You must know this BEFORE you retire!

Рет қаралды 53,936

Күн бұрын

I’ve spent more than 20 years advising clients on their retirement planning. When I take on a client for the first time, there are a bunch of things we have to do - compliance tasks, contractual stuff and a load of information-gathering.
It’s at this point where the process sometimes falters before it begins, because many people have no real grasp on one VITAL aspect of their finances.
What is that?
Their SPENDING….
Here's the link I mention in the video where you can download the spending tracker worksheet: meaningfulmoney.tv/RST
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The Ultimate Guide to PLATFORMS, PENSIONS & ISAs: meaningfulmoney.tv/UG6
The Ultimate Guide to RISK: meaningfulmoney.tv/UG7
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The Ultimate Guide to PENSION RETIREMENT OPTIONS: meaningfulmoney.tv/UG9
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By the way, I read and reply to your comments, so leave a comment below - I'd be interested to hear your thoughts!

Пікірлер: 82

@dannypratt. 2 жыл бұрын

im only 24 and ive recently discovered your channel after realising I don't want to be working until im 65+. I have already learnt so much and I am really enjoying working my way through your videos. Thanks a lot pete!

@MeaningfulMoney 2 жыл бұрын

Great to have you here Danny! 👊🏻

@BeautifulNaturalDramatic 3 жыл бұрын

Lovely Roundup of Spending Levels/Behaviour - Basics, Leisure and Luxury - great stuff!

@MeaningfulMoney 3 жыл бұрын

Glad you enjoyed it!

@fusemunk 2 жыл бұрын

As someone who retired a few years ago, this video outlines the only way you rationally can. I did a very similar thing in terms of spend analysis and after 3 years I still keep track (never did this when earning) the one off spend that is unplanned is greater than you think, also the out in town lunch and small breaks, etc...but as the video says know your position or keep working blind.

@denizpaull 5 ай бұрын

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@simonhare6072 3 жыл бұрын

Highly useful, thanks

@beckylee3356 3 жыл бұрын

Haha brilliant - loving the double Pete - that means we get twice of you yay!! 😀

@MeaningfulMoney 3 жыл бұрын

You’re very kind, Becky!

@toptechman7449 2 жыл бұрын

Love the comment at 1:02 regarding inflation, how quickly things can change. Im coming up to retirement soon and finding these video's and podcasts very helpful and informative.

@MeaningfulMoney 2 жыл бұрын

I’m really glad the content is useful for you. I wish you a long, healthy and happy retirement!

@auntagatha2509 2 жыл бұрын

Love the quote :-)

@frugalspender2142 3 жыл бұрын

Useful, applicable content as usual! The editing is getting better and better 😅

@MeaningfulMoney 3 жыл бұрын

My man Kaloyan (editor extraordinaire and MUCH more besides) will be glad to hear that. Thanks, FS!

@kaloyantsilev 3 жыл бұрын

@@MeaningfulMoney thanks Pete! I appreciate it!

@maltesetony9030 3 жыл бұрын

Yep - brilliant.

@Brayco864 2 жыл бұрын

Great Video Again Sir ……BTW …What are those white speakers that adorn your majestic office ?

@Puzzoozoo 2 жыл бұрын

I reach 66 next Christmas, and retire shortly after, I live quite frugally, and don't need more then the basic to get by.

@denizpaull 5 ай бұрын

@davidlloyd3116 2 жыл бұрын

Taken early retirement at 56. 36 years in pharmaceuticals. Mortgage free. Everything invested. Will be building a kit car.

@u3vs62cja 2 жыл бұрын

Nice! I'm 23 but hope to be in a similar position someday

@DTL0VER 2 жыл бұрын

Show off

@denizpaull 5 ай бұрын

@craigross341 2 жыл бұрын

As some comic said, when you're old all you'll want to do is watch Countdown and have a cup of tea. That won't cost very much.

@inatehex 3 жыл бұрын

Brilliant

@youputallprofessorstoshame5755 2 жыл бұрын

There’s a lot of scare stories from IFAs about retirement. Planning for 30 years and 4% drawdowns. In reality , many people die 2 years into retirement or get cancer, dementia or have a heart attack so that they don’t get their employment or state pension for long. Furthermore, by 75, the majority of people slow down tremendously and don’t need much to live on. They will not change their car every 2 years or go on long round the world voyages. Best thing is to save early, retire early , have 20 years of a good life and keep fit. If you have a lump sum of £50 K at 28, leave it for 25 years in a Very low cost etf fund, you’ll be set to enjoy. 50000[1.08) ^30= 500,000 . Take 15 years out and relax. What’s the point in having £ 1000000 at 67 when you have 8 years of decent life ? 75-85 is pretty miserable for most.

@jansher9 2 жыл бұрын

Agee 100% …but some of us enjoy working - part or full time - don’t discount that nor the pleasure of supporting others with your £. Secondly you can be very active and healthy in your 70s if you live clean, exercise etc and have a dash of luck.

@RDR1456 2 жыл бұрын

Hi whats an etf fund? Im 35 but have £50k set aside

@jansher9 2 жыл бұрын

@@RDR1456 Maybe an Equity Tracker Fund

@youputallprofessorstoshame5755 2 жыл бұрын

@@RDR1456 Very low cost, but liquid ( easy to sell ) fund. The key issue that differentiates performance between pensions is the annual management charges. It can be as high as 5% . But Vanguard charges about 0.14 % That’s a 4.85% per annum waste and adds up big time.

@markfindlay8636 2 жыл бұрын

Yeah agree totally. The older you get the less you need and want.

@madgebishop5409 3 жыл бұрын

we need more "tutting Pete"..

@edgarhaner1949 2 жыл бұрын

Love your little sketch at the beginning 🤣

@MeaningfulMoney 2 жыл бұрын

Thank you - a bit of fun!

@macphray Жыл бұрын

Hi Pete I have a question for you, I am coming up to 50 and I am able to take DB and DC private company pension and I was seriously thinking about having a sips or ssas to allow me to invest in property in 2023/2024. Do you think that investing in property through a company is still better that investment like St James place for an example?

@davebeattie4239 2 жыл бұрын

I would be interested in your opinion of paying off a mortgage early compared to investing that money and paying off at term, or even extending the term.

@MeaningfulMoney 2 жыл бұрын

Great question. Video on this coming soon

@kevinwilde 2 жыл бұрын

if you have worked since leaving school at 16 you are approaching 51 would like to retire early. would still receive state pension when you reach the qualifying age. you'll have 35 years national insurance paid

@MeaningfulMoney 2 жыл бұрын

That’s true, thanks Kevin! 👊🏻

@BobBob-uv9fq 2 жыл бұрын

My raf pension is as sweet as a nut ,it’s not huge but enough to get down to 3 days work ,and I can hold on to my pension pot ,sweet because literally no contribution,turns out I was getting an extra 1100£ a month during my 9 yrs ,sweet ,no more endless back and forward chatter

@thefakehenrywatson 2 жыл бұрын

that intro was funny 👌🏼 i just passed my dipfa wooooo

@MeaningfulMoney 2 жыл бұрын

Hey, congrats! Take a breather then push on to Chartered?!

@thefakehenrywatson 2 жыл бұрын

That's the plan, my problem is that i've never worked as an advisor before and my experience is different to most who take the qualification. I feel like i've got a good knowledge base and would be confident fact finding and giving advice (i love analysis and report writing most) but i lack customer facing experience and do not have CAS status which seems as though it's going to be hard to obtain unless i can be taken under a wing for 12 months at least. Paraplanner could be a good stepping stone for sure...The two informal phone convos i've had, one with tenet and one with local firm did not go how i expected so I'm tweaking my cv and then i'll attack again...i knew it would be hard for me to get a foot in the door and I was naive before i started studying and thought i could be totally independent with just the level 4. I now realise i need a senior manager involved and further fca approval before i can start a totally indi firm. Hard to drop a ~60k a year self employed position to take a 30k one to get me going...sacrifice needed though. I guess i should just keep on applying, get more interviews under my belt and law of averages will fix it for me.........!!

@robmanabouttown3298 Жыл бұрын

Hi Pete I have a question please. If I transfer my small pot (75k) to another provider, can I pay a lump sum into the pot? I have been told by my existing provider I can transfer without cost but I cannot pay into my pot as it is 'paid up'. Keep up the good work cheers !

@MeaningfulMoney Жыл бұрын

You can’t pay into it with your existing provider - that’s what paid up means. But once you shift the balance to a new provider, I don’t see any reason why you shouldn’t be able to pay into it

@willlsmith8063 3 жыл бұрын

Pete is the daddy......now we have two!!

@carolynward2271 2 жыл бұрын

Hi Pete, I know this vlog is 3 months old, so the environment has changed with regards basic food and energy costs. Are you more concerned about inflation now? Ps. Great content. Thx

@MeaningfulMoney 2 жыл бұрын

Concerned? Not really. It’ll definitely happen and interest rates are likely to rise too, but I don’t think we’re heading for dangerous levels of either. I could be wrong though!!

@JevansUK 2 жыл бұрын

@@MeaningfulMoney and now? I guess it depends very much on circumstance those on low incomes without pay rises are going to in serious pain but higher earners getting inflation level pay rises will probably find their personal inflation level are actually lower than average and their better off.

@misfit2022 2 жыл бұрын

I think have become accidentally retired so I will just have to see how it goes.

@spaghettihoop5 2 жыл бұрын

Ouch, no one saw inflation like this coming! Points still 100% valid.

@MeaningfulMoney 2 жыл бұрын

Thank you! I think inflation will fall back, but it’s a big deal right now, for sure…

@spaghettihoop5 2 жыл бұрын

@@MeaningfulMoney keep up the good work, I enjoy watching your videos 👍

@ianh1213 5 ай бұрын

Hi Pete, hopefully you are still reviewing the comments on 2 year old videos. Under retirement as opposed to investing can I request you cover the different annuity options. I'm aware of the legal and general annuity that willl pay you a fixed amount for set period of time and you can specify how much of the pot you want back at the end of the period. minimum period of time is two years I believe and the pensioner could choose to get all or a specified amount at the end of the period. Sounds like a great way to maintain a pot and leave the making money on it for someone else for a while? I'm assuming the down side is you would of had to crystalize all of the pot to complete the deal? Would you also of had to pay tax or will the fund be recognised as still being in a pension?.......you can see the reason for the questions. I was thinking good way to breach the gap between early retirement and state pension/DB scheme kicks in and I get my pot back at the end of it.....thx Ian

@ianh1213 5 ай бұрын

Get a guaranteed income for a set period with a lump sum at the end (Fixed Term Retirement Plan) OR Get a guaranteed income for a set period (Cash-Out Retirement Plan)

@ianh1213 5 ай бұрын

forget the latter option, just interested in your thoughts on the fixed term retirement plan thx

@ianh1213 5 ай бұрын

some figures from their calculator pot size = 650K age at start 63 (4 years to state pension), tax free cash £162.5K (25%) remaining pot £487.5K duration of annuity = 4 years annual amount paid is £16,470 guaranteed lump sum at the end of 4 years is £480K.

@MeaningfulMoney 5 ай бұрын

Yep, good shout. Will look to address this soon….

@edcorbett8599 3 жыл бұрын

The retirement planning link not ready or am I missing something?

@MeaningfulMoney 3 жыл бұрын

Launching 12th July!

@craigross341 2 жыл бұрын

Quoting French writers. "Pretentious? Moi?"

@rezamotin7305 3 жыл бұрын

Hi mate, do you deal with shariah compliant investing/ pensions/ ISAs? If so, would love to chat

@MeaningfulMoney 3 жыл бұрын

How do you mean, ‘deal with?’ It’s not something I know much about, I’m ashamed to admit, only because it hasn’t come up in my day to day told as an adviser yet… Happy to learn more though…

@rezamotin7305 3 жыл бұрын

@@MeaningfulMoney hi, thank you for your reply. My apologies, probably my northern terminology coming out. Could I take your contact details and maybe we can discuss further?

@MeaningfulMoney 3 жыл бұрын

You can contact me (Pete) through the MeaningfulMoney website, no probs.

@sami2865 2 жыл бұрын

Hi Pete, I feel really stuck, I’m Muslim so I do not deal with interest, so I’m not sure what to do, please can you advise me on sharia compliant investing ?

@pasufi 2 жыл бұрын

@@sami2865 Try Wahed Invest Stocks and Shares ISA! Or Property!

@chrisdaviesguitar 2 жыл бұрын

exactly what effect will this new high rise in inflation have on my pension fund?

@MeaningfulMoney 2 жыл бұрын

‘Exactly’? No idea, because I do t know how your pension fund is invested. This is the kind of question you could ask in the MeaningfulMoney Facebook group - meaningfulmoney.tv/community

@mrkitewine7700 Жыл бұрын

I’m 52 recently divorced and have just taken out a new 14 year 147k mortgage on a house. My savings amount to 10k. I’m probably not who this video was intended for

@gcrichards1 3 жыл бұрын

Changing your car every 3 years? Isn't that the worst thing to do financially?

@MeaningfulMoney 3 жыл бұрын

Yes, but life is about more than financial prudence, especially in retirement. If you can afford it and if you want to do it, then you just need to factor it in. An Ascetic retirement doesn’t sound fun to me!

@markfindlay8636 2 жыл бұрын

I was going to be a financial advisor but turned out a financial spender 🤦

@ryanwdavies1 Жыл бұрын

crypto- ye sdo it :))btc, an inflation hedge- staking income 4-5% like an annuity?

@mikeroyce8926 11 ай бұрын

"I'm not even remotely worried about inflation" One of your very few comments that hasn't aged well. Well that's my opinion, anyway.😢

@DTL0VER 2 жыл бұрын

All these videos are funny. People in their 20’s and 30’s thinking about how they are going to afford Jist to live. Let alone worry aBout saving thousands for retirement

@MeaningfulMoney 2 жыл бұрын

Seems a bit fatalistic. Anything is possible, though I acknowledge that things are very difficult