EVERYBODY Can Retire Well (Master These THREE Factors!)

In this video, I build on the question from my last video, “How Much Is Enough To Retire Comfortably?” Instead of just giving you a number, I showed you how to calculate your own. However, many of us might find that number daunting, leading to discouragement: “I’ll never get anywhere near that number - I’m struggling to save as it is!” Today, I’ll cover the three main factors that govern our progress towards that number and determine whether we achieve it or not. The great news is that we can all harness these factors to retire well. Don’t miss out on these essential insights to secure your future!

#meaningfulmoney #meaningfulacademy #retirementplanning

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Chapters:
00:00 Intro
00:47 The Three Factors
02:32 Factor 1 - Inputs
05:13 Factor 2 - Growth
08:53 Factor 3 - Time
09:56 The Ultimate Factor - The TARGET ITSELF

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📫 Leave me a comment below - I read all of them and love hearing from you!

[christopherelliott]

As I got older my expectations started to change and I realised I would be happier with less money and more years not working - health can change quickly folks good luck all

[Benjaminarmstrong]

Your videos were great!! I am one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.

[bukki]

Looking for long term investments that can fetch millions. If you had $250k, which one would you go for in terms of retirement planning?

[prometheus]

6 years ago I had 10% of my target, I went nuts on contributions…circa 50% of earnings…..now I’m almost at my target…..it can happen that quickly! Those tax benefits for pensions really multiply up the effect 👍

[SensibleRider]

Great video, Pete. The tragedy is that these kind of lessons are not widely taught in our educational institutions. Martin Lewis has tried hard to do something about this, but even with his huge platform he’s not really been able to do much. In my opinion, our governments (red and blue) have failed the people in terms of financial education provision. The result of this is that a lot of people working today, who don’t have DB pensions, are going to have nowhere near what they need in their pension pot to retire in their 60s. That’s the reality.

[Ben_Chode_]

By maximising pension contribution via salary sacrifice at 42 years old I have 200k accumulated. Target of retiring at 57 is more than achievable with more than 1 mil

[Suburb]

Great video, for years I increased my pension contribution by 0.5 % each year, and over time it makes a big difference.

[markpowellmp]

All good advice and good luck with your plans everyone
But, watch out when you reach your target and start taking. I have been charged 8% recently by an advisor already on an ongoing fee to access Tax Free Cash under the advice that the pension company would “block” the transaction without her ‘advice’. This turned out to be incorrect and I am now taking her to a tribunal next month for a refund (I hope)
It’s the Wild West out there with goodies AND baddies lurking

[gingersergio]

I have been paying into local authority Pension DB scheme for 24 years. Been a avid follower of your channel Pete great advice, at nearly 52 now have Isas and property. Iam looking to retire early at 55 before the age goes up, currently researching a Sipp to max out after sale of properties your channel has been a great resource cheers

[ryanm]

Many thanks for the content Pete. I’ve recently (last 2years) increased pension contributions to circa £1k per month at 32 years old & also moved out of the Default fund which I only wish I did sooner!! When you’re paying 40% tax anyway it’s a no brainer! to increase contributions.
If it wasn’t for watching content such as yourself I probably wouldn’t have done anything about it. So here’s a thanks from me and my future self 👍
good luck to all the others looking at Meaningful academy video’s!

[kieron]

Don’t forget the option of retiring abroad.

Pension decisions are often centred on the UK system but there are tax incentives to be had elsewhere.

Cyrpus for example, taxes foreign pension income at a minuscule 5%.

[kevincowan]

I’ve been increasing my pension contributions by 10% a year for 2 years now after you suggested in one of your previous videos we should do that and I’ll be able to do that for at least a couple of more years

[Adnanhasb]

Thank you so much for the video and making it practical for us

[leobrown]

It's all about the time in .start early, and the compound factor is amazing.

[ushasundaram]

This is a great video as usual Pete. For me, time is the only sticking factor. I only started an occupational pension at age 42, 12 years ago because of circumstances beyond my control. A few years later our final salary scheme became a hybrid DB/DC scheme so my retirement benefits build up in my DB pot has been pitiable. So in the last few years, I've been aggressively salary sacrificing and putting money into my DC pot which has grown into a substantial sum. I need to keep an eye on the investments though because fund managers are not brilliant. But in the interim 12 years I managed to get on the property ladder, pay off my mortgage in just over 8 years, and have opened a modest S&S ISA as well. So for me its a question of carefully balancing pensions, ISAs, and just regular savings to make sure that I can retire comfortably and possibly as early as I can while working long enough to get all the key home improvement stuff done. I've now started becoming more generous with my health, taking good care of my diet and exercise, not scrimping and starving because that will be key to retirement. Thank you Pete for your continuing inspiration.

[benreese]

Thanks for being there for all of us. I’ve got the pension bug after subscribing to your channel. 😂

[austinbar]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[logiclee]

Started paying into pensions at 16. I'm now 55 and had a few health issues. I decided some years back that working to 67 was not going to happen. Started paying 25% pension and now 30%. My aim now is to retire at 57. Ten years early.

[UbiquitousBooks]

Could you explain why you say pensions are generally better than LISAs. Obviously, the pension tax relief at the higher rate is a win for the pension. But within the standard rate the pensions's advantage reduces to the NI saving while the LISA seems to have the big advantage that it can be used to draw a tax-free income after retirement.

[Banthah]

Great video as always Pete thanks for posting.
I am 53 now and have been working towards retiring at 55, and still could, if I stay in the UK. However, I have decided to retire to Spain because there’s only so many more “summers” like this that I can handle. Never mind the cold dark and wet winters.
But, their tax system is crazy, like way worse than ours. For example, I calculated that my DC pension would provide me with around £3, 150 pm net. That’s fine, but in Spain, because of their tax system, the same withdrawal amount only gives me £2, 500 net.
So I have to be agile, and as I’m putting in 30% of my salary into my pension already, plus 10% employer contribution, I have to extend the time to get enough money to provide me with the income I need. So instead, I’m looking at 59.
4 more years, to retire to the life that I want. Fair enough I guess.
Oh, and I will never complain about uk taxes anymore, especially pension (both in and out). Our tax system is brilliant compared to southern Europe!