The Optimal Age To Save for Retirement

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Do you wish you had discovered investing sooner and started saving for retirement earlier? In today's video, I want to show you a different way to think about it.
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Timestamps
00:00 - Too Late
00:56 - Pollock
01:43 - Linear approach
03:22 - Another way
04:05 - Sponsor
04:47 - Higher Earnings
06:25 - Kids
07:35 - Student Loan
08:10 - Stop
09:54 - Average Savings
11:45 - You don't stop
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6 июн 2024

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Комментарии : 438

@DamienTalksMoney Месяц назад

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

@cspeirs1 Месяц назад

Brilliant! Loved this, thanks Damien

@cleric7788 Месяц назад

Off topic but what t shirt are you wearing?

@DamienTalksMoney Месяц назад

@@cleric7788 it is just a t shirt from Zara

@kurtismunden7023 Месяц назад

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

@incurza9647 Месяц назад

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

@jack_walt Месяц назад

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

@connorwilloughby1696 Месяц назад

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

@jack_walt Месяц назад

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

@jack_walt Месяц назад

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

@anonb0 Месяц назад

Also started as an apprentice at 17

@DamienTalksMoney Месяц назад

Well done for listening!!

@mattferdinando Месяц назад

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

@DamienTalksMoney Месяц назад

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

@jessperry1703 Месяц назад

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

@joshuakentolp7152 Месяц назад

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

@MM-ev1fg Месяц назад

Agreed. I’ve shared this with many people.

@leightonharrison2328 Месяц назад

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

@DamienTalksMoney Месяц назад

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

@TheNicoliyah Месяц назад

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

@padanfain7466 Месяц назад

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

@DamienTalksMoney Месяц назад

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

@orangesnowflake3769 Месяц назад

Thanks for posting this

@user-xn2tz2dz8c Месяц назад

I agree.

@Rayraysplums Месяц назад

Luck must have been on your side well done.

@padanfain7466 Месяц назад

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

@jameswood4183 Месяц назад

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

@DamienTalksMoney Месяц назад

Thank you James 😊

@paulgal Месяц назад

No it is the best by far .

@christines5430 Месяц назад

I second that❤

@barnoluk9272 Месяц назад

Comfortably

@mrtod13 Месяц назад

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

@liberalmatt Месяц назад

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

@shellyperera2010 Месяц назад

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

@stickleback73 Месяц назад

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

@BIG2hats Месяц назад

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

@mircea_h 28 дней назад

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

@tonyhickq 20 дней назад

@@stickleback73better do your finances by yourself. A financial adviser will always advise you to his/her own best interest. It was never as easy as today to invest, all the info is free available on the net.

@helensavvides6582 Месяц назад

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

@prof.stacythemoneyteacher Месяц назад

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

@Riaan3108 Месяц назад

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

@DamienTalksMoney Месяц назад

🤣

@1anre Месяц назад

Is that the nickname for those rubbish blogs?

@amandacornwill9370 Месяц назад

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

@TheEmanep Месяц назад

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

@jamesodd3896 Месяц назад

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

@josephj6521 Месяц назад

For those in their 40s, don’t despair. I’m 55 with $380k in retirement saved. 10 years ago I had $130k in my retirement account. You can give your retirement savings a boost in your late 40s and 50s. Don’t wait. Do it today! :)

@H.I.T.E.N. Месяц назад

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

@DamienTalksMoney Месяц назад

Appreciate you to mate.

@MrKlawUK Месяц назад

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

@KiHToG Месяц назад

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

@ceciliabrown3301 Месяц назад

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

@annabeljewel Месяц назад

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

@SS-vz9iv Месяц назад

People really needed this Damien! Thank you 😊

@oldnotobsolete.2925 Месяц назад

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

@tommasoparrinello6236 Месяц назад

Congratulations for this video. One of the best!

@hmcvm Месяц назад

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

@DamienTalksMoney Месяц назад

Thank you so much, love this feedback

@drpipe Месяц назад

I bought my 1st property when I was 17…. I paid £100pm into a pension.. at 40 I cashed the lot in got divorced and lost Everything I had worked for.. moral of the story.. Enjoy your life and be kind I’m 57 now and ask myself how did I get here 😂

@rmas66 23 дня назад

Great message. Thanks as a 57 year old who's had plenty of bumps on the way, i feel reassured 👍🏼

@DamienTalksMoney 23 дня назад

Wonderful! Thank you for taking the time to comment. The bumps make us who we are.

@lifesacardgame6454 Месяц назад

Thank you for your positivity on this subject.

@philistineau Месяц назад

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

@melalblas Месяц назад

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

@toriebrame3419 Месяц назад

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

@lawrencehooper4341 Месяц назад

Damien, your content is top-notch. Thank you

@Trifusion1 Месяц назад

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

@Caution1990 Месяц назад

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

@luQi457 Месяц назад

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

@handlethehandle7 Месяц назад

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

@discodiscodiscoking Месяц назад

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

@The_Recusant_Vagabond Месяц назад

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

@hotelhero4193 Месяц назад

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

@shawfair4591 Месяц назад

Great video again mate 👌🏽 thank you

@lisaclayton517 Месяц назад

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

@2IGs День назад

The time to travel & experience life is when you are young. I spent all my money in my 20s & 30s hiking up above the clouds in the Alps & down into the Grand Canyon & clubbing in Berlin, Paris, Amsterdam, New York, San Francisco when I could do so. I bought a condo in my late 40s & started saving in my mid 50s. Everyone says I haven't enough saved, but really I do. No grand plans in retirement. I plan to travel the world in my own Chicagoland backyard & sleep in my own bed at night. No regrets. Live life when you are young. Save later & plan a modest retirement with your memories.

@JHA854 Месяц назад

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

@hazeldavis3176 Месяц назад

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

@davejones6891 Месяц назад

😮reassuring video Damo, Thanks!

@DanRobards Месяц назад

These graphics are getting super fancy! Good shit Damo!

@Mabidakun Месяц назад

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

@DTL0VER Месяц назад

Cracking video mate. Well done 👏🏼

@Kaizen917 Месяц назад

I sometimes get the feel that when people say they should have saved more, its not out of some frugality lesson learned but out of some sense of regret what they spent the past money on (be it cigs, alcohol or flashy stuff that didnt scratch the itch). It might seem like a small detail but the crucial difference is that, if they are to have more money, they are in risk of spending that on the same. But the video is a good reminder that regardless of it all, everyone needs to just dust themselves off and think of it as a better later than never situation.

@SomeoneSmarter Месяц назад

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

@pacifica9718 Месяц назад

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

@hbbstn Месяц назад

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

@MWR1990 Месяц назад

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

@collettewilliams642 Месяц назад

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

@oxyphonic 25 дней назад

Quality content as always! Great to see a different perspective

@Paranoidandro1d1 Месяц назад

Excellent video again. Thank you!

@user-cz2pi7fm5e Месяц назад

Thanks for your positive thoughts

@Brown969 Месяц назад

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

@pt2913 Месяц назад

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

@user-wl7jy9wu9m Месяц назад

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

@rusl12 Месяц назад

This is a really nice vid, thanks Damian. One thing I’d add though is the importance of health. Whether you have to or want to work after 65, you need to be ABLE TO. This isn’t true for some people and it’s awful. Even if you do retire, you want to be heathy enough to look after the grandkids and all the other good stuff

@legendarypandagaming1785 Месяц назад

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

@TheLeeBoyman Месяц назад

Excellent work Damien 👏

@robm509 Месяц назад

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

@denisedeakins4828 Месяц назад

Hi Damien, I didn't have any sort of pension until i was around 46, a few years later I realised I was behind what others my age were doing which was a bit worrying. This insight gives us older ones all hope to see we still have time to save and achieve! Thanks :)

@hummels8393 Месяц назад

this is an incredible video! thank you

@RafRambles 17 дней назад

Whoever your editor is, is smashing it with these graphics!

@suzannerogers-pt1xx 28 дней назад

Thank you. This video has reassured me so much 😊

@k.avilla8061 Месяц назад

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

@shellyperera2010 Месяц назад

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

@garysanders8090 Месяц назад

"mood hoover" fantastic description

@richardmcgreary6368 23 дня назад

Great video! Well researched, well explained, and all based on a really interesting truth! ❤🎉

@henghistbluetooth7882 Месяц назад

For me being 51 and beginning with auto-enrolment at 42 isn;t the regret I have. The regret I have is not increasing my contributions and not realising that I could almost double them and see my take home pay only go down by a tiny fraction. Do that for 10 years and it makes a massive difference with little to no daily consequences. For me that makes me upset. But this video is excellent - I’ll probably retire when I’m around 62 but even then I plan to design some training materials on Udemy and maybe start a third career!

@duttontube Месяц назад

Brilliant video Damien! I’m turning 50 this year and didn’t save a huge amount earlier in my life, and wish I had. But now I’m saving as much in 3 months as I earned annually when I graduated. The numbers in later life really do add up. Good luck to younger investors who can start compounding in your 20s!!

@tinanolan1485 Месяц назад

Really great content - well done.

@cannontrodder Месяц назад

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

@adamwestrip7422 Месяц назад

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

@davidandhelen4657 25 дней назад

Well written and well crafted piece.

@chrisballUKtoNZ Месяц назад

love it. i just turned 36 2 weeks ago. doing 50-60% savings rate for the past 2 years. no kids as yet, travelled 45 countries so taking advantage of these years to stash away as much as i can in the hope that when i come into my 40s i have a wad put aside and cant relax off the savings if kids come along etc.

@gothenburg83 Месяц назад

Great video!

@kensingh963 Месяц назад

Brilliant, informative video. Thanks.

@MarcellJohnsonIII Месяц назад

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

@method2madness961 Месяц назад

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

@realollyrichards Месяц назад

Such an important video - great job

@Therealmattchong Месяц назад

Needed this thank you

@baronvonhoughton Месяц назад

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

@b0rg1010 Месяц назад

Thank you for you words of facts and encouragement. I'm 51 this year. I've taken risk's in life which most haven't turn out. My pension savings are practically none existent. I'm mortgage free this year. I have some savings and I working towards saving more than I ever could previously. As I've got older, I actually don't panic about my future. I'm a worker and as long as my health allows I will always work and enjoy what I do. It's all about quality of life. I have seen too many friends die and leave all their wealth to others after sacrificing living life in their early years. Such a shame. Live for today, you still have plenty of time.

@Checkin-sx8bv 19 дней назад

Thank You Damien a well presented Video on the information provided. The IFS report is spot on with age range for a normal family of 2 children.

@ttrjw Месяц назад

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

@DamienTalksMoney Месяц назад

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

@phooogle Месяц назад

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

@horacebury Месяц назад

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

@leeblakemore2762 Месяц назад

Thanks Damien, Turning 54 end of next month with 101k in various pension pots and 38k in Isa with 6.5 years left on my mortgage and I do at times feel I'm waaay behind with pretty much every spare penny I can find going into my ISA as a "just in case my pensions aren't enough and Gov decide to cancel state pension" Fund. At least I know I'm not alone and including my ISA, I'm actually ahead of the Median. Your words have left me relieved and less stressed about problems that haven't even happened yet and may never be a problem. Thank you sir.

@onetrubrit6151 12 дней назад

Great post, very motivating. Thank you.

@juleskayak Месяц назад

Excellent video, very helpful for anyone

@myriamdhaiti2935 Месяц назад

I absolutely love this ❤

@oliverdownes3184 Месяц назад

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

@StevenJones-et6vn Месяц назад

Absolutely brilliant,👊✌️

@AlisonWonderland999 23 дня назад

Ooh heck, I put off watching this as I was so scared of it triggering my usual anxiety on this topic.Then I reminded myself how you excel at putting a positive spin on things, and dared myself to give it a go. And... this was truly inspiring, thank you so much Damo, I nearly cried! This is the very encouragement I have needed since the penny dropped what a wanker I have been financially. It's never too late to turn things around... in fact, actually, thanks to the info you've shared here, I can see that I already have... and will really enjoy that, going forward, instead of beating myself up. Thank you 🤩💗

@DamienTalksMoney 23 дня назад

I am glad you were brave and that the video will help you crack on and not beat yourself up everyday. I hope you are well Alison

@davidharding3465 Месяц назад

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

@leebenneworth Месяц назад

Great vid, thanks

@shimsteriom4191 Месяц назад

Brilliant 👏

@lauraward-newton4510 Месяц назад

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

@rocksy71 Месяц назад

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