How to Retire Comfortably After Your Military Career
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- เผยแพร่เมื่อ 31 ก.ค. 2024
- How to Retire Comfortably After Your Military Career
If you're a military member looking to retire comfortably after your service, or anyone interested in achieving financial freedom through investing, this video is for you. In this video, we'll be sharing valuable insights on how you can retire fully after a full military career by consistently investing each month into an investment ISA.
We'll discuss the benefits of investing in index funds, how to manage risk effectively and we'll also explore the advantages of tax-efficient investing through investment ISAs, and how you can use them to your advantage to achieve your retirement goals.
This video provides tips and guidance on long-term investing, diversification, and low-cost investing so you'll be well on your way to creating a passive income stream that will help you achieve financial freedom and enjoy a comfortable retirement.
So if you're ready to take control of your financial future, be sure to check out this informative video and start investing in your retirement today.
Links:
Compound Interest Calculator -
www.thecalculatorsite.com/fin...
Investing For Squaddies -
• Investing for Beginner...
Compound Interest For Squaddies -
• Compound Interest Expl...
Timestamps:
0:00 Intro
0:36 Investing To Achieve Financial Freedom
1:36 Vanguard Life Strategy 100% Equity Fund
2:08 How Does Investing Achieve Financial Freedom?
3:00 Financial Freedom With A Military Career Example
5:37 Financial Freedom With A Military Career Example Results
6:34 How To Work Out Your Financial Freedom Number
6:59 Financial Freedom With A Military Career Example With Wife's Income
8:25 Caveats
9:50 Emotions and Investing
10:52 Caveats
12:08 Final Thoughts
12:54 Outro
DISCLAIMER:
I am not a professional financial advisor and this video is not financial advice. Please do your own research before making any decisions with your money and seek professional financial advice if need be.
Sources:
www.armedforces.co.uk/armypays...
apply.army.mod.uk/what-we-off...
www.investopedia.com/ask/answ....
www.ig.com/uk/trading-strateg...
www.vanguardinvestor.co.uk/wh...
Timestamps:
0:00 Intro
0:36 Investing To Achieve Financial Freedom
1:36 Vanguard Life Strategy 100% Equity Fund
2:08 How Does Investing Achieve Financial Freedom?
3:00 Financial Freedom With A Military Career Example
5:37 Financial Freedom With A Military Career Example Results
6:34 How To Work Out Your Financial Freedom Number
6:59 Financial Freedom With A Military Career Example With Wife's Income
8:25 Caveats
9:50 Emotions and Investing
10:52 Caveats
12:08 Final Thoughts
12:54 Outro
Straight to an S&P 500 ETF at 0.07% on Vanguard buying 3 units a month automated. Hold for 20 years and don’t worry or watch the market. The UK ISA is decent with £20k tax free wrapper per year. I’m due to leave with my pension lump sum next year so will be looking to set up property company and drip feed more into my ISA.
Thank you for the videos! So many people around me don’t have a clue about this!
I wish we had someone like you back when i joined in 82 , what a difference it could have made for so many soldiers futures
Honestly what I did was to open up a Help to Buy ISA during my break during Phase 1 training (RAF). Bought a 1 bedroom flat back home with the max of the Forces Help to Buy before moving towards doing this. I do believe getting a property to live in (and not pay rent on) should be a priority as the bulk of that passive income going to rent simply becomes the landlords passive income. That minor digression aside, good gen here!
I start basic training in Catterick in February. As someone who is hoping to make a full career in, I am very grateful for this video
You're welcome and hope you enjoy it.
I wish more people would take this approach. Too many folks are spending every penny they earn and not saving.
Some young folk are also opting out of occupational pension schemes (in Civvy occupations). It's madness. They will never be able to afford to retire.
I'm 50 and my mortgage is paid off. I'm retiring at 55 after paying additional contributions (since age 40) to buy additional years' service in my occupational pension scheme. Looking forward to retirement!
Great video!
Thanks
Your channel is amazing, I'm Irish and interested in joining the British army and your videos are really helpful!
Thank you. I'm happy you are able to find value in them.
Also worth considering that even if you can't achieve full financial freedom, you might get more freedom than you would otherwise. For example at 40 you may not be able to never work another day, but maybe you can work just a couple of days a week, or maybe just a few weeks a year. I left too late to do by 40, but I hope by time I'm 60 I can go part time
I was thinking about doing this exact thing over 20-25 years but by buying gold on the stock market. In my research I found that gold has increased in value by an average of 10% per year over the past 50 years. And because it is gold, it is free from the effects of inflation... What do you think?
Regarding the VG LifeStrategy 100% Equity Fund. Do you have the accumulation or income S&S ISA? I have read the differences but just wondering which one you have went for.
I have the Accumulation option as for me, I want all dividends I earn from it, automatically reinvested. Helps out in the long run for the compounding effect.
So the SNP 500 and ftse 100 both yield 8% yearly (on average). Would it be smart so spread your money over the two rather than just put it all in one or the other to diversify even more?
That certainly is an option aswell and would diversify your portfolio greatly and reduce your risk quite a bit. I invest in Vanguard's Life Strategy 100 Fund and within that fund, they track multiple other funds. So, that is overall a very diversified portfolio.
Find the cheapest ETF/Fund on the same tracker that does worldwide/emerging/developing. Vanguard Life Strat works but you can sometimes build a similar portfolio to Vanguard that have cheaper fees. The fees are the only thing that is guaranteed.
@@mrm8818 ok cheers. I am new to this so all info I greatly appreciate. Thanks again
Surely this example will have been living in Married Service Accomodation his entire career? If so surely having to buy a house or rent upon leaving would either make outgoings sky rocket or eat into the majority of that lump sum saved???
Yes that's correct, in the example buying a house was not factored in however it's also done off of his own wage. A 2 income household will help offset the price of a house. Plus I know people who have their own house and are still able to hit these targets because the manage their money effectively and prioritise spending. So it's still not an impossible goal even if buying a house. It's just another factor to budget for when doing the math for oneself
I am just about to promote to Sgt with 7 years left to a full career. Is this too late to start?
It's never too late to start but unfortunately you don't have enough time left in the military to be able to fully retire in 7 years. But that shouldn't stop you from starting. You can still continue paying into it in your next job to still have a decent pot ready for when you fully retire. Hope that makes sense.