tl;dr following the advice on this video lead me to discover one previous employer HAS NOT PASSED ON ALL PENSION CONTRIBUTIONS THEY DEDUCTED from my payslip! Thank you so much for this video. I've always avoided looking into my pension since it is just something that sits here and takes ages. After a groan, I took your advice and logged into old company pensions and to my horror, one previous employer HAS NOT PASSED ON ALL CONTRIBUTIONS THEY DEDUCTED! They haven't contributed their portion either. I'm shocked. This is illegal and I have reported it to the Pensions Ombudsman and Pensions Regulator. Without your video this would have carried on undetected and I would have missed out on even more compound interest in the meantime. The situation is tricky because the company has since been acquired by another, so it isn't a simple case of getting in touch with them. I do believe this is the result of administrative error and not intentional but it doesn't help me either way. If anyone is still reading this, I implore you to do the boring thing and check your own pensions against your old payslips. Don't take it for granted that your employer is doing/has done the right thing. I'd also like to add how sorry I am to hear about your attack.
@@DamienTalksMoney good video, but just to add to your video and the persons above comment... Yes, it is now very much down to the individual to make sure they are prepared for retirement. After graduating university I got my first job and there were instantly problems. Employee and employer pension contributions were shown on my payslip that never made its way over to the pension pot, the first time it was blamed on the admin process and that it would be resolved. This went on and on and on. This continued and continued and then all the staff realized this was happening to everyone. We added pressure on the out employer and heavily documented evet contact and answer, then after a couple of months we all reported this to pension ombudsman and regulator, as the pension provider acknowledged the miss payments, but didn't really care. It took around 6 months for the pensions folks to pick up and start looking into the issue and another 6 months to contact out employer. Our employer said everything the pensions regulators wanted to hear to reset the clock and every 3 months they made payments to shut them up and so the regulators would have to give them the benefit of the doubt. I left the company, but the process went on for an entire year. The regulators were about to take legal action, but the company went bankrupt. The assets were sold to their friend for a cheap cost, so they can setup and continue to trading as normal under a different company and of course the bank and HMRC was the first to collect money owed and everyone who said money stolen from them in unpaid pension contributions got sweet FUCK ALL. The government scheme to protect pensions from companies that have gone over don't cover the full amounts and I didn't get anything because I left the company more than a year prior. The workplace didn't care about the pension The pension provider didn't care about the pension The pensions regulators took 2 years to care about the pension Money was stolen from me and never invested I now miss out on gains from thousands of pounds worth of pension contributions. I was 21 at the time, that is A LOT OF POTENTIAL. Luckily, at 21 I setup a SIPP putting my payslip money back in to cover the missed payments, but that's still money lost. Always check your payslips and the amount going into the pension point. Never ever trust the process.
Damien, your advice is crucially important. I'm 61; I don't smoke, don't drink excessively, am not particularly overweight and taught karate for several years - so I reckon I was in reasonably good health. Who in the world could have predicted that in 2018 I'd suffer a massive brain haemorrhage and would no longer be able to work from the age of 57? If I hadn't made suitable retirement plans for myself I'd be absolutely f***ed now. I started making plans and saved for my retirement from the age of 27 (thank God!). It's much easier to live on a shoestring in your 20s and 30s than later in life so THEN is the time to start squirrelling away assets; you'd be surprised how quickly 60+ comes around!
Thank you so much for sharing this Laurence. I am sorry to hear that you had a scare with your health and I hope it has not impacted your quality of life too much. Really inspirational that you were able to support yourself via the efforts of your retirement planning and you are an example to us all. The point you make around being frugal while young is spot on. As we get older the cards we have to play get fewer and fewer and when we are 80 or so we do not have the ability to work or earn so really we need to prepare when young. I think everyone gets to a point where they realise hold on I am getting older and I am not invincible. I hope your comment can inspire some of the younger viewers to start taking action like you did! Thanks again mate. Damo
Thanks, Damo, for your kind words. Without wishing to be preachy, I'll add a bit of detail which might enhance the pension wake-up call! My cerebellum was damaged (that's the bit of the brain dealing with balance and coordination). As a university music lecturer I suddenly couldn't write or play the piano any more. Aged 57 my career was completely over. Period! If I'd had to add being skint to the mix I'm not sure how I'd have coped, especially as my husband left me later that year (my disability must have become very challenging for him). I needed all sorts of adjustments made overnight to the house which cost well over £15,000 on no salary. These made the difference between being able to live independently in my own home or going into care. If I hadn't had a pension lump-sum pay-out I'm pretty sure I'd be in a home by now. When you weigh up a couple of extra skiing holidays I could've taken in my 20s against the next 30 years in a state-subsidised care-home, marinating in my own wee with no private income, it doesn't half sharpen up your priorities!
@@curt3494 You can't do better than your best, Curt. You'd have to be INCREDIBLY unlucky to be hit like a train by a disability as I was. Damien is great on the financial guidance (I'll not be the fool who rushes in where wise men fear to tread) so I'll leave that bit to him. The one bit of advice I would give is: take extra care of your health. Reading the tea-leaves, I'm not sure how long we can keep relying on a fully-functional NHS and state pension system. Too late to be of any use to me now I'm discovering I had several warning-signs leading up to my haemorrhage; hypertension was the crucial one. Keep an eye on your blood-pressure; don't smoke; try not to get overweight; drink sensibly. I think it was Groucho Marx who said: "Giving up alcohol doesn't make you live longer; it only feels like that!" Charles Aznavour, on the other hand, definitely said: "Old age isn't nearly so bad when you consider the alternative." I wish you a long and comfortable life full of every happiness you would wish for yourself.
@@DamienTalksMoney could you do a video on the book Die With Zero. I don’t have and don’t want kids so don’t need to leave any inheritance to anyone. Thanks
Sorry this one is a bit of a beast! I really think pensions need more attention.. We will all get old one day and the stats around how big the shortfall will be for many are shocking. So please make this the year you take your retirement seriously.
Damien you've done it again, I mean it when I say that when I'm over 100 years old and financially stable enough to look after myself, I'll tell my grandkids or whoever that a RUclips channel got me here. Thanks to you, I've managed to put away nearly six figures in assets through careful safe investments. Every now and then when something scary happens in the news I can always count on you to give us a less dramatic and focused perspective. A lot of other RUclipsrs and bloggers use scare tactics and are screaming at the camera. As always however, you speak in a calmer tone, and actually explain things. People don't realise that your content is absolute gold dust.
In England, he spent a year in silence just to better understand the sound of compounding dividends. And so without further gilding the lily and with no more ado, I give to you, the seeker of serenity, the protector of financial virginity, the enforcer of our budget plans, the one, the only, Sir Damien von Lichtenstein!
My 20 something work mate left the works pension scheme, a few years ago, because, he said: "It's better off in my pocket, than theirs." And he's not alone. I've known others do the same. He's back in the scheme, now though, but it make you worry about some people.
The only reservation I have with pensions is the constantly rising pension age as well as the impending demographic crisis of our rapidly aging crisis. I don’t have complete faith that by the time I’m in my 60’s no greedy government or banker will have tried to pilfer my pension. I am tempted to lower my contributions and invest my money myself where I see it as less vulnerable to these risks. That said, at the moment I contribute the maximum amount as my employer contributes double the amount of my contributions.
I know someone that said exactly that and I was baffled. But then I learnt that they recently bought their second home in their mid 30s (believe they’re worth 800k combined, one’s a buy to let). Rare example I know, but I wouldn’t write people off. Some seem to know what they’re doing
This seems like the worst period. Even the market are now very unpredictable. Started invêsting recently when the market prices were a bit high,today I am more than 60% down!
I'm your new subscriber , Love your content. Trev has already made a name for himself his reviews are exceptional I was able to grow an account close to a million,withdraw my profit right before the correction and now am buying again ..
Hi Damien, your comments at 19:25 are a game changer. It has continued to resonate with me for over a month now. We have a 3 year old and a newborn. Both of them have a Junior ISA in which we save a little every year. But following this video my wife and I have decided to rob some of our savings and they will now also get a Junior SIPP with £5,000 each in it. This wouldn't have happened without your video. Thanks! May you long continue with great content. 👍
Thank you so much for letting me know! The best feeling is knowing two kids will one day be comfortable in retirement and a part of that was my doing, well done for giving them an amazing gift! It will be awesome when you can sit down with them in 20/30 years and go look at what this has done now it is your turn to start paying in
Great Video Damien! Maybe make a video on potential investments in this current market that would fetch substantial profit, been coming across articles on bloomberg, business insider etc about folks raking in $200K averagely in 6weeks using some sophisticated strategy and I'd love to know how.
Damien, I am also 61 and I mirror Lawrence's comments, your videos are always engaging and very informative. The interesting observation that i have found is that Pensions provisioning does seem to be influenced by the generation you are born into, Us baby boomers (from the 60s) had a save now and purchase later attitude and credit cards were a last option, Currently we have a generation who are maybe sacrificing financial due diligence, in favor of consumer instant gratification. This is social media led, where the latest tech is heavily promoted and saving is not fashionable. Lawrence comment on health is also fundamental, whilst you are saving, remember that God has a sense of humor, and there is a chance that you may not be fit enough to enjoy your accumulated Pension wealth. Arguably the sweet spot is maybe between 65 and 75, assuming you have no debt. Keep up the good work.
Correct sir . My younger colleagues buy a house then immediately have a £20,000 kitchen and interior refit on the knock and a new hire pp car to complete the look
Thanks for being an example of placing small pensions into a SIPP. I emailed the BBC Moneybox this week to try to get to find out what to do and show interest. I have ticked the box on one small pension to be more invested in stocks. Now just reaching the end of my 40s I had 18 years in a defined pension; very pleased I lasted in the scheme as long as i did! Clarity you are.
Damien, as your lucky one thousandth commenter I'd like to thank you for providing the most concise summary of what I need to do to take decisive action on this essential matter. Your presentation is simple in the best possible sense but obviously very well-researched, and you make clear what the limits of your knowledge are - more should respect their audience by doing the same. Some things are already in place, but more needs to be done and you've pointed me in the right direction. Big respect!
What a fantastic channel this is. I'm ashamed by how little I know about pensions when I see a young man like yourself putting it across so well. Thank you for this vid, it's going to help me a lot.
Sometimes I see my private sector friends (I work as a trainee lawyer in the civil service) and I'm jealous of their higher salaries - but then I ask them about their pensions and feel a lot better
Allo Damo, been watchin an learning from your shows. Yday 2-4-23 took the plunge an got a Vanguard investment isa. Just wanted to say thanks for clearing up all the crap we have been spoon fed over the yrs. Cheers mate.
The coincidence that this video is for me as I was just thinking about my pension yesterday and thinking I really need to up my contributions. My future self will be thankful.
Solid content thanks chap. the past year I’ve been trying to get my head around what actions to take for my financial future. I started to take action after I read that 69% of self employed workers don’t have any pension and 86% aren’t contributing to a pension. Source penfold. I’ve watch many RUclips video, listen to a ton of podcast and read a fair share of articles. Why this isn’t taught at college or A levels is just beyond me. Again this is some solid content bud and thanks you. I will be sharing this video with my younger siblings.
Another great video Damien. I have pensions with previous employers that I don’t keep track of and you’ve inspired me to go back and properly get to grips with what they are. The Knight’s Tale edit was genius btw 😂
I've just redeemed my mortgage at mid 30s to shield from a big hike, but being self employed I've done nothing for my retirement, other than the big lump sum I've just sank into the bricks. Going to be playing catch up now by basically paying the previous monthly mortgage amount into a SIP, it'll mean being able to adjust the amount as needed; paying in more when things are good, but also throttling back if things go crazy, not exactly possible if I was still mortgaged. Being a person who graduated into the 2008 financial crisis, I've constantly carried a huge mistrust of the pension schemes that I'd been offered in the past, but it's no excuse for not arming myself with decent info and should have had a S&S ISA running alongside my cash ISA (with an emergency fund in it) all these years.
This is really good advice, it really makes it harder that finance and pensions are not mandatory school subjects because if they were there probably wouldn’t be as many people in poverty today. I’ve recently moved from my parents, bought my first place and I’m taking ownership over my life and future. Even down to organising messy files, the amount of eye opening experiences I’ve had is phenomenal. The whole pension area really i always kept saying to myself “I’ll never stop working” or “i don’t care if I get too old” but thinking like that is probably what will lead me to being 65 with maybe a medical condition unable to work with no backup. So, taking ownership of my pension and at the very least having a stronger understanding of where my retirement is headed is better than messing around expecting it all to fall into place. I’m taking ownership of everything else I may as well take ownership of this too. Your info was great and really helped me to understand where to start with my future finances. I always wondered where to find the national insurance contributions I didn’t know they were on the gov website (that’s how poorly I understood this topic). Thanks for the video 😊👍
I’m in the civil service pension scheme , the benefits are continually being changed and we have had the goalposts moved after years of being in the scheme and planning accordingly . recently the UK government lost a court case for discrimination, check out the mcloud judgement
One problem is the complete ineptitude of politicians makes the stock market a volatile casino. Those putting money into pensions pay egregious fees and suffer the massive risk that comes with stock market crashes. Yes, the theory is you start at age 21 and stay in the market until you are retirement age and everything will be ok. However, what if you started late. My pensions all took a huge hit over these last 3 years. The damage done by printing all that money unnecessarily will be very long lasting.
I've followed you and other personal finance channels for a while so I knew most of what was covered, but I still appreciate that you're continuing to educate people.
i opted out because i believed i needed every penny to keep my head above water and have SOME enjoyment during my leisure. I was on min wage and it felt like survival. I dont know if that was true or not, im 10-12 years in the future having gone through a gruelling health situation, which gave me the mental bandwidth to educate myself and my personality has also changed, my desires have changed. Thankyou SO very much for giving me links to james and chris' channels. For some reason, youtube has stopped showing me their vids and i had forgotten their names. I spent 1-2mnths away from financial vids, i come back n theyve vanished XD
Absolutely fella! When talking about finances in work and stocks and shares reply I normally get is ‘na, cash ISA is best as stock market goes down as well as up”. When I highlight that all pensions are floated on the markets in varying funds in the market… they are surprised and have no idea about their pension! Such a let down in education system not teaching this stuff. This is why channels like yours are so important!
It is crazy that most have no idea what their pension is even invested in considering they will spend 1/3 of their life living off it! Most people can say the rate of their mortgage no problem… but pensions are just ignored
great video, maybe 30 years too late for many people. 22 years ago. I moved to the US for work. Here the majority of people were more aware of what was required for retirement and as such there were more financial vehicles to assist in the journey. Whilst the US has many issues, understanding that you and only you are responsible for your financial future was the biggest message that resonated with.
Your project is so important Dammo. Thank your realising this and doing something about it. Yesterday I asked you who you thought the next Jack Bogel might be - I think I may be looking at him. Keep going mate.
Damien, Brilliant. I spent my last 5 yrs working maxing out my pension contributions and advising all around me to do the same. Was very grateful to be allowed to be made voluntary redundant at 54 yrs old and enjoying my retirement knowing I have the funds to live as I want to....just!!!
Just a note on workplace pensions - Some firms (like the one I work for) actually append their contribution onto your paycheque as a cash benefit if you opt out. While this is slightly less tax efficient, it is nice if you'd rather (like me) manage the pension yourself
Great video Damien - there is a school of thought that yes age profile will increase re older cohorts but will top out at 100 not 150 even with science improvements and due to poor diet and Covid etc - average age has decreased in the past 2 years. Interesting times…
Damien, this was a great video, Thankyou! Ive recently turned 40 and have realised i really need to start taking care of my future finances. Ive now got a S&S ISA with 212, and luckily have the beneift of being in a DBF pension scheme. Ive got 27 years to sort this out and your videos are a great help to point me in the right direction for research!
That junior Sipp idea sounds like. a genius plan .I had only heard of junior ISAs Going to sort one for my grandson. Had Sipp for 12 years best thing I could have done with my pension .
I had to extract a relative from an SJP investment trust. I had my IFA work out the SJP fees, it took them a day to do it. Works out that over 6 years the "advisor" earned more than my relative. So part of the issue is hidden rip-off charges and companies that tell you a percentage, but will not tell you a yearly figure. When the onus shifts to individuals the issue is the companies waiting to exploit that. take advice from a properly regulated IFA, but I also do my homework and make the ultimate decisions regarding investments. Educating yourself is an ongoing process. But on the plus side my relative reduced their yearly fees from 34k to 5k - think about that. Now they receive proper independent advice and they get to keep much more of their money.
Sh*t hot mate! Your content makes financial information interesting! I don’t want to wrap my head in cling film and slowly pass away while someone talks pensions. Only if schools would teach financial tactics and have teachers to deliver the subject in such a humorous and engaging way. Excellent bud!
well said.. it took a friend to tell me a few years ago what a huge tax saving pensions are, and to consider what my spouse is paying in too, to realise I was making the wrong decisions on my savings. I owe him so much now. I even have friends who are nearing retirement who have a good income and not even maxing the pension deductions when they could. Just throwing money away (figuratively).. So many get this wrong and don't realise this is the biggest UK tax benefit that exists and should be maxed. Well done making this front and centre of your video, and like the laid back casual man of the people vibe you project, it helps get the message across.
Damien, thank you for your content and hard work on those videos! It's appreciated! I also want to highlight - well done for promoting other folk's content, as they may cover it in more depth and all. There are so many ppl out there who wouldn't promote anyone coz they're so small-minded and scared of the ''competition''.
@@DamienTalksMoney unfortunately that’s never going to happen. More likely to keep it in one form but call it something else. Politicians really are the scourge of society
Thank you @Damien Talks Money, really good talk. I have been treating my pension as the ugly step sister; 2 things people don't wanna talk about is getting old and dying so maybe that's why pensions and funerals get brushed to the side but definitely will push this to top priority after this vid. Thanks mate.
Damien, your videos are first class, they need to be on main stream TV. Although our rules differ here in Australia from the UK and it would be easy to turn them off, they are enjoyable and very relatable. “ It’s not unusual “ ( Tom Jones) for me to watch them a few times. Keep up the great work.
Wow you are in Australia! Now i could keep the Tom Jones thing going and ask how do you watch the videos all the way from the other side of the world,do you "spy on me baby use satellite?" But i wont.. instead i will just say thank you so much for watching the videos once, let alone twice!
Fantastic vid. Opened my eyes to how much I need to catch up. Came out of my scheme to help Dave to buy a house but need to get back in this year without fail
The biggest problem when it comes to pension (Private) the general public doesn’t like saving, taking on credit YES? Back when I was 21 years old I decided and advised by my father you need to take out a pension. I took his advice and started my pension. Every year my pension rep would pay me a visit and explain that I need to increase my monthly contributions. Where I am going with this it became unfordable due to other financial commitments? I believe if the pension rep was so pushy I would have kept too the original payment and increased it more realistically? Today nobody wants to save as the time frame is so far away, and jobs are to volatile? Great content as usual 👍
Brilliant video! Just wanted to add, if you’re lucky enough to be in a pension scheme like NHS or Civil Service it’s worth looking at added years that you can buy. They don’t tell you about it usually but it’s worth it in the long run.
I think this is your best video yet. I still can't quite believe you managed to cover so much ground in just 22 minutes, and so many valuable calls to action. Brilliant!
Great information and content. I am in an atlas master trust fund for my pension and have come to the party very late. Trying to find actual market comparisons and performance of the fund has proved elusive.....
Damien this is the best video you have ever made. Well done buddy! My employer contributes 14% towards my pension, and I am only required to contribute 5% . I decided that I will match what my employer is contributing after all it is tax free. Love what you said about child SIPPs, I think it is an awesome idea and less burdensome on the taxpayer. How do we mobilise to get this to become legislation?
At the ripe old age of 38 my pension isn’t currently huge. I wangled a sizeable salary increase last year and after having a couple months seeing a lovely big increase in take home I’ve decided to waaaaaay up my salary sacrifice contribution. Length of service means my company provide 12% and I’m upping mine from 6% to 26% to take me back into basic tax territory and keep our child tax benefit. Emergency fund is pretty much set and will continue to top up easy access savings for house renovations and my vanguard ls100. It’s difficult parting with that much cash now but I’m hoping future me (or the family if I pop my clogs) will be grateful 🤣
Doing exactly the same with the large contribution to take me out of the child benefit pay back scam. I have 3 kids too, so quite a bit to avoid paying back.
Great content and something i need to do. I’ve got multiple pensions with different companies. Some are now out of business but I guess there’s a paper trail.
Couldn’t agree more mate. People really over complicate pensions. Employers and pension providers scare people into the cautious or even balanced portfolios, full of government bonds, which helps who? Surprise surprise, the government! I moved my entire workplace balanced fund into a few low fee index funds, globally diversified, for long term higher growth at low fees. I picked iShares index trackers with US equity, UK equity, Emerging markets and developed Asia. Simple as that!
Excellent Video as always. Just a quick warning for anyone close to retirement Don’t rely on the Gateway for a correct state pension Get it in writing. I’ve known a few people who have come up short after using the internet calculator.
only watched a couple of your videos very easy to watch and easily explained being now retired I looked very hard at my pensions my employer contributed 7.5% and so did I the result was 100k plus 120k from previous employer so thankfully in a decent position yet colleagues still refused to pay into a company plan and very often the reason was they didn't want to give "them" back their income I honesty believe the lack of education on pensions and financial matters is very poor I know when I left school I could add up but financially I was ignorant
Thank god this information has the opportunity to get out to people now. 10 years ago many companies only just started offering pensions to many workers and the only hope of finding pension information to hand was the money section in the Sunday Times. The internet has changed everything.
I’m front loading my pension as I know I want to stop working before I’m 55. My plan for the last 16 years has been to max it out to allow me to stop paying into one day and for it to grow until and can access from 55 +
Not sure if anyone else has mentioned it by the PLSA have updated their figures required for retirement this week. No surprise large jumps in the amount required. The minimum standard for a single person up by 18% .
Damien, you are the goat! I've learned more about finance from your channel than in the first 40+ years of my life. Do you have any go-to recommended finance books? will you write a book of your own? keep up the great work my friend. 👌
This is one of the best pieces of content i have ever consumed on RUclips. My pension or lack of keeps me up at night. Thank you for this video i will take some appropriate action tomorrow.
Hi Damien, thanks a ton for this video! I’m 23 and this is super helpful for understanding how to get everything in order for life ahead. Much appreciated!
Hi Damo. I have been watching your channel from the start and this is your best video ever!. Fantastic advice and content on such an important subject.
tl;dr following the advice on this video lead me to discover one previous employer HAS NOT PASSED ON ALL PENSION CONTRIBUTIONS THEY DEDUCTED from my payslip!
Thank you so much for this video. I've always avoided looking into my pension since it is just something that sits here and takes ages. After a groan, I took your advice and logged into old company pensions and to my horror, one previous employer HAS NOT PASSED ON ALL CONTRIBUTIONS THEY DEDUCTED! They haven't contributed their portion either. I'm shocked. This is illegal and I have reported it to the Pensions Ombudsman and Pensions Regulator. Without your video this would have carried on undetected and I would have missed out on even more compound interest in the meantime. The situation is tricky because the company has since been acquired by another, so it isn't a simple case of getting in touch with them. I do believe this is the result of administrative error and not intentional but it doesn't help me either way.
If anyone is still reading this, I implore you to do the boring thing and check your own pensions against your old payslips. Don't take it for granted that your employer is doing/has done the right thing.
I'd also like to add how sorry I am to hear about your attack.
I will make sure others read it by pinning the comment! Well done for checking sorry to hear of this situation but I am glad you caught it
@@DamienTalksMoney good video, but just to add to your video and the persons above comment...
Yes, it is now very much down to the individual to make sure they are prepared for retirement.
After graduating university I got my first job and there were instantly problems. Employee and employer pension contributions were shown on my payslip that never made its way over to the pension pot, the first time it was blamed on the admin process and that it would be resolved. This went on and on and on.
This continued and continued and then all the staff realized this was happening to everyone. We added pressure on the out employer and heavily documented evet contact and answer, then after a couple of months we all reported this to pension ombudsman and regulator, as the pension provider acknowledged the miss payments, but didn't really care.
It took around 6 months for the pensions folks to pick up and start looking into the issue and another 6 months to contact out employer. Our employer said everything the pensions regulators wanted to hear to reset the clock and every 3 months they made payments to shut them up and so the regulators would have to give them the benefit of the doubt.
I left the company, but the process went on for an entire year. The regulators were about to take legal action, but the company went bankrupt. The assets were sold to their friend for a cheap cost, so they can setup and continue to trading as normal under a different company and of course the bank and HMRC was the first to collect money owed and everyone who said money stolen from them in unpaid pension contributions got sweet FUCK ALL. The government scheme to protect pensions from companies that have gone over don't cover the full amounts and I didn't get anything because I left the company more than a year prior.
The workplace didn't care about the pension
The pension provider didn't care about the pension
The pensions regulators took 2 years to care about the pension
Money was stolen from me and never invested
I now miss out on gains from thousands of pounds worth of pension contributions. I was 21 at the time, that is A LOT OF POTENTIAL. Luckily, at 21 I setup a SIPP putting my payslip money back in to cover the missed payments, but that's still money lost.
Always check your payslips and the amount going into the pension point. Never ever trust the process.
Damien, your advice is crucially important. I'm 61; I don't smoke, don't drink excessively, am not particularly overweight and taught karate for several years - so I reckon I was in reasonably good health. Who in the world could have predicted that in 2018 I'd suffer a massive brain haemorrhage and would no longer be able to work from the age of 57? If I hadn't made suitable retirement plans for myself I'd be absolutely f***ed now. I started making plans and saved for my retirement from the age of 27 (thank God!). It's much easier to live on a shoestring in your 20s and 30s than later in life so THEN is the time to start squirrelling away assets; you'd be surprised how quickly 60+ comes around!
Thank you so much for sharing this Laurence. I am sorry to hear that you had a scare with your health and I hope it has not impacted your quality of life too much. Really inspirational that you were able to support yourself via the efforts of your retirement planning and you are an example to us all.
The point you make around being frugal while young is spot on. As we get older the cards we have to play get fewer and fewer and when we are 80 or so we do not have the ability to work or earn so really we need to prepare when young. I think everyone gets to a point where they realise hold on I am getting older and I am not invincible. I hope your comment can inspire some of the younger viewers to start taking action like you did!
Thanks again mate.
Damo
Thanks, Damo, for your kind words.
Without wishing to be preachy, I'll add a bit of detail which might enhance the pension wake-up call! My cerebellum was damaged (that's the bit of the brain dealing with balance and coordination). As a university music lecturer I suddenly couldn't write or play the piano any more. Aged 57 my career was completely over. Period!
If I'd had to add being skint to the mix I'm not sure how I'd have coped, especially as my husband left me later that year (my disability must have become very challenging for him).
I needed all sorts of adjustments made overnight to the house which cost well over £15,000 on no salary. These made the difference between being able to live independently in my own home or going into care. If I hadn't had a pension lump-sum pay-out I'm pretty sure I'd be in a home by now.
When you weigh up a couple of extra skiing holidays I could've taken in my 20s against the next 30 years in a state-subsidised care-home, marinating in my own wee with no private income, it doesn't half sharpen up your priorities!
I'm 40 and have only just started. Better late, than never.
@@curt3494 You can't do better than your best, Curt. You'd have to be INCREDIBLY unlucky to be hit like a train by a disability as I was.
Damien is great on the financial guidance (I'll not be the fool who rushes in where wise men fear to tread) so I'll leave that bit to him.
The one bit of advice I would give is: take extra care of your health. Reading the tea-leaves, I'm not sure how long we can keep relying on a fully-functional NHS and state pension system. Too late to be of any use to me now I'm discovering I had several warning-signs leading up to my haemorrhage; hypertension was the crucial one. Keep an eye on your blood-pressure; don't smoke; try not to get overweight; drink sensibly. I think it was Groucho Marx who said: "Giving up alcohol doesn't make you live longer; it only feels like that!" Charles Aznavour, on the other hand, definitely said: "Old age isn't nearly so bad when you consider the alternative."
I wish you a long and comfortable life full of every happiness you would wish for yourself.
@@DamienTalksMoney could you do a video on the book Die With Zero. I don’t have and don’t want kids so don’t need to leave any inheritance to anyone. Thanks
Sorry this one is a bit of a beast! I really think pensions need more attention.. We will all get old one day and the stats around how big the shortfall will be for many are shocking. So please make this the year you take your retirement seriously.
Worked for a private company 10 years ago. Would I have been automatically enrolled in a pension or is that a more recent requirement?
Love the long videos!! Love the info would happily spend my entire Friday night watching! 😂💪💪
I’m whacking as much as I can in mine .
As someone who specialises in giving pensions advice, it’s great that you are promoting the benefits ❤
@@markmahood3093 Just call them and ask mate! It is newer than 10 years i believe but worth checking.
Damien you've done it again, I mean it when I say that when I'm over 100 years old and financially stable enough to look after myself, I'll tell my grandkids or whoever that a RUclips channel got me here.
Thanks to you, I've managed to put away nearly six figures in assets through careful safe investments. Every now and then when something scary happens in the news I can always count on you to give us a less dramatic and focused perspective. A lot of other RUclipsrs and bloggers use scare tactics and are screaming at the camera. As always however, you speak in a calmer tone, and actually explain things.
People don't realise that your content is absolute gold dust.
In England, he spent a year in silence just to better understand the sound of compounding dividends. And so without further gilding the lily and with no more ado, I give to you, the seeker of serenity, the protector of financial virginity, the enforcer of our budget plans, the one, the only, Sir Damien von Lichtenstein!
🤣🤣🤣🤣🤣 what an awesome comment. You legend
@@DamienTalksMoney Keep throwing in movie clips, and i'll keep commenting. Good work buddy.
You, my friend, are very kind - thanks for the shout out, as ever!
My 20 something work mate left the works pension scheme, a few years ago, because, he said: "It's better off in my pocket, than theirs." And he's not alone. I've known others do the same. He's back in the scheme, now though, but it make you worry about some people.
The only reservation I have with pensions is the constantly rising pension age as well as the impending demographic crisis of our rapidly aging crisis. I don’t have complete faith that by the time I’m in my 60’s no greedy government or banker will have tried to pilfer my pension. I am tempted to lower my contributions and invest my money myself where I see it as less vulnerable to these risks. That said, at the moment I contribute the maximum amount as my employer contributes double the amount of my contributions.
I know someone that said exactly that and I was baffled. But then I learnt that they recently bought their second home in their mid 30s (believe they’re worth 800k combined, one’s a buy to let). Rare example I know, but I wouldn’t write people off. Some seem to know what they’re doing
Most poeple are finica!ly illiterate and djmb
This seems like the worst period.
Even the market are now very unpredictable. Started invêsting recently when the market prices were a bit high,today I am more than 60% down!
Most of the professionals on YT and IG copytrade him that's how they make enormous profits from seemingly unknown market.
Lol. I'm one of them. Not a pro though,started last year in all honesty wish I had known about him earlier.
I'm your new subscriber , Love your content. Trev has already made a name for himself his reviews are exceptional I was able to grow an account close to a million,withdraw my profit right before the correction and now am buying again ..
It's the market, if you can't be on it on the bad days,you shouldn't be in it at all...
Hi Damien, your comments at 19:25 are a game changer. It has continued to resonate with me for over a month now. We have a 3 year old and a newborn. Both of them have a Junior ISA in which we save a little every year. But following this video my wife and I have decided to rob some of our savings and they will now also get a Junior SIPP with £5,000 each in it. This wouldn't have happened without your video. Thanks! May you long continue with great content. 👍
Thank you so much for letting me know! The best feeling is knowing two kids will one day be comfortable in retirement and a part of that was my doing, well done for giving them an amazing gift! It will be awesome when you can sit down with them in 20/30 years and go look at what this has done now it is your turn to start paying in
Yes I'm in the process of setting up a JSIPP for my 2 year old as a result of watching Damien's videos.
I have 3 pensions and have access to them all. Your talking the truth which a lot of people do not even consider. Good on ya lad
I wish I could give this more than one like. I will be sharing this with my kids as soon as they are awake today. Thanks.
Great Video Damien! Maybe make a video on potential investments in this current market that would fetch substantial profit, been coming across articles on bloomberg, business insider etc about folks raking in $200K averagely in 6weeks using some sophisticated strategy and I'd love to know how.
Damien, I am also 61 and I mirror Lawrence's comments, your videos are always engaging and very informative. The interesting observation that i have found is that Pensions provisioning does seem to be influenced by the generation you are born into, Us baby boomers (from the 60s) had a save now and purchase later attitude and credit cards were a last option, Currently we have a generation who are maybe sacrificing financial due diligence, in favor of consumer instant gratification. This is social media led, where the latest tech is heavily promoted and saving is not fashionable. Lawrence comment on health is also fundamental, whilst you are saving, remember that God has a sense of humor, and there is a chance that you may not be fit enough to enjoy your accumulated Pension wealth. Arguably the sweet spot is maybe between 65 and 75, assuming you have no debt. Keep up the good work.
Correct sir . My younger colleagues buy a house then immediately have a £20,000 kitchen and interior refit on the knock and a new hire pp car to complete the look
Thanks for being an example of placing small pensions into a SIPP. I emailed the BBC Moneybox this week to try to get to find out what to do and show interest. I have ticked the box on one small pension to be more invested in stocks. Now just reaching the end of my 40s I had 18 years in a defined pension; very pleased I lasted in the scheme as long as i did! Clarity you are.
People that are balancing on the break-even every month are not going to worry about these valuable advice.
The right approach, become financially self sufficient
Damien, as your lucky one thousandth commenter I'd like to thank you for providing the most concise summary of what I need to do to take decisive action on this essential matter. Your presentation is simple in the best possible sense but obviously very well-researched, and you make clear what the limits of your knowledge are - more should respect their audience by doing the same. Some things are already in place, but more needs to be done and you've pointed me in the right direction. Big respect!
Really informative and easy to understand. 58yrs and starting to become more aware!
All this should be taught in schools. Vital. Solid stuff mate - keep it up
What a fantastic channel this is. I'm ashamed by how little I know about pensions when I see a young man like yourself putting it across so well. Thank you for this vid, it's going to help me a lot.
Congratulations on the 100k, I only came across your channel this last week. It’s excellent. 🏆
Sometimes I see my private sector friends (I work as a trainee lawyer in the civil service) and I'm jealous of their higher salaries - but then I ask them about their pensions and feel a lot better
Allo Damo, been watchin an learning from your shows. Yday 2-4-23 took the plunge an got a Vanguard investment isa. Just wanted to say thanks for clearing up all the crap we have been spoon fed over the yrs.
Cheers mate.
The coincidence that this video is for me as I was just thinking about my pension yesterday and thinking I really need to up my contributions. My future self will be thankful.
Solid content thanks chap. the past year I’ve been trying to get my head around what actions to take for my financial future. I started to take action after I read that 69% of self employed workers don’t have any pension and 86% aren’t contributing to a pension. Source penfold.
I’ve watch many RUclips video, listen to a ton of podcast and read a fair share of articles. Why this isn’t taught at college or A levels is just beyond me.
Again this is some solid content bud and thanks you. I will be sharing this video with my younger siblings.
Catching up on some of your older vids Damo. As others have said, they are valuable.
Thanks for all the material you put out.
Another great video Damien. I have pensions with previous employers that I don’t keep track of and you’ve inspired me to go back and properly get to grips with what they are. The Knight’s Tale edit was genius btw 😂
I've just redeemed my mortgage at mid 30s to shield from a big hike, but being self employed I've done nothing for my retirement, other than the big lump sum I've just sank into the bricks.
Going to be playing catch up now by basically paying the previous monthly mortgage amount into a SIP, it'll mean being able to adjust the amount as needed; paying in more when things are good, but also throttling back if things go crazy, not exactly possible if I was still mortgaged.
Being a person who graduated into the 2008 financial crisis, I've constantly carried a huge mistrust of the pension schemes that I'd been offered in the past, but it's no excuse for not arming myself with decent info and should have had a S&S ISA running alongside my cash ISA (with an emergency fund in it) all these years.
This is really good advice, it really makes it harder that finance and pensions are not mandatory school subjects because if they were there probably wouldn’t be as many people in poverty today. I’ve recently moved from my parents, bought my first place and I’m taking ownership over my life and future. Even down to organising messy files, the amount of eye opening experiences I’ve had is phenomenal. The whole pension area really i always kept saying to myself “I’ll never stop working” or “i don’t care if I get too old” but thinking like that is probably what will lead me to being 65 with maybe a medical condition unable to work with no backup. So, taking ownership of my pension and at the very least having a stronger understanding of where my retirement is headed is better than messing around expecting it all to fall into place. I’m taking ownership of everything else I may as well take ownership of this too. Your info was great and really helped me to understand where to start with my future finances. I always wondered where to find the national insurance contributions I didn’t know they were on the gov website (that’s how poorly I understood this topic). Thanks for the video 😊👍
I’m in the civil service pension scheme , the benefits are continually being changed and we have had the goalposts moved after years of being in the scheme and planning accordingly . recently the UK government lost a court case for discrimination, check out the mcloud judgement
Much the same with Teacher’s pension ☹️
One problem is the complete ineptitude of politicians makes the stock market a volatile casino. Those putting money into pensions pay egregious fees and suffer the massive risk that comes with stock market crashes. Yes, the theory is you start at age 21 and stay in the market until you are retirement age and everything will be ok. However, what if you started late. My pensions all took a huge hit over these last 3 years. The damage done by printing all that money unnecessarily will be very long lasting.
I've followed you and other personal finance channels for a while so I knew most of what was covered, but I still appreciate that you're continuing to educate people.
i opted out because i believed i needed every penny to keep my head above water and have SOME enjoyment during my leisure. I was on min wage and it felt like survival. I dont know if that was true or not, im 10-12 years in the future having gone through a gruelling health situation, which gave me the mental bandwidth to educate myself and my personality has also changed, my desires have changed.
Thankyou SO very much for giving me links to james and chris' channels. For some reason, youtube has stopped showing me their vids and i had forgotten their names. I spent 1-2mnths away from financial vids, i come back n theyve vanished XD
I could listen to you all day
Absolutely fella! When talking about finances in work and stocks and shares reply I normally get is ‘na, cash ISA is best as stock market goes down as well as up”. When I highlight that all pensions are floated on the markets in varying funds in the market… they are surprised and have no idea about their pension! Such a let down in education system not teaching this stuff.
This is why channels like yours are so important!
It is crazy that most have no idea what their pension is even invested in considering they will spend 1/3 of their life living off it! Most people can say the rate of their mortgage no problem… but pensions are just ignored
great video, maybe 30 years too late for many people. 22 years ago. I moved to the US for work. Here the majority of people were more aware of what was required for retirement and as such there were more financial vehicles to assist in the journey. Whilst the US has many issues, understanding that you and only you are responsible for your financial future was the biggest message that resonated with.
I transferred all my previous pensions into vanguard, huge fee savings and the ability to invest in the indexes that I desired, best move ever imo..
JSIPP concept is something I've said for years
👏👏👏👏👏👏👏
Shame no government will do it.
Brilliantly put Damien, really nailed the subject with this one, thank you
Your project is so important Dammo. Thank your realising this and doing something about it. Yesterday I asked you who you thought the next Jack Bogel might be - I think I may be looking at him. Keep going mate.
What a banger of a video! I can't stress pensions enough to my family members and friends.. It's such a big thing but hardly ANYBODY GETS IT!
No one gets it mate like you say it is madness.. You are doing a great service pecking your families heads about it.
This video cajoled me into increasing my pension contributions!
Damien, Brilliant.
I spent my last 5 yrs working maxing out my pension contributions and advising all around me to do the same. Was very grateful to be allowed to be made voluntary redundant at 54 yrs old and enjoying my retirement knowing I have the funds to live as I want to....just!!!
Nicely done 👌🏻
The man, the myth, the legend strikes again. Great video geeza no need to keep apologising!
Just a note on workplace pensions - Some firms (like the one I work for) actually append their contribution onto your paycheque as a cash benefit if you opt out. While this is slightly less tax efficient, it is nice if you'd rather (like me) manage the pension yourself
Excellent advice Damian. I have retired on a decent pension with a reasonable amount in the bank. If I had acted earlier I could have much more to see me through to reaching "The End of the Road" (©Boyz II Men). I hope that anyone young people listening to you act now. They will regret it if they don't. Cheers
Great video Damien - there is a school of thought that yes age profile will increase re older cohorts but will top out at 100 not 150 even with science improvements and due to poor diet and Covid etc - average age has decreased in the past 2 years. Interesting times…
Brilliant! The only RUclipsr worth listening to! Well done sir 👏👏👏👏
Damien, this was a great video, Thankyou!
Ive recently turned 40 and have realised i really need to start taking care of my future finances. Ive now got a S&S ISA with 212, and luckily have the beneift of being in a DBF pension scheme. Ive got 27 years to sort this out and your videos are a great help to point me in the right direction for research!
That junior Sipp idea sounds like. a genius plan .I had only heard of junior ISAs Going to sort one for my grandson. Had Sipp for 12 years best thing I could have done with my pension .
Incredible gift for your grandson Mark! Securing his retirement from a young age. He is lucky to have you
I had to extract a relative from an SJP investment trust. I had my IFA work out the SJP fees, it took them a day to do it. Works out that over 6 years the "advisor" earned more than my relative. So part of the issue is hidden rip-off charges and companies that tell you a percentage, but will not tell you a yearly figure. When the onus shifts to individuals the issue is the companies waiting to exploit that. take advice from a properly regulated IFA, but I also do my homework and make the ultimate decisions regarding investments. Educating yourself is an ongoing process. But on the plus side my relative reduced their yearly fees from 34k to 5k - think about that. Now they receive proper independent advice and they get to keep much more of their money.
Damien talks a lot of sense. Fast becoming the best financial youtuber.
Great vid. Thanks for doing this. More and more people need to know about pensions rather than assuming the state will look after them.
Damien your videos are gold!! I can not thank you enough, super useful and never heavy!
Thank you Laura! Really appreciate this.
Sh*t hot mate! Your content makes financial information interesting! I don’t want to wrap my head in cling film and slowly pass away while someone talks pensions. Only if schools would teach financial tactics and have teachers to deliver the subject in such a humorous and engaging way. Excellent bud!
well said.. it took a friend to tell me a few years ago what a huge tax saving pensions are, and to consider what my spouse is paying in too, to realise I was making the wrong decisions on my savings. I owe him so much now. I even have friends who are nearing retirement who have a good income and not even maxing the pension deductions when they could. Just throwing money away (figuratively).. So many get this wrong and don't realise this is the biggest UK tax benefit that exists and should be maxed. Well done making this front and centre of your video, and like the laid back casual man of the people vibe you project, it helps get the message across.
Damien, thank you for your content and hard work on those videos! It's appreciated! I also want to highlight - well done for promoting other folk's content, as they may cover it in more depth and all. There are so many ppl out there who wouldn't promote anyone coz they're so small-minded and scared of the ''competition''.
I agree. Prepare for the worst and hope for the best. I’m 36 and all my planning is on the basis the state pension will be nil.
Yep! best way to be. but i must say if it is going to be nil get on with it and let me keep the NI...
@@DamienTalksMoney unfortunately that’s never going to happen. More likely to keep it in one form but call it something else. Politicians really are the scourge of society
I’m the same age as you and I’m just forgetting about the state pension. If we get it then it’s a nice bonus.
@@Ricky-kd5km best way to be and it’s great to see more people around my age thinking about retirement now. I’m literally the one in my circle
@@Asif24960 haha same here not one of my friends or family engage in the pension conversation 😂
Consistently entertaining and informative. Happy new year, Damien.
Thank you @Damien Talks Money, really good talk. I have been treating my pension as the ugly step sister; 2 things people don't wanna talk about is getting old and dying so maybe that's why pensions and funerals get brushed to the side but definitely will push this to top priority after this vid. Thanks mate.
another great video. human behaviour is so hard to explain. our psychology can just ignore future problems.
3:38 agree with you. Finance should be a mandatory subject in high school.
I started a SIPP last year; you are totally correct. Great videos, keep them coming. Great style.
Damien, your videos are first class, they need to be on main stream TV. Although our rules differ here in Australia from the UK and it would be easy to turn them off, they are enjoyable and very relatable. “ It’s not unusual “ ( Tom Jones) for me to watch them a few times. Keep up the great work.
Wow you are in Australia! Now i could keep the Tom Jones thing going and ask how do you watch the videos all the way from the other side of the world,do you "spy on me baby use satellite?" But i wont.. instead i will just say thank you so much for watching the videos once, let alone twice!
@@DamienTalksMoney you can keep going with Tom Jones just ease up at calling me a sex bomb
Appreciated all the advice, but the knights tale clip was the icing on the cake.
Fantastic vid. Opened my eyes to how much I need to catch up. Came out of my scheme to help Dave to buy a house but need to get back in this year without fail
The biggest problem when it comes to pension (Private) the general public doesn’t like saving, taking on credit YES?
Back when I was 21 years old I decided and advised by my father you need to take out a pension. I took his advice and started my pension. Every year my pension rep would pay me a visit and explain that I need to increase my monthly contributions. Where I am going with this it became unfordable due to other financial commitments?
I believe if the pension rep was so pushy I would have kept too the original payment and increased it more realistically?
Today nobody wants to save as the time frame is so far away, and jobs are to volatile?
Great content as usual 👍
This is such an important topic that no one talks about!
Great video. Had saved into a pension since I was 24. Going to check my accounts to see what I have saved as I’m now 43
Brilliant video! Just wanted to add, if you’re lucky enough to be in a pension scheme like NHS or Civil Service it’s worth looking at added years that you can buy. They don’t tell you about it usually but it’s worth it in the long run.
Thank you, Damien. You are helping me a lot 💡📝 27yo, finally getting some clarity about life in society 👌
I think this is your best video yet. I still can't quite believe you managed to cover so much ground in just 22 minutes, and so many valuable calls to action. Brilliant!
Thank you so much for this. I was worried it was information overload but this is so good to read. Thank you as always for watching Alastair.
Great information and content. I am in an atlas master trust fund for my pension and have come to the party very late. Trying to find actual market comparisons and performance of the fund has proved elusive.....
Damien this is the best video you have ever made. Well done buddy! My employer contributes 14% towards my pension, and I am only required to contribute 5% . I decided that I will match what my employer is contributing after all it is tax free. Love what you said about child SIPPs, I think it is an awesome idea and less burdensome on the taxpayer. How do we mobilise to get this to become legislation?
At the ripe old age of 38 my pension isn’t currently huge. I wangled a sizeable salary increase last year and after having a couple months seeing a lovely big increase in take home I’ve decided to waaaaaay up my salary sacrifice contribution.
Length of service means my company provide 12% and I’m upping mine from 6% to 26% to take me back into basic tax territory and keep our child tax benefit.
Emergency fund is pretty much set and will continue to top up easy access savings for house renovations and my vanguard ls100.
It’s difficult parting with that much cash now but I’m hoping future me (or the family if I pop my clogs) will be grateful 🤣
You are doing amazing!! well done. well on your way with that level of contribution
Doing exactly the same with the large contribution to take me out of the child benefit pay back scam. I have 3 kids too, so quite a bit to avoid paying back.
Another great video mate.
You can see how you and your videos have evolved in the last few years.
Great work man :)
Thank you so much such a compliment this. Legend for watching the content for that long! Some of the older videos are ropey haha
Great content and something i need to do. I’ve got multiple pensions with different companies. Some are now out of business but I guess there’s a paper trail.
Try the government's free Pension Tracing Service.
If pension company is out of business? Does it means you investor lost all money? Or uk government or anyone protect ppl investment?
I have two pensions and have control of them both - A lot more "set it and forget it" than my ISA though.
I changed my pension plan to passive global equity from an active managed and saved 1% in fees
You made a video on pensions engaging, well done Damo
Couldn’t agree more mate. People really over complicate pensions. Employers and pension providers scare people into the cautious or even balanced portfolios, full of government bonds, which helps who? Surprise surprise, the government! I moved my entire workplace balanced fund into a few low fee index funds, globally diversified, for long term higher growth at low fees. I picked iShares index trackers with US equity, UK equity, Emerging markets and developed Asia. Simple as that!
Excellent Video as always. Just a quick warning for anyone close to retirement Don’t rely on the Gateway for a correct state pension Get it in writing. I’ve known a few people who have come up short after using the internet calculator.
only watched a couple of your videos very easy to watch and easily explained being now retired I looked very hard at my pensions my employer contributed 7.5% and so did I the result was 100k plus 120k from previous employer so thankfully in a decent position yet colleagues still refused to pay into a company plan and very often the reason was they didn't want to give "them" back their income I honesty believe the lack of education on pensions and financial matters is very poor I know when I left school I could add up but financially I was ignorant
Great video. Very informative Just recovers you channel. Well done young man, well done 👏
Thank god this information has the opportunity to get out to people now.
10 years ago many companies only just started offering pensions to many workers and the only hope of finding pension information to hand was the money section in the Sunday Times.
The internet has changed everything.
The internet really has changed things! Lets hope the lack of properly funded pensions is not something future generations will suffer.
Hi Damien, I hear your passion and think this is the best video you have made, well done and keep up the good work!
I’m front loading my pension as I know I want to stop working before I’m 55. My plan for the last 16 years has been to max it out to allow me to stop paying into one day and for it to grow until and can access from 55 +
You are a fantastic teacher!
These videos are some of the best content available on youtube. Thank you for YOUR time! 🙏
Brilliant video Damo. Should be required viewing for all 16 year olds at school
Not sure if anyone else has mentioned it by the PLSA have updated their figures required for retirement this week. No surprise large jumps in the amount required. The minimum standard for a single person up by 18% .
Going to pin this comment! I made the first section of this video two weeks ago so missed this.
Damien, you are the goat! I've learned more about finance from your channel than in the first 40+ years of my life. Do you have any go-to recommended finance books? will you write a book of your own? keep up the great work my friend. 👌
Brilliant edit Damo - great use of the room at the start
Made me laugh out loud
This is one of the best pieces of content i have ever consumed on RUclips. My pension or lack of keeps me up at night. Thank you for this video i will take some appropriate action tomorrow.
Hi Damien, thanks a ton for this video! I’m 23 and this is super helpful for understanding how to get everything in order for life ahead. Much appreciated!
Just discovered your channel yesterday. Love what I'm seeing and hearing. Keep up the great work.
Hi Damo.
I have been watching your channel from the start and this is your best video ever!. Fantastic advice and content on such an important subject.
Thank you so much James! Glad you liked the video and you felt I did it justice also thanks for watching all the other videos 🙏🏻
I like your comedy aspect in the videos, cool.
Fantastic video, learned a lot and find the way you demonstrate and explain very clear and approachable
Brilliant video Damien...........Im a fan boy...... love your content and how you get it over mate
New sub here. Great vid, really like the delivery of the info. Not OTT and easy to digest.