Retirement Advice

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.

Edit: It's the guy in the example I'm referring to when it comes to the savings and what is being set aside each month. I'd only dream of that! :D
 
Last edited by a moderator:
I'm looking to retire in a couple of years and have been speaking to a financial adviser and am trying to build up my AVC's (Salary Sacrifice) to boost my pension for when I retire. I'd certainly recommend getting financial advice to help you to prepare.
 
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.

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
 
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.
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.

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
 
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
Nah, he didn't say that was needed. That was simply an example used in the video. Needs to be watched for full context.
 
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.
 
It’s a good video but I still don’t like some of the pension odds. I’m not sure I’ll get to retire, just a funny feeling I’ve always had. Definitely leaning more towards enjoying life earlier rather than later. It’s all a gamble and not everyone can win.
 
If you can manage on whatever pension you'll get, GRAB IT WITH BOTH HANDS and retire.
It's the best decision I've ever made.
My 67 year old neighbour gets buried on Thursday.
He sold his business for half million after discovering he had terminal cancer last month.
He should've/could've retired years ago, he had a 55 year old wife, 1 grown up daughter, mortgage free, 3 top of the range Mercs.
So sad 😞
 
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.
 
Retirement advice.
Flippin eck, where do you start.
Personally I think one could be on a sticky wicket.
When I worked at my last pit. I was on about £37,000 per year.That was a very good wage for my putting in long long hours. I was listening to guys giving out advice that worked at Daw Mill that were on over £200,000 a year. They were on over 5 1/2 times my wage. Imagine what that put into their pension pot compared to mine. Ave no complaints. But to listen to them telling folk what they should be doing was based on their earnings. Not mine or indeed the people they advised.
Me I finished as soon as I could afford to. 52 1/2 yr old. Me and Missis T had paid off our mortgage, loans etc etc. we did it because we knew the pit was shutting and went without for a few years. It worked for us. But how can I tell others to finish asap when I don’t know or want to know other peoples financial situation.
The factor for me and Missis T to finish was working in an occupation where we saw the crap end of the stick re peoples health, or lack or it. This year for me being a fair example.
If people want to live life to the fullest and not save for retirement, that’s their choice and I have no problems with that. But they may well be working a lot later in life.
Me I am very happy with the path that me and MissisT have Chosen.
 
Last edited:
If you retire early and find yourself short of cash, there's plenty of jobs about to boost your earnings until your state pension kicks in.
Lots of folk have to survive on state pension with credits.
But if you or your partner receive a private pension you may not qualify for pension credit.
WORK TO LIVE, DON'T LIVE TO WORK.
 
I retired at 56 but lost 5% for every year I went early so 45% Of my pension.
I was well paid at the time and wife was working.

you can’t just play golf all the time you really need something to do.
I went back part time in turf maintenance.

if you have the money great if you don’t then it’s not viable.
like most things it comes down to personal circumstances.
but one thing I know I hardly spend anything now (after essential)as going to work does cost money.
mortgage paid is the big one. Paid that off straight away.
 
Top