It's no good talking about it "after" the event as I'm retired now and didn't know about any of this, I do have slight learning difficulties, and was never told anything about this, I've been working most of my life hence the reason why I have to work to keep my head above water.
I hear your frustrations on this. What I go over in this video and on the channel aren't taught in schools or in many ways, discussed openly. This was one of the main reasons for setting up this channel. To hopefully make this information more publicly available. I wish you the best. George
Informative videos, thank you.Personally I am so glad my main income in retirement is from my work (non contributary!) pension scheme.Took early retirement in 2000 (aged 48y 9m) with Full 40/60 paid from age 50
Me pre 35 - very high expenditure, mostly due to pointless purchasing, pretty much living payslip to payslip & using my overdraft occasionally. Me at 35 - this can't go on anymore as it's tying me to work instead of life, plus I'm paying too much of my money to others in interest alone which is a big sore point. Me at 55 - now retired for a few years living off money set aside until I reach state pension age, mortgage paid off years ago, no other debt whatsoever = very low expenditure. This is the key as you stated, know your expenditure so you can plan your future with it being a big focus on your future needs. In my youth I stretched this far too much & now know better. On receiving the state pension in 12 years or so I know it should more than cover my expenditure & leave a "decent" (relative I know) amount to put away for things I want to do. Of course I'm hoping things don't change too drastically & that I make it to that point still in good health. I could have probably had a better financial plan but it's one I'm satisfied with. 👍 Now all I need to do is get round to getting a will😮
@@PrinciplesPersonalFinance Thank you for your kind words. It was hard work & I live frugally but the trade off is very much worth any sacrifices I make. Thank YOU for your informative videos. I stumbled upon them and have noted a few points from several of your videos. Best Wishes 👍
Very helpful again. Only really started getting the head down for retirement a few years ago and I’m 44 already! Salary pension matched 8% along with a S&S ISA. It’s a good start I guess but not sure if I should be getting advice now rather than waiting until I get older ?
Hi Stan, tough one of the advice aspect. The research shows that people who take advice are better off than those that don't. Although I think depending on individual circumstances, the value taken from advice can vary. The clients I specialise with at at that 'planning with purpose' stage where they are at the build up to retirement or have retired. So effectively have the most money they've ever had and don't have some mixture of the time, expertise or inclination to want to do it all themselves. They often also have various tax considerations around making sure they have 'enough' for retirement lifetime allowance, inheritance tax etc. The challenge an adviser has is that if there is not much spare money available, it's very difficult to make a significant impact. This is one of the reasons for the channel if I'm being honest, trying to help improve education so most can help themselves on the build up. (And of course, if that means one day they might think of me when it becomes a bit much, that would be great! 🙃) The choice will have to be yours but really good advice is a very bespoke service and to get someone who is good. It will cost a reasonable amount of money. If you do have a mixture of enough assets and money spare them an investment into yourself and your future in ensuring it is setup right can be worthwhile. You can also do a lot yourself though if you're not there yet! Wish you well for future planning! George
Could you explain the tax rules at age 75 and the way the Lifetime Allowance is taxed? At the moment the limit is 1,073,100 and frozen at that level for a bit. Is the tax penalty at age 75 on anything over the limit or on everything?
Really good video . Personal finance and retirement planning is so important and yet I see most of the ppl not even thinking about it . Plz make a video on delayed gratification , I was having a discussion with my mate to work hard and invest for retirement which include sacrifice and hard work , but he was focused on having fun now .
Thanks! Couldn't agree more. That's a good idea, I'll see if I can get into the content schedule going forward. In the meantime, this video has a reason for that: - th-cam.com/video/2zKNwMlE1ng/w-d-xo.htmlm24s Cheers for watching and commenting 👍
It's no good talking about it "after" the event as I'm retired now and didn't know about any of this, I do have slight learning difficulties, and was never told anything about this, I've been working most of my life hence the reason why I have to work to keep my head above water.
I hear your frustrations on this. What I go over in this video and on the channel aren't taught in schools or in many ways, discussed openly.
This was one of the main reasons for setting up this channel. To hopefully make this information more publicly available.
I wish you the best. George
Informative videos, thank you.Personally I am so glad my main income in retirement is from my work (non contributary!) pension scheme.Took early retirement in 2000 (aged 48y 9m) with Full 40/60 paid from age 50
Well done. Great age to retire!
Thanks for watching 🙌
Thanks. I will watch your future videos with interest
Me pre 35 - very high expenditure, mostly due to pointless purchasing, pretty much living payslip to payslip & using my overdraft occasionally.
Me at 35 - this can't go on anymore as it's tying me to work instead of life, plus I'm paying too much of my money to others in interest alone which is a big sore point.
Me at 55 - now retired for a few years living off money set aside until I reach state pension age, mortgage paid off years ago, no other debt whatsoever = very low expenditure.
This is the key as you stated, know your expenditure so you can plan your future with it being a big focus on your future needs. In my youth I stretched this far too much & now know better.
On receiving the state pension in 12 years or so I know it should more than cover my expenditure & leave a "decent" (relative I know) amount to put away for things I want to do.
Of course I'm hoping things don't change too drastically & that I make it to that point still in good health. I could have probably had a better financial plan but it's one I'm satisfied with. 👍
Now all I need to do is get round to getting a will😮
Congratulations at achieving financial freedom at 55. That's a serious achievement, well done! 🙌
Definitely get a Will 👍 and thanks for watching.
@@PrinciplesPersonalFinance Thank you for your kind words. It was hard work & I live frugally but the trade off is very much worth any sacrifices I make. Thank YOU for your informative videos. I stumbled upon them and have noted a few points from several of your videos. Best Wishes 👍
Very helpful again.
Only really started getting the head down for retirement a few years ago and I’m 44 already!
Salary pension matched 8% along with a S&S ISA. It’s a good start I guess but not sure if I should be getting advice now rather than waiting until I get older ?
Hi Stan, tough one of the advice aspect. The research shows that people who take advice are better off than those that don't. Although I think depending on individual circumstances, the value taken from advice can vary.
The clients I specialise with at at that 'planning with purpose' stage where they are at the build up to retirement or have retired. So effectively have the most money they've ever had and don't have some mixture of the time, expertise or inclination to want to do it all themselves. They often also have various tax considerations around making sure they have 'enough' for retirement lifetime allowance, inheritance tax etc.
The challenge an adviser has is that if there is not much spare money available, it's very difficult to make a significant impact. This is one of the reasons for the channel if I'm being honest, trying to help improve education so most can help themselves on the build up. (And of course, if that means one day they might think of me when it becomes a bit much, that would be great! 🙃)
The choice will have to be yours but really good advice is a very bespoke service and to get someone who is good. It will cost a reasonable amount of money. If you do have a mixture of enough assets and money spare them an investment into yourself and your future in ensuring it is setup right can be worthwhile.
You can also do a lot yourself though if you're not there yet! Wish you well for future planning!
George
Could you explain the tax rules at age 75 and the way the Lifetime Allowance is taxed? At the moment the limit is 1,073,100 and frozen at that level for a bit. Is the tax penalty at age 75 on anything over the limit or on everything?
Really good video . Personal finance and retirement planning is so important and yet I see most of the ppl not even thinking about it .
Plz make a video on delayed gratification , I was having a discussion with my mate to work hard and invest for retirement which include sacrifice and hard work , but he was focused on having fun now .
Thanks! Couldn't agree more. That's a good idea, I'll see if I can get into the content schedule going forward. In the meantime, this video has a reason for that: - th-cam.com/video/2zKNwMlE1ng/w-d-xo.htmlm24s
Cheers for watching and commenting 👍
Just picking up on your final point, can you make a separate in-depth video about Lasting Power of Attorney?
Absolutely, it's in the pipeline as it's an area of personal finance that is underrepresented. Appreciate you watching and commenting 👍