Do you have enough saved for retirement? | Amyr Rocha Lima | TEDxKingstonUponThames
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- Опубликовано: 17 май 2024
- Amyr Rocha Lima delves into the essence of retirement planning, challenging you to define what 'the good life' means to you and find out how much money you need to achieve it. With a mix of personal anecdotes and practical strategies, this talk empowers you to clarify your values, goals, and priorities - so that you can be intentional about creating your financial future.
Amyr Rocha Lima is a multi-award-winning financial planner who helps successful professionals reduce taxes, invest smarter and retire on their terms. He is the Managing Director of Strategic Wealth Partners, a financial planning practice based in Kingston upon Thames, serving clients throughout the UK. Amyr is also a Non-Executive Director of the Chartered Institute for Securities & Investment (CISI) and the Chairman of CISI's Financial Planning Forum. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx
From experience, the hardest part of building up the million is the first 100k. Once you get to the first 100k, each subsequent 100k is much easier and faster because of the compounding effect. The way I got to the 100k was to break it up into 5 years and set myself a goal to save 20k each year. To many even that may be difficult, but it is doable if you are on a reasonable income and are willing to cut back on luxuries for five years.
I completely agree! Breaking big goals into smaller, manageable steps is a smart strategy. It’s all about staying disciplined and making consistent efforts.
To have a comfortable, secure and fun retirement, you need to build the financial cushion that will fund it all.
The fun part is why it makes sense to pay attention to the serious and perhaps boring part while planning how you’ll get there.
Retirement planning is a multistep process that evolves over time.
According to Timothy Eric Meek, As you save that money, you have to invest it to enable it to grow.
Then you need to look at the types of retirement accounts that can help you raise the money to fund your future.
How can i reach 'Timothy Eric Meek' please
It's empowering to know that planning isn't just about numbers but also about envisioning the kind of life I want to lead.
Thank you for demystifying financial planning and making it feel accessible. This talk is a nudge for me to start taking active steps towards my future financial wellbeing. ❤
Very much how my spouse and I felt after watching this. It’s the nudge we needed to start really thinking about our financial future.
I amassed a certain amount and I retired fully at 40. I don't have a ton, but enough to work with. Now at 51 I have seen the world and looking to downsize my house to a smaller townhouse or condo and enjoy what is left :)
I roughly looked at my numbers but I handle my own finances and have done pretty okay. So not stressing about it too much. It is what is it :) . I don't have a pension, just some savings, a property and wherever SS ends up giving me
I love how you first figured out what 'enough' means to you, then figured out the amount needed to support it!
I’m inspired to take action in figuring out my own financial future. 👍
Out of interest, what do you spend your time doing?
Extremely well delivered! Insightful, practical, and to the point! 💡👏
I've been circling around the idea of retirement planning without really knowing how to approach it or how much I actually need to save for a comfortable life later on. Your discussion on balancing sufficiency with excess has given me a clearer vision on what 'enough' might look like for me. Thank you!
Talk to a financial planner or coach? A second pair of eyes and accountability is worth a huge amount if it helps you to get everything in place!
Great point @@sarahjohnstone9041 and certainly something that my spouse and I are now looking into!
The only retirement I'm going to get is retiring to my room for the night so I can get up early for work the next day
No creo
@@xdlpx gracias por tu confianza
I love using the 4% Rule to calculate how much you need in retirement. It's simple, easy to understand, and quite the game changer for retirement.
Please share ? I like to know
In your first year of retirement you can spend 4% of your retirement savings. Thereafter you can raise that by inflation. So $1M produces $40k the first year.
@@StayPositive050like this and is the basis of my own retirement. Like the 375 rule also as this includes an assumed tax rate 👍🏻 Just need to ensure I die before 85! 😂
Australian superannuation funds have a minimum withdrawal rate of 4% of the annual balance up to age 65 increasing by 1% a year every additional ten years of age. For example a 76 year old has to take at least 6% of the EOY balance.
@@glennet9613 in the UK, so didn’t realise the rules there. Appreciate your guidance and wish you well in your own journey 👍🏻
Retirement is fast becoming as unrealistic as home ownership.
Scary. In this Talk, this is materialized when he mentions that the 3.5k/month considers no significant housing expenses...
I wanted to have one!!! A Very hard goal to accomplish 🙏🙏🙏
Amyr, sua apresentação é algo que vem para chacoalhar nossa situação enquanto residentes no UK.
Algo para ajudarmos criando um alicerce para atingirmos o objetivo de £1.3 M.
Fácil? Jamais.
Porém possível, se começar no momento certo.
Muito obrigado e parabéns.
The 375 ignores the state pension, so you need less. Also factor for a 25% drop in expenses after 75. So this reduces what you need to save. How much do you need to pass on to children, if not much then you can eat into the capital and so reducing the amount needed to save. A good message that you need to save and in the most tax efficient way. But the figures quoted are excessive in my opinion. He is a finance person who will make a percentage on what you save so it's in his interest to get you to save more. I'm not saying don't save well into a pension but look deeper into this field to get a more realistic figure
he is promoting his planning firm using TED. smart.
I'm not sure but I just made a big batch of Chocolate Brownies.
Learn a lot, Thank you prof
Very insightful 👍👍👍
£3500 with no rent or mortgage to pay? That's pretty darned comfortable!
Make sure you’re including inflation. $3500 today will not be enough 20 years hence.
@@StayPositive050 I'm not so sure. In 2004 - 20 years ago - I earnt just above 3500 per month. At the time it was a great wage. It still is today 20 years on. Maybe not *as* great, but still great!
@@StayPositive050 The 4% rule, which this 375 rule is based on, adjusts for inflation. The ideal is you can take 4% out in your first year, and in the 2nd year you take 4% x inflation out the next year, and so on
This talk was in London, so for a comfortable life for a couple, it doesn't sound ridiculous..
Outside of expensive metro areas, like London, you can have a comfortable life on just £2,000 a month (if you outright own your home).Some people may not even need that much if their homes are small and use less energy, and if they don't own a car, etc.
Do it the other way. Divide your 401k by 375 and add to it your expected SS benefits. Then subtract say 1000 per person a month for medical expenses.
That's an interesting thought process, and it's easy to discuss with friends over a beer and get people motivated to think about this stuff. 👍
Read... Engineer your retirement. It's the book you need.
Learn something from this lecture
Where does the 375 come from?
30 years = 360 months + 4% margin on top
Good for improving english listening
Why 375? Sounds quite high - other financial advisers recommend 250-even while preserving the original sum in the portfolio … thx
If I want to withdraw £50,000 a year from my retirement savings, and that's 4% of my total savings, I can use a multiplier instead of dividing. The reciprocal of 4% is 25 (1 / 0.04 = 25). So, £50,000 times 25 equals £1,250,000.
I think he calls it a rule of thumb, the 'Rule of 375', for monthly withdrawals. It's simple and considers a rough 20% tax, which is practical since I think about spending after taxes.
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
Saving and investing wisely while prioritizing necessities and a few small luxuries in relation to one's total assets is a great approach. It helps ensure financial stability and I my for the enjoyment of life's little pleasures without compromising long-term financial goals. It's all about finding a balance that works for you!
Thank you Angela Christine Derle for $60,000👍🏻. There are so many opportunities to make money here on RUclips but most people don’t know. Thank you for continuing updates I'm favoured, $60,000 every two weeks ! I can now give back to the locals in my community and also support God's work and the church. God bless America
Hello how do you make such monthly ?? I'm a born Christian and sometimes I feel so down 🤦 of myself because of low finance but I still believe in God.
Thanks to my co-worker (Alex) who suggested Ms Angela Christine Derle
The key to his planning that few even understand or plan for is Taxes! Taxes will eat your 401k and yes your SS will and can get taxed up to 85%. Taxes are the issue most everyone that not 70 now will have to face as a real issue beyond anything they have ever had to pay or deal with in this lifetime.
Just to be clear...Social Security isn't taxed at an 85% tax rate. Depending on the income calculation up to 85% of your Social Security benefit may be taxable. The tax rate you actually pay would be based on wherever you fall on the current progressive tax scheme. Nobody pays an 85% tax rate in the current scheme.
What retirement?
Does anyone else not really wanna know the answer to the question in the videos title?
I'm guessing it's really subjective and almost none of us will ever have enough to retire with confidence
A simple way to figure out how much you need is to use the 4% Rule where you figure out your annual expenses and multiply that by 25. So if your annual expenses are $30k and you multiply that by 25, you get $750k where you can withdraw 4% of that each and every year pretty much to eternity (though it was originally made for a 30 year retirement). Just lower your annual expenses and be flexible, then you can retire much earlier and truly design your life.
👏🏻
375 is 3.2% WR not 4%
Imagine you want to withdraw £50,000 each year from your retirement savings, and this amount represents 4% of your total savings. Instead of dividing, you can use a multiplier. The reciprocal of 4% (which is 0.04) is 25 (1 / 0.04 = 25).
So, when you multiply £50,000 by 25, you get £1,250,000.
The 'Rule of 375' seems to use the same idea but for monthly withdrawals and it also roughly considers a 20% tax.
Haha retirement. I'll be lucky to live to see retirement at the rate they are pushing it back.
And savings? My government is trying it's best to make sure i don't have any.
I hear this all the time. State pension is only a portion of the income for most people, it's not a mandated retirement age - private pensions are accessible from quite a bit earlier!
Another formula, another same lecturers on saving, planning, thinking. Yet no one has done a talk on retirement planning for those who wish not to leave much (or to try to spend it all - as much as possible (or with as little savings left as possible). 1,312,500 will leave you with a lot of money left for others or those you leave behind ... :) Who has the formula where we can aim to spend it all (of course hard to predict how long one lives).
It's quite a challenge because so much depends on how your investments perform and how long you live.
The book, Die With Zero is an excellent read on this topic
@@williamshelley3323 Oh wow. Thanks for sharing!
@@williamshelley3323 such a good resource, thank you!
@@onlyanaconda1947 I think it’s tough to predict the exact amount you'll need because of all the moving parts in a financial plan, like investment returns, longevity, and inflation. What I took from this is that's why ongoing planning is crucial, just as the speaker suggests. Rather than a fixed formula, regular adjustments and planning help ensure you can enjoy your retirement without leaving too much behind if that's your ultimate goal.
what a fact
skip to 9:30
$3,500 (minus your government pension / social security income) = $x,xxx * 375 = $xxx,xxx
You can breath again and you are welcome.
Simples. 🙌
Lmao I laughed out loud at the title. Nice joke
The world in which the 4% rule was working, does not exist anymore. Central banks money creation and Gov spending have led to an unstable financial system. Money creation (debt) is going exponentially, impossible to sustain. Gaining scarce assets is the only way to secure some sort of retirement income, but even that is no certainty. Better is to prepare to live on less, minimize your lifestyle needs. Happiness does not need to cost a lot.
Es mejor prevenir
He touched slightly on it (and I mean by only mentioning it by saying go talk to someone else...) but $3500 a month will get you just about nowhere in 30 years. I've talked to multiple bankers and financial people and they've all said right now if you want to retire 'comfortably' you should expect to need 5 million in the bank if you want to retire in 30 years.
Spending profile over 30 years is not consistent
I agree, spending over 30 years isn't consistent. Many studies show a "retirement spending smile" effect in spending patterns. However, the speaker mentions this as a rule of thumb, so it's a good starting point to think about this important topic.
@@Gus-jm7deJust got into a rabbit whole about retirement spending 😅 thanks for the tip and, I guess, as the speaker mentions, its a rule of thumb.
3500 a month?.. hahahahha.. what are you spending 3500 in a month?. When you are old you only need a house and some books..
All the cruises! And the cost of living, this talk was held in London remember..
Property taxes utilities groceries and an unlimited bus pass yearly per person is only 8k yearly per person typically
Under 15k in NYC and LA.
Key is to payoff your portion of housing ASAP. Everything else works out.❤
Good luck
We won't be able to retire lol
I just realized that i will have to live on 567 usd a month😂😂😂😂
I don't think that i will live that long enough, i assume.
Most people underestimates for how long they will live.
what if you do ?
I'm rooting for you, you'll live long and a happy life❤
@@rui569 yes, always expect the unexpected.
@@vovantos I'll suffer more I guess.
😂
Hahhahahah
Buy bitcoin
He speak and gestures like Obama
😂
Good catch
i just wanna pirate loiter squad man tf is this
What a load of shite
Why?
These rough times are EXACTLY the right times to be PROUDLY and unapologetically revolutionary.🌸☭🏴Ⓐ🏳️⚧️🏳️🌈🇵🇸🕊️
Skip to 9:30 min. Self promoting lecture... bs