PNWokingham
Journeyman Pro
Found this guy who is very good and has several useful videos on retirement
Ben who is the example of the video is doing rather well for himself. Or it's me who's not particularly successful. 33 years old, already saved up 80 grand and is putting away £900+ a month. Oh well, I'll just work until I die.
That's what I have done as well. I have taken the maximum cash out of my ICI pension that I can which is being invested, and I am picking up the balance of my ICI pension now even though I am still working. I could drop-dead tomorrow so make the most of the money I have now.Tbh I am not bothered about what my pension pot has in it when I head off to shake hands with my maker (hopefully a long time yet). My children will inherit whatever there is, and as they are being supported now the end is less relevant to me.
Besides, life is for living and not for building a pension pot, a pot that you might never be able to spend if things don’t work out as planned. That being the case, and given family health circumstances, retiring as soon as I had the opportunity and it looked like we could live reasonably OK, was the plan and when it was presented to me I grabbed it.
Nonetheless, interesting bit of analysis by the guy.
Tbh I am not bothered about what my pension pot has in it when I head off to shake hands with my maker (hopefully a long time yet). My children will inherit whatever there is, and as they are being supported now the end is less relevant to me.
Besides, life is for living and not for building a pension pot, a pot that you might never be able to spend if things don’t work out as planned. That being the case, and given family health circumstances, retiring as soon as I had the opportunity and it looked like we could live reasonably OK, was the plan and when it was presented to me I grabbed it.
Nonetheless, interesting bit of analysis by the guy.
Nah, he didn't say that was needed. That was simply an example used in the video. Needs to be watched for full context.I didn't watch the video as I am already retired but if he says you need 80k and save £900+ a month, he's talking rubbish.
In my opinion
The general understanding of such stuff is indeed poor. Should be taught in school.that was just one of quite a few videos he has produced on the subject - having been in the business most of my life and seeing many people don't understand many of the issues, i thought this and his other vids are worth looking at if anyone has the interest
The general understanding of such stuff is indeed poor. Should be taught in school.
Excellent video, particularly point 6 which really is a key one. The decrease in spending as people age is quite dramatic and very often in the years before care is required a lot of folk simply do not have the health or appetite for expensive hobbies, holidays, gadgets, cars, fashion etc. and cannot spend their income and end up ‘saving‘ again.
I think all of them could and should be placed under the title of “life skills”. Unfortunately there’s no jobs with that title.So many things really need to be taught at schools
Pensions
Budgets
Basic DIY (as opposed to making boxes)
Cooking actual meals (rather than cakes)