I'm staring at a "cliff edge" retirement through sudden injury... it's forced me to realise I'm getting older and to take things really seriously, the sick time off I've had has been a god send in that respect. I've been looking at different scenarios for retirement and this video has given me some real confidence. One tip... check for lost/misplaced pensions, incredibly I found I had a defined benefits pension which I didn't realise I had, it ended up being frozen when the company I worked for was taken over 30 odd years ago, I (and one of my colleagues) assumed it had been transferred to the new company's pension.. so make sure you check!
Thank you so much. I retire at the end of March this year at 58 and enough in pension pot and savings to give me more than enough to live on + I'm starting up my own gardening business and just want a few jobs per week - don't need the moeny but it keeps my mind and body active - my job at present is a senior manager position with lot's of pressure and I kept thinking what am I working for, more into the pot when I don't need it, not enjoying my job = not life as it should be at my stage in life. Must admit it was a hard thing to do at making that choice to retire - my mind has had it's ups and downs about it but now I know I've made the right choice and very much looking forward to it - many should do the same thing as if you have enough money then why are you working, unless you love the work
This is a much more realistic projection compared to some others, personally I retired at 50 and my portfolio has doubled in value in the last 10 years even after taking withdrawals to cover my living expenses
agree 100% she gave a nice accurate and concise model. I try to live as frugal as possible to reach my goal. I probably won't be able to retire at 55 but at 65, I can do so and live in a place like Thailand or South America.
Thanks for sharing this great video! Retirement brings unexpected financial breakthrough and a great financial stability. A life transforming weekly income after so much struggles..
I retired in September at 55 and have no regrets. I feel very lucky to have a military pension and investments which have enabled me to retire early. I no longer have to get up when it is raining or freezing cold outside and dread the day ahead. People ask me if I am bored yet, I answer no, work was boring and stressful, and I don't have that anymore. Making the step on retiring was the hardest thing to do really, I was working just another year or cutting my hours just to save some more cash, just in case. My sister said you can afford to retire so I took the plunge. Check your figures and do it, we only have so much time.
My wife and I retired 6 months before you and apparently the honeymoon period where we are supposed to feel like we are on holiday is supposed to last a year or so. Then we are allegedly going to start to feel like we need a new purpose. This is according to some people who do TED talks and write books though, so I suspect it is horses for courses. I know the dread feeling you speak of. I was respected in my job, they wanted me to go for promotions, but every Sunday around midday, I'd feel that dread as my mind already began working through what I had to do the following morning, keeping multiple plates spinning on multiple projects in a high pressure environment. I simply could not wait to stop. My wife had some pressures and was glad to retire, but her's was more manageable. So now we've stopped, I've really allowed myself that proper stop, while my wife looks to fill her time again. LOL So I totally agree, people should check their figures and get themselves to a position where they can retire when they want to. They can always do low pressure and/or more rewarding jobs after retiring from their career job to supplement their income.
I'm 55 now and planning to retire at 67. Although I've been paying in minimal amounts to a pension each year, I've recently decided to do a root and branch review of my pension, get some financial help, and plan for the future. This has given me a good Idea of what I need to achieve in my pension when I'm 67 (adjusted for inflation etc). Just ballpark figures. Thank you.
I know a guy at work he just turned 60 and hates his job but is staying in it until 67 for when the state pension kicks in. He built extensions on his house, took on with loads of debt because of his wife's pet projects, he bailed his daughter out loads of times. Now no one is going to be bailing him out. It is well over 20 years till I hit 67 and there is no way I'll be in that situation. There are loads more people I know like this. They cannot retire after 40 or 50 years of work they have to wait till 67 and even at that they need to work part time. Another guy I worked with was 74 and still working to support his grand kids some time's he couldnt remember what day of the week it was. Best fill that pot as soon as you can. It's what I'm doing and minimise your expenses to the bare bones. Wishing you all the best 👍
@@SeosamhMacUaid Stick to that plan and you will be amazed at how soon you'll be able to retire. Every now and then across the years, I would evangelise to my work colleagues about the benefits of paying extra contributions to the work pension, especially whenever one of them told me that they weren't paying enough to get the full employer contribution. I retired last year aged 53, but despite all my words across the years, 90% of those I spoke to on my retirement do, were shocked that I was able to retire before 67. I also never bothered to change my initial stated retirement age at the pension fund from 65. That meant that the silly lifestyling never kicked in, where they start transfering more and more of your funds over from stocks and shares to bonds once you get to within 10 years of the stated age. You can also just ask them not to do it, but I didn't need to. If a market crash had happened just before me choosing to retire, I would have just carried on for one more year. I was able to do it at 53 by also having some pots (eg ISAs) outside of the pension.
Stumbled onto this channel but glad I did-agree with what the presenter is saying - also in early 50s in a very stressful job I’m looking to take pension benefits at 55 then do something different. So important for all of us to find purpose whatever it is.
Thank you Dianne, that was a very useful true to life example. I'm in my mid fifties, and although I have no intention on retiring until my sixties, realistic examples like this at least gives some idea what the future may hold. You've earned another sub.
59 now and have been 'working' for myself since I took redundancy in 2013. I trade CFDs (badly) and invest my pensions in whatever I can via a SIPP. I recently took the whole 25% tax free lump sum in one go with a view to buying a property and moving my mother out of the dilapidated home we share to something more comfortable. I intend to drawdown a large sum when I inherit the property and fully renovate it but wonder now, after this video, if that is a good idea. This analysis has made me question my serendipitous approach to retirement which is a good thing. Thanks.
"How much income with a pot of £300k?" my comment before watching the video is "not much but would get you to the state pension age of 67". Lets see what I learn by watching the video. After watching the video I concluded it is possible to retire at the age of 55 on 300k pot if you are single, have no debt, cleared the mortgage and dont retire in the UK.
Yes, 300k is bare bones, with the 4% rule giving you just 12k a year if you ignore the state pension. Knowing that the state pension will be there for people on that low an income/pot, they can go for a 5% rule up to the age of 67. I certainly didn't stop on that low a figure, but it shows that you can do it in the UK. Remember, when you retire, being (hopefully) debt free is not the only cost saving. You are also no longer pumping significant sums of salary into the pension and ISAs, you pay a lot less income tax, zero NI payments and no more work related costs (eg commuting, coffee runs, lunches) and the kids have (mostly) left home. Couples looking to scrape by on two 300k pots might also choose to drop from 2 cars to 1.
@@Dunk1970 4% rule is bs. Average returns net of inflation in equities are 8.2% over 30 years. It’s an industry hook to get you to seek their advice to better it.
You have to remember this is quite a sunny day view and the assumptions may not come true. However it is encouraging that if my plan for retirement works out then I should have enough. 53 now and hoping to retire at 58 hopefully with no mortgage or debt.
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
I had to cash in my old company pension funds to help keep a roof over our heads when my wife lost her job. So now looking forward to social security from two countries and a 401k and any other investment that can be built up in ten years
It's worth mentioning that if you have no other income, you can withdraw £16760 from your pension pot each year and pay no tax. This is also assuming you haven't taken the PCLS of course.
@lawrencer8673 if you haven't taken PCLS then 25% of every withdrawal is tax free. So, 75% of £16760 = £12570 taxable income. But you only pay income tax in UK on amounts over £12570. So, there is no tax to pay.
My problem is I’m still paying my trust for my house. The trust is going to be my money at some point, but not yet. Also, in the US, the withdrawal date is 59 1/2, which means I can’t touch that money until then. Good news is I have almost triple the $300k in USD + reduced social security benefits at 62 (full benefits at 67). I would love to retire from my incredibly stressful job and work part time so I can enjoy my life before I’m too old!
I wish you the very best Michael sounds like you have everything in hand. If I was you I'd be considering retiring outside of the US there is mega inflation coming to town everywhere but the US is going to be next level. Lets see what GLD and major miners do over the next 5 years
If you want 90% certainty of not running out of money come 90 on 300k you can draw £9k per year max in yr1 and adjusting for inflation each year. Sequence of events needs to be taken into account.
I have been frugal and put as much cash into tax friendly investments. I started at $100 a month and now getting closer to my financial goals. I like working so probably will keep beast mode investing and working to 65 as long as I am healthy and like my job and people at work. I hope to retire overseas to a cheap warm tropical country as California way too expensive place to retire without millions.
This is assuming that you remain in the UK, your pension pot will go and last much longer retiring in a country with a lower cost of living with better weather.
@martywilliard Italy, Greece and Portugal are just 3 to mention that is approximately half the cost for essential daily living and you can own property outright, Thailand is another option but foreigners are only permitted to own 49% of their property...the European countries also have a one off cash incentive if you purchase property and apply residential status. Trust me, I'm doing it in one of the European countries for the past few years.
@ don’t people hold a deep seated secret animosity ? I would think they know your why? But - maybe they view this as a cash opp. Bravo. Glad it works. Just feel there would be this secret rub and animosity.
This is very helpful Dianne, I'm 52 & I was thinking about retiring at 55 and my circumstances are similar to this. I wanted to ask btw, I will turn 55 in 2027 but the age you can go into drawdown is going up to 57 isn't it. What happens if I go into drawdown at 55, do I then have to pause taking drawdown once the rules change until I turn 57? How will this work? I'm with ii & my birthday is July 1972.
Don't need to pay for care if you got nothing in the bank 👍spend your money enjoy your retirement get old need care let the British government provide that......
@lawrencer8673 yes but I'm going to give my family everything I own and then they'll be no nursing home fees!!!! I mean £1000+ a week not to be looked after!!!! I could have not worked all my life and be in a better position than a person who had.......
@@md2320 maybe not, but then you are stuck with wherever the council put you. If you have money at least you get some choice in your care home. Don't ever rely on the state to look after you.
On what planet are people living to 89. This is nowhere near the average expectancy in the UK for men or women. Why do these youtubers think that everyone is going to live 10 yrs longer than all the current stats.
When you are planning for retirement you have to assume that, however rare it may be, some people will live to be 100 or more. My dad was 95 when he died, my mum was 89, my aunt Rose was 105, my aunt Elsie is still out and about every day 92... I personally, given my family genetics, feel the need to plan for my money to last longer than most.
With no mortgage on your house, and no debt ,it is possible to live on that amount of money. I retired at age of 55 and I do. But I admit, you have to live a bit frugal. Never regretted it !
Brilliant illustration thank you. Concerned the pensions triple lock will fall away in the future and like your % inflation figure, imo it’s about ‘personal inflation’ which would be much less than the published rates if you are mortgage and debt free in retirement which should be your aim. Keep up the great value videos!
A very useful video Dianne. I am imminently approaching 55 and also a trustee of my company’s pension scheme. You make very relevant points that everyone should consider.
Not really we are retiring this year on around 300k with a small db pension 4k per year debt and mortgage free at 57 I've planned for the retirement we want not what a financial planner thinks we should have .
You need to take into account Inflation as one of the top factors, as recently true inflation is over 10% not what the figures the government tells everyone. £20,000 income in the future will have far less spending power in the future.
I tend to agree, however its only a model so maybe a version with inflation at an average of 3% over 30 years would be a good comparison. It was a really useful vLog.
What are you going to do all day with a £17,450 salary. You will barely be able to heat your home and buy food, your days will be sitting in front of the TV wrapped in a blanket for 6 months of the year eating cheese sandwiches. That's not living!
That's £1,450 a month, adequate if you have no mortgage or rent to pay. You can eat well, keep warm and probably have a little holiday at the seaside once a year on that. Ok, you won't be able to eat out much, travel abroad or maybe run a car, but many people would be very happy to go without those in order to stop working in a job they don't enjoy.
@@TheDavecroft We agree, you wont be able to have a meaningful existence on £300k. Subsistence living for 34 years, doesn't sound like fun? Plus only 1 in 4 people own their own house and 1 in 4 have over £100,000 in savings so much less than 1in 4 have £300k. This is a very niche problem.
One other assumption that's missing is a Tyrannical Meglomaniac coming to power in the US five years before you're due to retire! 🤦🏽♂️😱😩 Loving your work! 👍🏾
Totally agree, sell your stocks and shares soon and hold your cash in short term government gilts... once the stock market crashes and burns wait until it drops below 25% of what it is now and start buying gradually, if it drops another 25% go crazy and buy even more... it might take a while to go back up but it will, it always has so the odds are with you. Other than that buy a really well diversified world fund/ETF to try and ride out market fluctuations, however, the US stock market floats all boats so nowhere is safe from this.... I don't even know what to call him... this is America's Brexit moment. Good luck.
I am interested in what returns pensions savings are respected to make when figures like 3% and 7% are quoted. I combined my 2 pensions and transferred too a new company at the end of last year and have seen an increase of over 20% and this is in a stable growth fund. To me me this seems exceptional and am inclined to leave the money where it is for as long as possible.
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I'm staring at a "cliff edge" retirement through sudden injury... it's forced me to realise I'm getting older and to take things really seriously, the sick time off I've had has been a god send in that respect. I've been looking at different scenarios for retirement and this video has given me some real confidence. One tip... check for lost/misplaced pensions, incredibly I found I had a defined benefits pension which I didn't realise I had, it ended up being frozen when the company I worked for was taken over 30 odd years ago, I (and one of my colleagues) assumed it had been transferred to the new company's pension.. so make sure you check!
Thank you so much. I retire at the end of March this year at 58 and enough in pension pot and savings to give me more than enough to live on + I'm starting up my own gardening business and just want a few jobs per week - don't need the moeny but it keeps my mind and body active - my job at present is a senior manager position with lot's of pressure and I kept thinking what am I working for, more into the pot when I don't need it, not enjoying my job = not life as it should be at my stage in life. Must admit it was a hard thing to do at making that choice to retire - my mind has had it's ups and downs about it but now I know I've made the right choice and very much looking forward to it - many should do the same thing as if you have enough money then why are you working, unless you love the work
This is a much more realistic projection compared to some others, personally I retired at 50 and my portfolio has doubled in value in the last 10 years even after taking withdrawals to cover my living expenses
agree 100% she gave a nice accurate and concise model. I try to live as frugal as possible to reach my goal. I probably won't be able to retire at 55 but at 65, I can do so and live in a place like Thailand or South America.
Great vid ...had you down as still in the 40s 🔥🔥🔥
Thanks for sharing this great video! Retirement brings unexpected financial breakthrough and a great financial stability. A life transforming weekly income after so much struggles..
I retired in September at 55 and have no regrets. I feel very lucky to have a military pension and investments which have enabled me to retire early. I no longer have to get up when it is raining or freezing cold outside and dread the day ahead. People ask me if I am bored yet, I answer no, work was boring and stressful, and I don't have that anymore.
Making the step on retiring was the hardest thing to do really, I was working just another year or cutting my hours just to save some more cash, just in case.
My sister said you can afford to retire so I took the plunge. Check your figures and do it, we only have so much time.
My wife and I retired 6 months before you and apparently the honeymoon period where we are supposed to feel like we are on holiday is supposed to last a year or so. Then we are allegedly going to start to feel like we need a new purpose. This is according to some people who do TED talks and write books though, so I suspect it is horses for courses. I know the dread feeling you speak of. I was respected in my job, they wanted me to go for promotions, but every Sunday around midday, I'd feel that dread as my mind already began working through what I had to do the following morning, keeping multiple plates spinning on multiple projects in a high pressure environment. I simply could not wait to stop. My wife had some pressures and was glad to retire, but her's was more manageable. So now we've stopped, I've really allowed myself that proper stop, while my wife looks to fill her time again. LOL
So I totally agree, people should check their figures and get themselves to a position where they can retire when they want to. They can always do low pressure and/or more rewarding jobs after retiring from their career job to supplement their income.
I'm 55 now and planning to retire at 67. Although I've been paying in minimal amounts to a pension each year, I've recently decided to do a root and branch review of my pension, get some financial help, and plan for the future. This has given me a good Idea of what I need to achieve in my pension when I'm 67 (adjusted for inflation etc). Just ballpark figures. Thank you.
I know a guy at work he just turned 60 and hates his job but is staying in it until 67 for when the state pension kicks in. He built extensions on his house, took on with loads of debt because of his wife's pet projects, he bailed his daughter out loads of times.
Now no one is going to be bailing him out. It is well over 20 years till I hit 67 and there is no way I'll be in that situation. There are loads more people I know like this. They cannot retire after 40 or 50 years of work they have to wait till 67 and even at that they need to work part time. Another guy I worked with was 74 and still working to support his grand kids some time's he couldnt remember what day of the week it was.
Best fill that pot as soon as you can. It's what I'm doing and minimise your expenses to the bare bones.
Wishing you all the best
👍
@@SeosamhMacUaid Stick to that plan and you will be amazed at how soon you'll be able to retire. Every now and then across the years, I would evangelise to my work colleagues about the benefits of paying extra contributions to the work pension, especially whenever one of them told me that they weren't paying enough to get the full employer contribution. I retired last year aged 53, but despite all my words across the years, 90% of those I spoke to on my retirement do, were shocked that I was able to retire before 67.
I also never bothered to change my initial stated retirement age at the pension fund from 65. That meant that the silly lifestyling never kicked in, where they start transfering more and more of your funds over from stocks and shares to bonds once you get to within 10 years of the stated age. You can also just ask them not to do it, but I didn't need to. If a market crash had happened just before me choosing to retire, I would have just carried on for one more year.
I was able to do it at 53 by also having some pots (eg ISAs) outside of the pension.
Stumbled onto this channel but glad I did-agree with what the presenter is saying - also in early 50s in a very stressful job I’m looking to take pension benefits at 55 then do something different. So important for all of us to find purpose whatever it is.
Excellent clear advice as always. Dianne does mention market shocks, where a 30% drop in a pension pot could happen, and has in the past.
Thank you Dianne, that was a very useful true to life example. I'm in my mid fifties, and although I have no intention on retiring until my sixties, realistic examples like this at least gives some idea what the future may hold. You've earned another sub.
That's great to hear that you think this is a realistic example. I really appreciate you subscribing. Thank you!
Excellent video, thanks Dianne
59 now and have been 'working' for myself since I took redundancy in 2013.
I trade CFDs (badly) and invest my pensions in whatever I can via a SIPP.
I recently took the whole 25% tax free lump sum in one go with a view to buying a property and moving my mother out of the dilapidated home we share to something more comfortable.
I intend to drawdown a large sum when I inherit the property and fully renovate it but wonder now, after this video, if that is a good idea.
This analysis has made me question my serendipitous approach to retirement which is a good thing.
Thanks.
"How much income with a pot of £300k?" my comment before watching the video is "not much but would get you to the state pension age of 67". Lets see what I learn by watching the video.
After watching the video I concluded it is possible to retire at the age of 55 on 300k pot if you are single, have no debt, cleared the mortgage and dont retire in the UK.
Yes, 300k is bare bones, with the 4% rule giving you just 12k a year if you ignore the state pension. Knowing that the state pension will be there for people on that low an income/pot, they can go for a 5% rule up to the age of 67. I certainly didn't stop on that low a figure, but it shows that you can do it in the UK. Remember, when you retire, being (hopefully) debt free is not the only cost saving. You are also no longer pumping significant sums of salary into the pension and ISAs, you pay a lot less income tax, zero NI payments and no more work related costs (eg commuting, coffee runs, lunches) and the kids have (mostly) left home. Couples looking to scrape by on two 300k pots might also choose to drop from 2 cars to 1.
@@Dunk1970 4% rule is bs. Average returns net of inflation in equities are 8.2% over 30 years. It’s an industry hook to get you to seek their advice to better it.
You have to remember this is quite a sunny day view and the assumptions may not come true. However it is encouraging that if my plan for retirement works out then I should have enough. 53 now and hoping to retire at 58 hopefully with no mortgage or debt.
market downturns need to be added like 2008 crash. Fixed rate annuity and dividend stocks are potential investment vehicles.
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
Thank you for this it's really helpful numbers and perspective - very close to my situation
Great to hear it was helpful!
How about retiring at 50 with a pension pot of 80k, that's what I'll be attempting 😂
What a great video and very helpful thank you for your time.
Glad you enjoyed it!
Great video thanks for the info 😊
The 4% rule is crazy , because it really depends on your age !
I had to cash in my old company pension funds to help keep a roof over our heads when my wife lost her job.
So now looking forward to social security from two countries and a 401k and any other investment that can be built up in ten years
It's worth mentioning that if you have no other income, you can withdraw £16760 from your pension pot each year and pay no tax. This is also assuming you haven't taken the PCLS of course.
How is that?
@lawrencer8673 if you haven't taken PCLS then 25% of every withdrawal is tax free. So, 75% of £16760 = £12570 taxable income. But you only pay income tax in UK on amounts over £12570. So, there is no tax to pay.
@@GG5150 do you have to claim the 25% back from HMRC or does the Sipp provider already take that into account.
Thanks - good point!
Very informative, thankyou.
Glad it was helpful!
My problem is I’m still paying my trust for my house. The trust is going to be my money at some point, but not yet. Also, in the US, the withdrawal date is 59 1/2, which means I can’t touch that money until then. Good news is I have almost triple the $300k in USD + reduced social security benefits at 62 (full benefits at 67). I would love to retire from my incredibly stressful job and work part time so I can enjoy my life before I’m too old!
I wish you the very best Michael sounds like you have everything in hand. If I was you I'd be considering retiring outside of the US there is mega inflation coming to town everywhere but the US is going to be next level.
Lets see what GLD and major miners do over the next 5 years
Progress is progress, regardless if it is slow or consistent. Either ways one still goes up, credits to Lunvo
Lunvo has quite been very helpful in the system. I recommend him anyday
There is no need to rush life, in the end what will be will be. Just be hardworking, steadfast and always seek for guidance
If you want 90% certainty of not running out of money come 90 on 300k you can draw £9k per year max in yr1 and adjusting for inflation each year. Sequence of events needs to be taken into account.
I have been frugal and put as much cash into tax friendly investments. I started at $100 a month and now getting closer to my financial goals. I like working so probably will keep beast mode investing and working to 65 as long as I am healthy and like my job and people at work. I hope to retire overseas to a cheap warm tropical country as California way too expensive place to retire without millions.
If you want 90% certainty of not running out of money come 90 on 300k you can draw £9k per year max.
This is assuming that you remain in the UK, your pension pot will go and last much longer retiring in a country with a lower cost of living with better weather.
Too many romanticize this idea (living abroad in retirement) in the USA , too. Find that extremely sad and a privileged mindset.
@martywilliard Italy, Greece and Portugal are just 3 to mention that is approximately half the cost for essential daily living and you can own property outright, Thailand is another option but foreigners are only permitted to own 49% of their property...the European countries also have a one off cash incentive if you purchase property and apply residential status.
Trust me, I'm doing it in one of the European countries for the past few years.
@ don’t people hold a deep seated secret animosity ? I would think they know your why? But - maybe they view this as a cash opp. Bravo. Glad it works. Just feel there would be this secret rub and animosity.
2:08 for the answer
I thought basic state pension was now £11,975, not £11,520. Or is that still to kick in?
Starts in April 2025
This is very helpful Dianne, I'm 52 & I was thinking about retiring at 55 and my circumstances are similar to this. I wanted to ask btw, I will turn 55 in 2027 but the age you can go into drawdown is going up to 57 isn't it. What happens if I go into drawdown at 55, do I then have to pause taking drawdown once the rules change until I turn 57? How will this work? I'm with ii & my birthday is July 1972.
If you hit the age for 55, that’s it, you’re over the line. You shouldn’t be affected by the change.
correct
I will have 300k plus my SS so it should last the 20 or so years I have left. I'm 61 and don't expect to live past 81.
My dad didn't expect to live too long, he was 65 when he said that... he was 95 when he died.
@kenjepson1908 nobody in my family lives that long.
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I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Mrs Joyce kim
Same i met Joyce kim last year for the first time at a conference in Wilshire after then my Life has changed for good.God bless Joyce kim
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You need at least double 300K to live off. Plus you need to think about care costs, which are vast.
Don't need to pay for care if you got nothing in the bank 👍spend your money enjoy your retirement get old need care let the British government provide that......
@@md2320 the government does not pay for anything, its the tax payer. Your point is still valid.
@lawrencer8673 yes but I'm going to give my family everything I own and then they'll be no nursing home fees!!!! I mean £1000+ a week not to be looked after!!!! I could have not worked all my life and be in a better position than a person who had.......
@@md2320 maybe not, but then you are stuck with wherever the council put you. If you have money at least you get some choice in your care home. Don't ever rely on the state to look after you.
@@md2320 good luck ending up in a council care home..... You earned your money, why not use it to pay for 5 star care if you need it?
On what planet are people living to 89. This is nowhere near the average expectancy in the UK for men or women.
Why do these youtubers think that everyone is going to live 10 yrs longer than all the current stats.
most people will not even make 67 lol
When you are planning for retirement you have to assume that, however rare it may be, some people will live to be 100 or more. My dad was 95 when he died, my mum was 89, my aunt Rose was 105, my aunt Elsie is still out and about every day 92... I personally, given my family genetics, feel the need to plan for my money to last longer than most.
With no mortgage on your house, and no debt ,it is possible to live on that amount of money. I retired at age of 55 and I do.
But I admit, you have to live a bit frugal.
Never regretted it !
Best explanation I've seen. Many thanks.
Brilliant illustration thank you. Concerned the pensions triple lock will fall away in the future and like your % inflation figure, imo it’s about ‘personal inflation’ which would be much less than the published rates if you are mortgage and debt free in retirement which should be your aim. Keep up the great value videos!
Agreed. ONS has a decent personal inflation calculator...
56 and been thinking another year but why? Trading my health for a better car? Great video, thank you
Thanks Dianne. Always useful information and put over in a very soothing manner.
A very useful video Dianne. I am imminently approaching 55 and also a trustee of my company’s pension scheme. You make very relevant points that everyone should consider.
Good information but highlights the risk of market drop and inflation and the state pension changes. Too much risk.
You need more than 300k if you are single....
double
Not really we are retiring this year on around 300k with a small db pension 4k per year debt and mortgage free at 57 I've planned for the retirement we want not what a financial planner thinks we should have .
really informative thank you
You need to take into account Inflation as one of the top factors, as recently true inflation is over 10% not what the figures the government tells everyone. £20,000 income in the future will have far less spending power in the future.
I tend to agree, however its only a model so maybe a version with inflation at an average of 3% over 30 years would be a good comparison. It was a really useful vLog.
What are you going to do all day with a £17,450 salary. You will barely be able to heat your home and buy food, your days will be sitting in front of the TV wrapped in a blanket for 6 months of the year eating cheese sandwiches. That's not living!
That's £1,450 a month, adequate if you have no mortgage or rent to pay. You can eat well, keep warm and probably have a little holiday at the seaside once a year on that. Ok, you won't be able to eat out much, travel abroad or maybe run a car, but many people would be very happy to go without those in order to stop working in a job they don't enjoy.
@@TheDavecroft We agree, you wont be able to have a meaningful existence on £300k. Subsistence living for 34 years, doesn't sound like fun?
Plus only 1 in 4 people own their own house and 1 in 4 have over £100,000 in savings so much less than 1in 4 have £300k. This is a very niche problem.
Thanks Dianne.
thank you. An inspiring video 🙂
Really useful
One other assumption that's missing is a Tyrannical Meglomaniac coming to power in the US five years before you're due to retire! 🤦🏽♂️😱😩
Loving your work! 👍🏾
Give it a rest you need help . A clear case of TDS (Trump Derangement Syndrome) .
Totally agree, sell your stocks and shares soon and hold your cash in short term government gilts... once the stock market crashes and burns wait until it drops below 25% of what it is now and start buying gradually, if it drops another 25% go crazy and buy even more... it might take a while to go back up but it will, it always has so the odds are with you. Other than that buy a really well diversified world fund/ETF to try and ride out market fluctuations, however, the US stock market floats all boats so nowhere is safe from this.... I don't even know what to call him... this is America's Brexit moment. Good luck.
@@alangordon3283 I didn't realise Trump had been diagnosed! Is that what they're calling it TDS? Makes sense.
@@kenjepson1908 🤣🤣
I am interested in what returns pensions savings are respected to make when figures like 3% and 7% are quoted. I combined my 2 pensions and transferred too a new company at the end of last year and have seen an increase of over 20% and this is in a stable growth fund. To me me this seems exceptional and am inclined to leave the money where it is for as long as possible.