How Much Is Enough To Retire Comfortably (updated for 2024)

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I did a video three years ago called ‘How much is enough to retire comfortably?’ It’s one of my most-watched videos ever, but after watching it back and reading the hundreds of comments, I reckon it’s time for an update.
So, here in the middle of 2024 - how much IS enough to retire comfortably?
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Chapters:
00:00 Welcome
00:45 What does ‘enough’ mean?
02:12 Some caveats and clarification
03:11 Arriving at a number
05:27 Two important factors
07:20 Calculating how much you have to save
09:03 Working towards your number
11:07 Resolution
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Опубликовано:

27 июл 2024

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Комментарии : 567

@tonysilke 2 дня назад

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

@PhilipDunk 2 дня назад

Diversify your holdings across several asset types to reduce risk rather than putting all of your eggs in one basket. If you don't know a lot about finances, speak with a financial expert.

@PatrickLloyd- 2 дня назад

Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.

@JefferyDuns 2 дня назад

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

@PatrickLloyd- 2 дня назад

Amber Dawn Brummit is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

@JefferyDuns 2 дня назад

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

@richardhudson1243 День назад

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

@maiadazz День назад

Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions.

@ChadRoberts-x6i День назад

That's true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

@tatianastarcic День назад

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advisor? I'll be happy to use some help.

@ChadRoberts-x6i День назад

Annette Marie Holt is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

@oliviaHill-w4e День назад

I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

@RichardMoore-jg5tl День назад

I need to set up for retirement while earning passive income to cover daily expenses and reduce taxes, even in a higher tax bracket. I plan to invest $250K from my savings.

@RusuSilva День назад

Diversify into different asset classes to mitigate risk. If unsure, consult a financial advisor.

@RossiPopa День назад

Accurate asset allocation is crucial with expert guidance. At 58, I have $850K in equity, $300K cash earning 5.25% interest, $685K in a 401k, $250K in a cash account, $120K in paid-off cars, and gold and silver bars. My advisor helped realign my portfolio to my risk tolerance, and it boomed over time.

@FusunTumsavas-cq7tp День назад

pls how can I reach this expert, I need someone to help me manage my portfolio

@RossiPopa День назад

Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

@FusunTumsavas-cq7tp День назад

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

@jerrycampbell-ut9yf 6 дней назад

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

@Peterl4290 6 дней назад

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .

@larrypaul-cw9nk 6 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.

@sabastinenoah 6 дней назад

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

@larrypaul-cw9nk 6 дней назад

Credits goes to " Annette Christine Conte" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

@sabastinenoah 6 дней назад

Her website appeared right away, You've saved me several hours of research, I appreciate it.

@Jaymilnere 5 дней назад

Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.

@Higuannn 5 дней назад

In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.

@hullbruce 5 дней назад

@@Higuannn I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.

@Jaymilnere 5 дней назад

@@hullbruce Hello, thanks for replying. I'm thinking of trying out an advisor, how can one reach a decent advisor like the one you use?

@hullbruce 5 дней назад

@@Jaymilnere I work with the popular Sharon Crump Cline. Who happens to be a is a hot topic among financial elitist in The US. Especially for her works during Covid. All the information you need to set up an appointment is on her web page.

@Jaymilnere 5 дней назад

@@hullbruce Thank you for this pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a calI session with her.

@Olea-i2d 5 дней назад

I’m 55 from South-Yorkshire but worked overseas all my life. I have savings of €1 million and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire happily or do I need some sort of money management?

@CHANCEY-h4d 5 дней назад

Glad to hear from another buckeye! comfortable retirement depends on your lifestyle...

@SlowrideHome91 5 дней назад

I would get money management just in case. You’re only 55. I think the average life expectancy in the UK is 77.5 years, but many people live well into their 80s so that 1 million has to last you all of that and the unforeseen.€1m is a great start though. Good for you!

@JIANHENGLUG 5 дней назад

Generally speaking, a good number of people discredit the effectiveness of a certified fiduciary in planning for retirement, For over the past 10years, I’ve had a CFA consistently restructure and diversify my portfolio/expenses and I’ve made over 3m in gains.Might not be a lot but retirement doesn’t seem so farfetched anymore.

@PapiChulo-t1s 5 дней назад

@@JIANHENGLUGI'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

@JIANHENGLUG 5 дней назад

I've stuck with the popularly ‘’Jennifer Leigh Hickman” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

@NicholasBall130 9 дней назад

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

@StocksWolf752 9 дней назад

I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.

@cowell621 9 дней назад

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

@LiaStrings 9 дней назад

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

@cowell621 9 дней назад

Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@lolitashaniel2342 8 дней назад

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

@Garrett-lo6pu 9 дней назад

Is really important to acquire as much money as you can before retirement, that's why I make it a priority to invest. Right now my portfolio has good companies, however it has been stalling this year. I’ve approximately $700k stagnant in my reserve that needs growth, any suggestions to grow my portfolio will be highly appreciated.

@Mosley-vu7ff 9 дней назад

Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. that's why seeking expert advice is essential.

@Muller-o4d 9 дней назад

Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.

@Tetsu-p3g 9 дней назад

Please can you leave the info of your investment advisor here? I’m in dire need for one.

@Muller-o4d 9 дней назад

‘’Jenienne Miniter Fagan’’ is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment

@Aron-r3m 9 дней назад

Thank you for this amazing tip. I just looked up Jenienne, wrote her explaining my financial market goals and scheduled a call

@darinmoor 14 дней назад

Planning for retirement can be so confusing, especially with all the new numbers for 2024. How much is really enough to retire comfortably without constantly worrying about outliving your savings?

@simonbad 14 дней назад

Totally agree. It feels like the goalposts keep moving. I'm trying to figure out the right balance between saving and investing to ensure I can maintain my lifestyle.

@AstaKristjan 14 дней назад

It's a tough question. The cost of living keeps rising, and it's hard to predict future expenses. I’ve been considering various retirement calculators, but they all seem to give different answers.

@simonbad 14 дней назад

I'm curious if anyone has had success working with a financial advisor to plan their retirement. It seems like having expert guidance could be crucial in getting a realistic target number.

@LarsBergstrom-uh2eu 14 дней назад

That's a smart move. With so many variables, a good advisor could help make sense of it all. The investment adviser I use is "Kristin Amy Rose" you could just research the full names

@simonbad 14 дней назад

Thanks@@LarsBergstrom-uh2eu for the recommendation - I looked up Kristin Amy Rose and she seems perfect. I'm working on setting up an appointment.

@dannywalters958 16 дней назад

Somebody once said, You can never save enough for retirement but that doesn't mean you shouldn't try anyway. Take your health seriously now to reduce the financial burden of failing/ill health and ACTIVELY plan your retirement so you can still make money even then. Goodluck to us all.

@ANTHONY_esq 15 дней назад

That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode

@hildredscali1754 15 дней назад

No need to panic... The simplest way is to save more and invest those savings in profitable ventures (you must either understand what you're going into or get the services of a professional so you don't end up losing your savings)… I have made a couple of thousands yearly for the past 3 years through only stocks and Etfs and if I can keep at it, I won't have much to fear even with less than 6 years to my retirement...

@ANTHONY_esq 15 дней назад

By professional, do you mean an FA? Did you use one? What are the steps for getting one? Like a really good one? I could definitely use external help right now. Thanks

@hildredscali1754 15 дней назад

Yeah I did. I think you should start by looking out for those from reputable firms and good track records. You should also make sure the person is licensed. Personally, I use Marie Kelly Matwick. She's good and you could also check her out.

@_king_james_23 15 дней назад

not true. my dad saved up a lot for retirement man

@E.GCreates 10 дней назад

I've been thinking about retiring recently. Additionally, I placed $800K in the S&P 500 to safeguard my financial future. I need to find a strategy for investing in companies that will match my risk tolerance and financial objectives, such as Nvidia and, of course, AI stocks, but it seems like the market is now gloomy.

@Dailypalamides 10 дней назад

While the market is promising, expert guidance is essential for effective portfolio management.

@GregMerchant 10 дней назад

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $255k to $750k.

@Bergenn158 10 дней назад

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advisor? I'll be happy to use some help.

@GregMerchant 10 дней назад

Her name is ‘Dianne Sarah Olson’ Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@Clancysoucie 10 дней назад

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before reaching her.

@austinbar 11 дней назад

I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.

@joshbarney114 11 дней назад

Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

@rogerwheelers4322 11 дней назад

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $750k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

@FabioOdelega876 11 дней назад

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

@rogerwheelers4322 11 дней назад

I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment riskwould be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@FabioOdelega876 11 дней назад

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

@hazzelodazzel 17 дней назад

Just came to leave a comment to say a huge thank you to you! Because of your content I've gone from having 0 in savings and retirement to working out a budget and lifestyle adjustments to enable me to maximise pension contributions, set aside money for emergency savings and contribute to a S&S LISA regularly (even if it's not huge amounts right now). Even managed to get a few bob put away by putting the budget into action. All within a few months. Without info like yours I'd still be frittering away all my cash without thinking about my future (or rainy days) at all. Thank you so much!

@MeaningfulMoney 17 дней назад

Amazing! Well done for taking radical action! I’m delighted the content has been useful - more power to you, keep going! 👍🏻👊🏻👏🏻

@ianjames3078 17 дней назад

Caution on LISA for retirement…..see my warning. It’s considered as readily accessible savings if you need unemployment benefit etc.

@hazzelodazzel 17 дней назад

@@ianjames3078 thank you for the tip - this is a really good thing to know and be aware of. I'm still really new to fiscal responsibility and development, so this is one of those things I would never have considered. Thank you for sharing your experience!

@jonathangiles4854 17 дней назад

Great video as usual. 41 and on track for a 55 retirement. I’ve taught my kids what compound interest is and they are 12 & 8! 😂

@paulleach1164 13 дней назад

Compound Interest - 8th wonder of the world!

@kevinpreston5794 17 дней назад

Love this one Pete. The only thing I’d add is the thing I bang on to my daughters about all the time; the earlier you start the easier it will be. (That and “a man is not a financial plan” 😜)

@wizzyno1566 17 дней назад

But a good man is a good financial plan. It's an option women have.

@kevinpreston5794 17 дней назад

@@wizzyno1566 I’d rather my daughters be financially independent of anyone (especially me 🤞)

@MeaningfulMoney 17 дней назад

Love it!

@mjmf1430 17 дней назад

@@wizzyno1566A good man may be hard to find. Let’s work on the assumption that they are liabilities in general. 😊

@JivanPal 16 дней назад

@@wizzyno1566 That's equivalent to having a man say, "a good woman is a good financial plan. It's an option men have." Not exactly a very good option for either category.

@Rosco1967 17 дней назад

You forget , 80 % of the population don’t live comfortably while they are working . Never mind having enough to put aside for retirement.

@bobbydwheelhouse 15 дней назад

The videos about retirement not about cost of living

@huwsparky175303 15 дней назад

That's a very good point.

@bremensurfing 15 дней назад

I’m not sure about that. Pretty much everyone I know ‘could’ save more into pensions but they choose not to by buying other things for ‘today’ and I don’t mean food and things they need to live on. Most people don’t like to think about retirement and that’s the main problem. They’re never prepared for it. I think most people if they added up their monthly costs of all the bills the need to pay and see what’s left over. That’ll make them realise what they’re choosing to spend the excess money on rather than save for retirement.

@Rosco1967 15 дней назад

@@bremensurfing I genuinely disagree. As I saw first hand my father with everything in position for retirement . Seemed to be paying a fortune into pension towards the end (maybe not as much as he complained about 😬🤣) but unfortunately all for nothing ! As he suddenly passed which was so frustrating to see . Shows you can’t take it with you .

@bremensurfing 15 дней назад

@@Rosco1967 sorry to hear what happened to your dad. I’d say you’d have a different opinion though if he lived well in retirement vs others who haven’t saved enough. But also, that’s the one thing you can’t plan for so I still say it’s better so save as much as you can sensibly for retirement even if you don’t get to spend it all. At least you can pass it to your children and make a huge change in their life. But I still think the majority of people can save more than they do. They could at least pay some kind of attention to it and make sure it’s invested properly rather than in the generic safe fund their work puts them in. That’s a free thing they can do with no excuses for.

@AName-pp8di 17 дней назад

The concept of retiring at 67 (let’s be honest it will be 70 by the time a lot of us in our 20’s and 30’s retire) is absolutely crushing. There is no way this is happening to me, I refuse to let the government tell me when I can stop working. 55 is my target.

@sushilvekaria164 15 дней назад

Unfortunately the gvt is also controlling this by increasing the age you can access private pensions to 57 from Apr 2026. Retiring at 55 isn’t possible unless you have other forms of income besides your pension to depend on.

@AName-pp8di 14 дней назад

@@sushilvekaria164That’s exactly what I’m talking about, having enough assets in places other than a workplace pension or SIPP to bridge the 5 year gap. Although, the government is probably going to have to make withdrawing any money between 50 and 60 punishing in terms of tax to keep high earners in employment longer to pay for the aging populations state pension. I don’t think there’s any getting away from it ultimately.

@robvtec 10 дней назад

@AName-pp8di this is why you need other revenue generating assets that can be drawn upon as savings rather than 'retirement'

@generalgriffmeister7333 17 дней назад

I'm turning 49 this month and only got wise late last year. The eternal question of "how much is enough to save?" Has almost driven me mad. I'm putting in 30.5% of my earnings and I'm really surprised that I can still live and stuff. It's hard but I've recalibrated. No way I'm working until 67 (barring significant life events, terms and conditions apply). Thank you for helping me feel I'm neither alone nor off track

@kw8757 17 дней назад

If you're putting away 30..5% of your earnings you definitely are not "off track". 👍

@jimbrown2688 17 дней назад

@@kw8757I'd be careful where I put my money. If you're into pension funds and stocks you could be hit really hard prior to retirement and not have time to recover. Don't take advice from RU-vid or Internet "gurus". We are now in a very fluid political climate so be very careful how you manage or diversify your resources...

@tancreddehauteville764 17 дней назад

@@kw8757 Exactly.

@tancreddehauteville764 17 дней назад

Good move, that will repay you handsomely.

@eddiewatts7792 17 дней назад

I maxed out on annual and lifetime allowances particually in the last few years of work putting 50% of earnings into AVCs. It did mean skimping a bit but that ive never been extravagant. That enabled me to retirire at 56 on a better income than my previous take home. You do need to over budget as pensions dont keep pace with inflation and the cost of living has gone up perhaps 30% in the last 4 years.

@boltonw514 14 дней назад

I am 55 years old and currently putting a considerable amount of my salary into my pension but I am also saving about £400-£600 per month into my ISA. My question is, is it better to put that ISA money into my pension as I then get all the tax relief on it and therefore there is more money in the pension pot to try and gain from the investment fund growth? This question has baffled me for a while. Please help 😕

@BradleyMaurice226 14 дней назад

Get a financial advisor man! Been with Becky Lou Gordon for over 9 years now. I have been able to retire at 59 and have over $1m in savings

@EdwinBoettcher 14 дней назад

@MrDuncl 14 дней назад

I would ask what easily accessible savings you already have and when you are likely to need to use them. Dreading my next MOT I spent £14000 cash on a car last year. Of course even doing that someone might be able to show that it would have been better to put the money into a pension and buy the car on finance.

@daveaglasgow 13 дней назад

@@MrDunclOr just buy an older much cheaper car. Simples.

@MrDuncl 13 дней назад

@@daveaglasgow That is exactly what I traded in with various warning lights on. After looking around I ended up buying the same model car as I had but with 100000 less miles and a long manufacturer's approved used warranty. Anyway the car cost half what will be paid into my pension this year. Meanwhile a colleague spent £18000 on a new plaything motorbike then retired the next year while another colleague spent £56000 on a brand new Plug in Hybrid months before he retired !

@WSMK-oz6ru 17 дней назад

I’m planning on retiring at 55. I’m the last month eligible to. I have a 35 years in a Final Salary DB scheme and we have now this financial year gone over to a CARE DB scheme. I pay into AVC’s, stocks & shares ISA and Premium Bonds. I make sacrifices to unable me to retire early but i still have a nice life. The reason I want to retire early is because I no longer enjoy my job and you spend a long time dead!

@Rosco1967 17 дней назад

My father worked tirelessly to build a decent pension, lived well too . But my point was it turned out totally fruitless as he died a couple of years after retiring..

@TheSockWomble 17 дней назад

Lucky you to get a final salary pension! Good choice of job all them years ago enjoy it 👍

@stevegeek 16 дней назад

I retired last year aged 55…100% recommend it! Life’s too short if you don’t enjoy your job and you can afford it. I worked hard and saved hard and enjoy simple things (fortunately!).

@darrensmith650 4 дня назад

So did I and no regrets.

@robinkeck9950 17 дней назад

Now that is an excellent video. Sound, considered and well presented advice. Thank you.

@ivanglossop5106 16 дней назад

I have 2 work pensions I retired at 54 years old 7 years ago best thing I ever did

@yomia2477 9 дней назад

Having just spent a considerable sum on an IFA (retirement financial planning), and rarely (if ever) commenting on videos - this is a great video. Very well structured and delivered. I have subscribed.

@TechitEasyWorkshop 17 дней назад

Thanks Pete. Practical and helpful as always.

@dominic8218 17 дней назад

Good content kept simple. Thanks Pete 👌🏻

@2pac20024eva 17 дней назад

Brilliant as always, Pete. Sensitivity of assumed growth and inflation is so important, I’ve just planned mine at 2.5% inflation and 4.5% growth above inflation (100% equities), but I’m not convinced I’m going to be right! I’m 35 years away from state pension age, but it’s a hefty number if I want £78k after tax in today’s money to cover myself and my spouse from age 55. I’ve only recently added this inflation though as it was a fallacy to track progress against “today’s” figures year after year. Your content continues to keep me on track for a comfortable and hopefully early retirement. Thank you for all that you do 👍

@tancreddehauteville764 17 дней назад

What???? £78k after tax?? That's near enough to £100k gross. You would need £3M in today's money to generate such an income at 55 - that is one heck of a pot!

@Adventures-and-More 2 дня назад

One person’s comfortable is not another’s. If you’re comfortable with the amount you retire with then you have enough to retire comfortably

@UbiquitousBooks 16 дней назад

Love your channel, but this was an especially great video. Look forward to the rest of the series.

@MrLouislaf 17 дней назад

My Dad was never cheap, but frugal. He told me to start early. I started investing small amounts a year, in my early 20s. Over the years, the nest egg has grown. I am now 57 and glad I started early. I will retire in the next year or two. I call it active retirement: do things I really want. Work for fun at a golf course, for example.

@MeaningfulMoney 17 дней назад

Love this. Starting early is important.

@nathangreen6286 17 дней назад

How much has the compounding grown to over 30+ years? Getting payed off dividends too? Im early 20s so this is very inspiring to see. I've been investing for the last 3 years with about 30% of my salary.

@matt49125 16 дней назад

@@nathangreen6286keep it going. I'm 45 and my dad also got me into investing in the late 90s. I can recall my SIPP pension, which I pay into in addition to a workplace defined benefit scheme, was only worth about £2k in 2006...fast forward to now and it's nearly 6 figures. I started off with just £40pm payment into it and gradually upped the payment at least once a year.

@MrLouislaf День назад

@@nathangreen6286, wow! That is truly impressive. When I started investing in my 401 K, I was 23 years old and the amounts I put in yearly were small compared to you! I put around 1200 $ to 2000 $ a year. As I got older, I invested more depending in the years because as you go through life, there are, of course, expenses (buying a house, having kids, playing sports etc.) That being said, I am now 57 and have several hundred thousands $.

@V.stones 11 дней назад

Ugh, retirement planning is overwhelming! How much do I even need to save? I see these articles saying millions, but that feels crazy.

@Sanchyfab 11 дней назад

Yeah, it's definitely a moving target. Depends on your lifestyle. Fancy world travel or staying local?

@Sanchyfab 11 дней назад

My uncle!!Retired on a shoestring budget and travels the world frugally. Makes you think you don't need a fortune.

@Bigwilli123 11 дней назад

That's a good point. My uncle lost a lot of money in 2008. But wouldn't a financial advisor know how to avoid that?

@camela8445 11 дней назад

My question too, How is the advisor beating the market by 2% every year for 25 years? Which advisor has done that?

@Jonesmatsunaga 11 дней назад

advisors claiming consistent market outperformance, as long-term consistency is statistically rare.

@elenainedinburgh 16 дней назад

This is a great video - really helpful!

@shimsteriom4191 15 дней назад

Brilliant video Pete, many thanks.

@alexm7310 17 дней назад

Really excellent, clear advice. Thank you! 😊

@MeaningfulMoney 17 дней назад

Glad it was helpful!

@minimad8793 17 дней назад

Cheers Pete, another quality update from a master of the seas of finance :)

@MeaningfulMoney 17 дней назад

Thank you kindly!

@eunicef1 17 дней назад

Cheers, Pete. Another great vid.

@adamwestrip7422 17 дней назад

Thanks Pete. I’m going to increase my monthly pension contributions tonight and review in October and again in the New Year.

@MeaningfulMoney 17 дней назад

Yes Adam! Nice work!

@joaoperes2258 16 дней назад

Hi Pete, just wanted to say thank you for your content. The balance you put in your work with the fun but still the responsible part of it still present. I follow you for the UK content and The Money Guy from the USA for all things personal finance as I think you both are the most balanced out there. Also it’s great to hear you and Roger on the pod. Keep up the great work 💪

@MeaningfulMoney 16 дней назад

Heyyyyy - thank you for this! Really glad the content is helpful for you: your kind words are much appreciated. 👍🏻🙏🏻👊🏻

@chqshaitan1 17 дней назад

Great video

@brendanburr203 16 дней назад

Been following for years and have used Pete's info as inspiration and guidance. Still producing top quality content and will up my pension payment a further £100 due to the quick maths on the linked calculator 😅

@pirikaty 16 дней назад

Im 64 and a businessman. My only advice is to have a small home business using fulfillment (selling stuff online), set up before you retire. This could easily generate £1000/month vs. the extra pension pot you would need to generate an extra £1k/month... It depends on how you perceive retirement. Many people get bored and start a new hobby; why not have a hobby business that pays?

@Project-Masculinity 17 дней назад

Always quality content

@MeaningfulMoney 17 дней назад

Thank you!

@PrologTraining 17 дней назад

Excellent clear advice, as usual! 👍

@MeaningfulMoney 17 дней назад

Thank you!

@stuartogden1660 15 дней назад

Thanks Pete. I think taking a personal interest in tax/finance has made it all a lot less worrying for me. The unknown can be a major fear for many

@ianwall9152 17 дней назад

There was one word that sums up the approach - "uncomfortable" if you don't push yourself you will never have enough

@spindly_killer_fish 17 дней назад

Also being 49, thanks for reminding me i have another 18 years to go :./ im ready to give up now

@spindly_killer_fish 17 дней назад

@@thisbarb I already have one at 16, no more thanks. just trying to figure out a way to finish up early and get off this rock.

@stuartburns8657 17 дней назад

@@spindly_killer_fishDignitas?

@spindly_killer_fish 17 дней назад

@@stuartburns8657 I was thinking more of selling the house, buying a yacht and sailing around the world 😁

@stuartburns8657 17 дней назад

@@spindly_killer_fish Ah, much more optimistic, glad to hear it!

@spindly_killer_fish 17 дней назад

@@stuartburns8657 Indeed, i'm not planning to give up on life, rather i'm just trying to get out of the rat race sooner rather than later.

@henrymitchell9717 12 дней назад

I am 44 and currently have €2 million invested in a Vanguard global ETF alongside some individual stocks. I withdraw over 4% per annum (€100k), adjusted for inflation each year. Hopefully this will last forever, but if the market crashes I have 3 years cash available to buy the dips.

@markstothard2100 2 дня назад

Put it into gold

@zaidahmed9527 16 дней назад

Simple, smart, effective... Great content

@MaryLawson874 7 дней назад

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

@malcolmmaclean9380 7 дней назад

401k is a US thing, this is UK advisor

@TimComley 15 дней назад

Great podcast this look forward to the book

@kevinoxley7488 17 дней назад

Brilliant video as always Pete - I really like your bullish comments about investing aggressively - Many of the default pension funds and ISA’s underperform, so I took control and invested in low cost Vangard funds instead, 2/3 in US equities and 1/3 Worldwide. It was the best thing I ever did.

@anthonymiller6234 17 дней назад

Great content Pete. I'm using my own 2-4% rule where I increase my amount of pension investment from my salary by 2-4% each year. I'm in good position that my employer pays 10% to my pension and I currently invest 16%, giving a combined 26% currently. My plan is simple, I shouldn't notice this modest increase to much and, 'IF' I'm lucky enough to get a salary each increase year on year, I can increase this further with the aim of hitting 40% by the time I'm 58. Of course I'll have to adjust this as life events come and go (in 3 years time I'll have all 3 children possibly at University) but hopefully with come careful management, I hope to be able to retire at 62 or 63. Fingers crossed. Thanks again for the excellent content. Anthony

@birdie1585 17 дней назад

I am numerically literate and have a couple of defined benefits pensions. I retired a year early this past February. When I get my state pension, my income will be ROUGHLY 80% of my final salary and because I have modest savings (low £10,000s) and all of that pension income is subject to cost of living rises and suchlike, I really need not worry. My point is that the people who REALLY need to see this and UNDERSTAND it are not in my position. Since retiring, two reasonably close friends have "picked my brains" and what they "know" is mostly total rubbish. All of this, most especially as pensions are now defined contributions, MUST be drummed into kids from secondary school and older.

@MeaningfulMoney 17 дней назад

I quite agree

@birdie1585 17 дней назад

@@MeaningfulMoney Even the most basic financial provisioning for later life ought to be a seperate subject at pre O level. Certainly down the qualification/salary chain, appreciation and awareness diminishes, and then disappears. How in this sweet world, can anyone live on UK state pension alone??????? A lot of very average, ordinary people are in this position. Many are completley unaware. I was VERY lucky - I am 65 and amongst the last of those where the state and major employers took all of the responsibility - I did not need to know.

@simmonds3930 7 дней назад

The "4% Rule" was a US study based on US markets. A follow-up analysis using markets outside the USA determined the safe with-drawl rate fell between 2-3%. So unless you're planning putting all your eggs in US stocks you may want to plan more conservatively.

@stickleback73 17 дней назад

Thanks, as always super useful. My children are all mid uni and hopefully more independent. Now I finally think we can put some serious savings down, we also plan to put my wife's nhs pension contributions up. Plan to retire/semi retire at 60 and definitely fully at 63. Im 51 and will have 35 years of DB/CARE pension by then. 🤞Good luck to those planning ahead!!

@mrt1878 17 дней назад

Great video. I've recently retired and whilst financially I'm doing ok, the finances are far from the most challenging aspect to early retirement. Yes, they are a key component but far from the only one. The transition is tough once you come down from the 'honeymoon period'. The one piece of advice I have is to retire to something. Start a sustainable and fulfilling activity/hobby/past time before you retire to ease yourself into a totally different way of life. Discussing retirement with your partner is also key, what do you both expect. Too many people (and content) focuses too much on the finances and not enough on non financial challenges. That's my take.

@davidwhiteman4649 16 дней назад

As someone approaching early retirement my wife and I have been discussing this a lot. Fortunately we have shared hobbies that we both love - gym, hiking, skiing and cycling. As long as we are fit and well it’s all good. As the fitness fades we will need to find new activities and hobbies.

@teemos2732 6 дней назад

Thank you!

@barrysayers6833 17 дней назад

You mention investing aggressively which I completely agree with if you have a no. of years to go until retirement. For what it’s worth, I have always regarded my state pension as my ‘fixed interest sector’ (very old fashioned line of thought, I know) but which perhaps allows even more scope for a riskier investment strategy. Thank you for the video.

@MeaningfulMoney 17 дней назад

I think that’s a great line to take, actually

@kw8757 17 дней назад

That's if Liebour don't decide to means test it before you start to recieve it because then it'll be your "of no interest whatsoever sector" when they decide to give it to someone "less fortunate" than you. I sincerely hope not, but I wouldn't put anything past them.

@willlsmith8063 14 дней назад

82k views already ..awesome..........glad to see you are giving this part of retirement a revisit Pete........I also look forward to your new book on the subject....

@MeaningfulMoney 13 дней назад

Cheers Will, you legend!

@WyntendoInvests 16 дней назад

In my opinion another important thing to factor in is the performance of the markets in the first few years of retirement. If you're withdrawing from something like a stocks and shares ISA a few years in the red early on during retirement can really impact your portfolio and how long it will last, even when using the 4% rule.

@lplate1000 8 дней назад

Great update on the original. 🙂

@MeaningfulMoney 8 дней назад

Thanks!

@johnr8676 17 дней назад

Interesting video Pete. After stumbling across your channel while RU-vid browsing, I watched it through. I'll admit it completely washed over me and I clearly need to watch it again (...and again...and again...). Nevertheless I've been paying into a public sector pension for just over 24 years, now changed to the private sector and 12 months into my pension contributions with my new employer. All these numbers on my annual benefits statement mean something, I just fail to understand what. Any simpler videos on your channel that help me understand what I'll be currently getting a month when I retire? (I'm 44). Subscribed to your channel too. Thanks

@rjw4762 16 дней назад

Once read a quote " Security is not having More, but needing LESS". I'm 56 and intend to retire (with wife) at 61. I have already worked out the BASIC cost of living for the two of us by then - albeit a retirement that is boring as hell with only leisure coming from TV, reading and music. Then I look at what a 'comfortable' retirement means for us - which I think of as the Leisure / Pleasure side + unforseen expenditure (e.g Car Bills etc) - and I've come to a figure that I KNOW we will have coming in to the household in 2029 and beyond - and that's because we have Rental Properties - we actually have very little in the way of Pensions Pots. If I ask people how much their Basic cost of living is, most have no idea at all. This is the starting point, IMO, - and it's not too difficult to calculate.

@davidpearson243 17 дней назад

Iv did a very similar calculation a few years ago we are both retired (2 years ago) now are 57 and 58 we have 25k in DB pensions (2k per month) we also have 130k in a SIPP plus 30k in savings we will both getting the full state pension at 67 With no mortgage we can live on 2k per month we are drawing 1.2 k out of the SIPP to give us 3k per month (this give us “experiences” money) this is well above the 4%rule but the state pension will more than replace the SIPP income We haven’t taken any inheritance into consideration as we have promised our two children any we might receive We decided to have an early retirement plan with slightly less money than work on !!! But the most important thing is to have a PLAN 👍👍👍👍

@nealevans3952 12 дней назад

Myself and my partner retired a couple of years ago at the age of 58. We are very fortunate as we have indexed linked pensions of £36k and £30k and savings of around d 650k mostly invested in shares. We both love the freedom retirement brings but we do always appreciate how fortunate we are.

@mrjohncharlesbrown 11 дней назад

You're lucky I expect they are public sector pensions, the country is going broke

@nealevans3952 11 дней назад

@@mrjohncharlesbrown Hi John, thanks for the reply. We both worked for a multinational oil company who did have a fantastic pension scheme. As I say, we do appreciate how fortunate we are.

@SimonApperley 14 дней назад

I would really like to see a video on how to do financial planning for drawdown. Loads of finance RU-vid covers 4%, but working out what you can draw in early active years, versus the quieter years and then finally where care costs increase means it’s a massive challenge for anyone wanting to do some DIY planning. IFA fees I have found are around 1% of the portfolio - if the 4% rule is used as a rule of thumb, the IFA costs are 25% of a retired persons income - that’s a lot… So solid DIY financial planning guidance is desperately needed

@elephantandcastle838 12 дней назад

You should look at Pete's video on building a cash flow ladder. Also Vanguard Dynamic Spending Model. FI calc is also a useful free app

@Trad63 21 час назад

Annuity + secured notes + ETF + stock + cash + social security = portfolio

@Alban.Bytyqi 6 дней назад

Thank you for a detailed vid Pete Matthew. Even if my portfolio is 1,191,645.03 in 22 years, at the point in time i will need to have 2,283,315.10 due to inflation erosion.

@davidwhiteman4649 16 дней назад

I set a target of retiring by 55 when I was 40. I’ve chased pay rises, bonuses and promotions since then. Life does have a habit of getting in the way and I had a few unexpected costs. However, I’m 53 now and still can retire at 55 if I choose. It’s having the choice that empowers you. Personally I am going to do another year and use all the money earned in that final year for some luxury purchases like a sports car and maybe a camper van.

@JohnRamsor 14 дней назад

I’m retiring in September at 58. The secret is long term planning and I’ve been planning this for a long time. The younger generation need to be educated so they can do the same before it becomes too late

@zarak8116 16 дней назад

Please can you come and do a talk in Milton Keynes! So many people need this information.

@alexsteven.m6414 День назад

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

@bernisejedeon5888 День назад

Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.

@matthewmillburn7917 17 дней назад

Hey Pete, great video. I think you could focus a little more on the power of compound interest (Rule of 72 stuff). This is so powerful if people can recognise it early enough. Appreciate your audience is more likely 45 plus but if we can collectively switch our kids on they’ll have a chance. If they don’t start early with no real DB schemes any more their challenge will be harder. Thanks again

@MeaningfulMoney 17 дней назад

Great point, Matthew - watch this space as I will be building on this point in the coming videos

@stevegeek 16 дней назад

Totally agree. The quote, "Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it," is often attributed to Albert Einstein. 😊👍

@davehorton7712 17 дней назад

I am in the fortunate position now of having more income than I did when I was working, I was contributing 32% of may salary plus 8% employer contribution into my pension pot. So now its time to take from the pot, we both have full state pensions and I no longer pay NI so tax deductions from my pot only attract income tax, I deliberatly ensure I do not stray into the higher tax bracket. So I like you have always promoted paying into a pension to anyone that asks, best decision of my life. Lets hope I live long enough to spend most of it. I started paying into pension pots at 18 years of age and as we got more comfortable as we got older (kids left etc.) I put more into my pot, it does make a significant difference if you can do this.

@boyasaka 17 дней назад

Unfortunately I bet you pass away with far to much money left

@davehorton7712 17 дней назад

@@boyasaka may be so, no one knows but lets enjoy what we have while we can, during the larger pension contributions for the last 12 years done 31 cruises, 10 USA holiday and many european jollies so still enjoyed ourselves whilst saving, live for the present, hope for a future.

@weeeeehhhhh 17 дней назад

Average age is around 80 years old, you'd want to plan for 90 at least. Don't want to spend your last years scrimping

@tancreddehauteville764 17 дней назад

You've done extremely well but most people cannot afford to put such a huge portion of their salary into their retirement fund.

@tancreddehauteville764 17 дней назад

@@weeeeehhhhh In your last years money will be the last of your worries, trust me.

@mrumbug 17 дней назад

My son summed it up perfectly when he said " we are no longer the working class - we are the working poor"

@boyasaka 17 дней назад

Many working people who think they are poor , waste lots of money Cars and coffee and buying lunches at work are big wealth killers PCP car £400 a month easy One coffee per day £2 x 5 x 52 = £500 a year Lunch £5 a day x 5 x 52 = £1300 a year I have a old car that’s paid for I make coffee at work and take my lunch to work I work with people who earn same as me They have a £400 a month pcp car Bring in a coffee every morning they picked up on way into work And they nip over to Sainsburys every lunch time for a meal deal So same wage as me But they spend £500 a year on coffee £1300 a year on lunches and £4800 a year on they brand new lease car to impress people why don’t really know £6600 blown And they ask how I appear to always have plenty money and have many holidays abroad 🤣

@jan2000nl 17 дней назад

Poor is a mentality that very few recover from.

@nickcastings1568 17 дней назад

And with Labour now in power, we will be the working even poorer!

@stuartburns8657 17 дней назад

@@boyasakabut rent and house prices about 10 times wages. A few coffees isn't going to detract from the sobering reality

@nikki_jp4216 17 дней назад

Really? What struck me when I moved to the UK was how much extra one had to pay for because benefits were less (and apparently tax was too). It's value for tax that matters... @@nickcastings1568

@mattjames88 17 дней назад

The bulk of my income in retirement will come from a DB scheme (nhs) but I’m also utilising a SIPP/LISA & stocks&shares ISA as I would like the option to finish at 55 or at least partially retire and reduce hours. Luckily I have a protected minimum pension age of 55 on one of the DB schemes - great video

@matt49125 16 дней назад

I'm in a similar situation, and can actually take my DB scheme aged 50, albeit 33% reduced, on a sliding scale up to age 60. However, my SIPP will probably not be accessible until age 58

@mattjames88 16 дней назад

@@matt49125 if I'd have joined pre 2006 I would be able to access at 50 too, but didn't join the scheme until 2009. It's still a fair deal though - you will still receive yearly rises and as it's being paid for longer it might be worth considering partially retiring

@markusgeisler2882 17 дней назад

I am happy to life in Austria - will get a good State pension @ 65

@kw8757 17 дней назад

Does Austria have a high level of taxation to pay a good state pension?

@tancreddehauteville764 17 дней назад

The UK has never had a good state pension - lucky you.

@markusgeisler2882 17 дней назад

@@kw8757 unfortunately yes - for the pension 22.8%, 10.25 from employee, 12.55% from company. Also the better you earn the more pension will get. And there is a max. Limit what you can get. But to maintain a „normal“ lifestyle it works pretty well.

@NecroMorrius 15 дней назад

I’m a civil servant, on track for about 30k a year plus a nice lump sum. There is no final salary so it’s 30k a year until I die.

@teleshyam26 14 дней назад

Hello Pete, Great video!!! I was wondering if i could help you edit your videos which can save your time as well as focus you only on creating more content??

@MelissaHobbs-qm8wi 7 дней назад

I don't know if this is a joke or not but if it is true, then that's the American dream come true for him. Same here. I am 53 and retired at 50. One thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real estate and I am now a Limited Partner in about 3500+ units. I do not work.

@colinraynor-z8i 17 дней назад

Hi Pete. Great video and looking forward to the next ones . I do try to forecast with inflation at 3.5% and higher for investments, but always know it’s a stretch to forecast tax threshold rates. So I apply a 2% increase from 2028. I’m 55 in 2 months and deeply focussing on reducing hours / income but feeding off my other incomes (savings / mil pension) Q- can you talk about forecasting tax thresholds or, if it’s a no no , let me know ! Love your work

@MeaningfulMoney 17 дней назад

When planning for clients, I also assume tax band increases below the rate of inflation, figuring we’ll all pay more tax rather than less going forward

@colinraynor-z8i 17 дней назад

@@MeaningfulMoney of course ! And there’s no saying what the new government will do- might change it completely and have one band … cheers

@davidyeo8530 17 дней назад

You can could also do equity release from your property, I know a lot of people think this is a scam. But my wife and I do not have children, so don’t have anyone to leave a legacy too

@MeaningfulMoney 17 дней назад

In the right circumstances, Equity Release is absolutely the right thing…

@kw8757 17 дней назад

@@MeaningfulMoney Pete, maybe you could do a video explaining Equity Release and when it might work for some people.

@matt49125 16 дней назад

Better to downsize than use some equity release scheme....

@davidyeo8530 16 дней назад

@@matt49125 I don’t wont to down size I like where I live thanks.

@davidyeo8530 16 дней назад

@@matt49125 I don’t wont to down size I like where I live. Thanks.

@sm4185 17 дней назад

Such a great video

@MeaningfulMoney 17 дней назад

Glad you think so!

@maltesetony9030 17 дней назад

More excellent advice from the author of the excellent book, "Meaningful Money".

@emanueleziglioli499 17 дней назад

Great video. With tax breaks still frozen, the amount of money left after paying into pensions (to avoid the 40% tax bracket) gets smaller and smaller and more and more uncomfortable. BTW, I wonder whether you've done a video about student loans: if you're parent, and you can afford it, is it better to pay for child 's universities fees or save it for a future home deposit?

@Happytruth 16 дней назад

If you haven’t lived while you were young expecting a grand lifestyle in retirement will only be for a few people. You’ll be surprised how little you can live on and have a contented life as long as you do away with grand expectations!

@stuartclubb4302 17 дней назад

Great numbers. rational logic that is applicable wherever you are by taking the "guaranteed" income, and figuring out how much is needed to close the gap. Simple, but often sobering maths. Many people are going to look at what will be a very large number and feel far behind. Having well over a million quid in retirement assets, plus a (hopefully paid for home) is going to be quite the stretch for many. Increased cost of living and higher taxes are almost certainly coming. It would be wise to plan accordingly, and I wouldn't be surprised if the state pension gets "means tested" by the time you're retiring.

@MeaningfulMoney 17 дней назад

“Simple, but often sobering maths” - couldn’t have put it better myself. Thanks for watching

@brysoga 17 дней назад

I wont be stopping untill i have enough to maintain my current lifestyle. Id rather work and continue to enjoy life

@juleswombat5309 17 дней назад

Well, time waits for no Man (or Women)

@MichaelLedwith-xs2uj 17 дней назад

So tragic but sadly oh so true in many people’s lives . I retired at 60 after having worked since the age of sixteen with hopefully enough to get by. A line from a Jam song called Smithers Jones never left my thinking “ Work and work and work and work till you die because their’s plenty more fish in the sea to fry “.

@simonm9923 17 дней назад

@@MichaelLedwith-xs2uj appropriately preceded by : It's time to relax Now you've worked your arse off But the only one smiling Is the sun-tanned boss

@brysoga 17 дней назад

@Calgacus-i9k it's a sad story, let me add to my position that I don't find work particularly inconvenient for the lifestyle it affords me. I've literally never been happier and I'm just not putting a lot of expectations for greater happiness to come from the day I decide to stop logging in.

@BoninBrighton 17 дней назад

Your current lifestyle is irrelevant, I’m 65 my lifestyle is very different to when I was 45 (thank goodness!) 20 years ago my priorities were clothes, dinner parties, horses, and holidays but now my priorities are real travel, playing saxophone, and cafe society … 2 decades changed things.

@himandherindoors 17 дней назад

Given the fact that time IN the market is such a crucial component, I have been trying to convince my son and daughter, That right now is the time to start a pension for the newly arrived grandchild. If we, they, and the other grandparents just put in £5 or £10 a week (a coffee and biscuits worth) until the child reaches 18, whereupon they can let it stand or more sensibly actually Takeover contributions themselves and raise them with the rate of inflation and they would be very likely to be able to retire at 55 no problem. So far, I’m having no luck in getting anyone else on board

@BoninBrighton 17 дней назад

We’ve been retired 5 years now. Were just about to get our state pension- the shock for me was I had 42 NI fully paid up years. However, I only had 34 years towards SP which is complex but it’s all to do with 2016, I had 39 NI years prior but because only 30 were needed for SP the govt discarded the other 9! I retired 2019 so I’d only paid 4 years NI from 2016 therefore I’m one year missing. It’s bonkers but sadly it’s true! Fortunately I had a final salary occupational pension at 60 plus some investments… but still the SP thing irritates me.

@glonetworks 3 дня назад

Useful info thank you. However I can't help the feeling of 'work harder now while you have your youth, so that when your body starts to fail you have plenty of money to do x'. It feels backwards.

@jamesdaw131 17 дней назад

Aiming for £5k a month post tax for both my wife and I from 60. Ideally 55 but not convinced that will happen.

@jan2000nl 16 дней назад

@@jamesdaw131 Hi James. That’s pretty much my goal. In my case that’s 5k in today’s money so will need to factor in inflation to the time of retirement. Probably looking at 60 also.

@robinstacpoole2667 17 дней назад

Looking at global funds - vanguard and fidelity - i notice huge USA and technology concentration. Do you recommend these funds as your choice of global diversification or ... Would you like to do an episode on this subject? 😃 Good subject. Great video. Well delivered. Thank you

@tancreddehauteville764 17 дней назад

For me, enough is 60% of my reference gross salary. Simple as that. Anything less isn't going to be enough for my needs and wants.

@davem.4003 16 дней назад

I'm interested in the benefits of a pension vs. a LISA. According to my understanding, always contribute enough into a company/employer's pension scheme to achieve the maximum matched-funding or employer contributions, next put the maximum £4k into a LISA, then contribute into a SIPP for your pension and an ISA for future planned spending before retirement. If we use the £4k LISA saving as the example, that is boosted to £5k in both the LISA and the SIPP (for basic rate taxpayers). If we ignore growth (assuming that the savings are invested the same way and for the same duration), then when you come to withdraw those savings, the SIPP provides 25% Tax-free and the remainder is taxed at your marginal rate, so assuming 20% income tax (correct in 2024) that becomes an effective rate of 15% on the full amount. Therefore, each £5k (gross) in your SIPP becomes £4,250 net of tax but the LISA is entirely tax free, so you receive the full £5k. Over a period of ten years (£50k saved, plus compounded growth), that can start to make quite a difference. Do I have the correct understanding, or have I got something wrong? I'm too old for a LISA but this could affect my children. Looking even further into the future, taking income from the tax-free LISA is even more tax efficient after you start receiving the state pension, which consumes most of the personal allowance. Feedback please.

@Jeffybonbon 17 дней назад

Smug face time I was an IFA back in 1993 Back them i met a number of clients who worked for local govt who were in there 30 and 40s and i could not get them to join the local govt pension The times i sat down with members of the public and encouraged them to save into pensions only to have the advice thrown back in my face they would come up with every reason why they should not take my advice Today I am one lucky bunny i have a very nice pension and a lot of investment property and this year i have my state pension which is just spending money So I am having the last laugh now it takes effort and planning to give you a good pension and i am sorry to say we have a lot who will be working in some form for the rest of there lives power to your elbow your advice is sound

@MeaningfulMoney 17 дней назад

Thank you!

@jasonlewis4686 17 дней назад

You might want to use punctuation in your next comment

@kw8757 17 дней назад

@@jasonlewis4686 I always have trouble believing people who say they had professional careers when they obviously can't string a sentence together.

@Jeffybonbon 17 дней назад

@@jasonlewis4686 English was never my strong subject as i am dyslexic But maths was and understanding money so please wind your neck in

@maxflight777 16 дней назад

It depends on your age !!! But for a 60 year old ….think of how much you need to live the way you want to live …. multiply it by twenty five !

@jamesgiles2676 17 дней назад

Terrifying! I am 50, have £320k saved in 100% equities, paying in £1,500/month. Want to draw down £135k to pay off mortgage balance in 7 years. Think I'm going to struggle to retire at 60. A great, informative podcast as always though. Thanks Pete!

@keithlos1497 17 дней назад

Stick at it....good luck

@matt49125 16 дней назад

Depending on your mortgage rate, overpayment might be a better option. But requires some number crunching.

@vascularlab 16 дней назад

Put your figures into a compound interest calculator. If your £320k earned 8% in 10 years your pot will be worth £985k if you continue putting £1,500 in a month .

@Anonymouslyme1 10 дней назад

@@matt49125 not normally, you should make at least 8% a year investing in equities ( I did 40% on £250k last year) you’d be losing out by overpaying your mortgage.

@DonaldMark-ne7se День назад

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

@Jamessmith-12 День назад

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

@JacquelinePerrira День назад

That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

@kevinmarten День назад

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

@JacquelinePerrira День назад

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

@kevinmarten День назад

She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

@todddunn945 17 дней назад

All I can say is that it really depends on your lifestyle. You need rather more if you maintain a 25 meter yacht than if you live in a van. In the former case $20M would be tight.

@GrahamDiamond888 15 часов назад

Gold is real Money, Inflation does not erode the Value of Gold. So I have bought Gold since 2017 , I will retire in 2026 July, I have the option of working part time, if I feel healthy at the Time.