Take This Seriously In 2024
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- เผยแพร่เมื่อ 10 ก.ค. 2024
- Take This Seriously In 2024
In this video, we dive deep into why taking your pension seriously and beginning your retirement planning ASAP is essential. Don't wait until it's too late! Financially planning for your retirement is crucial.
There are a number of problems that people in retirement and close to it face and I set out in this video to help you understand where they have gone wrong so you do not make the same mistakes and instead are able to have a comfortable, stress free retirement.
You should not just rely on the state pension and even your workplace pension. Whilst it maybe a great scheme, like the Armed Forces Pension, it may not be enough on its own to fund the lifestyle you want during your golden years. By starting to make a retirement plan now, you will be best prepared to make decision today that set you up for financial success in the future.
Whilst retirement for many is decades off and people just brush it under the carpet to think about at a later date, it is crucial to use those decades to benefit from compound interest and make yourself a very nice, sizable pension pot to live off once you leave work. The bigger the pot, the sooner you can leave the workforce.
It might be a boring topic but it is one of the most important things you can plan for and future you will be thanking younger you for making the right decisions and planning for retirement.
Links:
Birthgap Documentary Part 1 - • Birthgap - Childless W...
Budget Spreadsheet - • How To Budget Your Income
Armed Forces Pension Calculator - • Have You Used The New ...
ISAs Explained - • Individual Savings Acc...
Compound Interest Explained - • Compound Interest Expl...
Referral Links (using these helps support this channel):
Etoro - etoro.tw/44oNtLH
Trading212 - www.trading212.com/invite/11P...
Audible (30 day free trial) - www.amazon.co.uk/hz/audible/m...
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Timecodes:
0:00 Intro
1:11 What is a pension?
1:18 3 types of pensions
1:25 Workplace Pensions - Defined Benefit
4:11 Workplace Pension - Defined Contribution
6:16 State Pension
6:56 Personal Pension
7:44 Other Pension Info
8:02 The Problem
14:57 The Solution
19:33 Final Thoughts
21:57 Outro
Sources:
www.birthgap.org/posts/the-bi...
www.unbiased.co.uk/news/finan...
researchbriefings.files.parli...
forcespensionsociety.org/2019...
obr.uk/forecasts-in-depth/tax...
www.ft.com/content/b83d60d1-8...
www.statista.com/statistics/2...
www.smf.co.uk/baby-shortage-c...
DISCLAIMER:
The views and opinions expressed in this video are my own and do not necessarily reflect the views of the British Army or the Ministry of Defence.
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.
Timecodes:
0:00 Intro
1:11 What is a pension?
1:18 3 types of pensions
1:25 Workplace Pensions - Defined Benefit
4:11 Workplace Pension - Defined Contribution
6:16 State Pension
6:56 Personal Pension
7:44 Other Pension Info
8:02 The Problem
14:57 The Solution
19:33 Final Thoughts
21:57 Outro
Hi mate, I found your channel and now I share your posts with pretty much everyone I know who is still serving, ranging from Lt Col all the way down to Pte. I completed 23 and a half years, leaving as a Sgt in 2009 then rejoined as MPGS in 2011 to which I am now a Cpl. I’m now 54 and contracted until I complete at 60. It’s not glamorous but it’s a fantastic comfort blanket to have as I joined when I was 16. I get asked questions all the time about what we do, our benefits, entitlements, pensions ( including abatement) by those who are coming to the end of their time in service and are considering it as an option.
Maybe you could consider a video covering this option, the pros and cons of what it offers, and how it works financially for different people. Many don’t understand how pension abatement works, many are confused about their pension entitlement as they are under the 75, 05 and 15 model, the ability to work a separate job for their days off and what they are and are not entitled to. If you are interested in this I am more than happy to help with any first hand info. Please keep up the fantastic work and good luck with your projects.
Thanks for the comment and I appreciate the support.
It's certainly something I want to look into and make a video on in the future as it could definitely benefit many people. I might definitely take you up on the offer and reach out a bit sooner the time when I come to do it.
Thanks for the video. I am an officer and consider myself relatively well squared away for AFPS pension, mortgage, income etc and am married with two kids, wife working also. The one thing that this has convinced me of is that I am not making enough (safe) investment into long term ISAs and should be making hay while the sun shines. More power to your elbow mate.
Another fantastic video. The armed forces should drill information like this into everyone when they join up. I work within course design for Phase 2 trainees and will be pushing hard to have an awareness day or two thrown into their training curriculum.
Keep up the good work matey.
Sweet, that's good to hear. The sooner and younger people start, the better off they will be.
Great video, really looking forward to the video on purchasing added pension.
Hopefully in the next month or two
Really appreciate all the information. Ill help spread the word.
Cheers, much appreciated
Great video as always.👌
Cheers, appreciate it
great video mate, could you do a video on Enhanced learning credits i only have some knowledge about them and plan to use it later on in my career.
Cheers, that video is in the pipeline. Coming fairly soon I hope.
Nice video!
Cheers.
Found your channel a few weeks back and now watched lots of your videos - all really sound advice! Could you do a video on pension commutation - what it it and is it a good idea? Is it tax efficient? Is it a good idea to use your tax-free pension lump sum to clear your mortgage on retirement? Is that a sound plan in the first place? Lots of questions I know, but would make an interesting video I think.
Thanks for the kind words. That is certainly something I can look at doing in the future.
Great video - "the dog's bollocks".
Haha thanks
Great vid, wish I had your advice when I first started my Forces career and the armed forces educated its workforce like this.
Could you do a vid on, Private Pension vs AF Pension top up vs LISA/ISA, etc, please?
Thanks for the comment. I will do a video on that in the future.
Legend🎉
Cheers dude
Enjoyed your posting, I have watched several of your postings and enjoyed them even though i am not and never have been in the armed forces. My son is a member of the armed forces and like many others can't make heads or tails of the pension statements. Whilst your posting clarifies the statements, i would urge any member to look at your posting reference understanding your armed forces pension scheme pension statement several times to understand it, especially if you have a choice of what scheme you take on retirement.
Have you posted a posting on AVC's my son has an AVC attached to his pension, a scheme once you join you can't opt out of which to me is a rather strange arrangement? so far he has never received any type of statement?
Thanks for the comment, I haven't yet done anything on AVCs but I have done a video on Added Pension which is similar in certain ways and is relevant to his current pension scheme, the AFPS15.
The NI tax cut is a nail in the coffin for the state pension.
In 10 years time the state pension will be drawn down and by the time the 18/20 years old (in 2034) reach retirement there won't be a state pension being paid.
I have said it before but I really wish there was somebody like you pecking my ear when I was serving
I'm currently 48 and playing catch up, admittedly I am able to because of the military pension.
I currently have my military pension
My job is one of the few that still do a DB pension which I pay max contributions
I also tuck some away into a DC pension, aim with that is it will be my retirement lump sum
Finally I tuck some away in a stocks and shares ISA
My only worry is that I die young and don't get to enjoy it
Cheers, appreciate it. Good to hear you are preparing for it. Its a tough balance but statistically you will most likely make it to old age and would rather be better prepared for it then not.
Me at 45! You're not alone - listen up young 'uns!
So as we progress and AI takes over, we are knackered anyway as there is going to be less jobs. Then there is the unexplained excess deaths, a percentage of which is rising on a monthly basis, especially among the 20-50year olds, again another issue for further tax collection.
This is why I think there maybe something along the lines of a universal income in the future. But economic policies will change greatly when AI and automation become much more prominent in society.
📠
Minimum of 3 kids.