Check the description for the links to the sources I mentioned. These might be useful too: 🔴 kzread.info/dash/bejne/noNm0Jujf5mXk9Y.html - Click here to watch Ultimate Guide to Paying Off Debt 🔴 kzread.info/dash/bejne/X42amcp9ipfUiMY.html - Click here to watch Ultimate Guide to Budgeting

@stevenerskine751

2 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

@alangordon3283

2 жыл бұрын

@@stevenerskine751 do what you want

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.

@cowell621

25 күн 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.

@StocksWolf752

25 күн 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.

@TylerJamestown

25 күн бұрын

Mind if I ask you to recommend this particular coach you using their service?

@StocksWolf752

25 күн 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.

@VictorBiggerstaff

5 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.

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.

@bernisejedeon5888

13 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.

@yolanderiche7476

13 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.

@fresnaygermain8180

13 күн бұрын

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

@yolanderiche7476

13 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.

@fresnaygermain8180

13 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.

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-12

2 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!

@kevinmarten

2 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!

@JacquelinePerrira

2 ай бұрын

Mind if I ask you to recommend this particular coach you using their service?

@kevinmarten

2 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..

@JacquelinePerrira

2 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.

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-ij

24 күн 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-r6x

24 күн 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-ij

24 күн бұрын

@@Deborah-r6x Oh please I’d love that. Thanks!

@Deborah-r6x

24 күн бұрын

@@Essien-ij Clementina Abate Russo is her name

@Deborah-r6x

24 күн бұрын

Lookup with her name on the webpage.

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!

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 🤷‍♂️

@pen2199

6 ай бұрын

Same here, I'm surprised I've hit 59 dying skint has allways been the plan

@Me-ll4ig

6 ай бұрын

Made me laugh

@leemcarthur4334

5 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 🤔

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.

@yoeddie2538

4 ай бұрын

The moral of the story is put your home in a trust.

@davestevenson9080

4 ай бұрын

@@yoeddie2538 moral of the story is look after your health, dementia is entirely avoidable through proper diet

@polaris7122

3 ай бұрын

@@davestevenson9080 put your house in trust, it's obvious!!

@davestevenson9080

3 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_Giusto

3 ай бұрын

@@davestevenson9080🥴

Thank you so much! Fantastic advice! I’m 35 and have no pension yet. There is hope for me after all!

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.

@Stupot2024

6 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.

@Bossman525

5 ай бұрын

@@Stupot2024What if you have a large pot of savings but no pension??

@Stupot2024

5 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.

@Bossman525

5 ай бұрын

@@Stupot2024 appreciate the advice

@CCP_Operative

4 ай бұрын

investing gives you more money

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

A lot of people don't get £20,000 even when working.

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.

@alanmurphy8137

6 ай бұрын

Because the government don't want you to prosper and want you in debt. That's a fact.

@gonnahavemesomefun

6 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-ev1fg

4 ай бұрын

I guess your statement makes it obvious who really should be teaching this. Our parents and family.

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!

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.

@fredatlas4396

6 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-ll4ig

6 ай бұрын

Are you bragging ?

@tancreddehauteville764

6 ай бұрын

@@Me-ll4ig Not at all. Many are far richer than me.

@watson946

5 ай бұрын

I don't understand how you will pay 55%. Do you mean higher rate tax?

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.

@MeaningfulMoney

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!

@katemck1395

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

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.

@AgileSnowWeasel

3 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.

@summerrr1

2 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.

Thanks for the optimism. Would love to see some illustrations.

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.

@MeaningfulMoney

2 жыл бұрын

I wish you a long and healthy retirement!

@harasukekuroi3347

2 жыл бұрын

Inspiring mate 😊

@tancreddehauteville764

2 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.

@dallassukerkin6878

4 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

@gavinmcleod7446

3 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 .

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 :)

@MeaningfulMoney

2 жыл бұрын

That’s the way, Celia! Great job - goes to show that anyone can make a difference to their future!

@tancreddehauteville764

2 жыл бұрын

Blimey! I'm surprised you can survive on so little.

What wonderfully helpful advice this is. Even for those of us who are not in the UK! Thank you.

@MeaningfulMoney

2 жыл бұрын

Thank you Radhika, and thank you for watching!

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.

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 🤦‍♂️

I’m glad I’m watching this in my early thirties!

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.

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.

@fredatlas4396

6 ай бұрын

What do you mean flipping houses, how do you flip houses

Love this channel 💖 clear and concise delivery 🌟

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.

@MeaningfulMoney

3 ай бұрын

Glad it was helpful - good luck!

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

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!

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

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.

@MeaningfulMoney

2 жыл бұрын

Totally agree Vinay!

I and my husband just sold one of our properties… any idea what to do with the capital?

@jerryscotfield6913

8 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

@ParishBlein

8 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!

@Lorre386

8 ай бұрын

Pls who is your advisor and how do I contact?

@montyloads

6 ай бұрын

Does Emily have fairy wings and a swag bag hidden up her skirt 😮

@geeman4041

6 ай бұрын

@@ParishBleinof course you did 🙄

Encouraging & wise words for the not-so-youthful.

@MeaningfulMoney

2 жыл бұрын

Cheers Tony! 'Not-so-youthful' - I like that! (And I feel it!)

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

@MeaningfulMoney

2 жыл бұрын

There is indeed, Trevor, and thank you 🙏🏻

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

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.

@MeaningfulMoney

5 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.

@imranhaa

3 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

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

@rob16XC

7 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

I'm 62 and this video gives me hope.

@MeaningfulMoney

2 жыл бұрын

That’s all I wanted to do, Mohamed! Remember - it’s NEVER too late!

Very helpful and encouraging thanks

Good to see Gary Newbon looking well..👍

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 KZread 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.

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.

@AgileSnowWeasel

3 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%.

@johnwitham5353

3 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%?

@AgileSnowWeasel

3 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.

@AgileSnowWeasel

3 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).

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.

@MeaningfulMoney

4 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! 👍🏻👊🏻

@MeaningfulMoney

4 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! 👍🏻👊🏻

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?.

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.

@MeaningfulMoney

2 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…

@tancreddehauteville764

2 жыл бұрын

That's a lot to have saved up over 14 years but doable if you have a 'professional' income.

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!

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!!

Great Channel, I’ve Subscribed 👍🏼

@MeaningfulMoney

2 жыл бұрын

Great to have you with us, Urwa!

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.

We're not going to get to retire regardless the way the UK government is going.

@MeaningfulMoney

6 ай бұрын

People have been saying that for decades, if not longer. So we have to take things into our own hands…

Superb video Pete; there's hope for me yet!!! Thank you 🍻

@MeaningfulMoney

2 жыл бұрын

There is indeed! Go for it Jon!

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.

@MeaningfulMoney

6 ай бұрын

I’ve seen that happen too many times. It’s why you should prioritise today while not neglecting tomorrow completely.

Only just found you on here Pete, great vid very useful

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!

@cannontrodder

10 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!

@elijaprice

6 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.

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!!

@MeaningfulMoney

2 жыл бұрын

Thank you Gordon, and we’ll done for taking radical action! Your future self will be glad you did! 🙏🏻👊🏻👍🏻

@richardkelly1124

2 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

@knobbyrusset1386

2 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.

@gordonjames8233

2 жыл бұрын

@@knobbyrusset1386 S&S ISA. I'm way down in it for this financial year.

@knobbyrusset1386

2 жыл бұрын

@@gordonjames8233 I dare not look at my Vanguard ISA after today, I prefer property.

You're like the UKs Dave Ramsey thanks for this

@MeaningfulMoney

3 ай бұрын

I’ll take that - thank you!

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

@MeaningfulMoney

2 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.

@alangordon3283

2 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 .

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.

@MeaningfulMoney

2 жыл бұрын

Watch this space, TC

@TheOnlySMG

5 ай бұрын

​@@MeaningfulMoneythis comment aged like fine wine!

@ellendean2273

4 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...

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

@MeaningfulMoney

2 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.

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?😢

@AgileSnowWeasel

3 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).

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.

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 🤞

@MeaningfulMoney

3 ай бұрын

More power to you - I believe in you.👊🏻

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.

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.

I really appreciate your videos. Always practical and encouraging.

@MeaningfulMoney

2 жыл бұрын

And I appreciate your encouragement Christine - thank you x

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…

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 ..

Can’t help but think you were testing us with the ‘20% of 20 thousand pounds’ calculation

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.

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

@MeaningfulMoney

2 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?

@alexblue6991

2 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

@alexblue6991

2 жыл бұрын

@@MeaningfulMoney yes I'm 70yr

Loved this one Pete and your studio/office looks amazing.

@MeaningfulMoney

2 жыл бұрын

Thanks bud - it’s taken a long time to get to this stage! Hope you’re well 👊🏻

@DamienTalksMoney

2 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.

@MeaningfulMoney

2 жыл бұрын

Not a chance mate - it’s called an autocue!

@MeaningfulMoney

2 жыл бұрын

And great editing by my comrade in arms£

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.

@MeaningfulMoney

2 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.

What investment gives a 6% return? There is no risk free investment I know of that gives anything like that! If you gamble on the stock market you could loose all your money and conversely if your gamble pays off you could end up with more. However if you are a good investor who can beat the market then you don't need a pension.

@MeaningfulMoney

2 жыл бұрын

That’s a reasonable long term average for a globally diversified portfolio of equities and bonds. You can buy these off the shelf easily enough, and the only way you’ll lose all your money in shares is if you invest in too few companies and they all go bust. Stay tuned for the video coming on Monday…

@mrfixit2788

6 ай бұрын

S and P 500 has averaged 10% over the last 95 years.

@imranhaa

3 ай бұрын

​@@mrfixit2788 ok but what has been their average over the past 5-7 years? The growth that was seen by pensions between the 90s and around 2010 skew the figures and won't be seen again now or in the future. The world economy is a ticking bomb with the multi trillion US debt, current wars, potential world wars etc. My advice? Invest into things with intrinsic value

Fantastic video, so informative on Money and building wealth

@MeaningfulMoney

2 жыл бұрын

Glad it was helpful!

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.

I wish school would teach people real life economics. Some people die not even knowing what an index fund is.

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?

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?

@johnporcella2375

2 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.

Who needs £20k a year unless you are renting or paying off the last 5 years of a mortgage? Downsizing is rare because property developers are building 3, 4, or 5 bedroomed detached houses. Essentials cost are between £6k & £7k per year. The only real issue is maintaining your home over 20 years. Two main advantages of downsizing:extra capital & more house supply for families(prices come down). Older people rarely move. This may change by 2030. The more stuff you have, the more costlier it is to maintain. UK rarely designs & builds affordable homes for retired singles or couples. Prefab homes is a growing market in the US & in some EU countries, where land prices are much cheaper than the UK.

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.

Off topic...but where did you find that Land Rover scale model in the back? Love it.

@MeaningfulMoney

2 жыл бұрын

It’s the Lego Technic model. 12-hour build - absolute bliss. My Xmas pressie last year!

@deputydd4364

2 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

@CheJoffre

2 жыл бұрын

@@MeaningfulMoney thank you!

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)?

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...

@MeaningfulMoney

2 жыл бұрын

Ha! That’s the right response, Matt! Start early and all will be well…

@lisajel52

2 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.

Having to leave the country (uk)!

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?

Thankfully I retired at 50.

6% investment growth on pension is not guaranteed is it? Is it possible to find out investment growth for each pension provider in previous years? Where can I find this information?

@MeaningfulMoney

2 жыл бұрын

No, not guaranteed. I use that figure as it’s a reasonable long term average for a moderately adventurous risk portfolio. You can find past performance information from pension and investment fund providers.

@boyasaka

6 ай бұрын

My pension pot was 103k on the 5th January By yesterday is has rose to 106k This today my 1000 contribution went in and it's 107 k

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.

50's...... i'm 38 and freaking out lol

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

@ncrongendov733

3 ай бұрын

@@springwood1331 if done right it’ll be lights out Vienna. My grandfather was my age when he went to

@AgileSnowWeasel

3 ай бұрын

Cheerful. Take the BP meds and get some exercise. You'll have a stroke and spend 20 years in a wheelchair.

Thanks for this sound advice. So important to have no debts (inc mortgage) as soon as possible in life.

It's incredibly simple. Learn as much about bitcoin as you can (100+ hours). Then, inevitably, buy as much as you can.

Would you advise people to put lump sums rather than spreading regular payments if they can't be disciplined. E.G at start of the year 5k in, then leave to grow.

@MeaningfulMoney

Жыл бұрын

I suggest they do whatever works best for them, but I’d suggest they work on their discipline too!

@Stupot2024

5 ай бұрын

Putting a chunk of cash in and watching your investment dip 15 to 20% a few months later can be really demoralising. Drip feeding by Direct Debit a regular amount gets you pound cost averaging. One month you buy at top of market another you might buy at bottom but over time you'll be around the middle ground. It's not about timing the market but time in the market.

@nauxsi

5 ай бұрын

@@Stupot2024 It's a strategy I've seen advised elsewhere to.

I just checked £264 a month at 6% annual interest over 17 years, it comes to £90,000. This guy said £12700. Confused 😢

@pqoeuehsnskduxueownwudispwsn

3 ай бұрын

Compound interest, the longer it has to compound the better.

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.

@MeaningfulMoney

2 жыл бұрын

Thanks for sharing, John. the more people hear this stuff the better, eh?! I appreciate your support...

Excellent video

Great idea but cost of living & inflation plus the investment and stock market going south so 6/10 % growth is very optimistic but I’m not a financial advisor just thinking sounds optimistic

@MeaningfulMoney

2 жыл бұрын

It’s a realistic long term average for a multi-asset portfolio of shares bonds and alternatives over the last 20 years. Markets are dropping now, but they always rise eventually, that’s why investing is a long term game. Stay tuned for tomorrow’s video for more on that subject.

@damianroddis4301

2 жыл бұрын

@@MeaningfulMoney very true but maybe take a bit of time in this uncertain market of high inflation

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.

Thank you for this useful video, I have a good pension I can start drwing into as I'm 69, but from my Govt Pension and a Tesco pension is taking me over the Yearly allowance threshold, I want an income of 22k per year, which I can by drawing from my private pensions, but that means paying tax on my other pension if I activate them, therefore your mentioning of Govt contributions when we Invest and now they will take that back as tax... Kindly advise. Am I missing a point? Will I pay tax for income beyond the 2023 personal allowance? Kind regards.