I'm 58 retiring next year but the thought of retirement gives me weakness. 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 and have no savings or loved ones to fall back on.
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.
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 $250k since then.
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. 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..
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
*Izella Annette Anderson* 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.
I'm 55 years old with very little set aside for retirement at this point. I have always been curious about the market and have witnessed people who played the game right and retired early. Some claimed they started very small, but their portfolio grew over time. I do have a significant amount but I’m unsure about which strategies or approach to take in order to achieve good returns. I'm open-minded and would appreciate any help or guidance
I was once in your position. I started investing earlier this year,,, with a start of 30k. I made my first 100k USD last month. Today, I have a decent $260K nest egg. The right investments will change your life. I should retire soon as long as things remain this good. My only regret is not starting earlier.
Diversification made a significant difference for me. I ventured into real estate crowdfunding, stocks, and the digital market, with the help of my CFA. You need a CFA who can assist you in managing your portfolio while diversifying your investments
Robert Carlos Wright is my CFA... His expertise in market knowledge and asset management is truly top-notch. Do your research, google his full name you'll find his details on IAPD or SEC
As I got older my expectations started to change and I realised I would be happier with less money and more years not working - health can change quickly folks good luck all
My health was destroyed at 38 by severe pneumonia, cannot work full-time, too fit to claim benefits. I'm now 52 and prefer to enjoy each day as it comes. Investing's for the rich, anyway.
Hi, I'm 52 almost 53 now and had 2 heart attacks whilst being told by 2 A&E's to come back when I have one. I kid you not. (The No Health Service works for saving costs where I live.) I'm working awaiting my 3rd which may be my last given where the blockage is at 65% - not enough for another stint. I'm still working, thanks to a good company and saving as much as I can into my DC pension for when I can't. Being off sick for a few months showed me I could live on 2/3 of my salary and claim by DB pension before I croak it. Life is short and full of surprises! If you are young then save now for later. Pension and ISA's but I'm no expert. Love the time you have and do what you want, this ain't no practice. Bye for now Mark.
Mate. Your channel is really good. For someone financially illiterate like me, I feel I am finally learning the ropes. The visual aids and diagrams are really useful for us that don't understand the language. Changing my life thank you.
Many thanks for the content Pete. I’ve recently (last 2years) increased pension contributions to circa £1k per month at 32 years old & also moved out of the Default fund which I only wish I did sooner!! When you’re paying 40% tax anyway it’s a no brainer! to increase contributions. If it wasn’t for watching content such as yourself I probably wouldn’t have done anything about it. So here’s a thanks from me and my future self 👍 good luck to all the others looking at Meaningful academy video’s!
Great video, Pete. The tragedy is that these kind of lessons are not widely taught in our educational institutions. Martin Lewis has tried hard to do something about this, but even with his huge platform he’s not really been able to do much. In my opinion, our governments (red and blue) have failed the people in terms of financial education provision. The result of this is that a lot of people working today, who don’t have DB pensions, are going to have nowhere near what they need in their pension pot to retire in their 60s. That’s the reality.
I've become certain as I get older they do so deliberately to keep people ignorant , working and paying tax. This time in the school year after all the exams would be ideal to give the kids a few lessons , get a bank person visit , maybe a small business owner. Won't be happening.
I have been paying into local authority Pension DB scheme for 24 years. Been a avid follower of your channel Pete great advice, at nearly 52 now have Isas and property. Iam looking to retire early at 55 before the age goes up, currently researching a Sipp to max out after sale of properties your channel has been a great resource cheers
By maximising pension contribution via salary sacrifice at 42 years old I have 200k accumulated. Target of retiring at 57 is more than achievable with more than 1 mil
@@andysiddaway2215 100% my point. If you have 400k at 45 years old with 7% interest (compound) without any further pension contributions you will get 1 mil at 57. My plan is to live the UK once I reach my pension target and work in the middle east or other low taxation countries potentially. I was even considering the isle of man if beneficial
@@andysiddaway2215£200k should double every 7 years if invested in a low cost index fund like the S&P500. So in 15 years it should be circa £800k thru compounding. With 15 years of additional contributions also, the OP should hit the £1mil mark by his target retirement age of 57. Hope that helps
All good advice and good luck with your plans everyone But, watch out when you reach your target and start taking. I have been charged 8% recently by an advisor already on an ongoing fee to access Tax Free Cash under the advice that the pension company would “block” the transaction without her ‘advice’. This turned out to be incorrect and I am now taking her to a tribunal next month for a refund (I hope) It’s the Wild West out there with goodies AND baddies lurking
This is a great video as usual Pete. For me, time is the only sticking factor. I only started an occupational pension at age 42, 12 years ago because of circumstances beyond my control. A few years later our final salary scheme became a hybrid DB/DC scheme so my retirement benefits build up in my DB pot has been pitiable. So in the last few years, I've been aggressively salary sacrificing and putting money into my DC pot which has grown into a substantial sum. I need to keep an eye on the investments though because fund managers are not brilliant. But in the interim 12 years I managed to get on the property ladder, pay off my mortgage in just over 8 years, and have opened a modest S&S ISA as well. So for me its a question of carefully balancing pensions, ISAs, and just regular savings to make sure that I can retire comfortably and possibly as early as I can while working long enough to get all the key home improvement stuff done. I've now started becoming more generous with my health, taking good care of my diet and exercise, not scrimping and starving because that will be key to retirement. Thank you Pete for your continuing inspiration.
I think you’re doing an amazing job! Even though you might feel you started late, everything you’re doing will have an amazing impact down the line. Keep going !
@MeaningfulMoney a good mix of commercial property and shares has done me very well only 53 but with the comfort of what I have in pension and what is going in I don't think I will touch it
6 years ago I had 10% of my target, I went nuts on contributions…circa 50% of earnings…..now I’m almost at my target…..it can happen that quickly! Those tax benefits for pensions really multiply up the effect 👍
Well done! I'm following that plan whilst I can. Minimise tax and have it accessible if I need it. 38% is my magic number. Maximise the company's contribution if you can and be thankful for a good job. Still paying for the kid I don't see and hoping my health stays good. I plan on working for as long as I can! Like my hero at work, 72 and still going. Take care all M.
Top man. I’m following a similar model by sacrificing 25% of my salary, my employer puts in a further 8%. I also make monthly payments into a sipp, it’s great seeing the tax relief go in every month. I’ve also switched my work pension out of the ‘default’ fund. Currently it’s looking like a great decision. I’d say I’m around 40-45% of my target, if I keep this up it should be another 4-5 years until I don’t need to work. Hopefully before I turn 60. Happy investing folks.
@@prometheus4130 amateurs guys 😎😎😎🤣🤣🤣. I beat every record with pension contributions with around 80%. My salary is minimum wage for the HMRC. if I could I would put even more via salary sacrifice but not possible. Good work guys!
I’ve been increasing my pension contributions by 10% a year for 2 years now after you suggested in one of your previous videos we should do that and I’ll be able to do that for at least a couple of more years
Thank you for your videos, they are so helpful! Would you consider making one for children / teenagers to help them know how to think about money, savings and investing? Thank you!
Don’t forget the option of retiring abroad. Pension decisions are often centred on the UK system but there are tax incentives to be had elsewhere. Cyrpus for example, taxes foreign pension income at a minuscule 5%.
The issue is most people have the “I want to do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 330% since covid-outbreak to date, summing up nearly $1m.
The issue is most people have the “I want to do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 330% since covid-outbreak to date, summing up nearly $1m.
such an eye-opener! cant wait to experience financial advisory at first hand... curiously inputted Katherine Nance Dietz on the web and at once spotted her consulting page, she seems highly professional from her resumé
Hi Pete, a great video as usual. I am continually learning from you which is very much appreciated. You mentioned a pension portfolio should have a percentage of bonds to protect from market volatility and many others say the same) but over the last 2 years they seemed to have performed very badly, with up to 20 to 30% drop in value although the situation seems to have been recently improving. This drop seems to contradict the volatility protection statement. Can you please explain?
Yes indeed. The bond difficulties of the last couple years was basically a function of inflation and rising interest rates. We haven’t seen double digit inflation for 40+ years, so it was an unusual situation. There are always anomalies but *generally* bonds offset the volatility of equities to some degree.
Started paying into pensions at 16. I'm now 55 and had a few health issues. I decided some years back that working to 67 was not going to happen. Started paying 25% pension and now 30%. My aim now is to retire at 57. Ten years early.
Your videos were great!! I am one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.
I usually go with registered representative; Zachery M Demers, He provides a more grounded approach, looking at factors like market demand, regulatory changes, and adoption trends. This approach enable to make informed decisions rather than solely relying on emotional market dynamics
Most people are retiring this year and has nothing to show for. But I assure you it's never late to get your financial life together again.. All thanks to Zachery M Demers for I and my family
Zachery M Demers has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
Great video as always Pete thanks for posting. I am 53 now and have been working towards retiring at 55, and still could, if I stay in the UK. However, I have decided to retire to Spain because there’s only so many more “summers” like this that I can handle. Never mind the cold dark and wet winters. But, their tax system is crazy, like way worse than ours. For example, I calculated that my DC pension would provide me with around £3,150 pm net. That’s fine, but in Spain, because of their tax system, the same withdrawal amount only gives me £2,500 net. So I have to be agile, and as I’m putting in 30% of my salary into my pension already, plus 10% employer contribution, I have to extend the time to get enough money to provide me with the income I need. So instead, I’m looking at 59. 4 more years, to retire to the life that I want. Fair enough I guess. Oh, and I will never complain about uk taxes anymore, especially pension (both in and out). Our tax system is brilliant compared to southern Europe!
@@kieron8051 Thanks for the reply. Yes I had a look at Portugal. Their tax system is very similar to Spain. Although Portugal used to have a special 0% tax rate for foreigners for the first 10 years of living there. An amazing deal. But they’ve only just tightened up on that now and retirees can’t get it anymore. Cyprus doesn’t appeal and my heart is in Spain, so I’m just going to have to put in the extra work to be where I want. I’ll reassess at 57. If the S&P keeps doing its thing it might be sooner…
@@Banthah sounds like a plan. I’m only 31 but kicking the arse out of retirement planning early doors. I’m sure it will all change by the time I get to retirement age, but one things for sure, I will be reducing my tax liability, wherever that may be.
@@kieron8051 If you’re already sorting this out at 31, you’ve got no worries. I was 40 before I really starting investing properly. You’ll be just fine when your early retirement comes round. Good luck 👍
Could you explain why you say pensions are generally better than LISAs. Obviously, the pension tax relief at the higher rate is a win for the pension. But within the standard rate the pensions's advantage reduces to the NI saving while the LISA seems to have the big advantage that it can be used to draw a tax-free income after retirement.
Pensions are disregarded for pre-retirement benefits such as Universal Credit, whereas LISAs are not. Pensions sit outside the estate so are not subject to IHT, whereas LISAs are. Pensions are currently accessible at 55, rising to 57, whereas LISAs, if used for retirement, are accessible at 60. The pension annual allowance and tax relief available for pensions far outweights that of LISAs. That said, LISAs are indeed a decent option and given they're tax-free on the way out are perhaps good thing to be taking from when SP is being drawn (which will take up most/all of the income tax allowance).
@@adrianl5899 Yes, exactly. My thinking is that a good strategy is to draw from a LISA and Pension in parallel. The LISA allows you to reduce the income that is taxable while still providing tax relief on the way in. But that suggests pensions and LISAs are complements, whereas saying that pensions are better than LISA made them sound like substitutes. Hence my (clumsily worded) comment. All your other points about the drawbacks of LISAs, though, are well-taken.
Thank you so much, this is a game changer!! I pay into a LGPS as an employee (they do not match any additional contributions). As I am also a soletrader I am opening a SIPP - Question is: Am I limited to the small income from my business to fund my SIPP or can I also pay in monies from my employee salary too? Thank you very much 🙂
If you are unlikely to live long enough to benefit from an anuity derived from trading in a substantial pension pot, what options can one explore to achieve an appropriate outcome? Thank you!
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over $2.8million.
@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Excellent share, just inputted Marisa Breton Dollard on the internet, spotted her consulting page ranked top and was able to schedule a call session. I've seen commentaries about advisors but not one looks this phenomenal.
You dont make money from property unless you pay in cash then self build in a great location. If you borrow,the bank always wins . The average annual property increase in the UK since 1980 has been 4.9%.The average mortgage annual rate 4.8% . Then deduct taxes ,upkeep maintenance, and the lossed return from your deposit which is zero %
Love the Meaningful Money videos and podcasts but always wince slightly when there is a plug for the Robs and the Property Podcast as I had a terrible experience with them and am definitely not the only one. Worst financial decision I ever made to date but live and learn.
UFPLS too: I intend to 'nibble' at my pot once retired (58 is my target, which is (hells bells!) perilously close) in the hope that by living on those withdrawals, the remaining invested funds will outstrip (🤞) the withdrawals, and enable bigger expenditure in the years to come, like university for two children!! That's the plan at this stage. The lifetime allowance for total tax free withdrawals is still about £268,725 is it not? This despite elimination of the 'lifetime allowance' on the size of the pension pot.
80% equities 20% cash. I plan to take advantage of the s&p 500 as leading indicators predict above 10% rise by this year, my only issue is how to properly allocate a large stock/bond portfolio for substantial gains at minimum risk.
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 $850,000 with the help of my advisor from an initial $150,000 investment.
I have only recently found your channel and I love the advice you offer to help people to invest. I would love to start investing in ETF's and dividend stocks for my future but can you advise me on which platform to start my journey. I am based in the UK and I just want to start asap. Any advice would be so helpful.
Nope, sorry. As I am a regulated adviser, I can’t suggest specific platforms here. Perhaps someone else will make a suggestion here, but if not, ask the question in the Meaningful Money community: meaningfulmoney.tv/community
@@MeaningfulMoneyPete is right as he is duty bound. My opinion would be to look at Invest Engine. Has a great mobile app, MFA security and ,plenty of ETFs for a low fee. There are others of course
There are plenty of other U.K. based TH-cam channels giving that type of advice. It actually depends on how much you are investing. Some platforms charge a fixed fee which is good for large investments. Others charge a percentage which is better for smaller amounts. Personally I use Fidelity and ii. However, I didn't choose either of those. They took over the platforms I did choose. I still think Egg was the best for both savings and investments but they sold out to YBS and Fidelity
I would start with the Vanguard Investor platform and invest in a global index fund in an ISA or SIPP. Suggest you do the free meaningful academy financial foundations course.
Hello, I am 41 years old and recently I have been thinking if I am doing enough for my retirement. I am paying into a LGPS and my current contribution rate is £110.10 per month. I have been in the scheme since 2007. Should I increase the amount I contribute to my pension per month/year or will I be okay with the amount I am currently contributing?
I'm paying in £2022 a month. So if you save at your rate (1300 a year x say 35 years you'll have maybe £50k equivalent on today's money. At the "safe" drawdown rate of 4% that's a yearly income in today's money of about £2000). Can you survive on £2000 a year? If yes then yup your paying in enough.
Hello, you're in a defined benefit scheme which is great. I would stick with your current contribution and this will automatically rise with your salary. In terms of increasing contribution my suggestion is to put it into an ISA, a world index fund which rides the market up. The reason I say ISA is that your LGPS + state pension will take you over the tax threshold at 68, so it would be nice to have an additional pot to draw from without having to pay tax. In answer to your question, 'Will I be okay?' If you retired at 61 (without the ISA) that would make 37 years of LGPS contributions and a livable income if you have a paid off house and a non-lavish lifestyle. If you chose to put off retiring until 67 or 68 you would be very comfortable.
Hi, I don't think so, but it all depends on your income and when you plan on retiring and your needed income. Take proper advice and see what they say. Take care M..
Agree with what you say. However, there was no mention of the income tax when one starts to withdraw pension. For this reason, I think Lifetime ISA is much better than pension although one can only save £4k (£5k after uplift) a year.
@@MeaningfulMoneyI'm looking forward to this. I have been puzzling for some time why the LISA is rarely mentioned in relation to pensions. The way I see it is this: £4k invested becomes £5,000 (LISA), £4,250 (pension), or £4,000 (ISA), including the HMRC contribution and net of tax where applicable but ignoring inflation and growth rates, which are applied equally to each investment. I was already too old for a LISA when they were introduced, so it's too late for me to benefit but this could be valuable for people in the basic-rate tax bracket (most of us). If you are a higher rate taxpayer though, then avoiding the 40% tax going into a pension is a bigger benefit (the £4000 in a pension would have been £6,666 before tax and generates £5,666, assuming 20% tax on withdrawal but if you pay 40% tax on withdrawal, then the LISA wins again). I am fascinated to understand where I'm gong wrong.
For the tax relief as a higher tax payer is it 20% on top of the 20% already claimed back or only 20% over the height tax rate band. I was only £100 over to place me on the higher tax.
Years ago, when I got lots of overtime, I had to make an emergency £1000 payment into my AVC in March to avoid paying higher rate tax. Nowaday's I have a spreadsheet running and try to spread payments over the year. The only target in my AVC payments is avoiding higher rate tax. Question for Pete. If you were to pay into a SIPP in March would that be enough to stay out of higher rate tax (which has lots of knock on effects like the untaxed savings allowance dropping from £1000 to £500 )?
I think you need a fourth factor in there Pete, 4, how easily can you hide the nest egg you have gotten together over the years, from the Labour Party!
I often wonder when you too old to pay into a pension, as I am now 63 years old and wonder if a SIPP would be worth while. No offense Pete but Financial advice is costly as I need to consolidate a few pensions (if that is the best option)
I started at 16. On the advice of my late Grandfather who had retired when I was 13 - he died at 98 in 2019 and his pension was still paying well. I earned £6 a day in 1986 - but I put small amount's each month into a pension, and a separate amount into savings account. Today those moneys are both consolidates inside my current pension, and are still rising in terms of value. I took a decision in 2022 to downturn slightly my pension annual pension allocation - purely as I was over 61% of the LTA, and needed to stall hitting it - I have since passed 70% baed on the reduced allocation - If all goes well, and my health stays with me, I should be fine when I retire at 67 in around 12.5 years time - The only advice I ever give in this area is to pay into a decent pension, and then have wider investments - such as savings, bonds, etc etc I also hold a small amount of gold that is to be handed on when I come to pass - something for my kids to discover in the future.
Agree about the new car, but you can't neglect your life in the current just to have more when you are older and possibly ill or dead. Don't neglect the possibility of being alive and well at 95 either though!
@@reekie19 Starmer announced the non renewal of the tax free cash element on radio 5 and then back tracked the next day. The pensions are going to be reviewed and one possible scenario is means tested pension benefits. Joy! ‘This is money’ has several articles about this. I’m hoping not and fingers crossing madly!
@@matthewhorrocks647 Means testing pensions would be political suicide. And the markets would probably tank as people would just stop investing in personal SIPP's and start drawing down their pensions before retirement age, Taxation is probably a better and fairer way. They would need a model like Australia before they start means testing and that's many years in the making.
I almost stopped watching when Pete mentioned property. I spent ten years paying a large mortgage in a house that wasn't worth what I paid for it. It was only 25 years ago when I finally sold it for what I paid for it. It is also worth noting that in 1999 I had never heard of a BTL mortgage. Imagine if landlords had to pay bridging loan rates. Two mortgages = twice the risk so much more interest. Luckily I spent all that time in a good DB pension scheme so while my unsellable house was depreciating my final salary pension was accruing 2% each year.
Ah, sorry to read all that. There are always exceptions to every general truth, unfortunately, and individual experiences that are far worse than the majority.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
I think most people want to try out a financial advisor, but the amount of information on the internet is overwhelming. Could recommend any good one(s)?
My CFA Annette Christine Conte a renowned figure in her line of work. 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
I'm 58 retiring next year but the thought of retirement gives me weakness. 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 and have no savings or loved ones to fall back on.
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.
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 $250k since then.
Mind if I ask you to recommend this particular coach you using their service?
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. 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..
Thanks, i did a quick web search and i found Sharon, i hope she responds to my mail.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
@@mikegarvey17Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
*Izella Annette Anderson* 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.
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.
I'm 55 years old with very little set aside for retirement at this point. I have always been curious about the market and have witnessed people who played the game right and retired early. Some claimed they started very small, but their portfolio grew over time.
I do have a significant amount but I’m unsure about which strategies or approach to take in order to achieve good returns.
I'm open-minded and would appreciate any help or guidance
I was once in your position. I started investing earlier this year,,, with a start of 30k. I made my first 100k USD last month. Today, I have a decent $260K nest egg. The right investments will change your life. I should retire soon as long as things remain this good. My only regret is not starting earlier.
How did you manage to achieve that level of growth?
Diversification made a significant difference for me. I ventured into real estate crowdfunding, stocks, and the digital market, with the help of my CFA.
You need a CFA who can assist you in managing your portfolio while diversifying your investments
Robert Carlos Wright is my CFA... His expertise in market knowledge and asset management is truly top-notch. Do your research, google his full name you'll find his details on IAPD or SEC
Just did. I found his qualifications, also saw him on the CBC market interview. How can I reach him?
As I got older my expectations started to change and I realised I would be happier with less money and more years not working - health can change quickly folks good luck all
Ah yes, I’ve seen that many times. Thanks for watching and commenting 👍🏻🙏🏻
@@christopherelliott1711 this really is an important comment
My health was destroyed at 38 by severe pneumonia, cannot work full-time, too fit to claim benefits. I'm now 52 and prefer to enjoy each day as it comes. Investing's for the rich, anyway.
@@hustlinhitch sorry to hear about your health man but investing isn’t just for the rich
Hi, I'm 52 almost 53 now and had 2 heart attacks whilst being told by 2 A&E's to come back when I have one. I kid you not.
(The No Health Service works for saving costs where I live.)
I'm working awaiting my 3rd which may be my last given where the blockage is at 65% - not enough for another stint.
I'm still working, thanks to a good company and saving as much as I can into my DC pension for when I can't.
Being off sick for a few months showed me I could live on 2/3 of my salary and claim by DB pension before I croak it.
Life is short and full of surprises!
If you are young then save now for later. Pension and ISA's but I'm no expert.
Love the time you have and do what you want, this ain't no practice.
Bye for now Mark.
Great video, for years I increased my pension contribution by 0.5 % each year, and over time it makes a big difference.
Mate. Your channel is really good. For someone financially illiterate like me, I feel I am finally learning the ropes. The visual aids and diagrams are really useful for us that don't understand the language. Changing my life thank you.
Many thanks for the content Pete. I’ve recently (last 2years) increased pension contributions to circa £1k per month at 32 years old & also moved out of the Default fund which I only wish I did sooner!! When you’re paying 40% tax anyway it’s a no brainer! to increase contributions.
If it wasn’t for watching content such as yourself I probably wouldn’t have done anything about it. So here’s a thanks from me and my future self 👍
good luck to all the others looking at Meaningful academy video’s!
Great video, Pete. The tragedy is that these kind of lessons are not widely taught in our educational institutions. Martin Lewis has tried hard to do something about this, but even with his huge platform he’s not really been able to do much. In my opinion, our governments (red and blue) have failed the people in terms of financial education provision. The result of this is that a lot of people working today, who don’t have DB pensions, are going to have nowhere near what they need in their pension pot to retire in their 60s. That’s the reality.
I've become certain as I get older they do so deliberately to keep people ignorant , working and paying tax. This time in the school year after all the exams would be ideal to give the kids a few lessons , get a bank person visit , maybe a small business owner. Won't be happening.
Couldn’t agree more with that synopsis. Sadly, it’s spot on!
I have been paying into local authority Pension DB scheme for 24 years. Been a avid follower of your channel Pete great advice, at nearly 52 now have Isas and property. Iam looking to retire early at 55 before the age goes up, currently researching a Sipp to max out after sale of properties your channel has been a great resource cheers
Great work! Glad the content has been helpful 👊🏻
By maximising pension contribution via salary sacrifice at 42 years old I have 200k accumulated. Target of retiring at 57 is more than achievable with more than 1 mil
Hi doing the same but don't need the million, my life is quite modest, just enjoying it.
Take care and hope it goes well for you M.
Do you mean you expect the 200k to become 1 million due to compound interest? I'm trying to understand how to approach this myself
@@andysiddaway2215 100% my point. If you have 400k at 45 years old with 7% interest (compound) without any further pension contributions you will get 1 mil at 57. My plan is to live the UK once I reach my pension target and work in the middle east or other low taxation countries potentially. I was even considering the isle of man if beneficial
@@andysiddaway2215£200k should double every 7 years if invested in a low cost index fund like the S&P500. So in 15 years it should be circa £800k thru compounding. With 15 years of additional contributions also, the OP should hit the £1mil mark by his target retirement age of 57. Hope that helps
Maintaining the level of input to get there @@andysiddaway2215
All good advice and good luck with your plans everyone
But, watch out when you reach your target and start taking. I have been charged 8% recently by an advisor already on an ongoing fee to access Tax Free Cash under the advice that the pension company would “block” the transaction without her ‘advice’. This turned out to be incorrect and I am now taking her to a tribunal next month for a refund (I hope)
It’s the Wild West out there with goodies AND baddies lurking
This is a great video as usual Pete. For me, time is the only sticking factor. I only started an occupational pension at age 42, 12 years ago because of circumstances beyond my control. A few years later our final salary scheme became a hybrid DB/DC scheme so my retirement benefits build up in my DB pot has been pitiable. So in the last few years, I've been aggressively salary sacrificing and putting money into my DC pot which has grown into a substantial sum. I need to keep an eye on the investments though because fund managers are not brilliant. But in the interim 12 years I managed to get on the property ladder, pay off my mortgage in just over 8 years, and have opened a modest S&S ISA as well. So for me its a question of carefully balancing pensions, ISAs, and just regular savings to make sure that I can retire comfortably and possibly as early as I can while working long enough to get all the key home improvement stuff done. I've now started becoming more generous with my health, taking good care of my diet and exercise, not scrimping and starving because that will be key to retirement. Thank you Pete for your continuing inspiration.
I think you’re doing an amazing job! Even though you might feel you started late, everything you’re doing will have an amazing impact down the line. Keep going !
Thank you so much for the video and making it practical for us
It's all about the time in .start early, and the compound factor is amazing.
Super-powerful, for sure 👍🏻
@MeaningfulMoney a good mix of commercial property and shares has done me very well only 53 but with the comfort of what I have in pension and what is going in I don't think I will touch it
6 years ago I had 10% of my target, I went nuts on contributions…circa 50% of earnings…..now I’m almost at my target…..it can happen that quickly! Those tax benefits for pensions really multiply up the effect 👍
Nice work! 👊🏻
Well done!
I'm following that plan whilst I can. Minimise tax and have it accessible if I need it. 38% is my magic number.
Maximise the company's contribution if you can and be thankful for a good job.
Still paying for the kid I don't see and hoping my health stays good.
I plan on working for as long as I can! Like my hero at work, 72 and still going.
Take care all M.
Top man. I’m following a similar model by sacrificing 25% of my salary, my employer puts in a further 8%. I also make monthly payments into a sipp, it’s great seeing the tax relief go in every month.
I’ve also switched my work pension out of the ‘default’ fund. Currently it’s looking like a great decision.
I’d say I’m around 40-45% of my target, if I keep this up it should be another 4-5 years until I don’t need to work. Hopefully before I turn 60.
Happy investing folks.
Same here.
@@prometheus4130 amateurs guys 😎😎😎🤣🤣🤣. I beat every record with pension contributions with around 80%. My salary is minimum wage for the HMRC. if I could I would put even more via salary sacrifice but not possible. Good work guys!
I’ve been increasing my pension contributions by 10% a year for 2 years now after you suggested in one of your previous videos we should do that and I’ll be able to do that for at least a couple of more years
Amazing work - keep going till it feels like the right figure! 👊🏻👍🏻
@@MeaningfulMoney that’s the plan!
Thank you for your videos, they are so helpful! Would you consider making one for children / teenagers to help them know how to think about money, savings and investing? Thank you!
Don’t forget the option of retiring abroad.
Pension decisions are often centred on the UK system but there are tax incentives to be had elsewhere.
Cyrpus for example, taxes foreign pension income at a minuscule 5%.
Looking for long term investments that can fetch millions. If you had $250k, which one would you go for in terms of retirement planning?
consider growth stocks! in the world of investing, they are the ferraris.. however you may need expert guidance to avoid any fiasco
The issue is most people have the “I want to do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 330% since covid-outbreak to date, summing up nearly $1m.
The issue is most people have the “I want to do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 330% since covid-outbreak to date, summing up nearly $1m.
Katherine Nance Dietz is the licensed advisor I use. Just research the name. You’d find necessary details to work with and set up an appointment.
such an eye-opener! cant wait to experience financial advisory at first hand... curiously inputted Katherine Nance Dietz on the web and at once spotted her consulting page, she seems highly professional from her resumé
Always love your work Pete, thanks!
My pleasure!
Hi Pete, a great video as usual. I am continually learning from you which is very much appreciated. You mentioned a pension portfolio should have a percentage of bonds to protect from market volatility and many others say the same) but over the last 2 years they seemed to have performed very badly, with up to 20 to 30% drop in value although the situation seems to have been recently improving. This drop seems to contradict the volatility protection statement. Can you please explain?
Yes indeed. The bond difficulties of the last couple years was basically a function of inflation and rising interest rates. We haven’t seen double digit inflation for 40+ years, so it was an unusual situation. There are always anomalies but *generally* bonds offset the volatility of equities to some degree.
Started paying into pensions at 16. I'm now 55 and had a few health issues. I decided some years back that working to 67 was not going to happen. Started paying 25% pension and now 30%. My aim now is to retire at 57. Ten years early.
Sounds like a plan to me - nice work! 👊🏻👍🏻
Your videos were great!! I am one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.
I usually go with registered representative; Zachery M Demers, He provides a more grounded approach, looking at factors like market demand, regulatory changes, and adoption trends. This approach enable to make informed decisions rather than solely relying on emotional market dynamics
HE'S MOSTLY ON TELEGRAMS, USING THE USERNAME...
@Zachfinance
Most people are retiring this year and has nothing to show for. But I assure you it's never late to get your financial life together again.. All thanks to Zachery M Demers for I and my family
Zachery M Demers has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
Great video as always Pete thanks for posting.
I am 53 now and have been working towards retiring at 55, and still could, if I stay in the UK. However, I have decided to retire to Spain because there’s only so many more “summers” like this that I can handle. Never mind the cold dark and wet winters.
But, their tax system is crazy, like way worse than ours. For example, I calculated that my DC pension would provide me with around £3,150 pm net. That’s fine, but in Spain, because of their tax system, the same withdrawal amount only gives me £2,500 net.
So I have to be agile, and as I’m putting in 30% of my salary into my pension already, plus 10% employer contribution, I have to extend the time to get enough money to provide me with the income I need. So instead, I’m looking at 59.
4 more years, to retire to the life that I want. Fair enough I guess.
Oh, and I will never complain about uk taxes anymore, especially pension (both in and out). Our tax system is brilliant compared to southern Europe!
Have a look at retiring in Portugal or Cyprus. Cyrpus tax on foreign pensions is 5%.
@@kieron8051 Thanks for the reply.
Yes I had a look at Portugal. Their tax system is very similar to Spain. Although Portugal used to have a special 0% tax rate for foreigners for the first 10 years of living there. An amazing deal. But they’ve only just tightened up on that now and retirees can’t get it anymore.
Cyprus doesn’t appeal and my heart is in Spain, so I’m just going to have to put in the extra work to be where I want. I’ll reassess at 57. If the S&P keeps doing its thing it might be sooner…
@@Banthah sounds like a plan. I’m only 31 but kicking the arse out of retirement planning early doors. I’m sure it will all change by the time I get to retirement age, but one things for sure, I will be reducing my tax liability, wherever that may be.
@@kieron8051 If you’re already sorting this out at 31, you’ve got no worries. I was 40 before I really starting investing properly.
You’ll be just fine when your early retirement comes round. Good luck 👍
Could you explain why you say pensions are generally better than LISAs. Obviously, the pension tax relief at the higher rate is a win for the pension. But within the standard rate the pensions's advantage reduces to the NI saving while the LISA seems to have the big advantage that it can be used to draw a tax-free income after retirement.
Pensions are disregarded for pre-retirement benefits such as Universal Credit, whereas LISAs are not.
Pensions sit outside the estate so are not subject to IHT, whereas LISAs are.
Pensions are currently accessible at 55, rising to 57, whereas LISAs, if used for retirement, are accessible at 60.
The pension annual allowance and tax relief available for pensions far outweights that of LISAs.
That said, LISAs are indeed a decent option and given they're tax-free on the way out are perhaps good thing to be taking from when SP is being drawn (which will take up most/all of the income tax allowance).
@@adrianl5899 Yes, exactly. My thinking is that a good strategy is to draw from a LISA and Pension in parallel. The LISA allows you to reduce the income that is taxable while still providing tax relief on the way in. But that suggests pensions and LISAs are complements, whereas saying that pensions are better than LISA made them sound like substitutes. Hence my (clumsily worded) comment. All your other points about the drawbacks of LISAs, though, are well-taken.
Thank you so much, this is a game changer!! I pay into a LGPS as an employee (they do not match any additional contributions). As I am also a soletrader I am opening a SIPP - Question is: Am I limited to the small income from my business to fund my SIPP or can I also pay in monies from my employee salary too? Thank you very much 🙂
Thanks for being there for all of us. I’ve got the pension bug after subscribing to your channel. 😂
Your future self will thank you, Ben! 👊🏻
@@MeaningfulMoney indeed it will. I can’t do anything about yesterday but tomorrow is looking rosey. Cheers friend.
Do you have a video covering whether its beneficial to defer taking a private pension for a couple of years please?
If you are unlikely to live long enough to benefit from an anuity derived from trading in a substantial pension pot, what options can one explore to achieve an appropriate outcome? Thank you!
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over $2.8million.
@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Excellent share, just inputted Marisa Breton Dollard on the internet, spotted her consulting page ranked top and was able to schedule a call session. I've seen commentaries about advisors but not one looks this phenomenal.
Superb again Pete 👍
Glad you enjoyed it - thanks for watching!
Great video. Thanks
You’re welcome - thanks for watching!
You dont make money from property unless you pay in cash then self build in a great location. If you borrow,the bank always wins . The average annual property increase in the UK since 1980 has been 4.9%.The average mortgage annual rate 4.8% . Then deduct taxes ,upkeep maintenance, and the lossed return from your deposit which is zero %
Love the Meaningful Money videos and podcasts but always wince slightly when there is a plug for the Robs and the Property Podcast as I had a terrible experience with them and am definitely not the only one. Worst financial decision I ever made to date but live and learn.
UFPLS too: I intend to 'nibble' at my pot once retired (58 is my target, which is (hells bells!) perilously close) in the hope that by living on those withdrawals, the remaining invested funds will outstrip (🤞) the withdrawals, and enable bigger expenditure in the years to come, like university for two children!! That's the plan at this stage. The lifetime allowance for total tax free withdrawals is still about £268,725 is it not? This despite elimination of the 'lifetime allowance' on the size of the pension pot.
Yes, that’s right. We’ll see what the new government does…
Gold and silver Britannias have been incredible CGT free investments over the past 20 years. They have easily outstripped property in absolute gains.
I invest In GOLD and some Silver ( Britannia )CGT Free for most UK Coins. Sovereigns are a great way to save for retirement.
80% equities 20% cash. I plan to take advantage of the s&p 500 as leading indicators predict above 10% rise by this year, my only issue is how to properly allocate a large stock/bond portfolio for substantial gains at minimum risk.
It’s important to do your own research and consult with a financial advisor before making any investment decisions.
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 $850,000 with the help of my advisor from an initial $150,000 investment.
Who is this person guiding you and how can i reach he/she?
I'm pleased with the advisor's prompt and knowledgeable assistance. Their professionalism instills confidence. Looking forward to further discussions.
I have only recently found your channel and I love the advice you offer to help people to invest. I would love to start investing in ETF's and dividend stocks for my future but can you advise me on which platform to start my journey. I am based in the UK and I just want to start asap. Any advice would be so helpful.
Nope, sorry. As I am a regulated adviser, I can’t suggest specific platforms here. Perhaps someone else will make a suggestion here, but if not, ask the question in the Meaningful Money community: meaningfulmoney.tv/community
@@MeaningfulMoneyPete is right as he is duty bound. My opinion would be to look at Invest Engine. Has a great mobile app, MFA security and ,plenty of ETFs for a low fee. There are others of course
There are plenty of other U.K. based TH-cam channels giving that type of advice. It actually depends on how much you are investing. Some platforms charge a fixed fee which is good for large investments. Others charge a percentage which is better for smaller amounts. Personally I use Fidelity and ii. However, I didn't choose either of those. They took over the platforms I did choose. I still think Egg was the best for both savings and investments but they sold out to YBS and Fidelity
I would start with the Vanguard Investor platform and invest in a global index fund in an ISA or SIPP. Suggest you do the free meaningful academy financial foundations course.
Hello, I am 41 years old and recently I have been thinking if I am doing enough for my retirement. I am paying into a LGPS and my current contribution rate is £110.10 per month. I have been in the scheme since 2007. Should I increase the amount I contribute to my pension per month/year or will I be okay with the amount I am currently contributing?
I'm paying in £2022 a month. So if you save at your rate (1300 a year x say 35 years you'll have maybe £50k equivalent on today's money. At the "safe" drawdown rate of 4% that's a yearly income in today's money of about £2000). Can you survive on £2000 a year? If yes then yup your paying in enough.
Hello, you're in a defined benefit scheme which is great. I would stick with your current contribution and this will automatically rise with your salary. In terms of increasing contribution my suggestion is to put it into an ISA, a world index fund which rides the market up. The reason I say ISA is that your LGPS + state pension will take you over the tax threshold at 68, so it would be nice to have an additional pot to draw from without having to pay tax.
In answer to your question, 'Will I be okay?' If you retired at 61 (without the ISA) that would make 37 years of LGPS contributions and a livable income if you have a paid off house and a non-lavish lifestyle. If you chose to put off retiring until 67 or 68 you would be very comfortable.
@@andrewkingdon2000 Thank you for your reply it is very much appreciated.
@@joepriestley1212 Thank you for your reply it is very much appreciated.
Hi, I don't think so, but it all depends on your income and when you plan on retiring and your needed income.
Take proper advice and see what they say.
Take care M..
Agree with what you say. However, there was no mention of the income tax when one starts to withdraw pension.
For this reason, I think Lifetime ISA is much better than pension although one can only save £4k (£5k after uplift) a year.
I’ve covered that several times before but stay tuned in a couple of weeks for more on that subject. Spoiler alert: pensions still win!
@@MeaningfulMoneyI'm looking forward to this. I have been puzzling for some time why the LISA is rarely mentioned in relation to pensions. The way I see it is this: £4k invested becomes £5,000 (LISA), £4,250 (pension), or £4,000 (ISA), including the HMRC contribution and net of tax where applicable but ignoring inflation and growth rates, which are applied equally to each investment. I was already too old for a LISA when they were introduced, so it's too late for me to benefit but this could be valuable for people in the basic-rate tax bracket (most of us). If you are a higher rate taxpayer though, then avoiding the 40% tax going into a pension is a bigger benefit (the £4000 in a pension would have been £6,666 before tax and generates £5,666, assuming 20% tax on withdrawal but if you pay 40% tax on withdrawal, then the LISA wins again). I am fascinated to understand where I'm gong wrong.
For the tax relief as a higher tax payer is it 20% on top of the 20% already claimed back or only 20% over the height tax rate band. I was only £100 over to place me on the higher tax.
Hi, if you can Salary Sacrifice it is not taxed at all, you get it all straight into your pension.
I love it!
Take care M.
Years ago, when I got lots of overtime, I had to make an emergency £1000 payment into my AVC in March to avoid paying higher rate tax. Nowaday's I have a spreadsheet running and try to spread payments over the year.
The only target in my AVC payments is avoiding higher rate tax.
Question for Pete. If you were to pay into a SIPP in March would that be enough to stay out of higher rate tax (which has lots of knock on effects like the untaxed savings allowance dropping from £1000 to £500 )?
Best place to open these?
Open what?
I think you need a fourth factor in there Pete,
4, how easily can you hide the nest egg you have gotten together over the years, from the Labour Party!
I often wonder when you too old to pay into a pension, as I am now 63 years old and wonder if a SIPP would be worth while.
No offense Pete but Financial advice is costly as I need to consolidate a few pensions (if that is the best option)
Tax relief is available on contributions until 75. Even when a non-earner, a (max tax year) £2880 contribution receives £720 tax relief.
I started at 16. On the advice of my late Grandfather who had retired when I was 13 - he died at 98 in 2019 and his pension was still paying well.
I earned £6 a day in 1986 - but I put small amount's each month into a pension, and a separate amount into savings account. Today those moneys are both consolidates inside my current pension, and are still rising in terms of value.
I took a decision in 2022 to downturn slightly my pension annual pension allocation - purely as I was over 61% of the LTA, and needed to stall hitting it - I have since passed 70% baed on the reduced allocation - If all goes well, and my health stays with me, I should be fine when I retire at 67 in around 12.5 years time -
The only advice I ever give in this area is to pay into a decent pension, and then have wider investments - such as savings, bonds, etc etc I also hold a small amount of gold that is to be handed on when I come to pass - something for my kids to discover in the future.
Might help not having two foreign holidays ad a new car every year.
Agree about the new car, but you can't neglect your life in the current just to have more when you are older and possibly ill or dead. Don't neglect the possibility of being alive and well at 95 either though!
Does Voyant go take into consideration our new government means testing the state pension and removing the tax free portion of our pension? 😳
When was that announced?
@@reekie19 Starmer announced the non renewal of the tax free cash element on radio 5 and then back tracked the next day. The pensions are going to be reviewed and one possible scenario is means tested pension benefits. Joy! ‘This is money’ has several articles about this. I’m hoping not and fingers crossing madly!
You are listening to loony tory propaganda.
DWP did a report saying it would be expensive and unworkable.
@@matthewhorrocks647 Means testing pensions would be political suicide. And the markets would probably tank as people would just stop investing in personal SIPP's and start drawing down their pensions before retirement age, Taxation is probably a better and fairer way.
They would need a model like Australia before they start means testing and that's many years in the making.
Absolutely right.
I almost stopped watching when Pete mentioned property. I spent ten years paying a large mortgage in a house that wasn't worth what I paid for it. It was only 25 years ago when I finally sold it for what I paid for it. It is also worth noting that in 1999 I had never heard of a BTL mortgage. Imagine if landlords had to pay bridging loan rates. Two mortgages = twice the risk so much more interest.
Luckily I spent all that time in a good DB pension scheme so while my unsellable house was depreciating my final salary pension was accruing 2% each year.
Ah, sorry to read all that. There are always exceptions to every general truth, unfortunately, and individual experiences that are far worse than the majority.
You only need to master one buy Bitcoin or stay poorer than your peers!!!
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
I think most people want to try out a financial advisor, but the amount of information on the internet is overwhelming. Could recommend any good one(s)?
@@sabastinenoah Google Annette Marie Holt and do your own research. She has portfolio management down to a science
My CFA Annette Christine Conte a renowned figure in her line of work. 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