@@DamienTalksMoney great question. Taking my mum to a hospital appointment. She is 91. She needs the help. Beyond that not too much. But in the longer term improving my health as it has been neglected for far too long.
Just gone at 48. Took advantage of Pension/salary sacrifice and had an ISA since before they were called that. With 30 years of cost averaging into a pension/isa, eventually into low cost index funds its all worked out for me. I then witnessed a colleague drop dead at Christmas (he was 51) and had a big think about what was really important. Sayonara 👋🏻 🥳
Nice to see someone who has walked the walk enjoying the fruits of consistent investment. Well done! Hope this serves as inspiration for people at all stages of the journey.
Retired at 56, got bored, now two years later I work 130 days or so, earn about 70% I used to and do fun stuff with the other time. I love working and it best fills all those cold days in winter. I could take more holidays but too many and I find them stressful. So about 60% of working days doing stuff I love, 4 or 5 holidays a year including 5 weeks of Europe in the summer, what more could you ask for?
@@DamienTalksMoney I’ve made sure all of my extended family have employed the same tactics. All the kids have junior isa’s/junior sipps and the teenagers now have LISA’s also. I have tried to set them off on the right path for their futures!!
@Bluearmy76 Congrats! Can I ask, how much did you have in savings at the point of retirement? I would like to be able to do what you did so I'm trying to get an idea of what amount other people have been brave enough to step off the treadmill and retire with.. Did you move to a country/area with a lower cost of living?
The key concept to pick up from “I will teach you to be rich” is to define your rich life and then work out a budget for it. You don’t have to be living it now but if your retirement ideal is 3 concerts a week ( to make up for lost time🙂) you have to plan for that. For the first 20 years YOU MAY NEED MORE MONEY THAN YOU HAVE NOW AS INCOME or be really comfortable selling down your investments. Sorry to be a bad news bear but I now have to cut back and it’s really hard.😢
Left my job at 58 as hated the boss and was miserable. Found it impossible to get another job and finally gave up and now do a number of interesting voluntary roles. There’s a lot of ageism in the jobs market
I am in the construction industry reaching 50 soon & unfortunately there are many unrealistic bosses & much age discrimination, boss attitude is if you don't like it move on !
Retired having just turned 58 and loving the freedom, the only debt i took on was a mortgage, i never bought anything i couldn't afford. It's all about hard work, keeping fit, planning what you want at a young age and going for it (focus and grind), my only advice to the young is save and diverse investments no matter how small the amount is (never put all your eggs in to one basket) it will eventually compound.
I will be able to retire early I think. Mid/late 50s probably if I wanted to. Not because I am a high earner but because I've had a modest lifestyle and am happy to continue that in retirement. Also not having kids helps! A lot will depend on my health and the stock market performance I guess.
Without even watching the video yet, never for me. I imagine the day I retire is the day I’m lining up in a big bright place waiting to be seen by someone showing my past.
My theory is a lot of people simply don’t do the sums to work out when they can actually retire., especially well before state pension age. They just assume it’s roughly near state pension age so just carry on until I’ll health or caring for someone suddenly forces early retirement.
I personally expect to work past state retirement age personally. I'm 38 next month and already know this will happen. I pay 10% of my wage into a work place pension and even with that high number I will be getting a abysmally low amount at retirement age. But for me the reason I will be working past retirement is I get bored easily but I do hope I will be working part time. For me it's not a question of when will I retire, it's when will I stop working full time and when will I be able to give up full time work to work part time and have more time with my family. I've been working 56 or more hours a week for over 15 years now so working less than 30 hours (part time) would be lovely. Everything I do with my money (what I have left) is saved in premium bonds (mainly) for that overall goal. Maybe I should do something better but that's why I'm here. learn what I might be able to do better.
@samuellovell1789 @clarkeysam - Like I said I don't really know what I'm doing. I've won a little with the bonds, more than I would ever have gotten from leaving it in the bank. It's currently just a place for me not to be tempted to spend it. I will look at index funds, hopefully some videos on them lol.
@clarkeysam I have some corporate bonds running at 12% and I bought some Halifax bonds because I thought they would have capital gain when rates drop and they are running at about 7% a year.
@@JevansUK corporate bonds yielding 12% are highly likely classified as Junk bonds and are more risky even than equities so not the same at all. Actual risk that they default and you don't get anything from them.
I'm working on this one! Hospital tells me A&E is for sick people and I should come back once I've had a heart attack (no3 by then) Saves money treating people if you kill them first! Take care M. (maybe not go to my NHS hospital trust.)
my retirement came as a major shock to me, I had a massive strock in ,ER for 8 days, then 10 more days in a private room. but the up side was i had already started investing and had enough income coming in to to pay my monthly bills i sold my business was certified totally disabled. And started receiving, but the major part of income was from investing. im lucky im still able to handle invest for myself. i was 62 when this happened.
Ah - i will adjust my statement slightly. Be in an industry that you know and love, and move within the industry as and when required. Easier said than done I know. But if you can maintain manoeuvrability and not get trapped somewhere that you hate, you can go on working for longer, health permiting. Having some savings behind you means that you are less likely to have to take an unsuitable job later on in life.
Considering the upcoming review of state pensions and the suggestion that it may become means tested. The state pension appears vitally important at all levels of wealth (poorest= 70% middle = 45% riches = 20% of income). Even for the richest losing 20% of your income is a massive hit, surely we need to consider an alternative such as a sovereign wealth fund and forget means testing.
Yes! This is incredible. I bet it was a surprise when you saw them pop up! Thank you for creating them. I had a lot of fun making them as a child and for this video.
Great video as usual thanks. Watching mostly you and sasha on TH-cam back in lockdown got me to take note of my finances for the last 4 ish years. Ive just turned 40 and if i wanted i could just about live off my passive income but I'll probably work another year or two to max out the isa for at least one more time. For me it wasn't earning more rather chosing not to buy a bigger home and keeping a shit box of a car. Paying off the mortgage on a smaller place rather than upgrading takes off a lot of pressure. Any spare cash i have now just goes into the vanguard fund. Oh and I've always been a big believer in opting out of pensions. I dont trust any government and think they will just keep putting the age up. Cheers
This was a great video. Some really interesting insight Damo. Nice work. Clearly lots of research gone into this. Puts a few things into perspective 🙌🏻
I'm aiming to retire as early as possible (realistically, the earliest date I can access my workplace pension which will likely be 56+) then use my Stocks and Shares ISA to cover anything my reduced pension won't stretch to. Depends on the numbers when I get there but we'll see!
I packed in Truck Driving Jan 23, my partner and I travelled. Enjoying the passive income we had, not got a pension. My partner in October 23 got sick, I'm now her career and its hard. We have the passive income thankfully, as the state won't help us. So plan and save to protect yourself.
Im 27 and i dont know if i will ever truly retire, i enjoy work and found covid horrible as my industry almost completely shut. I invest in my pension and ISA so hopefully should be alright. But I never know a family could completely change my perspective Love the vids
Obviously people have ways of coping with situations like lack of employment , in order to raise funds for daily living requirements, which may also include but not limited to personal pension pots, one has to understand the enviroment in which one finds one self in! and be realistic about any potential returns!
More people working later in life can also be due to it being easier to negotiate reduced hour weeks. Also, the prevalence of Zero Hour contracts, mean people can pick up part time work more easily.
4:52 it’s also being prepared by your 50s, employers might not want to employ you anymore. The Tech sector is notoriously ageist. You might have 5-10 of inactivity to contend with
depends on your frame of mind. For me, work is something I need to do to pay the bills but ultimately just takes away time from things I really want to do. I aim to semi retire in my 505s to get some of that time back
I’m 55 and had 15 years out of work raising my family. I now live in Australia where Super (pension) contributions are compulsory for employers - currently 11.5%. I do additional contributions and only yesterday bought my first shares. So yes, I’m behind the 8-ball financially, but I’ll be damned if I work past 65. I’d rather be poor! I have ten years of aggressive savings to assist me for the final 20-25 years. My children (early 20s) think they’ll never be able to retire.
When I was young I wanted to retire at 55. Now I'm 59 and nowhere near retirement. But that's absolutely fine. Why? Because about 16 years ago I turned my hobby (messing about with video equipment) into a job. I'm now self employed with my business and also a TH-cam creator. Oh yes for semi-retirement try TH-cam, turn your hobbies into a TH-cam channel. You probably won't get rich but you will feel like you are someone.
I think for me it's that whole idea of living off savings. All your life, savings have been £££ that you save, not £££ that you spend. Making that mental switch in the opposite direction doesn't come easily, especially if like me you're lucky enough to be self-employed doing something you don't mind doing for a bit longer. Plus, if you are lucky (?) enough to live another 30-odd years, the savings might not be worth much after a while. I'm not sure if I'll ever dare call it a day unless I have to...
Brilliant video again. Since finding your channel a year ago I have started to look into my pension more. Also started to use my S&S ISA. So far I think I’m on the right track. Hopefully a million pound win on the premium bonds is round the corner to 🤣 can thank this channel for that to haha!
Very interesting video. I'm disabled but have managed to be self employed. I'm 44 in October and have been winding down working hours but still saving since 40. My aim was to retire by 45 as my life expectancy is late 50s (but does vary widely, could be a decade either side) my FIRE number is in my sights for august. I'll likely still work through to the end of year, then im thinking stop in January then take several months off then start doing a little bit of work again once ive adapted to a new daily routine. Technically i thought my Fire number was around 40 but i panicked and kept working and redid my numbers for a bit more security but im mentally ready now (i think)
I plan to drop to part-time for a few years and then decide from there if I'm ready to be done completely or whether I want to stay part-time. I can see wanting something constructive to do for a 20 hours a week and keep myself relevant in case something goes terribly wrong and I need to return to full-time work. :/ But care for my parents (as I'm an only-child with divorced parents in another city) may force me into full retirement instead..or an unlucky job loss over 50 might force it. Age discrimination is real in the US. For now at close to 51, I just invest as much as possible and stay debt free...just-in-case.
Regarding influences on being able to retire younger, yes the state pension age will be one influencer to push this upwards. However, companies having to auto-enrol employees and also contribute from a young age will be an influencer in the other direction, enabling people to retire younger, as they will have healthier pension pots than the average potential retiree does now. Each year that the pension age rises is only £11.5k extra (at today's rate) that you need in your funds to cover the difference. That may seem like a lot to someone in their early to mid career, but it is nothing to someone approaching financial independence. And the auto-enrolment will more than compensate. It's actually paving the way for removing the need for most people to need to consider the state pension. It will likely become a means tested benefit for those who haven't had private pensions build up enough automatically through employment. The current generation entering the workforce have a lot rosier an outlook than they realise. They seem to only focus on the negatives, but I blame the media for that.
Older people working longer brings massive issues for those younger than them as well unfortunately. It means higher paying jobs don't open up, and you get older less savvy people in positions of power that end up making uniformed/unfit decisions.
So much effort bro and so clever - if I ever get my own youtube off the ground (but focused on Computer science/politics/crypto/gaming etc.) you are the kind of person I'd want to collab with on finance related info! P.S. Having been a teacher with final salary pension, can you confirm we get to take it at 55 and it doesn't increase with pension age as I think the terms of it said 55 specifically. Cheers!
Thanks for making this video Damien. I am in my late 30s and would love to retire now and spend time on my hobbies and just living a quieter life away from all the noise. I've saved into pensions via salary sacrifice and contributed to my stocks & shares ISA and a general savings account when I can. I'm still not sure if/when I will have "enough" to retire though 🤔
One thing I do think in this conversation is with people leaving the workforce later; does this suppress the upward mobility of younger people? Will the upper roles in the business be open to younger people if those with a lot more experience are not leaving them? I don’t have the data to back up this idea.
53. Earning mid 60k in an industry filled with 20-35 year olds, so technically I’m in the top 10% of UK earners and yet.. . Raise 3 kids, mostly on my own, with 2 now going to Uni. Not a house owner. Only got 8 years private pension, so having done the numbers, I basically will never be able to retire unless some massive changes. Got 40k savings so need to figure out how to grow that over the next 5 years or I’ll be trying to live on £700 per month at 67 if I retire. My advice to my younger self? Buy early and save what you can. I’m healthy and can do what I want now whilst working, but I’m one redundancy away from disaster.
I think I lived a retired live for a long time. Now, I found "Reselling" and I am absolutely loving it. Making £1 there, £2 here as profit and has fulfilled me so much more than landlording lol 😅😅😅😅 I dont want to retire, I have so much more to offer to the world 🌎 I feel I have been playing small 😮😮😮
Realistically, I doubt I'll be able to retire until mid-late 60s (now 54), but I quite enjoy working and I get cheap private medical and critical health insurance from my company so I'm fine with that. I get paid well, but didn't start a pension until 41 years old, and 2022 put a big dent in that, so I'm behind.
"When will you retire, 65, never ?" I retired last October when the company I was working for made me redundant. At age 63, I can't see any company employing me, in this economy now.
I can see it being 70. I think if I'm in good health is like to have some work from 60 but not loads and retire at 70. I think that is balanced. I am 30 now.
I only started paying into a pension at 36. I’m 42 now and luckily I have a generous employer contribution, and I’ve upped my rate to as much as I can. I should be able to retire at 60, but I’ll be sacrificing a lot such as holidays etc.. just have to try to live long enough to see it 🤪
I reckon poorer people find it harder to continue working because their jobs are (in general) more physically demanding. If you're getting paid a lot to do very little work it's easier to keep working over 65
We all have roughly three commodities - Time, Health, money. When you are younger, you have loads of time and health, but no money. When you are older, you (hopefully) have loads of money but much less health and time. I am going to retire because I have realised that I can always maybe get more money - but who wants to be the richest corpse in the Graveyard?!
You forget the job the people do; physical jobs take a toll on your health in later life, pushing a pen not so ! Get debt free first, pay the house off first and reduce your working hours if you can It is my advice for anyone over 55.
I’m 59 and done a physical job all my life,looking around I’m fitter and thinner! than most of the “pen pushers” agree with your advice on getting rid of debt though .
I managed to go from living in bedsits unable to get on the property ladder at 30 to being mortgage free and almost able to retire at 50. If I don’t get the boot first, I am thinking 55 but want to be work optional asap in case it gets too stressful or I am let go.
Paid into my pension in a council and they have moved the date back to 67. 2 years of stolen pension. I’m thinking they won’t let me collect the pension and my state pension either. So trying to get money into my pension and ISA but recon that’s going to get taxed to buggery in the next parliament.
Thirty years from now the UK state pension is unlikely to be enough to buy food The state retirement age will rise to 75 Thank you all those pension schemes that leverage future income for current payouts A few young people are aware and save accordingly, but most are going to get caught out
🤭 I say please and thank you too! I am doing my best regarding retirement but it always feels like it's not enough, I'm 40 and with an employer match, 20% of my wages go into a pension, we have paid off our mortgage which I know some people are against, and put 25% of the wages after tax into my stocks and shares ISA. How do you know when you're doing enough without missing living life in the moment.
@@JevansUKagree i meant that you can have 100 of millions and the only think the old geezer wants is to go to work so perhaps its not that bad to never retire... more of a personal choise for some.
I was going to continue working until 65, even though I really wanted to retire at 60, since your 60s are your last decade of decent health. But with very high tax under Labour and Starmer, it's not worth working anymore. You might as well sit in the sun.
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Had to comment. The answer for me is today. Monday 3rd June 2024. Age 57 🎉🎉🎉
Yes!! Congratulations. What are you doing tomorrow?
Started at 16?
@@tancreddehauteville764 yes started at 16. Old fashioned apprenticeship
@@DamienTalksMoney great question. Taking my mum to a hospital appointment. She is 91. She needs the help. Beyond that not too much. But in the longer term improving my health as it has been neglected for far too long.
Congratulations on your retirement! Hope you enjoy it. Sorry about your mum
Just gone at 48. Took advantage of Pension/salary sacrifice and had an ISA since before they were called that. With 30 years of cost averaging into a pension/isa, eventually into low cost index funds its all worked out for me. I then witnessed a colleague drop dead at Christmas (he was 51) and had a big think about what was really important.
Sayonara 👋🏻 🥳
Nice to see someone who has walked the walk enjoying the fruits of consistent investment.
Well done!
Hope this serves as inspiration for people at all stages of the journey.
Come to Thailand
Retired at 56, got bored, now two years later I work 130 days or so, earn about 70% I used to and do fun stuff with the other time. I love working and it best fills all those cold days in winter. I could take more holidays but too many and I find them stressful. So about 60% of working days doing stuff I love, 4 or 5 holidays a year including 5 weeks of Europe in the summer, what more could you ask for?
@@DamienTalksMoney I’ve made sure all of my extended family have employed the same tactics. All the kids have junior isa’s/junior sipps and the teenagers now have LISA’s also. I have tried to set them off on the right path for their futures!!
@Bluearmy76 Congrats! Can I ask, how much did you have in savings at the point of retirement? I would like to be able to do what you did so I'm trying to get an idea of what amount other people have been brave enough to step off the treadmill and retire with.. Did you move to a country/area with a lower cost of living?
Instantly earned a like from when you made the sponge frame. Bravo, sir!
Thank you! Honestly Neil bashed his out, took me a while…
The key concept to pick up from “I will teach you to be rich” is to define your rich life and then work out a budget for it. You don’t have to be living it now but if your retirement ideal is 3 concerts a week ( to make up for lost time🙂) you have to plan for that. For the first 20 years YOU MAY NEED MORE MONEY THAN YOU HAVE NOW AS INCOME or be really comfortable selling down your investments. Sorry to be a bad news bear but I now have to cut back and it’s really hard.😢
Left my job at 58 as hated the boss and was miserable. Found it impossible to get another job and finally gave up and now do a number of interesting voluntary roles. There’s a lot of ageism in the jobs market
I am in the construction industry reaching 50 soon & unfortunately there are many unrealistic bosses & much age discrimination, boss attitude is if you don't like it move on !
Retired having just turned 58 and loving the freedom, the only debt i took on was a mortgage, i never bought anything i couldn't afford. It's all about hard work, keeping fit, planning what you want at a young age and going for it (focus and grind), my only advice to the young is save and diverse investments no matter how small the amount is (never put all your eggs in to one basket) it will eventually compound.
I will be able to retire early I think. Mid/late 50s probably if I wanted to. Not because I am a high earner but because I've had a modest lifestyle and am happy to continue that in retirement. Also not having kids helps! A lot will depend on my health and the stock market performance I guess.
Without even watching the video yet, never for me. I imagine the day I retire is the day I’m lining up in a big bright place waiting to be seen by someone showing my past.
My theory is a lot of people simply don’t do the sums to work out when they can actually retire., especially well before state pension age. They just assume it’s roughly near state pension age so just carry on until I’ll health or caring for someone suddenly forces early retirement.
i was impressed that the thumbnail is my age (30) but the bloody sponge frame!? Your hard work doesn't go unnoticed. Great content mate!
I personally expect to work past state retirement age personally.
I'm 38 next month and already know this will happen. I pay 10% of my wage into a work place pension and even with that high number I will be getting a abysmally low amount at retirement age.
But for me the reason I will be working past retirement is I get bored easily but I do hope I will be working part time. For me it's not a question of when will I retire, it's when will I stop working full time and when will I be able to give up full time work to work part time and have more time with my family. I've been working 56 or more hours a week for over 15 years now so working less than 30 hours (part time) would be lovely.
Everything I do with my money (what I have left) is saved in premium bonds (mainly) for that overall goal. Maybe I should do something better but that's why I'm here. learn what I might be able to do better.
If you save in bonds you're going to work until you die, Tony.
What the F are you doing saving in bonds?! Stick it in a low cost index fund.
@samuellovell1789 @clarkeysam - Like I said I don't really know what I'm doing. I've won a little with the bonds, more than I would ever have gotten from leaving it in the bank. It's currently just a place for me not to be tempted to spend it.
I will look at index funds, hopefully some videos on them lol.
@clarkeysam I have some corporate bonds running at 12% and I bought some Halifax bonds because I thought they would have capital gain when rates drop and they are running at about 7% a year.
@@JevansUK corporate bonds yielding 12% are highly likely classified as Junk bonds and are more risky even than equities so not the same at all. Actual risk that they default and you don't get anything from them.
About 10 years after I'm 6ft under at this rate.
I'm working on this one!
Hospital tells me A&E is for sick people and I should come back once I've had a heart attack (no3 by then)
Saves money treating people if you kill them first!
Take care M. (maybe not go to my NHS hospital trust.)
my retirement came as a major shock to me, I had a massive strock in ,ER for 8 days, then 10 more days in a private room. but the up side was i had already started investing and had enough income coming in to to pay my monthly bills i sold my business was certified totally disabled. And started receiving, but the major part of income was from investing. im lucky im still able to handle invest for myself. i was 62 when this happened.
Take care and keep the stress down.
Bye M.
@@markeh1971 thank you Markh
Fortunate to have been able to retire at 47 after receiving family inheritances.
Left the U.K. 2021. Now live in Cyprus. Turned 50 last month.
Ah - i will adjust my statement slightly. Be in an industry that you know and love, and move within the industry as and when required. Easier said than done I know. But if you can maintain manoeuvrability and not get trapped somewhere that you hate, you can go on working for longer, health permiting.
Having some savings behind you means that you are less likely to have to take an unsuitable job later on in life.
Considering the upcoming review of state pensions and the suggestion that it may become means tested. The state pension appears vitally important at all levels of wealth (poorest= 70% middle = 45% riches = 20% of income). Even for the richest losing 20% of your income is a massive hit, surely we need to consider an alternative such as a sovereign wealth fund and forget means testing.
Brilliant video mate - informative, slickly edited and a great sense of humour
Thank you very much
As the former producer of Art Attack and the creator of sponge frames… this made my day!
Yes! This is incredible. I bet it was a surprise when you saw them pop up!
Thank you for creating them. I had a lot of fun making them as a child and for this video.
I’d completely forgotten about the Anthea Turner pic 😂. Will show Neil!
@@Made-in-Maidstone the Anthea picture genuinely made me laugh out loud when I found the clip. Please send my regards to Neil
Great video as usual thanks. Watching mostly you and sasha on TH-cam back in lockdown got me to take note of my finances for the last 4 ish years. Ive just turned 40 and if i wanted i could just about live off my passive income but I'll probably work another year or two to max out the isa for at least one more time. For me it wasn't earning more rather chosing not to buy a bigger home and keeping a shit box of a car. Paying off the mortgage on a smaller place rather than upgrading takes off a lot of pressure. Any spare cash i have now just goes into the vanguard fund. Oh and I've always been a big believer in opting out of pensions. I dont trust any government and think they will just keep putting the age up.
Cheers
This was a great video. Some really interesting insight Damo. Nice work. Clearly lots of research gone into this. Puts a few things into perspective 🙌🏻
Outstanding presentation of a question every human likely asks themselves sometime in their lives. Thanks for the insight, QI indeed!
Great content, Damian, as ever. Thank you!
A 90s kids TV presenter who was usable wouldn't be a long list, but I always liked Art Attack in fairness !!
I’m going when I’m 60. 18 months to go. I’ll probably start my own small business (I have something in mind) that allows me to work flexibly.
Love the effort you put into making this video… props to you mate
I'm aiming to retire as early as possible (realistically, the earliest date I can access my workplace pension which will likely be 56+) then use my Stocks and Shares ISA to cover anything my reduced pension won't stretch to. Depends on the numbers when I get there but we'll see!
Already subscribed, so a quick like for the sponge frames - maybe a talking/clay head in the bookcase next video? Great topic and well delivered!
I packed in Truck Driving Jan 23, my partner and I travelled. Enjoying the passive income we had, not got a pension. My partner in October 23 got sick, I'm now her career and its hard. We have the passive income thankfully, as the state won't help us. So plan and save to protect yourself.
The freaking sponge frame was a nice touch, well done
Im 27 and i dont know if i will ever truly retire, i enjoy work and found covid horrible as my industry almost completely shut. I invest in my pension and ISA so hopefully should be alright. But I never know a family could completely change my perspective
Love the vids
Obviously people have ways of coping with situations like lack of employment , in order to raise funds for daily living requirements, which may also include but not limited to personal pension pots, one has to understand the enviroment in which one finds one self in! and be realistic about any potential returns!
More people working later in life can also be due to it being easier to negotiate reduced hour weeks. Also, the prevalence of Zero Hour contracts, mean people can pick up part time work more easily.
4:52 it’s also being prepared by your 50s, employers might not want to employ you anymore. The Tech sector is notoriously ageist. You might have 5-10 of inactivity to contend with
depends on your frame of mind. For me, work is something I need to do to pay the bills but ultimately just takes away time from things I really want to do. I aim to semi retire in my 505s to get some of that time back
This video was terribly nostalgic - loved the ending! :D
I’m 55 and had 15 years out of work raising my family. I now live in Australia where Super (pension) contributions are compulsory for employers - currently 11.5%. I do additional contributions and only yesterday bought my first shares. So yes, I’m behind the 8-ball financially, but I’ll be damned if I work past 65. I’d rather be poor! I have ten years of aggressive savings to assist me for the final 20-25 years.
My children (early 20s) think they’ll never be able to retire.
When I was young I wanted to retire at 55. Now I'm 59 and nowhere near retirement. But that's absolutely fine. Why? Because about 16 years ago I turned my hobby (messing about with video equipment) into a job. I'm now self employed with my business and also a TH-cam creator. Oh yes for semi-retirement try TH-cam, turn your hobbies into a TH-cam channel. You probably won't get rich but you will feel like you are someone.
I think for me it's that whole idea of living off savings. All your life, savings have been £££ that you save, not £££ that you spend. Making that mental switch in the opposite direction doesn't come easily, especially if like me you're lucky enough to be self-employed doing something you don't mind doing for a bit longer. Plus, if you are lucky (?) enough to live another 30-odd years, the savings might not be worth much after a while. I'm not sure if I'll ever dare call it a day unless I have to...
I think nearly impossible stay at work till 65+ for hardworkers.
If you have a physical job then 60 will be it.
Office work is less stress but plan to go before this.
Take care M
Agreed, the AI never forgets. Thank you.
Brilliant video again. Since finding your channel a year ago I have started to look into my pension more. Also started to use my S&S ISA. So far I think I’m on the right track.
Hopefully a million pound win on the premium bonds is round the corner to 🤣 can thank this channel for that to haha!
Very interesting video. I'm disabled but have managed to be self employed. I'm 44 in October and have been winding down working hours but still saving since 40. My aim was to retire by 45 as my life expectancy is late 50s (but does vary widely, could be a decade either side) my FIRE number is in my sights for august. I'll likely still work through to the end of year, then im thinking stop in January then take several months off then start doing a little bit of work again once ive adapted to a new daily routine. Technically i thought my Fire number was around 40 but i panicked and kept working and redid my numbers for a bit more security but im mentally ready now (i think)
Anyone else watch Damien’s content for the laughs as well as the financial advice?
No
@@CaboloNero miserable see you next Tuesday
Art Attack was a great show. How to, next?
Expect millennials to retire approx 70 years of age. State pension likely to be 70 around 2055.
Great presentation. Brilliant advice and steer. Stirs the brain cells.
I plan to drop to part-time for a few years and then decide from there if I'm ready to be done completely or whether I want to stay part-time.
I can see wanting something constructive to do for a 20 hours a week and keep myself relevant in case something goes terribly wrong and I need to return to full-time work. :/
But care for my parents (as I'm an only-child with divorced parents in another city) may force me into full retirement instead..or an unlucky job loss over 50 might force it. Age discrimination is real in the US.
For now at close to 51, I just invest as much as possible and stay debt free...just-in-case.
Regarding influences on being able to retire younger, yes the state pension age will be one influencer to push this upwards. However, companies having to auto-enrol employees and also contribute from a young age will be an influencer in the other direction, enabling people to retire younger, as they will have healthier pension pots than the average potential retiree does now. Each year that the pension age rises is only £11.5k extra (at today's rate) that you need in your funds to cover the difference. That may seem like a lot to someone in their early to mid career, but it is nothing to someone approaching financial independence. And the auto-enrolment will more than compensate. It's actually paving the way for removing the need for most people to need to consider the state pension. It will likely become a means tested benefit for those who haven't had private pensions build up enough automatically through employment.
The current generation entering the workforce have a lot rosier an outlook than they realise. They seem to only focus on the negatives, but I blame the media for that.
When you dont change the thumbnail on a video a few hours after its released
It’s youtube testing different thumbnails. I upload 3 and it tries them.
@@DamienTalksMoney ha no worries bud I was just messing, it always throws me is all
Older people working longer brings massive issues for those younger than them as well unfortunately. It means higher paying jobs don't open up, and you get older less savvy people in positions of power that end up making uniformed/unfit decisions.
Excellent point!! Bang on!
So much effort bro and so clever - if I ever get my own youtube off the ground (but focused on Computer science/politics/crypto/gaming etc.) you are the kind of person I'd want to collab with on finance related info! P.S. Having been a teacher with final salary pension, can you confirm we get to take it at 55 and it doesn't increase with pension age as I think the terms of it said 55 specifically. Cheers!
Thanks for making this video Damien. I am in my late 30s and would love to retire now and spend time on my hobbies and just living a quieter life away from all the noise. I've saved into pensions via salary sacrifice and contributed to my stocks & shares ISA and a general savings account when I can. I'm still not sure if/when I will have "enough" to retire though 🤔
One thing I do think in this conversation is with people leaving the workforce later; does this suppress the upward mobility of younger people? Will the upper roles in the business be open to younger people if those with a lot more experience are not leaving them? I don’t have the data to back up this idea.
53. Earning mid 60k in an industry filled with 20-35 year olds, so technically I’m in the top 10% of UK earners and yet..
. Raise 3 kids, mostly on my own, with 2 now going to Uni. Not a house owner.
Only got 8 years private pension, so having done the numbers, I basically will never be able to retire unless some massive changes.
Got 40k savings so need to figure out how to grow that over the next 5 years or I’ll be trying to live on £700 per month at 67 if I retire.
My advice to my younger self? Buy early and save what you can. I’m healthy and can do what I want now whilst working, but I’m one redundancy away from disaster.
Damien and Neil Buchanan is the collab we never knew we needed
Not ashamed to say I laughed hard a couple of times there. Well done Damien!
I think I lived a retired live for a long time. Now, I found "Reselling" and I am absolutely loving it. Making £1 there, £2 here as profit and has fulfilled me so much more than landlording lol 😅😅😅😅 I dont want to retire, I have so much more to offer to the world 🌎 I feel I have been playing small 😮😮😮
'died of an art attack' 👏
😂
Realistically, I doubt I'll be able to retire until mid-late 60s (now 54), but I quite enjoy working and I get cheap private medical and critical health insurance from my company so I'm fine with that. I get paid well, but didn't start a pension until 41 years old, and 2022 put a big dent in that, so I'm behind.
"When will you retire, 65, never ?" I retired last October when the company I was working for made me redundant. At age 63, I can't see any company employing me, in this economy now.
I can see it being 70. I think if I'm in good health is like to have some work from 60 but not loads and retire at 70. I think that is balanced. I am 30 now.
I think my retirement will be in the blade runner sense of the word
I only started paying into a pension at 36. I’m 42 now and luckily I have a generous employer contribution, and I’ve upped my rate to as much as I can. I should be able to retire at 60, but I’ll be sacrificing a lot such as holidays etc.. just have to try to live long enough to see it 🤪
I reckon poorer people find it harder to continue working because their jobs are (in general) more physically demanding. If you're getting paid a lot to do very little work it's easier to keep working over 65
I think you are correct, also the incentive to continue working is higher when you are paid more
The question is will you even survive to retirement age and the odds on that are dropping daily
We all have roughly three commodities - Time, Health, money. When you are younger, you have loads of time and health, but no money. When you are older, you (hopefully) have loads of money but much less health and time. I am going to retire because I have realised that I can always maybe get more money - but who wants to be the richest corpse in the Graveyard?!
I plan to be semi-retired by 50. Don’t think I’ll fully retire if I can help it
You forget the job the people do; physical jobs take a toll on your health in later life, pushing a pen not so ! Get debt free first, pay the house off first and reduce your working hours if you can It is my advice for anyone over 55.
I’m 59 and done a physical job all my life,looking around I’m fitter and thinner! than most of the “pen pushers” agree with your advice on getting rid of debt though .
I managed to go from living in bedsits unable to get on the property ladder at 30 to being mortgage free and almost able to retire at 50. If I don’t get the boot first, I am thinking 55 but want to be work optional asap in case it gets too stressful or I am let go.
Paid into my pension in a council and they have moved the date back to 67. 2 years of stolen pension. I’m thinking they won’t let me collect the pension and my state pension either. So trying to get money into my pension and ISA but recon that’s going to get taxed to buggery in the next parliament.
If anything happens to my health, I'm utterly screwed. But I've spent 20 years dicking about and not taking any care about the future.
Thirty years from now the UK state pension is unlikely to be enough to buy food
The state retirement age will rise to 75
Thank you all those pension schemes that leverage future income for current payouts
A few young people are aware and save accordingly, but most are going to get caught out
Financial freedom is the key, I don't think there will be a state pension when I turn 68 in 24 years.
So good
🤭 I say please and thank you too!
I am doing my best regarding retirement but it always feels like it's not enough, I'm 40 and with an employer match, 20% of my wages go into a pension, we have paid off our mortgage which I know some people are against, and put 25% of the wages after tax into my stocks and shares ISA.
How do you know when you're doing enough without missing living life in the moment.
I love this guy man 🤣🤣 honestly
I’m not wanting to retire completely .
Try it yourself
I am aiming to retire at 35.
I mean look at warren buffet still managing funds worth 100s of billions as a full time job in his 90s
But I imagine he does what he wants when he wants
@@JevansUKagree i meant that you can have 100 of millions and the only think the old geezer wants is to go to work so perhaps its not that bad to never retire... more of a personal choise for some.
So effin' what?
Do all the UK financial advice channels release their videos at the same time on purpose or is it just a happy little coincidence?
Haha I think it’s a coincidence in this case
I am retiring in a month, at the age of 32
I was going to continue working until 65, even though I really wanted to retire at 60, since your 60s are your last decade of decent health. But with very high tax under Labour and Starmer, it's not worth working anymore. You might as well sit in the sun.
That sponge scourer though 😂😂😂
Brillowant, you are my hero 😂
I'll never retire. Too expensive.
The big question is how much money will you need to retire knowing the cost of living and price increases are smothering the middle class.
What a finale! 😂 thought it was gonna be a 🐓 and 🎾 🥎 s at first
I find this scary!!
I’m looking for a good place to keep an emergency fund with low fees, high interest and zero risk if someone knows a good account to have? Thank you.
At 60 I should have 450k in my ISA, enough to tide me over until pensions kick in.
Brilloant?
I'm not angry with you, I'm just disappointed.
😊
I just retired at age 28
WILL BE 62 IN SEPTEMBER AGE IS ON MY SIDE 😂
These analogies and jokes are too good for a finance channel. You’re in the wrong profession
What we can take away is this: employers don’t give meaningful jobs to 55+ year olds. So tough.
you might retire earlier if you invest in ng whats the story?
Economic inactive, unpaid carer for family, and I’m 52. Not wealthy either.
need some samuel leeds for this
Still don’t get it 🤦♀️🤦♀️🤦♀️