If you ever plan on retiring you need to watch this 

Two grandfather's and an uncle, all died shortly after turning 60. All worked until they were diagnosed with cancer. All said "well do X when we retire" none of them got to do X and other people inherited their life's work. I look forward to your next video. Personally I'm checking out of the corporate grind as soon as I have enough assets to cover my current modest cost of living.

Great videos James. Retired at 55 six years ago. Wise old owl who took retirement course said two things…1) the rainy day that you have saved for has arrived, spend some of your savings and 2) don’t let yourself go! We’ve had fantastic round world holidays, revamped the house top to toe, bought a motorhome and a car and given the kids a few bob whilst they need it. All this in mind whilst we still have our health and the inclination to do things. Too many people caught out with health issues.

That's exactly why I enjoy life now while still save, invest and plan for the future. Tomorrow is not guaranteed so I live my best life today while also plan for the future. One example is going on holidays. I'd rather go on holiday now while my knees are fit rather than years later when retired whereby my fitness level won't be at its peak to make the most of life etc. Health is wealth. Great content James. Im a new subbie :)

Such great content James!!!! We need this information in schools

Just coming up to our 1st year of retirement at 55. Having a blast ! Don't wait.

Hi James, I am a new follower, and I like your data-based/psychology-based style. I decided to retire early (and often - I took a year off every five or six years to travel) very early in life because I met a guy who was dying of cancer when he was 64, just before traditional retirement age. Even though I was only 19 I thought to myself "sod that! I’m going to retire well before I die!" At about the same time I read an article called ‘the miracle of compound interest’ or something like that. Well….I seem to be there! I have about £900K in my pension (I’m 53). Now I have discovered that I could fall foul of the lifetime allowance! I used to think the lifetime allowance was about how much money one puts INTO a pension but now I know (I think) that this is not the case. So a video about how to avoid any major tax penalties due to breaching this limit would be much appreciated.

Some of us just are workaholics and don't want to quit work and spend time with their boring partners and uninterested kids and phone-addicted grandkids

Excellent advice. Look forward to rest of the series. So refreshing not to have another video saying you need 1M to 2.5M in savings to retire.

No one does these videos quite like you James ..........brilliant

A sister and her husband died in their 50s. Never got to retire. He had alpha 1 inherited emphysema and she died in her sleep from an unknown heart issue. LIVE your dreams NOW!

I understand what your saying about not saving too much but I'm worried about inflation and future legislature. We live in a incredibly uncertain world with a incredibly uncertain future. Thanks - Josh.

I really like the way that, rather than just focussing on saving for retirement, James is talking about planning for retirement, trying to land reasonably within a Goldilocks zone between over caution (resulting in a potentially short retirement with money you can’t spend) and under caution (resulting in hardship in old age). Choosing to give up a monthly income you’ll never get back feels supremely risky, but James balances this by shining a light on the riskiness of not accepting any risk. Difficult, difficult decisions. Worth remembering - in the UK at least - that what you can live on before age 67 is topped up a little by the state pension thereafter, but leaving actual retirement till then... well, some won’t have the choice, but it’s a very long haul.

Thanks James. We are very close to FI and on track for FIRE within 5 years. The closer we get, the more we relate to finding opportunities to save/earn more money to get there sooner. We work in healthcare and are very familiar with how every year of good health, fitness and even parental health status can not be taken for granted. Some content on having the confidence/strategies to minimise sequencing risk would be greatly appreciated.

But after you retire if you have grand children you have another place to leave your money to. I retired at 55 but was lucky to have a Final Salary Pension which is still fine for my income needs some 17 years later. I save so that my wife and I and my family can enjoy life and have some nice holidays . We have used IHT exemptions and take advantage of SIPPS and ISAs so are comfortable. My car is 17 years old but will soon become a classic and is in wonderful condition BMW 3 series sports coupe . Not having a final Benefit pension would have meant me working to at least 60 or even more. My generation was pension lucky.

It definitely helps if you have a base that is mortgage free.

Hmmmm. The key is to balance things out. My mortgage won't be paid off until I'm 62 and I can't afford to pay it off earlier. Retiring earlier would necessitate me having a massive pension pot - not realistic.

Love your channel. So happy I found you

Care homes are very good at hoovering up people’s excess wealth.

The confidence of knowing when enough is enough is difficult because your pension needs to be resilient to possible black (or grey) swan events in the market, or extended periods of low returns, such as in Japan. Cash flow bucketing means that investment growth across the buckets is reduced and difficult to predict. So confidence will always be low unless you ‘enough’ number errs on the too much side.

One of the best retirement planning videos I have see....and I have seen a lot. My aunty and uncle always planned to do a mega cruise when they retired but when they came to retirement age my aunty got breast cancer and died in 18 months without them having taken that cruise.

Looking forward to the model video James. Super interesting topic. 👍

Wise words, several parts are relevant to me. My spreadsheet goes up to age 99 but my hospital doctor ain't convinced that's right.

Apart from the money, having a hobby or interest is also an important aspect of retiring. If you don't have anything, keeping working might be the best option even if you have enough money.

Very practical and relevant video, gives a lot of food for thought 👍

This all very good if you are high earners!! What about advice for low income people??

Another very informative video and eye opening. Thank you James👍🍀

We were very lucky. We started planning for retirement with professional advice when we were in our 20s. We managed to retire when we were 52 knowing we could live how we wanted to on the income we would have. We travelled when young and still do now in our late 60s. We are not wealthy but we are debt free and financially independent and can afford to do all the things we want to. Our advice would always be, start young and get professional independent advice. Winging it won't work.

Great video. Recently discovered your channel and have been binge watching since. Thank you. Two quick requests 1) Would love to see a bit more content on retirement and the idea of using an ongoing portfolio of investment with cash buffer versus the old school annuity approach. I know you have done a bit on this in the past, but would appreciate a few more tips and thoughts on this one. 2) Would also be interested to get your view on how best to save for your retirement as a couple - Couples will end up with two pension pots, but often one is much larger than the other (especially if you have had kids and one of you opted to be a full-time parent for a while). Does this imbalance actually matter? Pension pots can’t be transferred (unless as part of a divorce, which seems a bit drastic!) although they can be passed on at death I think? What are the options and things to consider? Thanks again

I think it's really about balancing want vs. need and making choices about what's really important. I purchased a new car in 2020 but I had driven my previous car for 14 years. I just purchased and iPhone 13 but my previous phone was an iPhone 8 which I used for 6 years. I keep my monthly expenses low. I don't have any consumer debt and I do pretty much what I want. I'd like to travel more but I prioritize my trips and travel within reason. I saved between 35% to 40% of my income for the last 10 years of work. That savings allowed me to take early retirement and change careers. I just started a new job and in the next 2 to 3 years, I'll decide whether to retire completely or just work a few hours a week. It can be done but you really need to have your priorities sorted, follow a reasonable plan and make the right choices when temptation presents itself. I always ask myself, "Do I really need this?" or "Does this add value to my life?" or "Could that money be invested an grow instead of being spent?" Those three questions help me stay on track.

I escaped from my corporate fur-lined rut aged fifty. Since then, I’ve renovated and sold a flat, built and sold a 5,500 sq ft barn and now do whatever I want, whenever I want….freedom from commuting, meetings, appraisals, corporate bullshit is invaluable….pump money into your pension and ISA’s as fast as you can and get out as soon as you can!

My cousin died last month age 39 from cancer. My dad died from cancer at 61. You need to plan for the future without doubt as nobody can predict when your time will come. Retire as early as you can and don’t forget the state pension comes at 67 and it is a welcome pay increase so drawdown and have the life you always wanted!

Divorce decimates your wealth , I lost 70k of my pension and a £550k house with no mortgage . Damn .

What about inflation, the cost of living goes up every year

Great video I agree with pretty much everything except for one point made about not knowing the number needed to retire can lead to over spending and yes it could be a problem if you reach retirement with much much more but that's assuming you get there, I would rather save a lot more while I'm young just in case I get to my '50s and something happens and I can't work anymore well at least I still will be ahead whereas if saved and invested less

Really well presented!

Thank you James a really thoughtful video, not spoken to an advisor that has positioned things as clearly as you do here.

Required income / net div yield of the FTSE * 100.

This is all good and makes sense, but if indeed you have excess cash lying around why wouldn't you save it instead of spending it lavishly. Basing all your life in predictions on how much you need etc, it's just a forecast, doesn't mean it will happen. Myself personally I keep with my current balanced lifestyle since I'm happy with it without spending too much and all rest goes to the pot of money. Who knows if I'll need someday

Sounds like a great video but alas it drags on for far too long and I got fed up. Sorry.

Can you put up some information on people who are low earners who earn about 30k a year and is 60 years of age.

Hello James, new to the following and some excellent info. I've had a look at your previous content and cannot find anything on if you should leave (pros and cons) DB Schemes, have you done anything on this?

James, you are really helping people. This whole area is mired with misinformation. I love these videos. Great work...!

£20,000x25 years after retirement plus state pension. Problem with company pension is I have no confidence in their choice of funds which doesn’t yield good returns and also their choice of provider with is more fees than personal isa stock and shares. It’s expected future value is below what my calculations are I’m not sure what to do?

Im 50 have already qualified for a full state pension at 67 as I have contributed for over 35 ,I can draw my military pension at 60 also have a private pension.I have roughly 75k in stocks and shares.I want to semi retire at 55 and travel the world on my motorcycle while I still have my health. Do you take clients on James and if so can I contact you as a potential client? I really like your videos and your knowledge is second to non. Just answered my own question seen your link in regards to 20 min call but unfortunately only day available is xmas eve ! I will try in the new year cheers

You know, in the UK they changed the definition of retirement, it now means 'to die'. This solves the problem

A friend once said that his aim was to retire early with his pension pot running out just before the state pension kicks in. It was driven by a desire to ensure he didn't pick up the bill for social care, having paid into the system for 40 years.

My wife died last year. Life Insurance and her pension paid off the mortgage. Everything else went into an investment portfolio. Retired after 36 years working. I’m 56.

How is it possible to come up with a number when government and central bank monetary policy continues to cause price rises through inflation. The calculation would continually need updating to keep up with the currency debasement…🤷‍♂️

What you need to retire is relative to your needs and wants. You dont need vast amounts of cash. You cant buy back extra time.

Thanks James, informative as always.

I need money for my family and for my health some of money for very poor just need just like me for poor farmer worker .

I know no one who is able to save anything

I will want 1200 a month to live very well from 60 to 68 and when I get my oap of 800 a month I’ll need a extra 400 a month So 1200 a month for 7 years is 100k Then 400 a month from say 67 to 77 is about 50k So I know I’ll be absolutely fine if I stop work with a pot of only 150k I’m 50 now and have about 190k in my retirement fund , so I’m more than happy To many people A) save to much and not enjoy life now but your retirement isn’t guaranteed, tomorrow isn’t guaranteed for anyone B) to many people die with far to much money in there bank / savings Mayes they think it goes in ya coffin and you can take it with you ??

James, as someone who follows a typical FIRE strategy I think this content is amazing. I literally worry about the cross over from saving to spending. You have a very good way of clearly and confidently speaking.

I've just checked my bank account and it turns out that I've got enough money to live without working for the rest of my life. ... as long as I die by Sunday :')

Great video - I was 55 yesterday so very much where my mind is. I will get a teacher DB pension - hard to predict where I am at the moment as waiting for McCloud judgement to be sorted out.

Knowing I was passing on a substantial sum to my kids would certainly not annoy me. Knowing that they too will have a fulfilling life would not annoy me. If families paid it forward instead of this silly guidance about spending every penny you aren’t saving, things would be far simpler.

Unfortunately, waaay too many folks don't put in the required time to properly answer the very first question, "Do you know how much money you need to retire?", however, the following 2 questions answer EVERYTHING.... 1. Do you have enough income to cover your mandatory monthly outgoings? - 'essential' bills, food. 2. How much extra do your have each month? Unfortunately, for the vast, vast majority of the population, no 'magic bullet' can add to that. For the rest, how does it feel to feed off the working class all your life?

Omg so interesting, glad I came across your channel!

I've seen people wax lyrical about planning software such as New Retirement, Empower, and Portfolio Visualiser. However, unless I'm mistaken, these are all US-based products. Are there any programs available for other countries (for me the UK) out there and recommended?

So interesting. I have been working full time for 46 years since 16 years of age and at 62 I am trying to move to possibly retiring in 6 months rather than waiting till 65 years of age. I have a reasonably large pension pot and mindful of the LTA. However, my real struggle is making the jump from working to retiring!

10:12 what is the FCA mandated growth projection rate? I see most online pension estimate tools (probably all actually) using annual growth of roughly 1.5%, which is crazy low for a 20+ year projection. The result is those tools will almost always say you don't have enough to retire.

Another great video and extremely relevant mate! tks again, keep up the wonderful work you've been doing.

Great video James but I wonder what you'd say to someone like me - age 52, no partner, no kids, some savings, pension I can't touch, get paid minimum wage, already had a cancer diagnosis. Good situation? Bad situation? Total lost cause? 🙂

Have you ever tried to work out how much you’ll need in retirement? And if so what did you find out?

I have a pension from my union. I almost never hear you guys mention how that factors in to a portfolio. If I know I’m getting 5,000 a month at 62 how should I invest?

Great video James, keep them coming!

Nice video. Can we actually hire you to do this for us?

I enjoyed the message of the video, just feel it could have been delivered in less than 3 mins for what it was, but thanks anyway 😉

Hi James Great video. You mentioned two other videos regarding planning and working out your Finance Independence figure ? have you published these yet ? also have you got your contact details please ? I would be very interested in the two areas above.

But - I have to disagree on one point: bigger portions do make the meal better - NOM NOM NOM NOM NOM!

Another eye opener. Great video James.

James I just want to say a massive thank you for all your content, I've been watching a lot of your videos recently and they have been a complete revelation. What you are talking about here about losing your health and not being able to enjoy the fruits of your labour has been made very clear to me as I'm currently dealing with a chronic illness (aged 40) which has cast my whole future into doubt. I'm working through a lot of issues with one of them being my problematic attitude to saving and money. Your videos have shown me that I'm actually in a much better position than I thought and on the right track and have made me feel a lot more positive. Thank you, you are doing an amazing job and spreading incredibly important information! 🙌

Great video James, thank you.

Super informative video, thank you James!

Hi James, new viewer here. I recently graduated from university and have a good 40 years of saving ahead of me before retirement. The line of work I'm in doesn't give great pensions - I get 3% employer contributions and 5% myself. My line of work caps out at ~50k after around 10+ years in the job and I worry that I won't have enough at retirement at this trajectory. I have too many questions to list but any words of wisdom would be welcome.

Find a career you love and rewards you everyday, then you don't want to ever retire. The money is a bonus to a life of meaning.

I usually really like your videos james, but I disagree on one analogy that we can have too much money for retirement isn't true. We can always use that extra money for humanitarian causes or our children.

Hey James! I'm around since your first videos and I love the content. I have done some kind of spreadsheet calculator for how much I would need to save (invest in an ETF) per month in order to retire early at a certain age. The savings are given by my salary minus rent, gen spending, etc. Then I can also see how certain decisions change my retirement age. This year I got a new job and decided to buy a stupidly expensive shiny carbon bike instead of an electric car for my commute. Happiness is subjective, but when comparing cheap-bike/expensive-bike/cheap-car/decent-car, the spreadsheet made the influence of that choice very clear. Now let's see how it feels in the winter. On a more technical side, I have set my retirement goal as the year where the average return of the market would cover for my (target) monthly budget. This means that the money never really runs out, and I also never completely realize my investment (as I think you have covered in one of your videos). Whenever I try to take the other "naive" approach of planning to cash-out and figuring out when I would run out of money, the answer is basically "in a couple of years later" and is super sensitive to the exact year of retirement, my expectations of inflation, monthly budget etc. The way i see it, the compound interest effect also works on the way down, and worse, because I spend more than I save. I find it very curious that you are able to give your clients an expected "running out of money" date with a an easygoing downward trend. I tried to optimize my model to get an ideal flat curve after retirement, but the exponential behavior means that it either crashes down way too soon or just keeps going up to make me a low-effort billionaire by age 150. Anyway, I think in my case the sensitivity is mostly related with targeting an early retirement, assuming no gov retirement fund and a small cash reserve. So I'm really looking forward to the next video to see how I can "complicate" my model. Don't spare the math and technicalities please :) Cheers!

Hi James, I'm a new subscriber and love the down to earth way you explain everything. I'm really keen to get your help with financial planning for my retirement (i'm 54 this year) and I've attempted to use the above videoask link but none of my browers seem to like it and throw me out. I did get as far as entering my name and email address but unfortunately it wouldn't continue. Is there any other way i can get in contact? btw, i'm not very technical lol. Many thanks.

James, im 35 and have £9500 in my lisa atm. Based on my trajectory this will be around £300k by age 60 based on full payments of £4000 a year until 50 and 7% average interest. Once this matures at age 60, is their any benefit in earning £40k over the higher rate tax threshold and moving £40k into my pension from my LISA? This should give me another 40% on top and take just over 6 years to complete. It seems to make some sense to me, but maybe their is no financial benifit to it. I dont plan to retire completely until at least age 70 unless something happens and I don't mind having more than I need in my pension as at least part of it will go to my daughter and any future children.

Just found your channel James as a 58 wondering if I should sell my business and start taking it easy,your swaying me on selling and enjoying my time as it’s going quick. Love your channel keep up the fantastic work 😄👍

Not sure if I'm just too late and they're all gone but when attempting to book in the 20 min call, there is no availability showing up to and including December 2021!

My life philosophy is a human being has one possession, Time. Apart from our Memories, which are inextricably linked with Time, we truly take nothing with us, unless Dementia robs us of that as well. So what are most important assets ? Time and Health. I never thought about the third mentioned in this video IE. Sanity. Unless one's vocation truly brings pleasure and a sense of purpose, I don't see the point of hanging around the working world. Bank the memories while your health and sanity allows for it.

Make sure you ask plenty of questions. Such as ‘What if one of us needs ten years in long term care? What if both of us do? How will we pay for that? What if we have inflation of, say, 10% or more for several years?’ Etc. The amount you need might be a lot more than your first best guess. But it might be a lot less, if you don’t live long….

Great video. Very detailed and insightful. I like your idea of the personal business plan for your life

Hi, I’m 56, I have 225k in a pension plan that I no longer contribute to, I work full time and earn approx. £50k pa, I own 2 mortgage free houses let to tenants earning approx. £14k pa, I have a final salary pension from a previous employer that will be worth approx £6k pa at normal retirement age and I contribute to a workplace pension with AVCs each month….. I am struggling with the confidence that I will have enough to live if I were to retire now and I have been thinking about it so much for the last 6 months that my brain is about to explode. Btw, I still owe £34k on my home I live in which is worth approx. £450k…. Can I retire soon?

I had just under 500k with my company but since Xmas it's lost 65k my company pension is heavily invested in guilts...now I'm looking at another 2 years before I can retire 🥺

Just filled in the link to work with you but when you get to the last bit to book a slot all the slots between now and end of the year are gone and doesn’t allow you to go beyond December. 🤔

Nice video and looking forward to the next one. I'm definitely someone who worries they won't have enough in retirement but that is because I want to: 1) Retire early (late 40's!) 2) Help fund wife's retirement as she won't access her NHS pension until late 60s. 3) Help the kids out with deposits for houses if the housing market is still in the mess it currently is by the time they get there. I'm estimating a pot of £850k is needed to fund that - to have a decent level of confidence I(/we) will not run out mid 80s, just when we might need it most. Much harder estimating needs than someone retiring mid 60's who will have the majority of their retirement income made up from state pension!

Growth rates - been negative or zero for quite a few years

Just found this channel. We don't live in a world any more where managed pension funds achieve 12% a year, so these videos will be interesting.

Hi. I've tried to book in a slot through your link for a chat and you have no availability in November or December and the calendar wouldn't go any further

Great video James. I will also rep Ben Felix's video on 'Investing in Happiness' which discusses a similar topic. No hard feelings I hope, I learned of him through you!

Hi James, any idea where I can get one of those glass-balls that can see into the future?

What exactly was meant by remodelled their short term cash needs and invested the difference? Reducing the emergency fund?

I'm nearly 31, self employed and I have nothing 😅 is investing in vanguard index fund monthly a good way and treating it like a pension ? From my very little understanding of it , I believe some do ?

I do think about the die with zero book a lot

I think 1 is passive income monthly dividends. I like dividend growth as.you can reinvest all or some and use some now.

Who knows what unexpected expenses we'll have when we are older? Who'd have thought 40 years ago that everybody would need a mobile phone, a broadband connection, a scanner and a laptop just to function in the modern world. All things you couldn't have foreseen. I think it's always best to plan for more than you think you'll need. I need to plan for all the robots i'll need to buy that will be running my house when I'm 80!