I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for..
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@zubairadamu2477 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family....
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@FreuleinBey Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ..
I'm about to turn 30 and it scares the life out of me, the number of my friends my age that know nothing about pensions. So much "hype" on social media about high risk short term investment strategies that more often than not fail. I also can't believe how low these averages are - most people that retire are going to have to supplement with part time work with those numbers. I wish more young people sacrificed more now so they can benefit from the superpower of compound interest!!!
No figure can be put on retirement. The money is individual to the person or couple You can start to plan but it's down to how you live. Remember everything you buy ends in Landfill when you die so live within your means save regular build your own pot . I went part time at 61 retired 64 and enjoy a life without financial pressure. Live life within your means don't keep chasing things to look good in front of friends save and buy the best thing retirement
According to the available data, approximately 20-25% of UK male pensioners die between the ages of 66 (the state pension age) and 70 years old. To break this down further: - As mentioned previously, the average life expectancy for UK men is around 79 years. - For men who reach the state pension age of 66, they can be expected to live, on average, another 13 years to age 79. - However, not all men will live the full 13 years after age 66. Statistics show that around 20-25% of male pensioners in the UK die between the ages of 66 and 70. So in the first 4 years after reaching the state pension age of 66, about 1 in 5 or 1 in 4 UK male pensioners will pass away. This represents a significant proportion of the male pensioner population. The remaining 75-80% of UK male pensioners will go on to live between the ages of 70 and 79, on average. But the mortality rate is still relatively high in the initial years of retirement. This highlights the importance of robust retirement planning and access to healthcare and support services for UK men in the early years of their retirement, as a sizable minority do not survive long past the state pension age. Policymakers and retirement providers should consider these statistics when designing programs and systems to meet the needs of this population.
Now take a look at how many of those men die early due to poverty? Perhaps if they had a larger pension pot and financial literacy in the first place it would contribute to them living longer than 70? The choice of having to choose between heating the home or putting food on the table, being able to afford a healthier diet etc. Its no coincidence that so many of those in the younger age bracket dying early is due to living in poverty.
I retired at age 53 and am now in my early 60s. Many people resisted me because they couldn't understand the idea of not working if you don't have to. I considered my life to be in phases. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." After I retired, I left the nation and now reside in Latin America. I was able to enjoy my new surroundings and escape from all the bad things that were going on in America. I haven't yet encountered anyone who laments their retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Deborah Lynn Dilling who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Why are you not saying ‘£61k is nowhere near enough, do you want to work yourself to death?’ Simple math, what are your monthly outgoings now, forecast what might drop off (kids) and what might increase (health bills) then times this by 12, thats your yearly, then times by 20 years for a rough estimate, if your money is invested wisely then you wont need that much as hopefully it will fight inflation and not run down too fast, But £61k? Thats 20 years living off £254 a month, yes maybe state pension helps and gets you to £425 but come on people, get with the reality of the situation, unless you are waiting on rich family dropping dead
Or you have really bad health to start with and never managed to gain much of a pension. Can't see me ever retiring as it stands. I would put my current pension pot at less than £5000 and i'm over 50. :) I'm just sticking cash into ETF's (VUAG mainly), but honestly don't see me retiring much before 75, if at all.
Heck I've got 460K and with the cost of living it's nowhere near enough. So I'll live like a pauper until retirement and hope. Inflation outstripped my pension growth by 6% last year. Thanks Liz. We need a better state pension based on sovereign wealth fund, not current taxation.
Don't know where you get your numbers. What is important is the value of your pot at retirement age,cnot the average amount of money across all pension pots.
These average pension pot sizes at age 66 are shocking low. For comparison and converted to UK pounds at 1.8 CAD to the GBP: The average pension pot size for Canadians at age 65 is around £150K. The first part of the State Pension equivalent is only £4,755 p.a (called OAS, starting at age 65), and the second part which is based on what you paid in, is a maximum of: £9,097 p.a. (called CPP. This can start at age 60 at a lower amount).
Open a SIPP (dead easy), invest in 3 maybe 4 index funds with an either 60/40 or preferably 80/20 split between equities and bonds and again dead easy especially if you look to Vanguard as your funds of choice. Sit back and relax and whatever you do, keep drip feeding those funds, and please do remember, just paying in means you will have made an instant 20% return courtesy of HMRC, who'd have though it!.
@KevinOLoughlin-ys5ef People can contribute meaningfully if they start early enough, even on a low wage. The issue is that people opt-out to get that extra beer money today (or, to be fair, they're really struggling with cost of living).
Thanks for the video, I see so many different figures mentioned when looking at the average pension pot, are you saying that the average pension pot for men just about to retire is 62k?
They never include the 'transfer' value of defined pensions which still exist in the state sector. If they added those in the figures would become a lot higher on average. I suspect these figures are just defined contribution schemes only because they are easier to add up. I suspect also that these are individual pensions and many people have many different ones. I could be wrong on this last point but if people cant bring their pensions together under one banner, how can someone gathering stats do so in order to get a correct value per person?
I assume that this isn't the sum of pension pots a person has, so if the typical person has three pension pots, they will have 3x the amount. And then there may be two of them in the household, so the household has 6x the pot, plus two state pensions.
@@OptimisticHominid The gender pay gap implies that women get paid less for doing the exact same job as men. This is simply not true. The reason why many women have earned less throughout their lives is because they have taken time off to have children. In fact many go part time after this, through choice. However, if any woman has evidence that the man working beside them is earning more, then please tell them to contact a lawyer. Because paying women less for the same job is against the law, and has been for decades.
Stoopid to quote "average pot size." Most folks have MULTIPLE pots from different employers. I have 7. Also, no way can anyone expect to live "comfortably" on anything less than 500k, especially in the South.
I had 7 pensions, luckily one of my employers had free financial advice as part of the EAS Employee assistance scheme. If your employer does I would try it. Fewer are easier to manage and speaking to the right people, especially for free is worth listening to.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for..
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@zubairadamu2477 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@FlorentGulliver My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
@@zubairadamu2477 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family....
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@FreuleinBey Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ..
@@IfranReinfeld Oh please I’d love that. Thanks!
*MARGARET MOLLI ALVEY*
Lookup with her name on the webpage
I'm about to turn 30 and it scares the life out of me, the number of my friends my age that know nothing about pensions. So much "hype" on social media about high risk short term investment strategies that more often than not fail. I also can't believe how low these averages are - most people that retire are going to have to supplement with part time work with those numbers. I wish more young people sacrificed more now so they can benefit from the superpower of compound interest!!!
Start early, contribute consistently and keep an eye on the fees; they should teach all this at school really
No figure can be put on retirement. The money is individual to the person or couple
You can start to plan but it's down to how you live. Remember everything you buy ends in Landfill when you die so live within your means save regular build your own pot . I went part time at 61 retired 64 and enjoy a life without financial pressure. Live life within your means don't keep chasing things to look good in front of friends save and buy the best thing retirement
According to the available data, approximately 20-25% of UK male pensioners die between the ages of 66 (the state pension age) and 70 years old.
To break this down further:
- As mentioned previously, the average life expectancy for UK men is around 79 years.
- For men who reach the state pension age of 66, they can be expected to live, on average, another 13 years to age 79.
- However, not all men will live the full 13 years after age 66. Statistics show that around 20-25% of male pensioners in the UK die between the ages of 66 and 70.
So in the first 4 years after reaching the state pension age of 66, about 1 in 5 or 1 in 4 UK male pensioners will pass away. This represents a significant proportion of the male pensioner population.
The remaining 75-80% of UK male pensioners will go on to live between the ages of 70 and 79, on average. But the mortality rate is still relatively high in the initial years of retirement.
This highlights the importance of robust retirement planning and access to healthcare and support services for UK men in the early years of their retirement, as a sizable minority do not survive long past the state pension age. Policymakers and retirement providers should consider these statistics when designing programs and systems to meet the needs of this population.
Now take a look at how many of those men die early due to poverty? Perhaps if they had a larger pension pot and financial literacy in the first place it would contribute to them living longer than 70? The choice of having to choose between heating the home or putting food on the table, being able to afford a healthier diet etc.
Its no coincidence that so many of those in the younger age bracket dying early is due to living in poverty.
I retired at age 53 and am now in my early 60s. Many people resisted me because they couldn't understand the idea of not working if you don't have to. I considered my life to be in phases. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." After I retired, I left the nation and now reside in Latin America. I was able to enjoy my new surroundings and escape from all the bad things that were going on in America. I haven't yet encountered anyone who laments their retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Deborah Lynn Dilling who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Why are you not saying ‘£61k is nowhere near enough, do you want to work yourself to death?’ Simple math, what are your monthly outgoings now, forecast what might drop off (kids) and what might increase (health bills) then times this by 12, thats your yearly, then times by 20 years for a rough estimate, if your money is invested wisely then you wont need that much as hopefully it will fight inflation and not run down too fast, But £61k? Thats 20 years living off £254 a month, yes maybe state pension helps and gets you to £425 but come on people, get with the reality of the situation, unless you are waiting on rich family dropping dead
Or you have really bad health to start with and never managed to gain much of a pension. Can't see me ever retiring as it stands. I would put my current pension pot at less than £5000 and i'm over 50. :) I'm just sticking cash into ETF's (VUAG mainly), but honestly don't see me retiring much before 75, if at all.
There is no gender pay gap. It's illegal. Accountability is women's kryptonite.
Heck I've got 460K and with the cost of living it's nowhere near enough. So I'll live like a pauper until retirement and hope. Inflation outstripped my pension growth by 6% last year. Thanks Liz. We need a better state pension based on sovereign wealth fund, not current taxation.
How old are you?
Very funny, sovereign wealth. Tories funded their pensions selling off the country.
Bollocks.
Is your pension pot entirely invested in bonds? Everybody else got 10 to 20 percent from their equities.
I only got 3 per cent from my S and S ISA crap
Don't know where you get your numbers. What is important is the value of your pot at retirement age,cnot the average amount of money across all pension pots.
These average pension pot sizes at age 66 are shocking low. For comparison and converted to UK pounds at 1.8 CAD to the GBP:
The average pension pot size for Canadians at age 65 is around £150K. The first part of the State Pension equivalent is only £4,755 p.a (called OAS, starting at age 65), and the second part which is based on what you paid in, is a maximum of: £9,097 p.a. (called CPP. This can start at age 60 at a lower amount).
Open a SIPP (dead easy), invest in 3 maybe 4 index funds with an either 60/40 or preferably 80/20 split between equities and bonds and again dead easy especially if you look to Vanguard as your funds of choice. Sit back and relax and whatever you do, keep drip feeding those funds, and please do remember, just paying in means you will have made an instant 20% return courtesy of HMRC, who'd have though it!.
£62k pension pot? A £500k pension pot would be terrible, let alone £62k
500k wouldnt be so terrible. Many can survive on that.
You joking?? £500k pot combined with the state pension would generate around £33k a year at state retirement age, which is pretty good.
@KevinOLoughlin-ys5ef With 500k you could certainly retire 3-4 years early.
Reality is something that doesn't affect you is it? Easy to retire early with 500k
@KevinOLoughlin-ys5ef People can contribute meaningfully if they start early enough, even on a low wage. The issue is that people opt-out to get that extra beer money today (or, to be fair, they're really struggling with cost of living).
Good video, thanks, make more :)
Thanks! Will do 😁
Great video
Thanks for the video, I see so many different figures mentioned when looking at the average pension pot, are you saying that the average pension pot for men just about to retire is 62k?
Yes..that's the average figure..but the state pension is worth about £250k. So the real average is closer to £300k...
Thanks for your reply.
Yes, exactly what Martin said
Key is to limit your fixed costs, I early retired at 55 to Asia, smarter not harder
These are crazy low numbers.
I don’t understand these numbers either. So low?!??
They never include the 'transfer' value of defined pensions which still exist in the state sector. If they added those in the figures would become a lot higher on average. I suspect these figures are just defined contribution schemes only because they are easier to add up. I suspect also that these are individual pensions and many people have many different ones. I could be wrong on this last point but if people cant bring their pensions together under one banner, how can someone gathering stats do so in order to get a correct value per person?
I assume that this isn't the sum of pension pots a person has, so if the typical person has three pension pots, they will have 3x the amount. And then there may be two of them in the household, so the household has 6x the pot, plus two state pensions.
@@AgileSnowWeasel I was thinking the same. In which case, the analysis is of little value.
@@AgileSnowWeasel The typical person does not have three pension pots.
Switched off as soon as I heard “the gender pay gap”
@@OptimisticHominid The gender pay gap implies that women get paid less for doing the exact same job as men. This is simply not true. The reason why many women have earned less throughout their lives is because they have taken time off to have children. In fact many go part time after this, through choice.
However, if any woman has evidence that the man working beside them is earning more, then please tell them to contact a lawyer. Because paying women less for the same job is against the law, and has been for decades.
Gender pay gap. What BS.
The myth that just won't die. 😀😀😀
It's illegal to pay women less than men in the UK doing the same job, don't see many women scaffolders on building sites 😉
Stoopid to quote "average pot size." Most folks have MULTIPLE pots from different employers. I have 7. Also, no way can anyone expect to live "comfortably" on anything less than 500k, especially in the South.
Not true. You can live perfectly well on a £500k pot as long as you've paid your mortgage, but this is for ONE person, not two.
@KevinOLoughlin-ys5ef Yes
I had 7 pensions, luckily one of my employers had free financial advice as part of the EAS Employee assistance scheme. If your employer does I would try it. Fewer are easier to manage and speaking to the right people, especially for free is worth listening to.