@@DamienTalksMoney great question. Taking my mum to a hospital appointment. She is 91. She needs the help. Beyond that not too much. But in the longer term improving my health as it has been neglected for far too long.
I recently watched my mother die of cancer 2 years into her retirement. 2 years!.. 2 years is all she got after working her arse off for 40+ years. I'll be retiring the moment I'm financially able. I'm not going down that route.
I'm sorry for your loss. My mother passed away just before she was about to turn 40. It changed my view on so much. I'm also going to retire when I'm financially stable. Life is too short
Retirement is not joyful and while the loss of your mother is sad, there is no way for you to know if she would have enjoyed retirement. My own father retired some 6 years ago for example and it's far worse. He's losing mental sharpness, he spends his time watching TV and scrolling down on Facebook. He refuses to join any sort of club or group activity as well.
And some people retire at 60 or 65 and live for 3 or more decades. There's a LOT of luck in ALL such things. All you can do is try to take care of your health. But very healthy living people get cancer, etc -- just less frequently than, say, smoking alcoholics who never exercise and have terrible diets, etc.
Just gone at 48. Took advantage of Pension/salary sacrifice and had an ISA since before they were called that. With 30 years of cost averaging into a pension/isa, eventually into low cost index funds its all worked out for me. I then witnessed a colleague drop dead at Christmas (he was 51) and had a big think about what was really important. Sayonara 👋🏻 🥳
Nice to see someone who has walked the walk enjoying the fruits of consistent investment. Well done! Hope this serves as inspiration for people at all stages of the journey.
Retired at 56, got bored, now two years later I work 130 days or so, earn about 70% I used to and do fun stuff with the other time. I love working and it best fills all those cold days in winter. I could take more holidays but too many and I find them stressful. So about 60% of working days doing stuff I love, 4 or 5 holidays a year including 5 weeks of Europe in the summer, what more could you ask for?
@@DamienTalksMoney I’ve made sure all of my extended family have employed the same tactics. All the kids have junior isa’s/junior sipps and the teenagers now have LISA’s also. I have tried to set them off on the right path for their futures!!
@Bluearmy76 Congrats! Can I ask, how much did you have in savings at the point of retirement? I would like to be able to do what you did so I'm trying to get an idea of what amount other people have been brave enough to step off the treadmill and retire with.. Did you move to a country/area with a lower cost of living?
Which is why, to me, someone leaving a 9 to 5 and blogging and making UA-cam videos half to full time to collect revenue for clicks is NOT retirement. When I retired, I STOPPED doing things for money I didn't want to.
As someone who watched Art Attack throughout the 90s, I can safely say I never thought I’d watch a video that combined it with pension advice, and decent information at that! I’ve been thinking a lot about my pension age lately, I’m aiming for 65, but not a lot about what it would look like, so your videos are appreciated. Oh, and don’t pretend you’re sorry for the puns and jokes, you know you’re not sorry.
I'm in the small % of people retired at 55. This was not by accident. I worked hard for 35 years and planned to retire as soon as I could access my private pension. My job paid well but was stressful and I didn't really enjoy it, so I saved as much as possible into my workplace pension (via salary sacrifice). I've now been retired for 7 months and enjoy every day. I may take on a part time job at some point, but only if I find something I really want to do. My physical and mental health is so much better since I retired...no more sitting on a laptop in endless meetings!
Hi, I'm taking my pension which became due at 50. Not enough to live on though so I still have to work and save for early retirement at 60, although now looks like 63 according to figures. Take care M.
Similar, I finished just before my 55th birthday. 37 years averaging 75+ hours every week, I feel like I deserved the rest.😅 Been retired 5 years now. Only difference is that I live mainly off investments, so I just take the minimum off my pension to jeep me under the tax bracket.
@@DamienTalksMoney I'm expecting all future videos to end with a garden art installation now as well - you're going to have to buy some more bedding and cushions!
I was in the "I'll never retire" group for all of my life until at 52 I was in a life changing severe accident. A year to heal and trying back to my old career was just untenable physically. Disappointingly I am now in the 10% demographic Damien highlights. Economically "inactive" - what a horrid term. Good advice in this video for all. Cheers Damien.
Left my job at 58 as hated the boss and was miserable. Found it impossible to get another job and finally gave up and now do a number of interesting voluntary roles. There’s a lot of ageism in the jobs market
I am in the construction industry reaching 50 soon & unfortunately there are many unrealistic bosses & much age discrimination, boss attitude is if you don't like it move on !
We planned to retire at 66 but actually retired at 60 (a hyper fit family member died of sepsis which prompted us to retire). We both have occupational pensions plus SIPs plus ISAs and no debts… shortly we’ll get our state pensions too. Financially we’re GOOD. But and here’s ’the rub’ physically we’re definitely fading… so really use those go-go years of 60-70 because by 70-80 you’ll be entering your slow-go years, then 80+ no-go years! Make use of age 60-70! 🎉
Retired having just turned 58 and loving the freedom, the only debt i took on was a mortgage, i never bought anything i couldn't afford. It's all about hard work, keeping fit, planning what you want at a young age and going for it (focus and grind), my only advice to the young is save and diverse investments no matter how small the amount is (never put all your eggs in to one basket) it will eventually compound.
The key concept to pick up from “I will teach you to be rich” is to define your rich life and then work out a budget for it. You don’t have to be living it now but if your retirement ideal is 3 concerts a week ( to make up for lost time🙂) you have to plan for that. For the first 20 years YOU MAY NEED MORE MONEY THAN YOU HAVE NOW AS INCOME or be really comfortable selling down your investments. Sorry to be a bad news bear but I now have to cut back and it’s really hard.😢
That's what my Stepfarther said when he took early retirement at 55. However he had a modest company pension to live on Majority of us in UK don't have that & despite always working have had annual income well below the average. So even being prudent limits the amount we can save to bridge the early retirement before state pension age.
Without even watching the video yet, never for me. I imagine the day I retire is the day I’m lining up in a big bright place waiting to be seen by someone showing my past.
Nearly 2 years at 55, 57 now. Last thing I want to do is be getting up at 5am and 3 hours commute each day then the stress of work. Wife 10 years younger so still at work but now investing in an isa s/s so she can go when ready. Will open 2 sipps when my kids both hit 18 to get them started. I love doing what I want and when. Go daily walks, decorated 3 rooms and looking at buildings a summer house next. I was surprised how little Tv I watch but always make time for pub Wednesday have a dinner up the pub with my mate in different towns each week. Keep saving and clear debts, no need for fancy cars. Great Video by the way 👍
Quality video 😂 love the mix. I see both ends of this, we have two 74 year old’s in our office, one was a head teacher perviously and both have very good DB pensions but after retirement have gained a low admin office role, not cos they need the money but they like the structure and social side from work. Then in our local retail park food court two ladies in their early 70s, had retired but had to get jobs again when the cost of living rocketed and they could not afford general costs. Neither in particular good health but neither qualify for benefits. And these ladies work hard and on their feet all day. Learning from you and having different pots to draw from so I can make the decisions I want rather than forced. Cheers fella.
People are already bricking it that Labour is going to limit ISAs to say for example 100k as opposed to hedging bets with ISAs versus pensions as you never know if they will clip that 25% tax free deal
Limit on ISAs, yea could be. More realistic might be introduction of CGT on S&S ISAs. Disaster for many wannabe early retirees. CGT on assets held in privatte pensions, could be another idea. Who knows. I am not against Labour, but I am against the fact that they do not want to say any specifics about their plans in CGT area prior to election. What do you have to hide Labour? I will not vote for them for that reason. Still happy they will beat thet T*** party though.
All i can hope for is that when i am old, i am still lucky enough to be in a job that i like doing. If you can find a career like that, retirement becomes much less of an issue, for as long as we can remain healthy.
Agree, but jobs change. I enjoyed my last job for 26 years, 27th touch beautocratic is, so I decided to exit. Its nice to have a get out plan if you need it
My job involves working shifts so I do 175 hours in two weeks with half of it at night. I used to be OK with it but these days it is killing me. There are a lot of jobs like this that are OK when you are youngish but become really difficult as the years roll by. I am desperate to retire now.
Hi D - You and 'your team' clearly work hard to make your vids. You are doing a wonderful public service. Bravo. I think you are super bright and very grounded. Keep going . All bw
I’m 26 and I look at it two ways. On one hand it’s good and sometimes nice to have a retirement age in mind because it allows me to project where I might be by then, and kind of gives me something to aim for. On the other hand I don’t want to focus too much on the long term, and forget to enjoy the here and now. I think there’s a balance to be had. I’d like to think that by the age of 60, I could afford to roll back, have some time off, go part time or become a contractor. Happy days. Fantastic content as always Damo.
If you have an employer make the most of whatever they will offer to pay into your pension. As a minimum you won't pay tax on it, so £100 into the pension will cost you less than £80.
Pay yourself first before paying bills etc what this means is put ££ into a retirement savings pot…. before you look at your monthly income after that age live accordingly. £10 saved at age 26 accumulates continuously…. and you’ll start to not even notice it so get into that habit. I’ll soon be 66 and I’m thanking my younger self for making a good decision 40 years ago to plan for older life.
A great video that has given me a lot to think about. But the Neil Buchanan and Art attack throwbacks absolutely elevated it! Kudos to the sponge frames and "big art attack" attempt! 😄
My theory is a lot of people simply don’t do the sums to work out when they can actually retire., especially well before state pension age. They just assume it’s roughly near state pension age so just carry on until I’ll health or caring for someone suddenly forces early retirement.
I thought you had hit the bar with the sponge frame. However, I was blown away by the pot scourer frame 😂😂. On a more serious note I’ve watched a couple of your more recent videos around the latest budget and I think the quality of your analysis has improved over the last few months and is really smart and incisive. Still love it being interspersed with the humour!
I will be able to retire early I think. Mid/late 50s probably if I wanted to. Not because I am a high earner but because I've had a modest lifestyle and am happy to continue that in retirement. Also not having kids helps! A lot will depend on my health and the stock market performance I guess.
the biggest scam is that the world ha been made to understand that you have to work really hard all your life only to to enjoy the last 10 years of your life when your old and frail, buy the bare minimum, work hard no doubt, but live life today, tomorrow is not guaranteed,
Yes you can still live and do many hobbies and travel and have many holidays when your still working You don't have to wait until you retire to get into that hobbies or to visit new York or where ever
But acting like tomorrow will NEVER come provides HORRIBLE results. Like everything else in life, it's all about balance. I just automatically put a large chunk of my salary into a 401-K, tax efficient mutual funds, etc. Never saw it, never used it, so it didn't bother me. Was more comfortable living a frugal life (like how I was raised) than a lavish life anyway. I never went without food, medical care, a warm or cool place to sleep, having books and a computer and a TV, etc. Just ignored first class flying, expensive cars, expensive clothes, furniture, jewelry, a big house, and all that sort of nonsense. There are a HELL of a lot more decisions than the simple binary all or nothing mentality.
Damien your podcasts get more entertaining, well done. Working in the UK has become extremely stressful with so much regulation and performance targets. Even stacking shelves at a supermarket has all kinds of regulations and difficulties. Everyone seems to be working at their limit and having to go part time to compensate. The workforce is burning out. Mental health problems or physical health problems related to work stress are affecting a huge percentage of the workforce. The Govt need to look at the modern workplace and see how they can reduce stress on the workforce.
Nonsense, people just don't want to work post-lockdown and think of any excuse to get paid sick-leave or benefits. The UK has the laziest workforce in the world because of woke media and an over-generous welfare state.
My plan is a staggered retirement plan. Goal pay mortgage off by 55, work full time 60 then semi retirement until state pension age. Dream, mortgage paid off by 52, work full time until 57 semi retirement until state pension. Complete fantasy mortgage paid by 47 semi retirement until state pension Currently on track for the dream.
I’m about here - could take small DB pension early at 60 but I’d also be tempted to take 60-65 for maxing salary sacrifice into pension. But 60 is a hopeful ‘if shit hits the fan I have options’
Haha, this is hilarious. Where on earth do you get these ideas from? Not sure you're even old enough to have watched this classic! Thank you, another great video.
If the government want to get people working longer, they need to address the problem of many employers actively encouraging older workers to quit. They know that older workers are more likely to develop health problems, making them more expensive to manage.
I keep saying I will retire when I get offered the same deal as a colleague who retired in about 2018. Eighteen months money to retire two years early ! That is unlikely to happen now though as where I work such deals have been replaced by recruitment bounties.
4:52 it’s also being prepared by your 50s, employers might not want to employ you anymore. The Tech sector is notoriously ageist. You might have 5-10 of inactivity to contend with
Great vid. As Marseille were supporting Judas Priest at Liverpool empire May 1980 they must have been the first live band I ever saw, had no idea art attack guy was in it!
Just found your channel. I am 64 and working 2 x part-time jobs, both of which I enjoy, plus I am a personal trainer and have clients. I am working roughly 50 hrs per week. I have been toying with the idea with retiring and just having my personal training clients. One of my part-time jobs is managing a small gym. I want to continue to do this at 16 hrs a week as it is being paid for my hobby. I am fit, healthy, financially secure (I can afford to retire) but just not ready for it. I enjoy my other part-time job, too but really considering dropping that job down to 15hrs per week vice 25hrs per week now. If I didn't enjoy it, I would leave. I know that I am very lucky and none of us have any idea what's around the corner. Great video and it's provided more evidence that I should continue in my 'main job' and managing the gym, both of which are in the same building.
I personally expect to work past state retirement age personally. I'm 38 next month and already know this will happen. I pay 10% of my wage into a work place pension and even with that high number I will be getting a abysmally low amount at retirement age. But for me the reason I will be working past retirement is I get bored easily but I do hope I will be working part time. For me it's not a question of when will I retire, it's when will I stop working full time and when will I be able to give up full time work to work part time and have more time with my family. I've been working 56 or more hours a week for over 15 years now so working less than 30 hours (part time) would be lovely. Everything I do with my money (what I have left) is saved in premium bonds (mainly) for that overall goal. Maybe I should do something better but that's why I'm here. learn what I might be able to do better.
@samuellovell1789 @clarkeysam - Like I said I don't really know what I'm doing. I've won a little with the bonds, more than I would ever have gotten from leaving it in the bank. It's currently just a place for me not to be tempted to spend it. I will look at index funds, hopefully some videos on them lol.
@clarkeysam I have some corporate bonds running at 12% and I bought some Halifax bonds because I thought they would have capital gain when rates drop and they are running at about 7% a year.
@@JevansUK corporate bonds yielding 12% are highly likely classified as Junk bonds and are more risky even than equities so not the same at all. Actual risk that they default and you don't get anything from them.
I'm 50 next year, lucky to be mortgage free already. I enjoy working from home with my partner, so retirement isn't vital now, compared with when I hated my previous job's. It is scary how many former work colleagues, have no retirement plan & no savings. I've been saying it for years, we should be taught finances at school.
They don’t teach it in schools because if they did, everyone would be retired by 40 up sticks and leave the U.K. They’d have millions of people not paying into the system. It’s all deliberate and by design.
I'm working on this one! Hospital tells me A&E is for sick people and I should come back once I've had a heart attack (no3 by then) Saves money treating people if you kill them first! Take care M. (maybe not go to my NHS hospital trust.)
Haha - I met Neil Buchanon last year at the Gatwick EasyJet lounge (yes, a thing), and he was running easyJet “AIR crafts” (again, yes!) with kids over a free orange juice. Retirement never looked so glamorous! 🤣
The issue isn't necessarily one of "Retirement", rather quality of life. I retired a year ago, however I missed the fun bits of my job a lot, so ended up continuing the teaching aspect on a voluntary basis; two months ago I was approached to see if I'd be interested in returning on a very part time basis, and I was very happy to do this. There's a LOT more to work than "just" the financial aspect, especially in my field of Hospital Medicine.
I'm not sure what my future looks like. I'm concerned that if I become too ill or old to work, I'll become homeless because rents will rise faster than pensions.
It's a lottery. The older you are the wider the observable difference between those that still can and those who don't. Take good care of yourself to improve the odds.
how much of economic inactivity is due to poor health or looking after family, and how much is due to it being harder and harder to find a new job when you hit your mid 50s? That needs addressing too
Absolutely brilliant mate!! 🤣 such a throwback with the arrow at the end rings off doing what you want in the new format is working out keep it up dude! 👍
my retirement came as a major shock to me, I had a massive strock in ,ER for 8 days, then 10 more days in a private room. but the up side was i had already started investing and had enough income coming in to to pay my monthly bills i sold my business was certified totally disabled. And started receiving, but the major part of income was from investing. im lucky im still able to handle invest for myself. i was 62 when this happened.
Great video mate, good info, funny, very well done 👏👏. Neil played at a rock pub I worked at in Oldham (Whittles). As a fan of Art Attack as a kid, that was bizarre and quite cool!
Ah - i will adjust my statement slightly. Be in an industry that you know and love, and move within the industry as and when required. Easier said than done I know. But if you can maintain manoeuvrability and not get trapped somewhere that you hate, you can go on working for longer, health permiting. Having some savings behind you means that you are less likely to have to take an unsuitable job later on in life.
Well done on the sponge frames sir, thats one gold 🌟 for you. We work our whole life exchanging time for money, I'll retire when money grows itself and gives me time. But its important to live in the meantime. Everyone says your only young once, so if we only live once, you better enjoy it or its all been for nothing.
Time is money. However, that works both ways. When I get a garage to service my car I am exchanging money for time. I stopped working on my car in the 1980s when I had a brake cylinder pop out and land on the lawn. Better to get someone who knows what they are doing work on it.
Do you mind sharing how much was in your pension pot when you retired? Or whether you benefitted from a Defined Benefit pension and what it paid? Will it pay it until you die?
Sorry but I won’t give specific figures on social media. My wife & I benefit from small DB pensions (index linked) which cover our basic needs in full. We also have comfortable sums in S&S ISAs and I also have a decent sized DC pension pot. All of this is after living well but within our means, and investing in ISAs for 25 years. Time in the market etc and investing only in low cost global index trackers. If you work to your plan your plan will work!
This was a great video. Some really interesting insight Damo. Nice work. Clearly lots of research gone into this. Puts a few things into perspective 🙌🏻
Funny you're releasing this video; I was actually thinking about having to leave work or do less demanding work due to ill health recently. My health hasn't been so great lately and, while I hope to have many more years of work in me, I no longer take that for granted. An ISA is definitely one of those considerations, but obviously it depends on stage of life. As part of my planning, I considered taking secure housing less for granted, which the ISA can play a role in. While I have a deposit, I don't own a house yet (mortgaged or not), so that's also on the agenda.
I 'retired' when I noticed that being "unemployed" meant that I lost basic car insurance for driving other peoples' cars with their consent. That facility was restored when I changed my status from 'unemployed' to 'retired'. 😉
depends on your frame of mind. For me, work is something I need to do to pay the bills but ultimately just takes away time from things I really want to do. I aim to semi retire in my 505s to get some of that time back
I think if the retirement age is going to constantly increase, there needs to be some major changes in work-life balance across the board. Maybe some way of gradually ramping down (not possible in all jobs I suppose). That way, if you still have an appetite to work beyond pension age, you can!
Declining health, decreasing food quality and overall decline in life expectancy will conflict with increasing retirement age to reduce the amount of pension to be paid. For myself I plan to retire as soon as possible, probably early 60s, and live off savings before accessing my private pension, if I even ever get a state pension I’ll consider it a bonus.
Had a plan for a decade to retire at 57 (the date was linked to certain rules at my previous employer). Gave my notice in February last year and finished in April so I’ve now been done for just over a year. The key is planning.
Considering the upcoming review of state pensions and the suggestion that it may become means tested. The state pension appears vitally important at all levels of wealth (poorest= 70% middle = 45% riches = 20% of income). Even for the richest losing 20% of your income is a massive hit, surely we need to consider an alternative such as a sovereign wealth fund and forget means testing.
Great video as usual thanks. Watching mostly you and sasha on UA-cam back in lockdown got me to take note of my finances for the last 4 ish years. Ive just turned 40 and if i wanted i could just about live off my passive income but I'll probably work another year or two to max out the isa for at least one more time. For me it wasn't earning more rather chosing not to buy a bigger home and keeping a shit box of a car. Paying off the mortgage on a smaller place rather than upgrading takes off a lot of pressure. Any spare cash i have now just goes into the vanguard fund. Oh and I've always been a big believer in opting out of pensions. I dont trust any government and think they will just keep putting the age up. Cheers
Many people never think about having to maybe give up work one day to look after elderly relatives and dont prepare financially for it. The alternative of putting relatives in a care home means that any inheritance you may have been due could then be eaten up by care home fees. I didn'tb have the heart to do the latter so had to give up work to take care of my mother (and won't receive any inheritance as there is none)
Great video as always 👍 Did you see the dailymail article that said there are more savings in ISAs than ever, yet we know logs if people are struggling?? Is the wealth devise getting bigger? Maybe worth a video (or not)
Towards the end of the 1970s people were predicting that Microprocessors would take most peoples jobs and that people would have to be taught how to use all their leisure time. What actually seemed to happen is that computers just led to people expecting higher standards. For example in the 1970s school lesson notes were handwritten and duplicated on a Banda machine. Programs like Powerpoint have made them look professional but haven't made them any quicker to produce.
More people working later in life can also be due to it being easier to negotiate reduced hour weeks. Also, the prevalence of Zero Hour contracts, mean people can pick up part time work more easily.
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Had to comment. The answer for me is today. Monday 3rd June 2024. Age 57 🎉🎉🎉
Yes!! Congratulations. What are you doing tomorrow?
Started at 16?
@@tancreddehauteville764 yes started at 16. Old fashioned apprenticeship
@@DamienTalksMoney great question. Taking my mum to a hospital appointment. She is 91. She needs the help. Beyond that not too much. But in the longer term improving my health as it has been neglected for far too long.
Congratulations on your retirement! Hope you enjoy it. Sorry about your mum
I recently watched my mother die of cancer 2 years into her retirement. 2 years!.. 2 years is all she got after working her arse off for 40+ years. I'll be retiring the moment I'm financially able. I'm not going down that route.
I'm sorry for your loss. My mother passed away just before she was about to turn 40. It changed my view on so much. I'm also going to retire when I'm financially stable. Life is too short
Retirement is not joyful and while the loss of your mother is sad, there is no way for you to know if she would have enjoyed retirement. My own father retired some 6 years ago for example and it's far worse. He's losing mental sharpness, he spends his time watching TV and scrolling down on Facebook. He refuses to join any sort of club or group activity as well.
And some people retire at 60 or 65 and live for 3 or more decades. There's a LOT of luck in ALL such things. All you can do is try to take care of your health. But very healthy living people get cancer, etc -- just less frequently than, say, smoking alcoholics who never exercise and have terrible diets, etc.
59 this is my first day retired and I’m lovin it :-)
Instantly earned a like from when you made the sponge frame. Bravo, sir!
Thank you! Honestly Neil bashed his out, took me a while…
Just gone at 48. Took advantage of Pension/salary sacrifice and had an ISA since before they were called that. With 30 years of cost averaging into a pension/isa, eventually into low cost index funds its all worked out for me. I then witnessed a colleague drop dead at Christmas (he was 51) and had a big think about what was really important.
Sayonara 👋🏻 🥳
Nice to see someone who has walked the walk enjoying the fruits of consistent investment.
Well done!
Hope this serves as inspiration for people at all stages of the journey.
Come to Thailand
Retired at 56, got bored, now two years later I work 130 days or so, earn about 70% I used to and do fun stuff with the other time. I love working and it best fills all those cold days in winter. I could take more holidays but too many and I find them stressful. So about 60% of working days doing stuff I love, 4 or 5 holidays a year including 5 weeks of Europe in the summer, what more could you ask for?
@@DamienTalksMoney I’ve made sure all of my extended family have employed the same tactics. All the kids have junior isa’s/junior sipps and the teenagers now have LISA’s also. I have tried to set them off on the right path for their futures!!
@Bluearmy76 Congrats! Can I ask, how much did you have in savings at the point of retirement? I would like to be able to do what you did so I'm trying to get an idea of what amount other people have been brave enough to step off the treadmill and retire with.. Did you move to a country/area with a lower cost of living?
My definition of retirement is: doing what you want to do when you want to do it, not because you have to.
Agreed, and it's also my definition of financial independence!
Which is why, to me, someone leaving a 9 to 5 and blogging and making UA-cam videos half to full time to collect revenue for clicks is NOT retirement.
When I retired, I STOPPED doing things for money I didn't want to.
@@rogergeyer9851 that was pretty much my point.
Or maybe it's "doing what you want when you want because you have financial independence"
So what do you want to do ?
Holiday every week .
You can retire with NOTHING ❤
As someone who watched Art Attack throughout the 90s, I can safely say I never thought I’d watch a video that combined it with pension advice, and decent information at that!
I’ve been thinking a lot about my pension age lately, I’m aiming for 65, but not a lot about what it would look like, so your videos are appreciated.
Oh, and don’t pretend you’re sorry for the puns and jokes, you know you’re not sorry.
I’m not sorry in the slightest 🤣
I'm in the small % of people retired at 55. This was not by accident. I worked hard for 35 years and planned to retire as soon as I could access my private pension.
My job paid well but was stressful and I didn't really enjoy it, so I saved as much as possible into my workplace pension (via salary sacrifice). I've now been retired for 7 months and enjoy every day. I may take on a part time job at some point, but only if I find something I really want to do. My physical and mental health is so much better since I retired...no more sitting on a laptop in endless meetings!
Hi, I'm taking my pension which became due at 50.
Not enough to live on though so I still have to work and save for early retirement at 60, although now looks like 63 according to figures.
Take care M.
2 weeks for me, 56. You don’t get the time back. Health is priceless. You can always make more money…
Similar, I finished just before my 55th birthday. 37 years averaging 75+ hours every week, I feel like I deserved the rest.😅 Been retired 5 years now. Only difference is that I live mainly off investments, so I just take the minimum off my pension to jeep me under the tax bracket.
This is my plan. Good to hear others making it a reality.
Art attack was a blast from the past I didn't expect today!
Kudos on your sponge frame :P
At this point what exactly do you expect when you click one of my videos? 🤣
@@DamienTalksMoney I'm expecting all future videos to end with a garden art installation now as well - you're going to have to buy some more bedding and cushions!
I was in the "I'll never retire" group for all of my life until at 52 I was in a life changing severe accident. A year to heal and trying back to my old career was just untenable physically. Disappointingly I am now in the 10% demographic Damien highlights. Economically "inactive" - what a horrid term. Good advice in this video for all. Cheers Damien.
Left my job at 58 as hated the boss and was miserable. Found it impossible to get another job and finally gave up and now do a number of interesting voluntary roles. There’s a lot of ageism in the jobs market
I am in the construction industry reaching 50 soon & unfortunately there are many unrealistic bosses & much age discrimination, boss attitude is if you don't like it move on !
We planned to retire at 66 but actually retired at 60 (a hyper fit family member died of sepsis which prompted us to retire). We both have occupational pensions plus SIPs plus ISAs and no debts… shortly we’ll get our state pensions too. Financially we’re GOOD. But and here’s ’the rub’ physically we’re definitely fading… so really use those go-go years of 60-70 because by 70-80 you’ll be entering your slow-go years, then 80+ no-go years!
Make use of age 60-70! 🎉
Retired having just turned 58 and loving the freedom, the only debt i took on was a mortgage, i never bought anything i couldn't afford. It's all about hard work, keeping fit, planning what you want at a young age and going for it (focus and grind), my only advice to the young is save and diverse investments no matter how small the amount is (never put all your eggs in to one basket) it will eventually compound.
Hopefully a lot sooner now that we all watch your channel!
The key concept to pick up from “I will teach you to be rich” is to define your rich life and then work out a budget for it. You don’t have to be living it now but if your retirement ideal is 3 concerts a week ( to make up for lost time🙂) you have to plan for that. For the first 20 years YOU MAY NEED MORE MONEY THAN YOU HAVE NOW AS INCOME or be really comfortable selling down your investments. Sorry to be a bad news bear but I now have to cut back and it’s really hard.😢
Hahaha, I really appreciated the effort you put into the art attack theme. Very informative video as always
My aim is to be able to retire the first day I wake up and think “yeah that’s it for me, I’ve had enough”
I wake up like that sometimes now! 🤣
Most Mondays.
@@DamienTalksMoneyyeah I’m starting to get there at the age of 43. Might bump the isa and pension contributions up a bit😅😊
I'm 29 and about 5 years past that point! lol
😂
I retired at 54 years old 7 years ago best thing I ever did. Love it
That's what my Stepfarther said when he took early retirement at 55.
However he had a modest company pension to live on
Majority of us in UK don't have that & despite always working have had annual income well below the average. So even being prudent limits the amount we can save to bridge the early retirement before state pension age.
My wife and I retired on the same day in 2015, she was 57 and I was 61. It was the best thing we ever did.
Without even watching the video yet, never for me. I imagine the day I retire is the day I’m lining up in a big bright place waiting to be seen by someone showing my past.
Nearly 2 years at 55, 57 now. Last thing I want to do is be getting up at 5am and 3 hours commute each day then the stress of work. Wife 10 years younger so still at work but now investing in an isa s/s so she can go when ready. Will open 2 sipps when my kids both hit 18 to get them started. I love doing what I want and when. Go daily walks, decorated 3 rooms and looking at buildings a summer house next. I was surprised how little Tv I watch but always make time for pub Wednesday have a dinner up the pub with my mate in different towns each week. Keep saving and clear debts, no need for fancy cars. Great Video by the way 👍
I think your kids can open a SIPP now - you don't need to wait to 18.
Quality video 😂 love the mix.
I see both ends of this, we have two 74 year old’s in our office, one was a head teacher perviously and both have very good DB pensions but after retirement have gained a low admin office role, not cos they need the money but they like the structure and social side from work.
Then in our local retail park food court two ladies in their early 70s, had retired but had to get jobs again when the cost of living rocketed and they could not afford general costs. Neither in particular good health but neither qualify for benefits. And these ladies work hard and on their feet all day.
Learning from you and having different pots to draw from so I can make the decisions I want rather than forced. Cheers fella.
People are already bricking it that Labour is going to limit ISAs to say for example 100k as opposed to hedging bets with ISAs versus pensions as you never know if they will clip that 25% tax free deal
Limit on ISAs, yea could be. More realistic might be introduction of CGT on S&S ISAs. Disaster for many wannabe early retirees. CGT on assets held in privatte pensions, could be another idea. Who knows.
I am not against Labour, but I am against the fact that they do not want to say any specifics about their plans in CGT area prior to election. What do you have to hide Labour? I will not vote for them for that reason. Still happy they will beat thet T*** party though.
i was impressed that the thumbnail is my age (30) but the bloody sponge frame!? Your hard work doesn't go unnoticed. Great content mate!
Strikes me there's a big difference between early retirement from *work* and retiring from a hobby that pays well!
All i can hope for is that when i am old, i am still lucky enough to be in a job that i like doing. If you can find a career like that, retirement becomes much less of an issue, for as long as we can remain healthy.
Agree, but jobs change. I enjoyed my last job for 26 years, 27th touch beautocratic is, so I decided to exit. Its nice to have a get out plan if you need it
My job involves working shifts so I do 175 hours in two weeks with half of it at night. I used to be OK with it but these days it is killing me. There are a lot of jobs like this that are OK when you are youngish but become really difficult as the years roll by. I am desperate to retire now.
Still watching your videos and they just get better!
Hi D - You and 'your team' clearly work hard to make your vids. You are doing a wonderful public service. Bravo. I think you are super bright and very grounded. Keep going . All bw
I’m 26 and I look at it two ways. On one hand it’s good and sometimes nice to have a retirement age in mind because it allows me to project where I might be by then, and kind of gives me something to aim for. On the other hand I don’t want to focus too much on the long term, and forget to enjoy the here and now. I think there’s a balance to be had.
I’d like to think that by the age of 60, I could afford to roll back, have some time off, go part time or become a contractor. Happy days.
Fantastic content as always Damo.
If you have an employer make the most of whatever they will offer to pay into your pension. As a minimum you won't pay tax on it, so £100 into the pension will cost you less than £80.
@@MrDuncl amen
Pay yourself first before paying bills etc what this means is put ££ into a retirement savings pot…. before you look at your monthly income after that age live accordingly. £10 saved at age 26 accumulates continuously…. and you’ll start to not even notice it so get into that habit. I’ll soon be 66 and I’m thanking my younger self for making a good decision 40 years ago to plan for older life.
A great video that has given me a lot to think about. But the Neil Buchanan and Art attack throwbacks absolutely elevated it! Kudos to the sponge frames and "big art attack" attempt! 😄
The idea of retiring at 67 is something i refuse to do. Mid 40s and I'm done!
My theory is a lot of people simply don’t do the sums to work out when they can actually retire., especially well before state pension age. They just assume it’s roughly near state pension age so just carry on until I’ll health or caring for someone suddenly forces early retirement.
I thought you had hit the bar with the sponge frame. However, I was blown away by the pot scourer frame 😂😂. On a more serious note I’ve watched a couple of your more recent videos around the latest budget and I think the quality of your analysis has improved over the last few months and is really smart and incisive. Still love it being interspersed with the humour!
I will be able to retire early I think. Mid/late 50s probably if I wanted to. Not because I am a high earner but because I've had a modest lifestyle and am happy to continue that in retirement. Also not having kids helps! A lot will depend on my health and the stock market performance I guess.
the biggest scam is that the world ha been made to understand that you have to work really hard all your life only to to enjoy the last 10 years of your life when your old and frail,
buy the bare minimum, work hard no doubt, but live life today,
tomorrow is not guaranteed,
❤
Yes you can still live and do many hobbies and travel and have many holidays when your still working
You don't have to wait until you retire to get into that hobbies or to visit new York or where ever
But acting like tomorrow will NEVER come provides HORRIBLE results.
Like everything else in life, it's all about balance.
I just automatically put a large chunk of my salary into a 401-K, tax efficient mutual funds, etc. Never saw it, never used it, so it didn't bother me. Was more comfortable living a frugal life (like how I was raised) than a lavish life anyway.
I never went without food, medical care, a warm or cool place to sleep, having books and a computer and a TV, etc. Just ignored first class flying, expensive cars, expensive clothes, furniture, jewelry, a big house, and all that sort of nonsense.
There are a HELL of a lot more decisions than the simple binary all or nothing mentality.
Damien your podcasts get more entertaining, well done. Working in the UK has become extremely stressful with so much regulation and performance targets. Even stacking shelves at a supermarket has all kinds of regulations and difficulties. Everyone seems to be working at their limit and having to go part time to compensate. The workforce is burning out. Mental health problems or physical health problems related to work stress are affecting a huge percentage of the workforce. The Govt need to look at the modern workplace and see how they can reduce stress on the workforce.
Nonsense, people just don't want to work post-lockdown and think of any excuse to get paid sick-leave or benefits. The UK has the laziest workforce in the world because of woke media and an over-generous welfare state.
It's done on purpose
My plan is a staggered retirement plan.
Goal pay mortgage off by 55, work full time 60 then semi retirement until state pension age.
Dream, mortgage paid off by 52, work full time until 57 semi retirement until state pension.
Complete fantasy mortgage paid by 47 semi retirement until state pension
Currently on track for the dream.
I’m about here - could take small DB pension early at 60 but I’d also be tempted to take 60-65 for maxing salary sacrifice into pension. But 60 is a hopeful ‘if shit hits the fan I have options’
Excellent video, you’re an artist in your own right
Thank you so much
Haha, this is hilarious. Where on earth do you get these ideas from? Not sure you're even old enough to have watched this classic!
Thank you, another great video.
Oh I definitely watched it! Glad you enjoyed the video
If the government want to get people working longer, they need to address the problem of many employers actively encouraging older workers to quit. They know that older workers are more likely to develop health problems, making them more expensive to manage.
I keep saying I will retire when I get offered the same deal as a colleague who retired in about 2018. Eighteen months money to retire two years early ! That is unlikely to happen now though as where I work such deals have been replaced by recruitment bounties.
With increasingly aging population, the problem of employers actively encouraging older workers to quit, will solve itself.
@@pistopit7142Not if they can dodge doing tgat by pulling in endless replacement labour from abroad.
4:52 it’s also being prepared by your 50s, employers might not want to employ you anymore. The Tech sector is notoriously ageist. You might have 5-10 of inactivity to contend with
Great vid. As Marseille were supporting Judas Priest at Liverpool empire May 1980 they must have been the first live band I ever saw, had no idea art attack guy was in it!
Fortunate to have been able to retire at 47 after receiving family inheritances.
Left the U.K. 2021. Now live in Cyprus. Turned 50 last month.
Just found your channel. I am 64 and working 2 x part-time jobs, both of which I enjoy, plus I am a personal trainer and have clients. I am working roughly 50 hrs per week. I have been toying with the idea with retiring and just having my personal training clients. One of my part-time jobs is managing a small gym. I want to continue to do this at 16 hrs a week as it is being paid for my hobby. I am fit, healthy, financially secure (I can afford to retire) but just not ready for it. I enjoy my other part-time job, too but really considering dropping that job down to 15hrs per week vice 25hrs per week now. If I didn't enjoy it, I would leave. I know that I am very lucky and none of us have any idea what's around the corner. Great video and it's provided more evidence that I should continue in my 'main job' and managing the gym, both of which are in the same building.
I personally expect to work past state retirement age personally.
I'm 38 next month and already know this will happen. I pay 10% of my wage into a work place pension and even with that high number I will be getting a abysmally low amount at retirement age.
But for me the reason I will be working past retirement is I get bored easily but I do hope I will be working part time. For me it's not a question of when will I retire, it's when will I stop working full time and when will I be able to give up full time work to work part time and have more time with my family. I've been working 56 or more hours a week for over 15 years now so working less than 30 hours (part time) would be lovely.
Everything I do with my money (what I have left) is saved in premium bonds (mainly) for that overall goal. Maybe I should do something better but that's why I'm here. learn what I might be able to do better.
If you save in bonds you're going to work until you die, Tony.
What the F are you doing saving in bonds?! Stick it in a low cost index fund.
@samuellovell1789 @clarkeysam - Like I said I don't really know what I'm doing. I've won a little with the bonds, more than I would ever have gotten from leaving it in the bank. It's currently just a place for me not to be tempted to spend it.
I will look at index funds, hopefully some videos on them lol.
@clarkeysam I have some corporate bonds running at 12% and I bought some Halifax bonds because I thought they would have capital gain when rates drop and they are running at about 7% a year.
@@JevansUK corporate bonds yielding 12% are highly likely classified as Junk bonds and are more risky even than equities so not the same at all. Actual risk that they default and you don't get anything from them.
Thanks Damien, that was your most entertaining video 👍 👍
I'm 50 next year, lucky to be mortgage free already. I enjoy working from home with my partner, so retirement isn't vital now, compared with when I hated my previous job's. It is scary how many former work colleagues, have no retirement plan & no savings. I've been saying it for years, we should be taught finances at school.
They don’t teach it in schools because if they did, everyone would be retired by 40 up sticks and leave the U.K.
They’d have millions of people not paying into the system.
It’s all deliberate and by design.
About 10 years after I'm 6ft under at this rate.
I'm working on this one!
Hospital tells me A&E is for sick people and I should come back once I've had a heart attack (no3 by then)
Saves money treating people if you kill them first!
Take care M. (maybe not go to my NHS hospital trust.)
The freaking sponge frame was a nice touch, well done
Haha - I met Neil Buchanon last year at the Gatwick EasyJet lounge (yes, a thing), and he was running easyJet “AIR crafts” (again, yes!) with kids over a free orange juice. Retirement never looked so glamorous! 🤣
Brilliant video mate - informative, slickly edited and a great sense of humour
Thank you very much
I was thinking of 55, but they've moved the goalposts, and i just got made redundant, so my plans are a bit in question
This is a really good video… well researched and I love the use of data 📊 in this video 👍👍👍
OK, this video is really good. Well done.
Thank you very much!
The issue isn't necessarily one of "Retirement", rather quality of life. I retired a year ago, however I missed the fun bits of my job a lot, so ended up continuing the teaching aspect on a voluntary basis; two months ago I was approached to see if I'd be interested in returning on a very part time basis, and I was very happy to do this. There's a LOT more to work than "just" the financial aspect, especially in my field of Hospital Medicine.
The damn normal sponge at 2:56 hahah had be absolutely crying
Already subscribed, so a quick like for the sponge frames - maybe a talking/clay head in the bookcase next video? Great topic and well delivered!
Brilliant video 👏🏻
I prefer these type of videos. Thanks
I'm not sure what my future looks like.
I'm concerned that if I become too ill or old to work, I'll become homeless because rents will rise faster than pensions.
It's a lottery. The older you are the wider the observable difference between those that still can and those who don't. Take good care of yourself to improve the odds.
how much of economic inactivity is due to poor health or looking after family, and how much is due to it being harder and harder to find a new job when you hit your mid 50s? That needs addressing too
Outstanding presentation of a question every human likely asks themselves sometime in their lives. Thanks for the insight, QI indeed!
Brilliant. Some sobering material and food for thought here. A side of things I'd not reflected on.
Absolutely brilliant mate!! 🤣 such a throwback with the arrow at the end rings off doing what you want in the new format is working out keep it up dude! 👍
fascinating video. brilliant post.
Glad you enjoyed it! Thank you for commenting
my retirement came as a major shock to me, I had a massive strock in ,ER for 8 days, then 10 more days in a private room. but the up side was i had already started investing and had enough income coming in to to pay my monthly bills i sold my business was certified totally disabled. And started receiving, but the major part of income was from investing. im lucky im still able to handle invest for myself. i was 62 when this happened.
Take care and keep the stress down.
Bye M.
@@markeh1971 thank you Markh
Love the effort you put into making this video… props to you mate
One of the best videos you have made IMO. 👍
Thank you!
Thank you for the videos. They have really helped me understand and make better decisions.
Great video mate, good info, funny, very well done 👏👏. Neil played at a rock pub I worked at in Oldham (Whittles). As a fan of Art Attack as a kid, that was bizarre and quite cool!
Ah - i will adjust my statement slightly. Be in an industry that you know and love, and move within the industry as and when required. Easier said than done I know. But if you can maintain manoeuvrability and not get trapped somewhere that you hate, you can go on working for longer, health permiting.
Having some savings behind you means that you are less likely to have to take an unsuitable job later on in life.
Great content, Damian, as ever. Thank you!
Well done on the sponge frames sir, thats one gold 🌟 for you. We work our whole life exchanging time for money, I'll retire when money grows itself and gives me time. But its important to live in the meantime. Everyone says your only young once, so if we only live once, you better enjoy it or its all been for nothing.
Time is money. However, that works both ways. When I get a garage to service my car I am exchanging money for time. I stopped working on my car in the 1980s when I had a brake cylinder pop out and land on the lawn. Better to get someone who knows what they are doing work on it.
My date was 15 July 2022 aged 59. Best decision ever!
Do you mind sharing how much was in your pension pot when you retired? Or whether you benefitted from a Defined Benefit pension and what it paid? Will it pay it until you die?
Sorry but I won’t give specific figures on social media. My wife & I benefit from small DB pensions (index linked) which cover our basic needs in full. We also have comfortable sums in S&S ISAs and I also have a decent sized DC pension pot. All of this is after living well but within our means, and investing in ISAs for 25 years. Time in the market etc and investing only in low cost global index trackers. If you work to your plan your plan will work!
What an obscure reference - Fred Dinenage. How?
This was a great video. Some really interesting insight Damo. Nice work. Clearly lots of research gone into this. Puts a few things into perspective 🙌🏻
Funny you're releasing this video; I was actually thinking about having to leave work or do less demanding work due to ill health recently. My health hasn't been so great lately and, while I hope to have many more years of work in me, I no longer take that for granted. An ISA is definitely one of those considerations, but obviously it depends on stage of life. As part of my planning, I considered taking secure housing less for granted, which the ISA can play a role in. While I have a deposit, I don't own a house yet (mortgaged or not), so that's also on the agenda.
I retired at 57. The numbers weren’t what I planned, but it was enough - so I pulled the pin. Best decision 👍🏻
I 'retired' when I noticed that being "unemployed" meant that I lost basic car insurance for driving other peoples' cars with their consent. That facility was restored when I changed my status from 'unemployed' to 'retired'. 😉
This video was terribly nostalgic - loved the ending! :D
depends on your frame of mind. For me, work is something I need to do to pay the bills but ultimately just takes away time from things I really want to do. I aim to semi retire in my 505s to get some of that time back
I think if the retirement age is going to constantly increase, there needs to be some major changes in work-life balance across the board. Maybe some way of gradually ramping down (not possible in all jobs I suppose). That way, if you still have an appetite to work beyond pension age, you can!
Declining health, decreasing food quality and overall decline in life expectancy will conflict with increasing retirement age to reduce the amount of pension to be paid. For myself I plan to retire as soon as possible, probably early 60s, and live off savings before accessing my private pension, if I even ever get a state pension I’ll consider it a bonus.
Had a plan for a decade to retire at 57 (the date was linked to certain rules at my previous employer). Gave my notice in February last year and finished in April so I’ve now been done for just over a year. The key is planning.
Agreed, the AI never forgets. Thank you.
Considering the upcoming review of state pensions and the suggestion that it may become means tested. The state pension appears vitally important at all levels of wealth (poorest= 70% middle = 45% riches = 20% of income). Even for the richest losing 20% of your income is a massive hit, surely we need to consider an alternative such as a sovereign wealth fund and forget means testing.
Another great video Damien. And also, the editing in this video is superb. 👌
Brilliant video!!!
Great video as usual thanks. Watching mostly you and sasha on UA-cam back in lockdown got me to take note of my finances for the last 4 ish years. Ive just turned 40 and if i wanted i could just about live off my passive income but I'll probably work another year or two to max out the isa for at least one more time. For me it wasn't earning more rather chosing not to buy a bigger home and keeping a shit box of a car. Paying off the mortgage on a smaller place rather than upgrading takes off a lot of pressure. Any spare cash i have now just goes into the vanguard fund. Oh and I've always been a big believer in opting out of pensions. I dont trust any government and think they will just keep putting the age up.
Cheers
Early 60's hopefully, 65 tops - I'm 50 now, I'd like to have a bit of time to enjoy myself away from work before the curtain comes down.
The square sponge frame was Bob on
I am proud of it 🤣
both informative and entertaining, thanks Damien. I loved the use of the sponge on the graph too ;)
You can thank my editor for that little detail!
Damien and Neil Buchanan is the collab we never knew we needed
Many people never think about having to maybe give up work one day to look after elderly relatives and dont prepare financially for it. The alternative of putting relatives in a care home means that any inheritance you may have been due could then be eaten up by care home fees. I didn'tb have the heart to do the latter so had to give up work to take care of my mother (and won't receive any inheritance as there is none)
Carol any chance we can get a video on explaining corporate sharesave schemes and the differences on tax advantaged and non advantaged shares?
Great video as always 👍 Did you see the dailymail article that said there are more savings in ISAs than ever, yet we know logs if people are struggling?? Is the wealth devise getting bigger? Maybe worth a video (or not)
be interesting to see the impact of AI and technology on the workforce moving forward
Towards the end of the 1970s people were predicting that Microprocessors would take most peoples jobs and that people would have to be taught how to use all their leisure time. What actually seemed to happen is that computers just led to people expecting higher standards. For example in the 1970s school lesson notes were handwritten and duplicated on a Banda machine. Programs like Powerpoint have made them look professional but haven't made them any quicker to produce.
The sponge frame got me :)
More people working later in life can also be due to it being easier to negotiate reduced hour weeks. Also, the prevalence of Zero Hour contracts, mean people can pick up part time work more easily.