I hesitated and failed to take any action until the year concluded. However, this year, I am determined to try something new, as I am very receptive to various investment ideas
@donaldgaff2271 Жыл бұрын
@@Alexedmartin. < Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Regina Louise Collaro) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance.She is quite popular for her services so you might have heard of her. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I’ll advise you do get a good Investment advisor for yourself.
@donaldgaff2271 Жыл бұрын
@@ugojazzy7812 by looking for her name online, you can quickly uncover her information. She recently appeared on CNN and she is really simple to deal with no matter where you're located
@stephaniefythm Жыл бұрын
@@emeldcentor1474 I am one of many people who has benefited from investing with Regina Louise Collaro, and you are right. When I lost my work due to COVID in 2020, I had no reason to live, and it will always be a memorable year in my life. I owe Regina my life since she made it feasible for me to live well through passive income. To be very honest, I believe she is an angel who was sent to assist individuals who are through financial hardship.
@boswellwhanau 2 ай бұрын
I think with only a 100k pension pot it becomes vitally important to be mortgage free, debt free and also still working part time to supplement your pension income.
@hankbarnes8674 2 жыл бұрын
£100k pension pot with state pension is not enough. In 30 years time who knows whether the government will still pay state pension. I'm saving/investing on the basis there will be no state pension when I retire. If somehow there is state pension when I retire, it will be a pleasant bonus.
@emilyfrazier8392 Ай бұрын
take the cash, buying a plan is a rip of unless u live to 100, and even then s&p pays more over year.
@stephenmatura1086 2 жыл бұрын
Interesting to see the huge difference in average pension pots between Edinburgh and Glasgow.
@anthonyrthomasuk 10 ай бұрын
If you're still working, if you took your tax free cash and put it back into your pension you'll get a tax top up, has anyone done this.
@Toby_the_Glen 2 жыл бұрын
What about those that dont own their own home and rent?
@davidcooks2379 5 ай бұрын
Time to buy.
@MrRawMonkey 2 жыл бұрын
It is essential that people check NI contributions before they retire. I was getting class 1 contributions that should have covered an entire tax year but due to an administration error I was a few weeks short. Just being one week short would have meant I lost that entire year. Even though I have paid NI for 46 years only 34 years had counted towards a state pension and this was the final year that was short. It got sorted but it is essential people don’t make assumptions.
@robbloom272 2 жыл бұрын
Great follow up video, thanks Helena 😊
@BouncingBack 2 жыл бұрын
You're welcome
@mikeroyce8926 2 жыл бұрын
I agree Rob.
@malvanlondon8683 11 ай бұрын
If a person had a very small Defined Benefit work pension maturing at age 62 with which they (for example) took 25% as a tax free lump sum and bought an index-linked annuity with the remainder - would this (given the person doesn't officially retire and get the state pension until age 67) trigger off the MPAA restriction on paying into a SIPP if they decided to open one?
@stevelongden7368 Жыл бұрын
if it helps you should know that annuity rates today are much higher than when this video was made. Ive just taken a 100% joint life level annuity and received circa 6% annual return. good luck
@piperwarrior5705 21 күн бұрын
Labour trying to do away with state pension if you have a private pension or own 100percent of your home
@oli1181 Жыл бұрын
Very clear. Very interesting. Might have saved my future!
@johnson2joy 18 күн бұрын
I agree, this video is very clear, no jargon.
@TheSilvercue Жыл бұрын
Annuity seems like such a waste of money as you need to be using it for well over 20 years for it to start having value.
@davidlloyd3116 2 жыл бұрын
I thought £400k wasn’t enough. But this seems enough now I’ve retired.
@u3vs62cja 2 жыл бұрын
Using the 4% rule on that pot is about £16k a year you can sustainably take out, which is pretty good
@paulb6152 2 жыл бұрын
@@thejupiter2 Well if we knew how long we were going to live we would all be gods so that s not really a fair question. All you can do is look at the figures - given a fair wind a 65 year old UK male has a life expectancy of 18 years, a female 20 years... so blowing it all in the first ten years might be a strategy but perhaps not a great one, as of course you might strike lucky - there is a 1 in 10 chance of living to 100. What does makes sense is to consider how much lower your outgoings might be the older you get - theres lot of evidence that as you get older your tendency to spend goes down - you've probably brought all the stuff you need, your passion for foreign holidays has dimmed somewhat etc etc. So spending more in the early years of retirement does make sense if its sensibly done.
@philpearson9831 Жыл бұрын
I have a pension with true potential Have lossed 7000 and pay 1% Before I was with ageon lost 7000 and paid 4% charges
@shaungregory1789 2 жыл бұрын
Annuity at 55 is a waste of time. At the moment 16/11/21 Vanguard lifestrategy 60 is paying 18% so 18k pa based on the 100k. You can always buy an Annuity at 75 years of age, when rates would be better.
@normhanson981 Жыл бұрын
How are those returns looking now 😂😂
@shaungregory1789 Жыл бұрын
@@normhanson981 Hi Norm, still up a little bit fortunately 😀. But average NAV over 4 years is great.
@normhanson981 Жыл бұрын
@@shaungregory1789 well you’ve done very well indeed in this market , unless you had the foresight to invest in energy I would guess most pension pots are down .
@shaungregory1789 Жыл бұрын
@@normhanson981 Hi Norm, we followed our FA advice and switched to a 20 30 50 split with the 30 and 50 parts split across the globe, income from the 20 very stable and replaced our drawdown this year with the rest growing in background as not needed for couple of years. All the very best with your plans and hope this helps in someway.
@lucascotty6955 2 жыл бұрын
Great Video! Really enjoyed it. Are you partnered with any financial advisors as this video gives the knowledge but not the tools?
@davidcooks2379 5 ай бұрын
Try New World, they are low cost (50-150pcm depending on the complexity of your situation)
@jpldriver 3 күн бұрын
£100,000 pot will give you bugger all income!
@yessanknow302 2 жыл бұрын
£4,700 a year? Great. Almost enough to pay the gas bill! 🙄
@frederickwoof5785 2 жыл бұрын
It's nice to see a realistic look at the 'average' person's pension. When people talk about £1 million maximum, its bye bye. Does stopping or stalling state pension, say for 12 weeks, pay an increase pro-rata ie 1.2% ? Or does it have to in blocks of 9 week periods.
@redarmy695 2 жыл бұрын
And, if you defer your state pension and then die before you claim it, does your estate lose it, or is it still yours?
@normhanson981 Жыл бұрын
Agreed
@Perryrburgess 2 жыл бұрын
Hi, very good, clear, understandable advice. This has been the case for all of your content that I've viewed since subscribing. Great content, thanks you. It would be of great interest to me (and I assume others) if you took this series to higher level of pot sizes. It would make a great slide / graph to show how the size correlates to lifestyle standards. Really enjoy your content. thanks. regards Perry
@BouncingBack 2 жыл бұрын
Thanks so much. In the next episode we look at larger pension pot sizes so look out for that next Wednesday. Thanks again
@jonsnow6741 Жыл бұрын
how many are getting 25 years retirement unparticular MEN.
@ChrisM541 2 жыл бұрын
Next video, please: "Pension options for those with no property i.e. renters"
@steeleye2112 2 жыл бұрын
No need, we are working till we die, it's as simple as that.
@EtonieE25 Жыл бұрын
Great video thank you! But if l had my time again every penny of my now pathetic £100,000 pot would of been a £1,00,000.00 if I’d of put the same money into property! ☹️…..but hey, there you go!
@grahams5640 2 жыл бұрын
I wanted to watch a video using a link in the description.. but it's private? how much you need to retire comfortably
@BouncingBack 2 жыл бұрын
Hi - scheduled for release on Wednesday at 4pm.
@grahams5640 2 жыл бұрын
@@BouncingBack that's great, thanks 👍
@mwscuba 2 жыл бұрын
In my case about 30k a year and at the moment it’s all looking good for me on that front at 55 😊
@robertwilson7736 2 жыл бұрын
No wonder you have a smile on your face
@slayerrocks2 2 жыл бұрын
State pension is often overlooked, when making sure you have maximum qualifying years, is priority. I'm buying years for my wife. It takes a little over 3 years in receipt, to get back what you put in. Then it is all profit. Each year has so far cost around £800 and is worth £280 pension per year. To get that from a drawdown, at 4%, you would need £7,000 invested. So, £25k per £1k About the same for an annuity. Do all you can to get the maximum state pension. Especially, if one of you have little or no other pension. Remember, both in a couple are treated individually for tax reasons. So try not to neglect one partner's finances.
@nomadicsouls3290 Жыл бұрын
Can you only buy back so far?
@TheChrisEMartin Жыл бұрын
@@nomadicsouls3290 The past 6 years....usually.... at the moment there's a special arrangement you may be able to back pay to 2006, but this additional option ends on 5 April 2023!
@bullet-catcherhohoho250 Жыл бұрын
My pension was at £80,000 and i could get £39 pounds a week, Around £1,700 a year ish.
@jonsnow6741 Жыл бұрын
8o k would by a house and produce 100 pounds a week. clear after tax
@bananna7465 Жыл бұрын
I can't understand anyone buying an annuity. At 100k with 5k per year younger to 85 before seeing any benefit . IF u get to 85. May as well just keep the cash and spend it
@excalibur8021 2 жыл бұрын
I am so glad I joined the nhs pension with my employers paying double my contribution
@teessideman.8253 6 ай бұрын
My employers?? That is the tax & ni TAX payers. Thank your lucky stars ya in the PUBLIC SECTOR.
@juliadavison 10 ай бұрын
I am turning 45 in October I am looking at getting to £250,000 by retirement age by 67 years I currently have £30,000 already and just upped my pension to massive big increase per month to 36 percent increase but with work and government money it will be £850 per month but will increase to £750 per month without govement or work money included with it to top me up to £850 per month before I am 50 and I will have extra income as well I will invest from 2025 in Hargreaves’s lansdown I will invest it in as just paid of my mortgage early so next is pension increase as i am looking at a moderate living standard as I love a comfortable retirement by 68 as I would like £19,700 per year for living standard even though they are saying it should be £23,000 for moderate living, and my projected retirement income at he moment with my work pension is £200,00 at the moment but I may increase in 2026 a bit more to get to £250,000 6:16
@colinrashleigh6488 2 жыл бұрын
Thank you you explained that very well good straight forward advice l could understand 🥰
@jacquesb5318 2 жыл бұрын
Many many thanks for this, I really don't understand pensions, in my statement it says I have a pension transfer value 104,000 is that the same as the pension pot value?
@crispyduck1706 2 жыл бұрын
My guess is if it’s a final salary CETV you would either have a pension for life of about £3k or you could draw down the £104k
@jacquesb5318 2 жыл бұрын
@@crispyduck1706 thank you, it was the term "Pension Pot" that I didn't understand
@crispyduck1706 2 жыл бұрын
@@jacquesb5318 no worries that’s £3k per year but could be more as it will be index linked from today til the retirement date if you are no there yet
@antenant9294 2 жыл бұрын
The discussion around the 4% / 5% growth rate is incredibly misleading, where you state that the income may actually grow. In money terms yes, in real terms no. It is only when you very, very briefly mention the natural yield that you give the actual sustainable income rate. My goodness me.
@Jeffybonbon 2 жыл бұрын
working past 66 ?? can I ask a couple of questions I have a pot of around 100k and I dont plan to stop working ? my plan is this is to take the Tax free element of my pension fund say 5k a year to age 71 but i want to keep funding my SIPP past age 66 my understand is that i can take only the tax free fund and carry on funding from my self employed earnings I have also read that if you touch the Taxable part of the sipp I can only contribute a much lower amount per year maybe you could do a video on funding SIPP past age 66 up to the age 75
@davidcooks2379 5 ай бұрын
If you keep working, then take your state pension and put it into investment pension, then you will still benefit from a tax rebate (but no more than you pay in tax). As soon as you start drawing your pension, the annual pension allowance drops to 4K a year
@timcruse9054 2 жыл бұрын
What would be the best option for a £500k pension pot?
@royvethanayagam5888 2 жыл бұрын
You do not have enough time left, start spending 🤣, not a financial advice . Well done.
@BouncingBack 2 жыл бұрын
With £500K retiring early is certainly more viable depending on your income needs. In next week's video, we look at how to work out how far your retirement pot could go with different simulations, so look out for that next Wednesday. If you retire early on £500K, then you'd be looking at around a 3% withdrawal rate so that the money would last around 30 years. It really depends on how you plan to use your pension pot though so this is just a guide. Whether you take out an annuity of do drawdown or a combo also depends on your personal circumstances and attitude to risk. If you like the idea of drawdown, you could use part of your pot to buy an annuity for the guaranteed income then drawdown no more than 3 or 4% on the remaining balance. The simulations we will run through next week will probably be useful for you.
@shaungregory1789 2 жыл бұрын
Vanguard lifestrategy 60 17% at the moment yep 17p for every pound.
@poojans96 2 жыл бұрын
Can I transfer my final salary pension out at 50 which my company is ok with, which allows me to take it out tomorrow as I'm 50, to a drawdown pension and still withdraw and take a pension at 50 or would I have to wait until 55 due to this style of pension is age restricted?
@u3vs62cja 2 жыл бұрын
I'm not sure it's possible to take any money out before 55 unless you're critically ill
@ianjames3078 2 жыл бұрын
If you transfer a DB pension to a SIPP you can then take it earliest at 55 but this is changing to 57 from 2028. Any protected right to a reduced pension at age 50 within the DB scheme is obviously lost by moving it out of the scheme.
@robertp.wainman4094 2 жыл бұрын
A really excellent informative video - many thanks. I wonder if it's worth investing a lump sum into a personal pension when aged over 60?
@BouncingBack 2 жыл бұрын
In episode 2 of this pension special we look at how much pension income a £100K pot may buy - is it enough?
@carcarroom 2 жыл бұрын
It’s no way near enough
@cmartin_ok Жыл бұрын
I'm a few years short of the supposed "retirement age" which the government has already put up by one year. My wife fell into the band who suddenly had to work 5 (or was it 6) more years before they could get their pension, looking forward to retire at 60 then told just 18 months or so short of this age that she'd have to work to 65 or 66. My pension pot is just over £100k at present so it looks like I may never be able to afford to retire. What don't understand is how someone like me with no knowledge or ability about investments ends up with a SIPP where I have to choose where to invest. I thought the idea of these company pension schemes was that they were the experts and would get you a good return on your pension pot.
@stephengrange5300 2 жыл бұрын
is the rest of the pension after taking a annuity paid to your estate when you die or do the pension company keep it
@BouncingBack 2 жыл бұрын
you can buy an annuity that will pay out to a spouse but you do pay more. Annuities otherwise stop so you take the risk that you will get your monies worth.
@paulmarchant9231 2 жыл бұрын
When you buy an annuity with your pension pot, that is exactly what you have done, you have purchased a product and your "cash" has gone
@christopher554 Жыл бұрын
Don’t forget you have to pay tax on it
@u3vs62cja 2 жыл бұрын
Honestly as a 23 year old, all this pension stuff is a little depressing. Glad I'm dealing with it now, though.
@BouncingBack 2 жыл бұрын
The good news for you is that you have the magic of compounding returns to work wonders for you given that you are giving your pension attention now.
@u3vs62cja 2 жыл бұрын
@@BouncingBack Exactly what I was thinking. I'm currently putting in about £651/month whilst I have the luxury of living with family, so hopefully that should grow a fair bit over 30+ years!
@BouncingBack 2 жыл бұрын
@@u3vs62cja I'm sure it will! You may find you can even retire early by saving that much so young
@u3vs62cja 2 жыл бұрын
@@BouncingBack I'm hoping that turns out to be the case!!
@dallassukerkin6878 2 жыл бұрын
@@u3vs62cja Unless the global stock-market completely implodes for thirty years you'll be doing well at an input rate of £500+ a month. It's a generally accepted rule of thumb that that level of input, started early enough, pretty much guarantees you a million in your fund by the time three decades has passed.
@gupndors Жыл бұрын
I retired yesterday. The most important thing to do is focus on two things. Pay off all your debts including mortgage. Stop frivolous spending. I'm 57. 100k is nowhere near enough to retire more than about 3 years early. Delaying state pension is not a good idea. The older you are the less you need.
@billyjoefrancis Жыл бұрын
Yes I agree, if you're referring to a 100k pension pot which is only useful to supplement a state pension. However, if you are lucky to have savings; a 100k isa pot will get you through. Depending on where you live, there are many areas north in the UK where you can get by on £10000 per year providing that is you have no mortgage / rent. You could retire 10 years early at 57. I'm currently 51 and will also be retiring at 57 or earlier. Most people throw money away on needless things. For me I have a low time preference which basically means you cut back, planning long term.
@marcusgarvey7588 Жыл бұрын
@@billyjoefrancis bet yet there are warmer places in the world with better standards of living than UK and access to cheap private healthcare where 10k per year can see you through even with renting in those areas
@Anonymous-qw Жыл бұрын
Is saving for retirement worth it at all? Wouldn't it be better to have nothing and get pension credits in addition to the pension?
@Brad-pw3mr 2 жыл бұрын
It’s says I need 46 years to get full state pension
@slayerrocks2 2 жыл бұрын
If you mean the .gov website, it will say you have 46 years in which to pay 35 qualifying years. Well done for getting started in your early 20s. Time in investments is the biggest means to success.
@markhosbrough9180 Жыл бұрын
How do you go about topping up your national insurance I left the uk about nearly 12 years ago and I am I think they said nine years short of getting a full state pension
@johnB11ify 3 ай бұрын
If you have 100k you are mad to get an annuity. The vast majority won't live past 77 particularly men. You would be better off taking draw down and keeping the unused amount in an ISA. If you draw down 5k in the first year and get 4% on the 95k you will earn £3800 per year not including compounding off the £95k. or if you are able to lock in 4% over 4 years then set aside 20k for your needs for the four years. And see a return of £3200 from 4%. If you need to use to the interest that will give you £8200 for the first 4 years. Then obviously you will have to reign in a bit however it's well known that when you first retire you spend more and then it slows as you get older. Far better to take this approach because once you sign for an annuity, it's locked in and that's it. If you die ( which is what they hope for) your money is gone and stays with them. It's a con. Thank god the government changed this rule because it used to be you had to get an annuity.
@pip1723 Жыл бұрын
I don't know but anuities don't look good value for money to me .
@DTL0VER Жыл бұрын
I’m really confused with the average pension pots… surely it must be higher than it’s shown per person??
@Hide_and_silk 2 жыл бұрын
My pension pot was raided so is only £80k (plus a small NHS pension of ~£1.2 k p.a. and full state pension....when I eventually get it!). Fortunately, my OH has a *very* good final salary pension and I would receive half on his death. We are very frugal, and always have been, so spend very little relative to many (we live very comfortably on ~ £1k a month for everything) so could manage on just our state pensions (once I can receive mine). I'm now at the point (60) where I need to decide what to do with the pension pot and I'm thinking of just leaving it alone. It's increasing by more each year than I would receive in interest on that capital and we don't need the income... We're thinking we may eventually draw it down and give to our kids to get them onto the property ladder. Edit...I should add I currently have no income (early 'retired' due to disability) so my annual PA is effectively 'unused' and could shelter a staged drawdown.
@petersimpson633 2 жыл бұрын
If you're currently a non tax payer OH can claim married tax allowance of £1260/year?
@Hide_and_silk 2 жыл бұрын
@@petersimpson633 He does but it's a very inefficient use of my PA.
@slayerrocks2 2 жыл бұрын
@@Hide_and_silk if your OH has a good pension already, his tax load in retirement will be higher than yours. He can put 2880 p.a. into a sipp for you, that the government will add 720 to, equalling 3600 p.a. If you drawdown 4000 p.a. from your pot, you will get 1000 tax free. The rest plus state pension will be subject to tax, with an allowance of 12,700 State p + sipp = 9300 + 3000 = 12300 ( zero tax as it doesn't exceed allowance) + 1000 (25% tax free amount) So 13300 with no tax paid. You could increase that by 500 to make full use of the allowance.
@Hide_and_silk 2 жыл бұрын
@@slayerrocks2 Many thanks for the advice!! Really appreciated x
@slayerrocks2 2 жыл бұрын
@@Hide_and_silk you're very much welcome. I've learnt a lot from KZfaq creators like this. I'm much better positioned thanks to quality content on here. Good luck in your retirement and tax planning journey.
@LoganRoy723 2 жыл бұрын
@Sirrichmond2769 2 жыл бұрын
@paulpreston2199 2 жыл бұрын
I came here to learn how to invest after listening to a woman on KZfaq channel talk about the importance of investing and how he made $130,000 in 4 months from $100k someone this video has help shed light on some things but still a confused.
@garthwalta 2 жыл бұрын
@@paulpreston2199
@sheikhhamdanbin8431 2 жыл бұрын
@@garthwalta
@florinstrava3896 2 жыл бұрын
@@sheikhhamdanbin8431
@yos5539 5 ай бұрын
Sadly £100k pension pot doesn't take you far, better than nothing though
@hungtai7671 2 жыл бұрын
Not a lot trust me I work in Pensions
@wernesgruder1 2 жыл бұрын
Trouble is that people grab the tax free 25% and think it’s a windfall. Then they waste it on cruises, new kitchens etc. Your pension pot is to live on and not to buy luxuries
@petermartinaitis8166 2 жыл бұрын
Well said, lump sums get spent and then they realise their income is not sufficient.
@fordford4721 Жыл бұрын
Just booked a cruise ,you are forgetting feel god factor ,
@johngreenhorn8853 Жыл бұрын
Not being funny here but I'm in an area where a lot of people took early retirement at 16,do they get an old age pension for doing fu#k all for 40 odd years.
@billyjoefrancis Жыл бұрын
haha that's true. They pop out a few kids then get on the sick. It really is a messed up system
@parvinkukar1259 2 жыл бұрын
Very useful vid, especially as I have just transferred to a financial firm to run my pension Scottish widows fund at a cost of1% because Scottish widows on their own have not performed that well, hopefully this financial firm can out perform Scottish widows above and beyond the 1% cost. Is 1% a reasonable charge in your experience? If a person has other income from investment plus state pension and no need for draw down or annuity is best to let the pension pot be left alone and just keep on increasing so the beneficiary can benefit from after death ?
@christopherflynn843 2 жыл бұрын
I'm no expert but 1% is on the high side. You should be looking more at the 0.5% mark.
@parvinkukar1259 2 жыл бұрын
@@christopherflynn843 thanks and good to know. I think I’ll give them a go and if their performance is much better than 1% over Scottish widows then it’s worth it, if not then just revert back to Scottish widows only
@frankjaeger393 Жыл бұрын
1% is high, fund managers historically have not beaten the market either.
@mavenmavenpest1750 Жыл бұрын
Really clear and helpful thank you. Do you know anything about pension providers for people who work outside the U.K. but are British citizens and plan to retire back ? There is a whole industry devoted to the other process eg. British retiring overseas but I can’t find much about the opposite. Thank you again.
@gw493 2 жыл бұрын
So £100,000 investment gives you £5000 a year so to get your money back you got to live another 21 years, what a joke 💩 keep your £100,000 yourself and use it as you need 👍 dont get the rich, richer
@Z4Man199 2 жыл бұрын
Exactly.
@anthonycollingridge970 Жыл бұрын
Correct pensions are an total con. The only ones who benefit are the pensions companies, and their share holder and cronies. Remember you are at the bottom of the food chain. Scottish Widows managed to "loose" a total of 9k over 5 years out of my pension pot. I would have been better off taking it to a Casino and betting on Red. Start saving as soon as you enter full time work. There will come a day when you need access to emergency cash (redundancy etc) and its utterly useless saying Oh look I have 100k in a pension pot which I can not get access to until I'm at least 55, if the bank wants to reposes your home.
@paulwilliams4990 2 жыл бұрын
Annuity just isn’t an option really for a lot of people as you would have to to live an absolute minimum of 20 years after retirement to get your money back.
@andygummybear123 Жыл бұрын
£4700 per year means you will have to live another 21.27 years after retirement to recieve your 100k.
@BouncingBack Жыл бұрын
I think you have forgotten to factor in the tax free lump sum you receive in your calculation
@kevinwilde 2 жыл бұрын
if you retire early age 62 will you still receive your state pension when you reach 66
@Charonupthekuiper 2 жыл бұрын
Check the govt website, it will say if you've accumulated enough years contributions. If you have you won't get a penny more by working until you retire at 66 unless you delay drawing the state pension.
@BouncingBack 2 жыл бұрын
You will get your state pension when you reach state pension age - whatever that is for you depending on your DOB.
@fp2165 2 жыл бұрын
Pensions aside, you’re gorgeous! X
@jimmoore8943 2 жыл бұрын
Sue green nowes allotment about this ask ted and trish green parrots
@ario2264 9 ай бұрын
you can live like a pauper and die impoverished.
@mikeriley6073 Жыл бұрын
Become a Govt employee and get a public servant pension. No problem and you can even only work only a few years to get it. Simples!
@Viperuk80 Жыл бұрын
I have just started working for the NHS as a TUPE from another company that I worked at for 7 years previosu and Joining the trust I have effectivley started my pension from scratch again my old workplace pension I have transfered into my pension bee account, this is likely to be worth 20k at retirement. The NHS pay very well on their contribution, 14.4% i am 42 now.. and am on target for a £148k pot assuming I stay within the NHS until retirerment at 65. So with that in mind, I can withdraw £38k tax free and then buy annuinty on the rest? so thats about £465 a month.. until state pension.. So if I split that 38k over 4 years.. I can then have £1255 per month until 68.. am i doing the maths right? So that plus savings and my pitance pension.. I should be alright?
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