I’m 36 and I have about ($190k) liquid in savings which I plan to put towards becoming a homeowner, but based on the current high prices on real estate, do you suggest I hold from buying and look at stocks instead?
Yes, housing crash is coming. If you're thinking about investments to earn huge income while maintaining the ability to access your money and safety, so you don't get caught in a market decline, a financial planner can come in handy
True, a lot of folks downplay the role of advisors, until being burnt by their own emotions, no offense intended. Amid covid-19 pandemic crash, I needed a good strategy to grow my portfolio, thus I consulted the service of a true market strategist that helped to rejuvenate my $700k portfolio, boosting its return over 240% as of today.
I completely agree; I have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
“Sonya Lee Mitchell” 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.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.,...
There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up..,...
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.
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
@@Fatihu-nq 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
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $275k bond/stock portfolio
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, 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 $300,000. ' John Steven Barr' is among the most accomplished portfolio managers in the industry, widely acknowledged for his outstanding work. I highly recommend taking a closer look at his impressive portfolio.
Free money, I agree, but the government will do its best to take it back. We get taxed on our income, taxed on our savings, taxed on our pensions. In essence, it's legalized theft! Thanks for the video. I absolutely agree that too few people know about the best ways they can achieve financial security.
This is the kind of advice that I wish I'd had from pensions and savings advisers 30 years ago when all the jargon just went right over my head. Thanks for this much simpler explanation which I can now finally understand!
Excellent video... I think it's a discrace (having paid into a pension) the government then turn around and keep raising the age you can draw on it... Its OUR money! France was recently sticking as the their State pension was being raised from 60 - 64 years old. Us Brits really need to grow some Cahoniez.
Agreed, that is a very valid point, I work in finance for over 25 years, I think pensions are very much misunderstood, and the current Government and previous decided to raise the retirement age it is disgraceful (we know why, people are living longer), plus one will be taxed either at the start of the process - when you work (via National Income/TAX) or at the end of the process when you come to withdraw your hard earned cash from the pension. One should look at pensions as part of a good retirement plan with other types of assets or investments. The days of Golden pensions are long gone for most of us. Check out the HMRC Pensions Tax Manual. for example of limp sum commutation examples. I fear future governments will try to raise the age yet again.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@@MrGravity304 My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
@@Blitcliffe My advisor “NICOLE DESIREE SIMON” is highly qualified and experienced in the financial market.She has extensive knowledge of portfolio diversity and is considered an expert in the field.
@@MrGravity304 I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes. Thanks
great video. I’ve been watching and listening to the podcast for around 6 months now i’ve become slightly obsessed with investing and saving my money. I’m 21 and have set up monthly direct debits to my Vanguard personal pension, contribute 6.5% into my workplace DC pension, my Fidelity ISA and my Hargreaves Lansdown LISA. I’m very happy and grateful that i found out about investing at my age and have been telling all my friends about investing and now they all have direct debits into their ISAs and pensions. Thank you Pete
Wow, you are doing brilliantly. Dont forget to grow an instant access emergency fund (possibly mostly un premium bonds) of 3 to 6 months expenditure - its crucial to have this so that you ding gave to sell shares when the market is down. When the market falls it often coincides with when people need to fall back on some savings. Meanwhile to encourage you ghost your doing the right thing this video from some US financial planners will blow your socks off. th-cam.com/video/pKaiBNA6B-I/w-d-xo.html
I admire your desire to provide for yourself, too many people these days look to the state to provide for them. It's better to be obsessed with your financial future than uninterested and blasé. I wish I had been more interested when I was your age. Luckily I had a great father and the best advice he gave me at 22 was to open a private pension, as at the time I didn't have a workplace pension. I now have a workplace DB pension and the pot I accumulated in my private pension.
Am 59, first time I understood what a defined benefit is! Am an oral learner, ur voice, choice words made it so sonically fluid that it seeped into my synapses. There is no other way of saying thank you, then elaborating on how succinct your video is
Brilliant video and so clearly explained. I think I learned more in this 12 minutes than I did when I sat for 2 hours in a pensions briefing at work a couple of years ago. You have a new subscriber 👍🏼😉
Thank You! I pay into a DB scheme and didn't understand it as I thought all pensions behave like DC schemes but this short video has cleared up so much confusion for me. Very clear and very concise.
Great video - thanks. When I started working for myself 24 years ago I was advised to take out a Stakeholder pension with Scottish Widows. Wish I hadn't. The last 3 years it has lost around 25% of its value despite me paying in £3600 per year. They continue to take their "management" fee. Luckily I have another pension from my former Employer which is doing very nicely. Minefield.
Hi Colin, I had the same predicament a few years ago. I looked into merging my Scottish Widows pension with my workplace pension, which was with Standard life. I had been paying two hefty management fees. The professional advice I received was invaluable and led me to decide to merge my pensions. Standard life did all the work, and I've not regretted my decision.
I am so glad that I came across this channel! The wealth of financial knowledge in your videos is astounding, I genuinely don't know how I'm not surrounded by millionaires with information like this being so accessible.
Great video. I worked for a very large and well known company and have recently become a pension rep. Its a voluntary role but I'm passionate that all employees, particularly the younger ones, get educated to know their options available. The company only offers DC now to new members but its pretty generous at 8+12 but some newer joiners are still in the auto enrollment level. Fine that everyone's situation is different when it comes to what they can or want to save but I just like to make sure they are aware if all the options and figures. I'm really enjoying it.
This is really important work, JD. I’ve heard countless time from people who were encouraged by older colleagues to join the workplace pension, and they always so glad they did, down the line. Brilliant work - keep going! 👊🏻👍🏻
Good stuff ! Very informative. I worked in the financial services industry for around 8 years leaving around 1994. I then went work for a good company that had 1/60th scheme and AVC contribution got this down to 56th scheme (22years service) This year it folded because the final salary scheme costs a fortune to maintain so I am now in a DC scheme ! Because my employer closed the DB scheme they are giving us an £8000 x2 bonus into the DC scheme. I am 58 now and tend to bail out in 2 years at age 60. My only concerns at going at 60 is I will have to mantain my NI contributions ! Draw down all the way. Taking benefits from DB scheme ! I could pass away and my kids wouldn't get a penny unless I elected for this hence reducing my pension. Thanks for sharing
Really great video for explaining the basics. Do you have a video explaining how pensions work for people who have ill health and are unlikely to make it to those 60's and 70's?
Alongside salary sacrifice pension arrangements, my employer also does a salary sacrifice for car leasing electric vehicles, but this can affect your pension detrimentally, would like a Meaningful Money explaining this complex issue!
I have no idea why this information isn’t more widely known. Brilliant explanation and has helped my understanding. What is boggling my mind though, who on Earth are the people who gave this a thumbs down???
Great videos thanks. I was hoping to reduce CT from my limited company by paying in employer contributions to my SIPP. I’m now told that as I drew £6k from my SIPP back in 2016 I am only now allowed to pay in £10k per year which sounds crazy and somewhat unfair. 😢
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me, retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
Having an investment adviser is the best way to go about the market right now, especially for near-retirees, I've been in touch with a coach for a while now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
Thank you Damien for making me discover this great channel here. I'm 59. I've never taken care of my pension plans. I'm told it's not too late. I will recieve full state pension but that is all. In my younger years I had a few pension plans with various employers but they were only short term as I used to change employers a lot. I have worked for Royal Mail and British army but both were not long term. I wonder if I can and what is the best way for me to improve my retirement situation or am I doomed?
Certainly not doomed, but your first job is to find out what you have got. Other than pensions, do you have any savings? You may be able to track down some pensions - search for government pensions tracker. And you have 6-7 years left to work hard and put some money aside, assuming you have the health to work. Don’t give up, but do start being intentional about all this. Start here: moneyandpensionsservice.org.uk
Save like a bugger. I did that for the last 5 years before retirement. I lived like a rat, living below my means. Ended up with a tidy lump sum from savings.
Loved this. Thank you. I'm looking how to combine my other pensions. Not sure how to go about it at the moment but I'm keen on trying to secure some fininacial stability for my family.
I do love a pension video, thanks! I think I saw some content you did on salary sacrifice a while back which was really helpful too, I've just learnt that salary sacrifice is limited by the minimum wage which I wasn't aware of before. Given the upcoming N.I increase I think more people will be looking at their salary sacrifice schemes in the hope of recouping some of that cost.
Hi mate, I'm 56 years old a physiotherapist who worked with Nhs for about 3 years and also worked as a locum pt for a couple of years with Nhs. Last 9 years worked abroad. Now I'm back in the UK his can I find out how much I awe the government to get retired? Will be happy if you advise me, please
Great video! I have a SIPP as well as my employer's DC pension. As well as consolidating my old pensions to the SIPP, I like the flexibility of being able to add contributions on the fly (which payroll contributions don't do so well)
How does that work regarding taxation and contributions..not sure if my employer is matching my contribution or how well invested my work place pension is.
@@goodlifeliving1667 If you're in the UK and auto enrolled there is likely some level of matching. I've never had to worry too much about hitting contribution limits though. For taxation, 20% relief is applied by the broker, if you are a higher rate payer you put extra on a self assessment or I expect there is another form to claim with.
Thanks for the nice explanation. From what I understood, it seem better to invest in properties and rent it than going into the DC. Rent income is pretty much like DB.
Different, not better. Property is a great asset class, but very tax-inefficient and illiquid. Fine if you have tenants, but income drops to zero if you don’t. If possible try to get to the point where you have multiple strings to your bow - property AND pensions?!
Very good video. I'm fortunate to have a DB pension which if I continue with till I'm 65 coupled with my state pension should mean I have an income similar to what I earn now which is a reassuring thought. I have a small four figure S&S ISA and a small three figure SIPP that I found from an old employer. At 42 years of age with the benefit of my DB pension in wondering if I should invest monthly to my ISA, SIPP or split evenly? I'm also investing into a junior ISA for my son. I wish I'd known more about investing when I was younger.
Great videos and great channel! Your videos have helped me change the way I think about my finances and budgeting. Would you consider doing a video explaining the NHS pension?
I work for the public sector and want to know if there is anyway of like logging in online and having a look at how much iv contrabuted so far and how it's looking, is there anyway of doing this? Also say I quite tomorrow and do a complete diffrent job until retirement how do I get my public sector pension does it just turn up one day automatically how do they know I've retired??
You didn't mention state pension, I know it's not much, but surely worth mentioning. Still a very useful video. I wish I knew more... Off to watch more videos 😊👍🏼thanks
10mins 21secs, thats the bit that concerns me! when i mentioned this to my pension company they flatly refused to offer me anything!! stating that it was too early!!
I've recently gone into a workplace DB pension. I was massively sceptical about pensions for a long time and there always seemed to be a bad-news story about them. Other reasons I didn't go in earlier (or opted out in my case) were that wages v cost of living means that many younger people, who are often on lower incomes or lower pay bands, have a lot of expenditure on various things relative to their income so a pension contribution is just extra on top of that. Also, I personally know of people who have gone up a pay band but the extra income they got in salary was cancelled out by the increase in pension contribution and, in some cases, they actually took home less a month than they did on the lower band. That's not always the case but, as I said, I know people who have found themselves in that situation. I've had savings and investments for quite a while, so it's not like I had nothing but I came to realise it probably wouldn't be enough plus, I was nagged into joining the scheme! Looks like that was a good decision!
Thank you for your explanations. I am now 73 years old and I heard I should have claimed pension when I was 65 but this I didn’t know. I started applying and get it since 2021 November-December. Am I not allowed to have the back pension (even a portion) of which I did not claim before for several years?
Great video on pension and investment. I just came across your channel and I have subscribed immediately. I really need educating on investment and pension. Thank you
How do employer contributions work for things like the UK civil service pension scheme? Their Alpha pension scheme is a defined benefit scheme so its clearly based on how many years you pay in and what salary you're earning when you do but they also say they have a very generous employer contribution to this (~27%). Say I pay 5% of my salary in each year for the scheme and in exchange I get 2.32% of that salary added to the annual pension I'll receive once I retire + inflation adjusted contributions from previous years. Where in this equation does the 27% employer contribution they quote me come in?
It's irrelevant. What matters to you is the benefit. That 2.32% of your salary that you lock in as a future pension income is what counts against the annual allowance (multiplied by 16).
Great video, and also convinces me I made the correct decision very early on in my life.... don't have a pension. I remember hearing something 20 years ago that for every pension amount paid out, (roughly) 28 people are paying in. By the time I retire, that number of people will be reduced to 3. i.e. less people paying in. The government knew this years ago; why do you think the government has incentivised people paying into their pension fund, as mentioned at 4:04? Because they know one day, they won't have enough money to pay out! Since then, I was (admittedly) very stupid with money, and only eliminated my personal debt at the age of 37. Now, I earn a higher-than-median salary, and I still refuse to get a pension, for three simple reasons. 1.) I work abroad. 2.) £100 now was worth a lot more 20 years ago, and will be worth a hell of a lot less in 26 years' time, when it is time for me to retire. 3.) Due to my health and lifestyle, I will not live beyond 68 years old. I have no family, so what am I saving money for? The future is not guaranteed. I choose to enjoy life now, hence all the stamps I have in my passport, rather than putting money in an imaginary pot I may never see again in my lifetime. I have chosen to put all my savings into NS&I, so that I can get to it whenever I want to. Also the chance to win £1 million is quite nice!
Been thinking similarly about the pensions, my friends are counting on their private pension however we are only 27 and the financial system doesn’t look like it will be the same in 30 years. Can you expand on the NS&I, sounds more realistic, Thanks
Hi Pete, love the videos! A quick question for you... can you pay the maximum (100% of relevant earnings, only £5k inc tax relief) into a PP then take an Ufpls payment which will trigger the MPAA and then pay in £4k inc tax relief in the same tax year if you have no further earnings after the trigger date?
In the 1990s I sold pensions on the strenght that the tax free lump sum would pay off most if not all of the mortgage and leave the investor with a pension for life. Most were over a 40 year term plus, I was not alone
The approach of selling pensions with the promise that a tax-free lump sum would pay off mortgages and provide a lifelong pension was common in the 1990s. However, many factors can affect the outcome, including changes in the housing market and interest rates. It's crucial for investors to seek personalized advice and consider diversified financial strategies to ensure long-term financial stability
it's vital for investors to seek personalized advice and adopt diversified financial strategies. Working with a knowledgeable financial adviser is crucial for achieving long-term financial stability and freedom.
I've experimented with a few over the past years, but I've stuck with ‘’Angela Lynn Schilling” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I’ve recently opted out of my employee company pension, for the money I can afford to put in per month simply wont give me a return at 65 that I can live on. So I’m using the money to invest in projects outside of a pension to hopefully secure my future
If there’s an investment where you can double the money you put in overnight except for a pension, then let me know. Minimum contribution to your pension is 4% of your salary. Tax relief is 1% and employer minimum is 3%. So your 4% doubles immediately. I’d urge you to reconsider…
@@MeaningfulMoney ok please correct me if I’m in correct, my situation Started pension at 39 years old. I pay £194 per month into it and my employer matches it ergo £388 a month. £4655 per annum. I will probably retire at 68, giving me 29 years so let’s say 30. 30 years at £4655 = £139k? If my maths is incorrect please let me know, but that is basically 3 years of a living wage
Did you know Bitcoin officially becomes legal tender in El Salvador. The predominant cryptocurrency btc hits $100k by Dec.Buy bitcoin with PayPal now and save for the future financial freedom.
Thanks so much Mathew for the good work. You have taught me so much. I have learnt so much in 3 day watching your channel than I did in 30years. I have a question, I work with the NHS, I want to know is it possible for me to have another private pension outside my NHS pension? Secondly will that affect my ISA account which I invested in S&P index with vanguard? Thanks, looking forward to hear from you.
Have you ever covered DB Guaranteed Minimum Pensions, how they increase each year and if they affect your state pension? Totally confused about this and my small Post Office pension!
Well done on expluaing UK pensions in just over 10 minutes.
Nice profile pic Mike.
@@MaroonedInDub (This is a joke, obviously....) People really should check their emoji orientation before they click the send button lol
@@tonychan8558 I made you cry
I’m 36 and I have about ($190k) liquid in savings which I plan to put towards becoming a homeowner, but based on the current high prices on real estate, do you suggest I hold from buying and look at stocks instead?
Yes, housing crash is coming. If you're thinking about investments to earn huge income while maintaining the ability to access your money and safety, so you don't get caught in a market decline, a financial planner can come in handy
True, a lot of folks downplay the role of advisors, until being burnt by their own emotions, no offense intended. Amid covid-19 pandemic crash, I needed a good strategy to grow my portfolio, thus I consulted the service of a true market strategist that helped to rejuvenate my $700k portfolio, boosting its return over 240% as of today.
I completely agree; I have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
“Sonya Lee Mitchell” 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.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.,...
There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up..,...
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
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.
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
@@Fatihu-nq 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 Oh please I’d love that. Thanks!
@@Fatihu-nq Clementina Abate Russo is her name
Lookup with her name on the webpage.
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $275k bond/stock portfolio
You can make a quick internet research with her name *ROCH DUNGCA-SCHREIBER* . The rest of the information is there for you to read and get in touch
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, 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 $300,000. ' John Steven Barr' is among the most accomplished portfolio managers in the industry, widely acknowledged for his outstanding work. I highly recommend taking a closer look at his impressive portfolio.
Free money, I agree, but the government will do its best to take it back.
We get taxed on our income, taxed on our savings, taxed on our pensions.
In essence, it's legalized theft!
Thanks for the video. I absolutely agree that too few people know about the best ways they can achieve financial security.
This is the kind of advice that I wish I'd had from pensions and savings advisers 30 years ago when all the jargon just went right over my head. Thanks for this much simpler explanation which I can now finally understand!
Excellent video... I think it's a discrace (having paid into a pension) the government then turn around and keep raising the age you can draw on it... Its OUR money! France was recently sticking as the their State pension was being raised from 60 - 64 years old. Us Brits really need to grow some Cahoniez.
Agreed, that is a very valid point, I work in finance for over 25 years, I think pensions are very much misunderstood, and the current Government and previous decided to raise the retirement age it is disgraceful (we know why, people are living longer), plus one will be taxed either at the start of the process - when you work (via National Income/TAX) or at the end of the process when you come to withdraw your hard earned cash from the pension. One should look at pensions as part of a good retirement plan with other types of assets or investments. The days of Golden pensions are long gone for most of us. Check out the HMRC Pensions Tax Manual. for example of limp sum commutation examples. I fear future governments will try to raise the age yet again.
This is the best explanation of Pensions I ever come across, and should be taught at school and shared by employers. Great job! Thanks
Very kind, Pablo, thank you! 🙏🏻
Absolutely agree with this, fantastic and thank you
Schools would rather teach religious education and pshe
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@@MrGravity304 My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
@@Blitcliffe My advisor “NICOLE DESIREE SIMON” is highly qualified and experienced in the financial market.She has extensive knowledge of portfolio diversity and is considered an expert in the field.
@@MrGravity304 I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes. Thanks
Great video. I'm in my 30s but I am now planning for retirement (although I should've started in my 20s). New subscriber here!
At 30 we should be living our prime not thinking about enjoying retirement. Our life's are in reverse, not how it should be.
@@jaleelaslam7341you have a poor mindset buddy
Finally, after more than 10 years, I understand how pensions work.
I'll take that, Samuel - thank you!
great video.
I’ve been watching and listening to the podcast for around 6 months now i’ve become slightly obsessed with investing and saving my money. I’m 21 and have set up monthly direct debits to my Vanguard personal pension, contribute 6.5% into my workplace DC pension, my Fidelity ISA and my Hargreaves Lansdown LISA.
I’m very happy and grateful that i found out about investing at my age and have been telling all my friends about investing and now they all have direct debits into their ISAs and pensions.
Thank you Pete
Wow, you are doing brilliantly. Dont forget to grow an instant access emergency fund (possibly mostly un premium bonds) of 3 to 6 months expenditure - its crucial to have this so that you ding gave to sell shares when the market is down. When the market falls it often coincides with when people need to fall back on some savings.
Meanwhile to encourage you ghost your doing the right thing this video from some US financial planners will blow your socks off.
th-cam.com/video/pKaiBNA6B-I/w-d-xo.html
Brilliant stuff, FRANK! 👊🏻
Sensible lad. You’ll go far 👍
I admire your desire to provide for yourself, too many people these days look to the state to provide for them. It's better to be obsessed with your financial future than uninterested and blasé. I wish I had been more interested when I was your age. Luckily I had a great father and the best advice he gave me at 22 was to open a private pension, as at the time I didn't have a workplace pension. I now have a workplace DB pension and the pot I accumulated in my private pension.
What’s the name of podcast
Am 59, first time I understood what a defined benefit is! Am an oral learner, ur voice, choice words made it so sonically fluid that it seeped into my synapses. There is no other way of saying thank you, then elaborating on how succinct your video is
Brilliant video and so clearly explained. I think I learned more in this 12 minutes than I did when I sat for 2 hours in a pensions briefing at work a couple of years ago. You have a new subscriber 👍🏼😉
What a great video, just wished I had watched it 1st of all, very clearly explained thank you
Just found this video. Has to be the clearest explanation I've ever come across for Pensions in the Uk. Thanks
Best pension descriptions I've ever heard. So, so useful
Thank you, LC!
Smashing video. You have a great style that makes potentially boring topics interesting and easy to watch. Cheers.
Thank you, VP - you’re very kind!
Oh wow! I'm so glad I come across this. Pensions have always left me confused. Thank you!
Great Video, I am an advisor from South Africa about to start work in the UK so these videos are super helpful. Thank you.
Thank You! I pay into a DB scheme and didn't understand it as I thought all pensions behave like DC schemes but this short video has cleared up so much confusion for me. Very clear and very concise.
Great video - thanks. When I started working for myself 24 years ago I was advised to take out a Stakeholder pension with Scottish Widows. Wish I hadn't. The last 3 years it has lost around 25% of its value despite me paying in £3600 per year. They continue to take their "management" fee. Luckily I have another pension from my former Employer which is doing very nicely. Minefield.
Yeh the stock markets down..
Hi Colin,
I had the same predicament a few years ago.
I looked into merging my Scottish Widows pension with my workplace pension, which was with Standard life.
I had been paying two hefty management fees. The professional advice I received was invaluable and led me to decide to merge my pensions.
Standard life did all the work, and I've not regretted my decision.
Hargreaves and Scottish Widows(under Lloyds) are criminals
I am so glad that I came across this channel! The wealth of financial knowledge in your videos is astounding, I genuinely don't know how I'm not surrounded by millionaires with information like this being so accessible.
Yes, subbed
This is possibly the most informative video ever created....
Love this series. I wish I knew all this 20 years ago!!!
You weren't interested in it 20 years ago.
Great video. I worked for a very large and well known company and have recently become a pension rep. Its a voluntary role but I'm passionate that all employees, particularly the younger ones, get educated to know their options available. The company only offers DC now to new members but its pretty generous at 8+12 but some newer joiners are still in the auto enrollment level. Fine that everyone's situation is different when it comes to what they can or want to save but I just like to make sure they are aware if all the options and figures. I'm really enjoying it.
This is really important work, JD. I’ve heard countless time from people who were encouraged by older colleagues to join the workplace pension, and they always so glad they did, down the line. Brilliant work - keep going! 👊🏻👍🏻
Thank you..I really needed this explaining as we approach retirement and have various pots. I finally understand it now.
Amazingly helpful video! Thank you so much for making this I have been struggling for years to understand my pension and this really helped
When the future comes everything change’s if you get anything promised you will be very lucky I’ve been there believe me
Very true
Finally something that is explained in terms I can understand, thank you 🙏
You're very welcome - glad it was helpful!
Good stuff ! Very informative. I worked in the financial services industry for around 8 years leaving around 1994. I then went work for a good company that had 1/60th scheme and AVC contribution got this down to 56th scheme (22years service) This year it folded because the final salary scheme costs a fortune to maintain so I am now in a DC scheme ! Because my employer closed the DB scheme they are giving us an £8000 x2 bonus into the DC scheme. I am 58 now and tend to bail out in 2 years at age 60. My only concerns at going at 60 is I will have to mantain my NI contributions ! Draw down all the way. Taking benefits from DB scheme ! I could pass away and my kids wouldn't get a penny unless I elected for this hence reducing my pension. Thanks for sharing
The maximum weekly state pension is £141 in the UK, £507 in Germany, £304 in France, and £513 in Spain.
£185.15pw in the uk.
Really great video for explaining the basics. Do you have a video explaining how pensions work for people who have ill health and are unlikely to make it to those 60's and 70's?
Alongside salary sacrifice pension arrangements, my employer also does a salary sacrifice for car leasing electric vehicles, but this can affect your pension detrimentally, would like a Meaningful Money explaining this complex issue!
Very well explained in quick and short video.
Thank you Sandeep! 🙏🏻
Tax relief on is taxed later when you withdraw from pension.
Yes, but you’ve had growth on that money throughout. It still works out better than any other kind of investment.
@@MeaningfulMoney better than investing in stocks and shared yourself in a tax free ISA? i doubt it, 360% growth no tax
Thankyou so much for your advice🤔And great news for your information❤❤🌹🌹
I have no idea why this information isn’t more widely known. Brilliant explanation and has helped my understanding.
What is boggling my mind though, who on Earth are the people who gave this a thumbs down???
Ha! There are always some. And thank you - I appreciate the encouraging words...
Thank you for making it so simple ! 🙏
This is the best video and explanation on how pensions work put in simple terms. Thank you and well done.
I have subscribed to this channel. 10/10
Thanks very much - I’m delighted it was helpful for you! And thanks for the sub 👊🏻👍🏻
Great videos thanks. I was hoping to reduce CT from my limited company by paying in employer contributions to my SIPP. I’m now told that as I drew £6k from my SIPP back in 2016 I am only now allowed to pay in £10k per year which sounds crazy and somewhat unfair. 😢
VERY SIMPLE WAY TO EXPLAIN. THANK YOU
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me, retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
Having an investment adviser is the best way to go about the market right now, especially for near-retirees, I've been in touch with a coach for a while now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
credits to *MARTHA ALONSO HARA* , one of the best portfolio managers out there. she's well known, you should look her up
I just checked her out and I have sent her an email. I hope she gets back to me soon.
45 would still be a very early age to retire!
Very simple explanation on DC. Thank you!
One of the very best explanations of pension basics I have ever come across. This should be compulsory viewing for everyone.
Thank you Damien for making me discover this great channel here.
I'm 59. I've never taken care of my pension plans. I'm told it's not too late. I will recieve full state pension but that is all.
In my younger years I had a few pension plans with various employers but they were only short term as I used to change employers a lot. I have worked for Royal Mail and British army but both were not long term.
I wonder if I can and what is the best way for me to improve my retirement situation or am I doomed?
Certainly not doomed, but your first job is to find out what you have got. Other than pensions, do you have any savings? You may be able to track down some pensions - search for government pensions tracker.
And you have 6-7 years left to work hard and put some money aside, assuming you have the health to work.
Don’t give up, but do start being intentional about all this. Start here: moneyandpensionsservice.org.uk
Save like a bugger.
I did that for the last 5 years before retirement.
I lived like a rat, living below my means.
Ended up with a tidy lump sum from savings.
Super informative pension video uncle Pete, thanx for producing.
Really good video, you explained the concept very clearly. The illustrations are really good.
Thank you Shree!
Loved this. Thank you. I'm looking how to combine my other pensions. Not sure how to go about it at the moment but I'm keen on trying to secure some fininacial stability for my family.
Love this channel. Great video as always thank you 🙂👍
You’re very kind, thank you 👍🏻🙏🏻
Thanks again. Another good video. Your explanation is so easy to understand. I would recommend this channel. Thanks
Thanks Chris - really appreciate that! 🙏🏻👍🏻
Very useful and clearcut video thanks 😊 👍
Brilliant video thanks
I do love a pension video, thanks! I think I saw some content you did on salary sacrifice a while back which was really helpful too, I've just learnt that salary sacrifice is limited by the minimum wage which I wasn't aware of before. Given the upcoming N.I increase I think more people will be looking at their salary sacrifice schemes in the hope of recouping some of that cost.
You could well be right…
Hi mate, I'm 56 years old a physiotherapist who worked with Nhs for about 3 years and also worked as a locum pt for a couple of years with Nhs. Last 9 years worked abroad.
Now I'm back in the UK his can I find out how much I awe the government to get retired?
Will be happy if you advise me, please
Great video! I have a SIPP as well as my employer's DC pension. As well as consolidating my old pensions to the SIPP, I like the flexibility of being able to add contributions on the fly (which payroll contributions don't do so well)
How does that work regarding taxation and contributions..not sure if my employer is matching my contribution or how well invested my work place pension is.
@@goodlifeliving1667 If you're in the UK and auto enrolled there is likely some level of matching. I've never had to worry too much about hitting contribution limits though. For taxation, 20% relief is applied by the broker, if you are a higher rate payer you put extra on a self assessment or I expect there is another form to claim with.
Absolutely brilliant video, easy to understand even for a thicko like me, thanks
You’re certainly not a thicko! No one is born knowing this stuff!
Great video Pete I wish I knew all this in my 20’s 😮
Very clear, thank you so much for taking the time to put this together and sharing it.
Thank you Stephen - glad it was useful!
This was SO valuable you have no idea...
I’m glad - thanks for watching!
great explanation...i'm going to use this videos advice in my job interview in the hope I can get a job working with pensions.
Thanks for the nice explanation. From what I understood, it seem better to invest in properties and rent it than going into the DC. Rent income is pretty much like DB.
Different, not better. Property is a great asset class, but very tax-inefficient and illiquid. Fine if you have tenants, but income drops to zero if you don’t. If possible try to get to the point where you have multiple strings to your bow - property AND pensions?!
Solid video Pete! 👍
Very good video. I'm fortunate to have a DB pension which if I continue with till I'm 65 coupled with my state pension should mean I have an income similar to what I earn now which is a reassuring thought. I have a small four figure S&S ISA and a small three figure SIPP that I found from an old employer.
At 42 years of age with the benefit of my DB pension in wondering if I should invest monthly to my ISA, SIPP or split evenly?
I'm also investing into a junior ISA for my son. I wish I'd known more about investing when I was younger.
So retire earlier! You’ll not need as much money in retirement as you earn now 🤷🏼
I think this also applies to some other countries too~~! thank u~~!!
Great videos and great channel! Your videos have helped me change the way I think about my finances and budgeting. Would you consider doing a video explaining the NHS pension?
I did a podcast on that subject with an expert, Oliver: meaningfulmoney.tv/2021/09/08/the-nhs-pension-scheme-explained/
Its called Universal Basis Income, coming to the UK middle classes soon..
"The solution is actually knowing what the problem is"
Thanks for the basic explanation. I, like many have always struggled to understand ‘Pensions’. I fully understood your video. Subscribed as a result.
Great why of explaining pension...
I work for the public sector and want to know if there is anyway of like logging in online and having a look at how much iv contrabuted so far and how it's looking, is there anyway of doing this? Also say I quite tomorrow and do a complete diffrent job until retirement how do I get my public sector pension does it just turn up one day automatically how do they know I've retired??
Nice clear explanation.
Thanks for the knowledge!
You didn't mention state pension, I know it's not much, but surely worth mentioning. Still a very useful video. I wish I knew more... Off to watch more videos 😊👍🏼thanks
Tons of content on the state pension on this channel. Thanks for watching!
Great job best explanation
10mins 21secs, thats the bit that concerns me! when i mentioned this to my pension company they flatly refused to offer me anything!! stating that it was too early!!
The only question I have. What do you have / do for a pension? I'll copy that.
Really well presented and very helpful! Thank you
Cheers Dav - glad it was helpful
Very well explained. Thank you. ::))) very good!!
Thanks so much - this video was super helpful!
I’m glad, Timera - thanks for watching!
I've recently gone into a workplace DB pension. I was massively sceptical about pensions for a long time and there always seemed to be a bad-news story about them. Other reasons I didn't go in earlier (or opted out in my case) were that wages v cost of living means that many younger people, who are often on lower incomes or lower pay bands, have a lot of expenditure on various things relative to their income so a pension contribution is just extra on top of that. Also, I personally know of people who have gone up a pay band but the extra income they got in salary was cancelled out by the increase in pension contribution and, in some cases, they actually took home less a month than they did on the lower band. That's not always the case but, as I said, I know people who have found themselves in that situation.
I've had savings and investments for quite a while, so it's not like I had nothing but I came to realise it probably wouldn't be enough plus, I was nagged into joining the scheme! Looks like that was a good decision!
Great clear intro. Thanks
If you have a dual national use it to your advantage definitely
Thank you for your explanations. I am now 73 years old and I heard I should have claimed pension when I was 65 but this I didn’t know. I started applying and get it since 2021 November-December. Am I not allowed to have the back pension (even a portion) of which I did not claim before for several years?
What you don't collect.. You lose.
Great video on pension and investment. I just came across your channel and I have subscribed immediately. I really need educating on investment and pension. Thank you
Great to have you here, Tola! 👊🏻
As other commentors have said - that was very well explained. Thanks.
Basic aged pension is $500 pw plus many gov concessions and rent subsidy if renting private housing up to $50 pw
Very helpful! Thank you.
Really glad, Aidan - cheers!
Very clear explanation, thanks.
How do employer contributions work for things like the UK civil service pension scheme? Their Alpha pension scheme is a defined benefit scheme so its clearly based on how many years you pay in and what salary you're earning when you do but they also say they have a very generous employer contribution to this (~27%).
Say I pay 5% of my salary in each year for the scheme and in exchange I get 2.32% of that salary added to the annual pension I'll receive once I retire + inflation adjusted contributions from previous years. Where in this equation does the 27% employer contribution they quote me come in?
It's irrelevant. What matters to you is the benefit. That 2.32% of your salary that you lock in as a future pension income is what counts against the annual allowance (multiplied by 16).
Thanks for the information. It would be better if you gave some salary examples.
Noted!
This is so informative, thank you!
Glad it was helpful!
Great video, and also convinces me I made the correct decision very early on in my life.... don't have a pension.
I remember hearing something 20 years ago that for every pension amount paid out, (roughly) 28 people are paying in. By the time I retire, that number of people will be reduced to 3. i.e. less people paying in. The government knew this years ago; why do you think the government has incentivised people paying into their pension fund, as mentioned at 4:04? Because they know one day, they won't have enough money to pay out!
Since then, I was (admittedly) very stupid with money, and only eliminated my personal debt at the age of 37. Now, I earn a higher-than-median salary, and I still refuse to get a pension, for three simple reasons.
1.) I work abroad.
2.) £100 now was worth a lot more 20 years ago, and will be worth a hell of a lot less in 26 years' time, when it is time for me to retire.
3.) Due to my health and lifestyle, I will not live beyond 68 years old. I have no family, so what am I saving money for? The future is not guaranteed. I choose to enjoy life now, hence all the stamps I have in my passport, rather than putting money in an imaginary pot I may never see again in my lifetime.
I have chosen to put all my savings into NS&I, so that I can get to it whenever I want to. Also the chance to win £1 million is quite nice!
Been thinking similarly about the pensions, my friends are counting on their private pension however we are only 27 and the financial system doesn’t look like it will be the same in 30 years. Can you expand on the NS&I, sounds more realistic,
Thanks
@@Breadstar90 NS&I = premium bonds - "national savings v& investments": only available in the UK.
Hi Pete, love the videos! A quick question for you... can you pay the maximum (100% of relevant earnings, only £5k inc tax relief) into a PP then take an Ufpls payment which will trigger the MPAA and then pay in £4k inc tax relief in the same tax year if you have no further earnings after the trigger date?
Thank you very much. This is very useful.
I’m glad, Carole - thanks for watching!
In the 1990s I sold pensions on the strenght that the tax free lump sum would pay off most if not all of the mortgage and leave the investor with a pension for life. Most were over a 40 year term plus, I was not alone
The approach of selling pensions with the promise that a tax-free lump sum would pay off mortgages and provide a lifelong pension was common in the 1990s. However, many factors can affect the outcome, including changes in the housing market and interest rates. It's crucial for investors to seek personalized advice and consider diversified financial strategies to ensure long-term financial stability
it's vital for investors to seek personalized advice and adopt diversified financial strategies. Working with a knowledgeable financial adviser is crucial for achieving long-term financial stability and freedom.
I've experimented with a few over the past years, but I've stuck with ‘’Angela Lynn Schilling” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I’ve recently opted out of my employee company pension, for the money I can afford to put in per month simply wont give me a return at 65 that I can live on. So I’m using the money to invest in projects outside of a pension to hopefully secure my future
If there’s an investment where you can double the money you put in overnight except for a pension, then let me know. Minimum contribution to your pension is 4% of your salary. Tax relief is 1% and employer minimum is 3%. So your 4% doubles immediately. I’d urge you to reconsider…
@@MeaningfulMoney ok please correct me if I’m in correct, my situation
Started pension at 39 years old. I pay £194 per month into it and my employer matches it ergo £388 a month. £4655 per annum. I will probably retire at 68, giving me 29 years so let’s say 30.
30 years at £4655 = £139k? If my maths is incorrect please let me know, but that is basically 3 years of a living wage
very insightful and I really admire your energy
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Thanks so much Mathew for the good work. You have taught me so much. I have learnt so much in 3 day watching your channel than I did in 30years. I have a question, I work with the NHS, I want to know is it possible for me to have another private pension outside my NHS pension? Secondly will that affect my ISA account which I invested in S&P index with vanguard? Thanks, looking forward to hear from you.
Have you ever covered DB Guaranteed Minimum Pensions, how they increase each year and if they affect your state pension? Totally confused about this and my small Post Office pension!
Don't think I've ever covered that - it's a pretty niche subject, but I suppose it does still cover lots of people! Noted for the future...