Why I DONT Have A Pension
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- เผยแพร่เมื่อ 13 ก.ค. 2024
- In this video I explain why I don't have a pension and why I don't think you should have a pension either...
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Let me explain, I actually think having a pension is a very smart idea. In fact, I'm obsessed with pension planning... but not in your traditional way.
I am creating my own pension plan with business investments and property investments throughout my career. My personal investments with the likes of my personal property portfolio and businesses will create a better pension investment for when I get to the age when I need it.
If you're not willing to take many risks and you don't fancy the life of entrepreneurship then this isn't for you. However, if you're keen to create your own wealth then you should take notes and start building your own investments so your pension can be even greater than the traditional payouts.
#investment #investing #pensionplanning
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James, I love your content, however this one is worth a bit more discussion! The approach you have described is a path you have chosen personally given your personal appetite for risk, but life isn't that binary. Pensions have their place. You didn't discuss inheritance tax planning, legacy planning or risk assessment of your particular approach. Pensions (in their various forms) can offer some fantastic tax advantages. Personally I have developed my 'investing machine' to leverage and use every advantage I can (tax planning is a cost reduction method) and that includes pension contributions. You rightly advise everyone to plan for the end game, what your business is going to look like when it's finished but the bigger end game is surely death. We must also plan for that final day and how we will pass on our legacy to our loved ones (if we choose to do so). On top of all of this is risk, by being overweight on real estate you are going long on that asset class, and that could be a high risk strategy. It's not so glamourous to talk about but it is fair and right to tell your audience that they should, and how to, assess the risk of any investing choices they make to give a balanced view.
Hey James....great to meet you last week and will again on one of your events....love this one thanks
I like most of your stuff James and you’re very smart. But this advice is dangerous to the unsophisticated investor. The benefits of using your company to pay £40k annually into a personal pension is ridiculously tax efficient for you and the company and pretty much risk free. All the examples you give will not get this tax advantage. And the stocks you quote are superstars,Tesla being a super nova. Easy with hindsight to invest in those. Your entrepreneurial advice is excellent and works in the real world. This does not.... for the vast majority.
My wife's on 80k a year and stopped paying into her pension, she says she wants to buy property instead so if she dies I can keep it. She says if she passed away I would only be entitled to half of what she's put in her pension. Is this correct? Thanks 👍
@@keithchegwin1222 depends if it’s a final salary or defined contribution plan
@@WintuhLiving What's the difference? She's a head school teacher, I'm not sure. Thanks for your reply.
@@keithchegwin1222 she most likely is in the teachers pension scheme, which pays an anual pension guaranteed for life and retirement and likely you would receive 50% of the income if she died. If she is still teaching she may have death in service which pays out too.
@@keithchegwin1222 the other type is defined contribution. Which is an accumulated fund value that goes up and down in like with the stock market; in most cases if she died with one of those you would inherit whatever funds in the plan. Happy to explain further as difficult over phone
Absolutely brilliant. Thanks.
Glad you enjoyed it!
To not pay into a pension is unwise, especially an occupational pension where the employer contributes. Would you advise a police officer not to pay into his works pension?
A pension is just a label, and under that label, you can invest in anything, including the stocks you mentioned in this video. I personally think it's better you can't access this money until your 50s as a lot of people will always find a reason to dip in.
Pick the absolute unicorns at ground floor, hardly the average stock performance
Tesla is an outlair so kinda not fair to include them in the same bracket as the others. But otherwise I really liked this video. :)
Brilliant 🤩
James is not a financial advisor and people should not take financial advice from him. James is a fantastic entrepreneur and property investor. It's irresponsible to be giving financial advice on retirement planning as a rich property owner who by their own admission is not an experienced investor. Giving retirement planning advice is a regulated industry - for good reason. If you already own property & businesses you have the luxury of doing whatever you like (already having amassed enough resources for retirement).
But for most ordinary people they should take advantage of employer contributions to pensions, the tax advantage of pensions and the long term investment outlook of pensions. It's particularly important for business owners who may be exposed to risk of bankruptcy (a prospect that has radically increased in likelihood in the last year), as pensions they are protected from being included in bankruptcy. Business owners (I am one) do not have to avoid pensions - they should form part of a retirement plan, and are not a replacement for investment and growing a business or property "empire". Finally in this video James implies that you don't get control over what your pension is invested in - but in fact you can have as much control as you like.
What does James say you a restaurant owner who's business has gone under in the last year and now has zero assets and zero retirement savings? What does James say about employer matched pension contributions that double your money the moment it arrives in your pension fund? Etc.
This is a great advert for property investment - which can be very lucrative and has great historical returns. But advising people to not get a pension at all is straight up TERRIBLE advice.
All opinion. I won't ever have a pension, not in the conventional sense.
Don't worry I'll be fine 😉
Btw, this isn't really for employees, it's for business owners, I'm sure James has great plans in place for his staff.
I agree but for me a pension should play a part in overall wealth building. In my world a stocks & shares isa is a much better option😁
Couldn't agree more!! Sick of this argument with my friends and family - the 'growth' mindset vs the 'fixed' mindset in action. Interesting video.
I thought exactly like this in my early years working my own business, but I think your missing big one here especially with your business and commercial property sip/sass method where you can buy commercial property and put this in to the pension and receive no income tax on that rental income which goes back in to the pension . A SSAS can lend to the company at 1% above the bank base rate. So, currently at 1.5% this is a very cheap form of company borrowing. Money loaned in this way can be used to repay more expensive borrowing, or be used for company expansion. Any interest payable by the company goes into the pension scheme. Company and personal pension contributions are deductible against tax.
No income tax charge on allowable investments.
No capital gains tax due on disposal of investments.
A tax free lump sum on retirement.
Tax free death benefits in the form of a pension or a lump sum on death before age 75* just some reason to think about ssas..
I agree with all the above. I did mention the tax benefits of pensions at least twice and I agree on your points for the UK.
great video 😎
Not sure if 10% of 40k is going to cut it, that's 124k invested by 40 and total return if you invest in the S&P 500 (8% p/y) which is the only safe way to invest if you don't know what you are doing, is....208k.
Love the videos but disagree with this one, a SSAS is a very powerful tool for business owners. I think some of the comments have nailed it in re click bait which is disappointing.
So what are some ways we can acquire that initial 20k investment other than saving our income starting now? You said you would expand on that
Love the podcast and vids James but starting to get too many Ads in the middle every 2 mins hard to watching getting interrupted too much, start and finish Ads would be better.
I’ll have a word with TH-cam!
What are your thoughts on Crypto James, are you invested?
I know nothing about it so can’t comment.
For someone to win, someone has to lose.
Not everyone’s crypto goes up
James this is very poor advice to any business owner. You need to get yourself educated on Pensions and the power that a pension brings to any business owner, before posting content like this. Using a SSAS Pension as a business owner is a game changer, you can become your own bank, control the investments that the pension makes, leave a legacy for your kids (and their kids) without having to pay any tax (unlike a traditional pension which would die with you). Using the power of a SSAS to invest in commercial property (which you already own and understand), you could for example own your office in the SSAS and pay rent into your own pension and then immediately borrow 50% of that money back from the pension! You just need to view a pension as another potential income stream. As a starting point I suggest that you read the following book "SSAS Pensions creating extraordinary levels of compounding wealth" by Mark Stokes. I guarantee you will change your mind about pensions. BTW I did not watch the video (apart from the first 7 seconds).
I agree with your points.
I absolutely did say that there are many tax advantages of using those methods.
My channel is primarily for business owners and you would be correct in your words above, the trouble is the flexibility is taken away from a SSAS.
I’m always up to stuff and leveraging what I have.
From a business owners POV you can own commercial trading property and pass it on Tax free.
You can also sell a business and that to me is the most tax efficient way of building wealth.
Thus my theory of being your own pension.
I did caveat what I said by saying that I’d risk isn’t your thing then get a normal pension.
Why don't you watch the video before commenting?
Read a Book Called Pension Magic and buy low cost tracker world wide and for IHT planning pensions have lots of advantages
I concur James, i never had a shilling for the first 10 years of starting my business but always treated the actual business as my pension, this is risky but it gives you focus.... now we have surplus cash, it is property and blue chip stocks with every spare penny. You will get buckets of grief for this content but it is good to look at the alternatives whilst always saying, for most people, a pension is a good investment but for some like us, it is not the be all end all
I don't understand - "blue chip stocks" is what you would typically find inside a pension - if you are doing it outside of that wrapper you are missing out on tax advantages / ring fencing.
@@Tabac-en-paris It is all about liquidity to me, I can get out when i like and retire at a date that suits me. if my business needs cash i can get it, if i see a property with a decent ROI i can get it at the click of a few buttons. I am also a control freak and the thought of someone else controlling what happens and when i can get my money does not sit well leaving aside the fees that are wrapped up in pension funds. Having said that, if anyone asked me, i would always say throw as much in a pension as you can afford from as young an age as you can.
Even before I start the video further I agree we shouldn’t have a pension
Same
Why didn't you release this video 10 years ago.
Why didn’t anyone tell me this, like ever
James this is dreadful advice (for 99% of people) and a tacky clickbait title. Don't complain (via another clickbait title) that you are "done" - this is a *worrying* video. It's sad you are doing this... as it makes me think you are desperate. Didn't realise you did Samuel Leeds type content. Unsubscribed.
I clearly said in the video that a pension is smart and has tax efficiency.
But it doesn’t give me the flexibility I need as an entrepreneur- this Chanel is for Entreprenuers.
@@JamesSinclairEntrepreneur I think it's disingenuous of you to say this is a channel just for entrepreneurs. You repeatedly say in your videos you use this channel to reach out to staff (your staff need pensions - the majority I imagine are not entrepreneurs). What sort of message do you think this video gives out?
You also do property investment videos and you are a high profile personality (and a very engaging one at that),
While this strategy might work for you, for 99% of the population a pension is a very important part of basic financial planning. (if not a bit boring).
I'm not trying to have a go.. I just think you should be a bit more considered about clickbait titles and thumbnails like "pensions no thanks"... The content is good enough and inspiring enough without such misrepresentation.
@@MrTlawrence84 I take those points on board and I agree you have made me think twice about that. Thanks for your feedback.