The Optimal Age To Save for Retirement

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Do you wish you had discovered investing sooner and started saving for retirement earlier? In today's video, I want to show you a different way to think about it.
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Timestamps
00:00 - Too Late
00:56 - Pollock
01:43 - Linear approach
03:22 - Another way
04:05 - Sponsor
04:47 - Higher Earnings
06:25 - Kids
07:35 - Student Loan
08:10 - Stop
09:54 - Average Savings
11:45 - You don't stop
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Опубликовано:

12 май 2024

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Комментарии : 390

@DamienTalksMoney 15 дней назад

Subscribe to The Daily Upside for completely free using this link: bit.ly/44iynb7 love it, but if you don’t, you can always unsubscribe.

@cspeirs1 15 дней назад

Brilliant! Loved this, thanks Damien

@cleric7788 15 дней назад

Off topic but what t shirt are you wearing?

@DamienTalksMoney 15 дней назад

@@cleric7788 it is just a t shirt from Zara

@kurtismunden7023 14 дней назад

@@DamienTalksMoneywhat’s your opinion on cash value life insurance for long term use and potentially long term wealth ?

@incurza9647 13 дней назад

Hi Damien, I'm interested in your cheat sheet and the spreadsheet from this video but the link in your previous video appears to have broken?

@jack_walt 15 дней назад

My parents told me to start contributing when I became an apprentice at 18 years old. It might’ve been the single best piece of advice I was ever given and I’ll be forever grateful

@connorwilloughby1696 15 дней назад

Mine was from a senior colleague, he suggested I over contribute a few percent at 17. Now at 25 I'm incredibly grateful.

@jack_walt 15 дней назад

@@connorwilloughby1696 that’s awesome. I’m 23 now and even just those first 5 years of contributing has given me pot size more than double the average 25-34 age group in this video. Wish you all the best for the future

@jack_walt 15 дней назад

@@connorwilloughby1696 that’s awesome. I’m 23 now and even just 5 years of contributing has given me a pot size more than double the average 25-34 age group in this video. Wish you all the best for the future!

@anonb0 15 дней назад

Also started as an apprentice at 17

@DamienTalksMoney 15 дней назад

Well done for listening!!

@mattferdinando 15 дней назад

I don’t say this lightly as you’ve done some brilliant videos, but this is the best you’ve ever done. The narrative arc, the entertainment value and pollock jokes, and the underlying financial message all brilliant.

@DamienTalksMoney 15 дней назад

Thank you so much! I’m just glad my ramblings about artists made sense 😂

@jessperry1703 15 дней назад

@@DamienTalksMoney it was all worth it for your final sentence

@joshuakentolp7152 15 дней назад

@@DamienTalksMoney wholeheartedly agree with the above comment, really well researched, structured and entertaining video

@MM-ev1fg 11 дней назад

Agreed. I’ve shared this with many people.

@leightonharrison2328 15 дней назад

51yo, 10k in work pension, just opened a sipp. Never to late, the saying' best time to plant a tree was 30 years ago, the next best time is now!' Thanks to you, and a couple others on you tube, my financial understanding has become, over the past couple of years, more than I've ever had!

@DamienTalksMoney 15 дней назад

Lovely positive attitude and you have loads of time to get a really decent pot together!

@TheNicoliyah 15 дней назад

I’m in a similar position have had my SIPP for a few years (not a lot in it lol) have just opened my first stocks & shares ISA so that I can use it for dividend investing

@jameswood4183 15 дней назад

This has to be one of the best financial RU-vid channels around !

@DamienTalksMoney 15 дней назад

Thank you James 😊

@paulgal 15 дней назад

No it is the best by far .

@christines5430 15 дней назад

I second that❤

@barnoluk9272 15 дней назад

Comfortably

@padanfain7466 15 дней назад

I love this guy! Always makes you feel better about life. I had nothing and no hope at 34, at 44 I've started a business, got. House and paid off the house, and saved a decent amount. 10 years can make a huge difference.

@DamienTalksMoney 15 дней назад

Love this! Just shows that a decade is so much time if you put your mind to it

@orangesnowflake3769 15 дней назад

Thanks for posting this

@user-xn2tz2dz8c 15 дней назад

I agree.

@Rayraysplums 14 дней назад

Luck must have been on your side well done.

@padanfain7466 14 дней назад

@@Rayraysplums What I can tell you with confidence, is that luck had nothing to do with it. I had a mental breakdown due to addiction and work stress, and had to make some serious changes to my life. I started a business at home due to the severe anxiety that came with it. Lucky me!

@mrtod13 15 дней назад

As a soon to be 55 year old, this was a very welcome shot of positivity. Thanks Damien 😁

@helensavvides6582 15 дней назад

My thoughts exactly. My father worked until 81 because he loved his work. I think we need to change the narrative on retirement and work. If you can work and you enjoy it, why shouldn't you ? Most people cannot swan off into the sunset, cruising and expensive holidays but instead can find other joys in life. We all want to feel safe and secure and managing your money does that. Giving (in any form) adds to a feeling of security because this signifies abundance. Either of time or money. There are so many ways to feel more secure instead of fear driven. Thank you for this video. It raises so much on how perception is vital.

@liberalmatt 15 дней назад

Never too late. 51 here and making a start - if anything just to mitigate the lost opportunities so far. If I had known the real value of compounding (for example) 30 years back, life would be so much different. Yet more reasons to include basic financial literacy (how to understand projections, yield calculations, gilts/bonds/ETF etc. and how to compare options) in school curricula.

@shellyperera2010 15 дней назад

Completely agree. It's a scandal that this is not taught in schools. Access to free/affordable pension and investment advice should also be available when people first start work. We had a pension talk at work and it was obvious that the vast majority of people had very little knowledge about the subject. Most were in the default fund which had lost money this past year when global stocks have seen excellent returns. They didn't know you could switch out and the platform has an excellent range of cheap global trackers. We have a pensions time bomb coming down the road now DB is no longer. How people are going to manage their pots in retirement I have no idea if they don't know about appropriate asset allocation, sequence of returns risk etc. etc.

@stickleback73 14 дней назад

100% agree!! Also 51 and sad this stuff wasn't taught to me and my parents didn't provide basic advice either. I have been educating my youngsters and when they start their first jobs I'll get them to sit with a financial advisor and encourage this throughout their working lives. Great channel and content!

@BIG2hats 6 дней назад

They don’t want it to be taught at schools, the economy is built on spenders, not savers! In fact, the UK had one of the lowest rates of citizens investing in the developed world. We have failed.

@mircea_h 4 дня назад

i dont think it was always as easy as today to invest also maybe there were better economic times so people would not feel pressured to invest also if you bought your house that's also an investment its not all black and white

@Riaan3108 15 дней назад

Mood-hoover, you learn new things on this channel every time….

@DamienTalksMoney 15 дней назад

🤣

@1anre 14 дней назад

Is that the nickname for those rubbish blogs?

@hmcvm 15 дней назад

I don’t think there’s any other channel out here combining informed, realistic and honest financial advice with entertainment so well. Such a great video mate!

@DamienTalksMoney 15 дней назад

Thank you so much, love this feedback

@TheEmanep 15 дней назад

Thank you - at 53 I’ve been freaking out about retirement, but Grandma Moses has given those of us above the age of 30 hope!

@jamesodd3896 15 дней назад

I like that you don’t follow the crowd . Your content is honest & nothing like I’ve seen elsewhere.

@H.I.T.E.N. 15 дней назад

"We all make mistakes, have struggles, and even regret things in our past. But you are not your mistakes, you are not your struggles, and you are here NOW with the power to shape your day and your future." - Steve Maraboli Thanks to you pal, we're all here taking back our power and making meaningful changes for a better future. Better late than never, hey! Appreciate you mate.

@DamienTalksMoney 15 дней назад

Appreciate you to mate.

@prof.stacythemoneyteacher 15 дней назад

You're never too old to start saving for retirement. It's best to start early, but starting ever is better than never.

@amandacornwill9370 15 дней назад

This is largely what I have done simply due to life and kids. I paid into pensions in my 20s and not again seriously until my mid 40s. Now 2 months away from 55 with enough to retire if I wanted to. Great points made 👍🏻

@shawfair4591 15 дней назад

Great video again mate 👌🏽 thank you

@ceciliabrown3301 15 дней назад

Thank you. Your posts give me hope as I started late.

@SS-vz9iv 15 дней назад

People really needed this Damien! Thank you 😊

@baronvonhoughton 15 дней назад

Thanks mate, needed this one. 40's and constantly feeling I started too late.

@Caution1990 15 дней назад

This is brilliant Damien! As someone with 2 young kids, and “behind” on my retirement savings for my age, this video makes me feel what many other pension videos don’t. A bit better about myself. Like I’m not alone, and have the ability to catch up. Thanks!

@annabeljewel 14 дней назад

Thank you for this. This is just what I needed and I've saved it to watch again for those times when I'm panicking about the future.

@DTL0VER 15 дней назад

Cracking video mate. Well done 👏🏼

@hotelhero4193 15 дней назад

Lovely video as always, thank you. Great way to look at alternative options

@tommasoparrinello6236 15 дней назад

Congratulations for this video. One of the best!

@lifesacardgame6454 15 дней назад

Thank you for your positivity on this subject.

@TheLeeBoyman 15 дней назад

Excellent work Damien 👏

@user-cz2pi7fm5e 14 дней назад

Thanks for your positive thoughts

@lawrencehooper4341 14 дней назад

Damien, your content is top-notch. Thank you

@The_Recusant_Vagabond 15 дней назад

Thank you so much for this video! Very up lifting !

@oldnotobsolete.2925 15 дней назад

Top Class video! Will be sharing the link at work as it's a message that needs to get as wide an audience as possible!

@toriebrame3419 15 дней назад

This is my favorite finance channel. Thank you for this video!

@hummels8393 15 дней назад

this is an incredible video! thank you

@Trifusion1 15 дней назад

Really appreciate the quality of the graphs in this video. Super clear and visually appealing too.

@melalblas 13 дней назад

Another wonderful video and especially lovely as us older bods (I’m 47) defo don’t love being told we should have started earlier so this is gold thank you Damien! ❤

@DanRobards 15 дней назад

These graphics are getting super fancy! Good shit Damo!

@suzannerogers-pt1xx 4 дня назад

Thank you. This video has reassured me so much 😊

@kensingh963 10 дней назад

Brilliant, informative video. Thanks.

@tinanolan1485 14 дней назад

Really great content - well done.

@Paranoidandro1d1 14 дней назад

Excellent video again. Thank you!

@k.avilla8061 15 дней назад

Very inspiring and informative presentation, Damien. God bless you.

@hazeldavis3176 14 дней назад

Can't thank you enough for this video. Really gave me hope back 🌺

@philistineau 15 дней назад

This is brilliant. Absolutely brilliant. I live in the financial world, reading about this stuff, and I have never seen this article before. Thank you for sharing this!

@pt2913 15 дней назад

Brilliant video Damien. Extremely thorough and VERY reassuring. Thank you.

@handlethehandle7 15 дней назад

So good to learn about Grandma Moses. Your presentations are always so interesting. Coolio editing too. One exceptional human being who is beautifully humble with it. Well done D n co.

@davidandhelen4657 23 часа назад

Well written and well crafted piece.

@lisaclayton517 15 дней назад

Thanks for this Damien, at 50 and just getting a grip of this money lark I was panicking. But you’re right, there is no end date 🙌 thank you x

@discodiscodiscoking 15 дней назад

This is a brilliant video. Thank you Damian for not just feeding the negative outlook and being positive about outcomes. I love that you back up what you say with data and real world examples rather than assumptions. Keep it up mate, lots of people are thankful for what you do and you should be proud of the changes you inspire in people. Just think, decades in the future, some people will be physically benefiting from some of the changes introduced to them by yourself. I’m proud of you, and I don’t even know you.

@oliverdownes3184 15 дней назад

Love “mood hoovers” sentence 😀👍great blog thank you very enlightening and positive spin !….. I’m getting my old painting by numbers box out….. just in case 🤗😉👍

@legendarypandagaming1785 10 дней назад

Great insights again Damo! Much appreciated - Manchester based viewer 👍

@davejones6891 15 дней назад

😮reassuring video Damo, Thanks!

@oxyphonic 9 часов назад

Quality content as always! Great to see a different perspective

@collettewilliams642 10 дней назад

Just brilliant, came away feeling really energised and positive and I’ve learnt loads! Besides your knowledge, I think the hope and positivity you spread are two of the most important things you can inspire in someone 😊

@myriamdhaiti2935 15 дней назад

I absolutely love this ❤

@MrKlawUK 15 дней назад

this is eye opening and at least a little reassuring. 53 now, planning to finish mortgage at 55, then push 35% gross income into pension for as long as possible

@KiHToG 14 дней назад

Having a mortgage free home probably means you are far ahead of the average 55yo in terms of net worth.

@JHA854 14 дней назад

Damien, you always make me feel like I am not doing so badly with my finances. Thank you so much!

@StevenJones-et6vn 15 дней назад

Absolutely brilliant,👊✌️

@Mabidakun 15 дней назад

Damo, you continue to make me smile. You are by far the best (and most entertaining!) finance RU-vidr. Thanks for giving an old head like me, hope! 💯

@Therealmattchong 15 дней назад

Needed this thank you

@user-wl7jy9wu9m 15 дней назад

Refreshing positive video message enjoyed this Damien. 53 yr old guy. Late starter keep going.. Great job

@luQi457 5 дней назад

Loved this video. At 27, I sometimes feel as though I'm lagging behind in my financial journey comparatively. but thanks to you, found a new hope.

@shimsteriom4191 15 дней назад

Brilliant 👏

@MWR1990 14 дней назад

Mate your videos are just getting better and better. No idea how you’re doing it as they were bloody brilliant before. Great alternative view on how saving for retirement doesn’t have to be a straight line. At 33 I’m keeping my contribution locked in until I can’t afford it. My last 2 pay rises have gone straight into increased contributions, as have my bonuses, to avoid lifestyle creep. Plus the “free childcare” gets removed if I don’t. I’m planning an increase to my savings rate when my little one grows up, knowing that’s ok is a relief. Thanks again Damo.

@method2madness961 15 дней назад

Great video, very helpful to have advice that adds a lot of context and nuance that is often missed. Adding this nuance stops this from being a video that is good to know but doesn't feel personally applicable.

@realollyrichards 15 дней назад

Such an important video - great job

@leebenneworth 14 дней назад

Great vid, thanks

@garysanders8090 15 дней назад

"mood hoover" fantastic description

@gothenburg83 15 дней назад

Great video!

@shellyperera2010 15 дней назад

Brilliant brilliant video! One of your best. We have followed virtually the exact trajectory. Not much saving up to age 50ish but now kids are older, I've gone back to work after looking after the kids, partner is at peak earnings due to experience, we are putting massive amounts into our pensions and will be on track to retire at around age 59/60. And that's from corporate jobs. We fully intend to keep earning in retirement as there's no way we could sit around doing not very much. It's a good idea to develop diverse skills and hobbies outside of your day to day work skills as these can often turn into side hustles or full time businesses in retirement.

@cannontrodder 15 дней назад

You are a mood hoover that has been thrown into reverse! Brilliant video!!

@juleskayak 14 дней назад

Excellent video, very helpful for anyone

@Pursuitofhealthwealthhappiness 13 дней назад

Such a good video! 🎉

@Moosegravy420 15 дней назад

So motivating!!! 🎉

@robm509 15 дней назад

Thanks for this. I'm 51 years old. I was self-employed for 19 years but wasn't earning enough to make regular contributions to my private pension, and I got into severe difficulty with a property investment that went bad. Now that I am back in full-time employment and my mortgage is finally paid off, I began paying regular and voluntary contributions (about 30% of my annual income) to my pension again. It's amazing how quickly the funds have built up in such a short space of time. All is looking rosy again!

@Brown969 15 дней назад

41 and really helpful. Thanks Damo. I found when I went self employed I made no savings contributions for 5 years. When the business finally got established, it was much easier (and tax efficient) to divert wages into pension. I was contributing to a workplace pension from 29 and immediately changed my fund choices after doing my own homework. That helped me get a good start. What about retirement plans that are outside pensions? Downsizing Property? Business Income? Etc?

@felixjavierarbeloroman 15 дней назад

Great video. Hi from Barcelona!!

@dompayne2837 14 дней назад

A well written video. ❤

@shelle.angelo 8 дней назад

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

@spacecadet6 8 дней назад

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

@emmaarmando 8 дней назад

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

@noah-greene 8 дней назад

@@emmaarmandoMind if I ask you to recommend this particular coach you using their service?

@emmaarmando 8 дней назад

*Gertrude Margaret Quinto* maintains an online presence. Just make a simple search for her name online.

@ohioveteran 8 дней назад

I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

@ttrjw 14 дней назад

This is your best video so far. Good clear content - loved the graphics. The humour also works too!

@DamienTalksMoney 14 дней назад

You have been watching for a long while! So i love hearing what you think of video really pleased you enjoyed this one.

@SomeoneSmarter 15 дней назад

Damien, this is one of your most interesting videos to date. I've only recently gotten into investing at 45 and I've had those thoughts about wishing I had started earlier. However, I had no spare cash when I was in my 20s! First house, needed a car, got married, etc. I did start increasing my pension contributions on my late 30s and now I chunk 30+% of my wage into my pension, mainly to avoid child benefit clawback. The savings curve you presented here gives me hope that I am on track!

@taramccrory5412 15 дней назад

Thank you!

@matthewbaldwin5579 15 дней назад

Man this video needed to happen 🎉

@davidharding3465 15 дней назад

I just love your content Damien! Especially when you use technical terms like mood hoovers. I am 47 and just started tucking away some money in the markets.

@wl660 15 дней назад

Great video….funny and insightful.

@hbbstn 15 дней назад

Thanks for making this video! I spent my savings in getting higher education in my 20s and 30s. I'm in my mid-40s and started saving more seriously in recent years.

@Ligitizzy 15 дней назад

I love this, Damien. You’re fantastic. I worry daily about the amount of money I’m saving for future but also that I need to live now as I have a daughter. It’s an incredibly difficult balance to reach, but you really do put things into prospective and make things feel a bit less doom and gloom ☺️

@DamienTalksMoney 15 дней назад

If it helps I worry about the exact same thing you do. The balance is hard to strike but the fact you are considering it shows you are heading in the right direction

@ThisCharminManc 14 дней назад

This is a great video 👏🏼👏🏼👏🏼

@pacifica9718 15 дней назад

Thank you! I was guilty of the ostrich view of pensions until my fifties but I will have the mortgage paid this year and can now throw almost the entirety of my income at it. Your video has given me hope that it really is never too late.

@imbarmstrong 14 дней назад

Well, that's reassuring! 🙂

@mikejames4540 10 дней назад

A really uplifting piece, Damien, for those in all age groups! And with some lovely touches. Certainly not a load of Pollocks!

@LilySaintSin 15 дней назад

This is such a good channel

@horacebury 14 дней назад

Thank you so much 😅 Other than a pension, investing was such a late thing. You’ve really let the pressure off. Time to get to work. 💪

@phooogle 14 дней назад

Great video, shared with my mate who is panicking about his pension (he is 39).

@MartinS-tj9it 15 дней назад

FANTASTIC video :) thanks for your efforts in showing me and others that the world of finance, savings, shares ect is not that complicated as I thought (for sure muuuch easier than my day job :D [less math, physics, engineering, ect] )

@MarcellJohnsonIII 15 дней назад

Fantastic video, I don’t usually comment but felt compelled to. Good work.

@adamwestrip7422 14 дней назад

Damo. After finding your videos on RU-vid and Podcasts earlier this year and following your guidance, my future life has changed for the better. At 46 I had little in the way of savings and no real pension plan. I am now saving a big chuck of my wages into a SIPP and an ISA every month and have a healthy emergency fund. Thanks for the brilliant videos and great Podcast

@VikVeerENTSurgeon 15 дней назад

That was the best video I think I've ever seen on RU-vid. It's made a big difference to me. Is there a way we can save these videos so we can come back to it? Thanks again D.

@Petersworld77 15 дней назад

There is a save button below the video! Alternatively just subscribe to the channel and all previous videos are usually available from the content creator page.

@oi123fui 13 дней назад

Thank you

@lauraward-newton4510 15 дней назад

I have never felt compelled to comment on any video on RU-vid until I’ve come across yours. Thank you so much for this. I’ve spent 10 years in the public sector and hoping to switch by the end of the year - my total pension pot contributions from myself and employer alone is somewhere between 130-140k at the moment. I’m in my mid 30s and I was worried I’d just wasted this entire time now I won’t get to see it until SPA if I leave - so watching this has given me a huge relief. Now I just need to figure out the best way to save privately as it’s always been done for me (I’ve been paying 14% the last few years..).

@rocksy71 14 дней назад

Sometimes it’s nice to find a voice and put yourself out there to encourage others, I think 130k/140k in just 10 years is remarkable and not a figure to be sniffed at as far as moving forward and sorting out your own finances in the future. Like Damian, I found Vanguard ETFs to be cost-effective with low administration costs in comparison to the rest of the market and very easy from my phone to make changes to my portfolio, You may wish to look at Vanguard as a potential for your future investing, I think Damian uses the all world ETF

@glennsheppard3320 10 дней назад

Thanks Damien, useful advice as always, I started saving when I was 21, but looking at the pension pot now has made me feel both a failure and under prepared for any kind of retirement, releived that I appear to be around the average for my age (50). I have recently been saving more and more to the pension pot putting pay rises and the odd bonus into it but like you have said, I plan to work in some capacity well into my later years. I think a sense of purpose and the social aspects of work, even if you don't always appreciate them at the time, are vastly underestimated.