Hi, I’m Helena bringing you tips to achieve Financial Freedom, plan your pension, how to save money and how to budget.
My channel is all about managing your money effectively, setting your financial goals, financial planning, and achieving financial freedom to shape the future lifestyle you want.
Here you can learn about:
- Money Management - Financial Planning - Budget Setting - Financial Freedom - Pension Planning - Debt Management - Being Motivated - Goal Setting - How to Invest - How to save
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I am 44 single have no kids. I have only £25K in my workplace pension pot due to being on low salary for 6 years before 2021. Now i am contributing £2500 a month into it trying to catch up. My goal is to generate £200K till i retire. I have only £20K balance on my mortgage. Thanks for the video.
Finding AVIVA very restrictive. I stopped ongoing advice due to cost and because of this they don’t allow phased drawdown! What’s the point of having a SIPP. Would steer clear until they address this.
Do you think with £1m pension and say 100k in cash a couple, it is possible to retire at 58yo on 50k a year, when wife will draw say 8k pension 2 year later, and full state pension kicking in at 67x2? Not sure whether I’ll have enough to retire at 58 and get my goal of 50k (no way will I draw more and pay 40% tax, I’m sick of paying 45% now)?
Why are people so optimistic that they will actually live long enough to benefit from 20 or 30 years of pension drawdowns. At 80 most people die or are too frail to do anything meaningful. So bear that in mind when running such calculations. Having some money left over when your dead will do you no good whatsoever
I think with only a 100k pension pot it becomes vitally important to be mortgage free, debt free and also still working part time to supplement your pension income.
A con to watch out for if you claim benefits. Your benefit entitlement letter and leaflets will say you get a NI credit for each week you claim the benefit but what they do not tell you if you do any work you do not get this credit. You find out a few years latter when you get a letter to say you do not have sufficient contributions for that year and if you want it to count you need to pay x amount of £s. I got caught out on this when I did agency work. Some weeks I would only have work that paid below the NI bracket so the DWP did not give me a credit. I appealed and got no where that is why when I am unemployed I do no agency or any job that pays below the national insurance bracket. Stupid as the Job Centre is encouraging you to take up part time work and building up your hours but at the same time jepodising your State Pension. Like my ex husband use to say you are in the system or you are not and you can get halfway between.
I will have a full state pension when I retire at 66 years and 9 months in 2027. Most of my working career I paid into Occupational Pensions so was contracted out of SERPs. With the new single tier state pension that came in April 2016 I found I needed 42 years to qualify and not 35 due the years I was contracted out. I found this annoying as us with Occupational Pension save the Goverment money as our entitled to means tested benefits reduces and in some cases we get no means tested benefits as all. Also us with Occupational Pensions Pay Tax.
Im old enough to remember the winter of discontent . Inflation hit 18% in 1980 (UK). I don't expect it to get that high again but it can go well over this 3% people keep throwing around. Maybe im missing something but what possible reason is there to spend a £200,000 pot to take £16,000 a year for a decade? (total£160,000)
There is no substitute for putting the effort in to understanding and controlling your own expenditures and your various sources of income. This approach is simplistic and misses out the importance of understanding and controlling expenditure
Trying to plan ahead - inherited my wifes family home and it was seperated between me,my wife and my son . We have listed it as tenants in common and both named our son as the beneficiary of the deceased section of the ownership . Is this taxable - bearing in mind that the survivor doesn’t own the part that the deceased has left ! We have done the same with our main home - does tenants in common alter the validity of our main home claim ?
The FAs i have met want to charge me 1% for the pleasure of transferring my hard earned into their platform, 1-2 thousand pounds for setup fees and 1 to 1.5% per year incl fund costs for the pleasure of putting my money in tracker funds. Thanks but no thanks!
Pension millionaires are normally either one or both of the following: (1) those lucky enough to have a very good defined benefit scheme and (2) those who started working at 16/17 and have built up massive funds over time.
Great Video Helena. I'm pushing for £3m in retirement split between a company pension, SIPP and Stocks and shares ISA. So important to have big audacious goals. Compound interest by way of regular investing and re-investing dividends can really build up over time to impressive amounts. Less than 30 days ago My whole portfolio was hovering around the £300k mark but with a nice upward trend over the last 3 weeks, before I know it I'm at £330k...£30,000 in 3 weeks! Blew me away to be honest. Just keep plugging away, the increases can seem small and insignificant in the beginning when the majority of your growth is coming from your own cash deposits. once you reach £100k though, a decent couple of days or weeks can add more to your wealth than a whole years worth of savings deposits. I personally invested £19k of my hard earned salary last year, for the whole year. In less than two months I should double that amount in growth!. It can seem like nothing is happening in the beginning, I certainly thought that when I was at £50k invested and that was only 11 years ago. All the best Everyone, you can do it. Just keep going and always PAY YOURSELF FIRST. Adam: @destinationwealth1 ru-vid.com/show-UC5WyrafveS4hg7yNiu4xdKQ
Recently bought some recommended stocks and now they are just penny stocks. There seems to be more negative portfolios in the last 3rd half of 2023 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder
If you have 100k you are mad to get an annuity. The vast majority won't live past 77 particularly men. You would be better off taking draw down and keeping the unused amount in an ISA. If you draw down 5k in the first year and get 4% on the 95k you will earn £3800 per year not including compounding off the £95k. or if you are able to lock in 4% over 4 years then set aside 20k for your needs for the four years. And see a return of £3200 from 4%. If you need to use to the interest that will give you £8200 for the first 4 years. Then obviously you will have to reign in a bit however it's well known that when you first retire you spend more and then it slows as you get older. Far better to take this approach because once you sign for an annuity, it's locked in and that's it. If you die ( which is what they hope for) your money is gone and stays with them. It's a con. Thank god the government changed this rule because it used to be you had to get an annuity.
It seems pointless building up a fund of 900k over 20years only to sustain an 11k moderate income. Surely a more dynamic withdrawal rate would be better especially in the good years and slightly less in the bad years.
Well this explains why all the pubs are always full of pensioners having pints and lunches in Edinburgh. £50k (£60k adjusted since this video was made) is not enough for a single person unless they are really frugal. There's no room for emergency repairs, or new clothes, or a replacement second hand car.
Your thumbnail is about drawdown and then you talk about all sorts of things. This is why these things are so complex because you never give a straight answer to anything. Your video is rubbish.
How did the Government justify the freeze on index-linking pensions for those living outside UK? Mine is not even a full pension as I wasnt always in a position to top up gaps in contributions. At this point I have lost about 10% of my pension due to this freeze.
