Starting to plan for retirement? The 3 Tasks I Would Do Today (including 3 free tools)

The three retirement planning tasks I would start with and keep doing every year.

Financial Planning

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00:00 Intro
00:57 Task 1
07:01 Task 2 - How much I should be saving
07:54 Task 3 - Performance benchmark

[JamesShack]

There are links to download the tools in the description. I hope you find them useful. 👍

[jeromesand]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[peterlloyd]

I have hammered down my monthly / annual budget £ spend back end of 2023 and into 2024. Took action on the following costs to save money: 1. Buildings & Contents Insurance - moved insurer and added with my car insurance - got another £50 off car insurance premium as a result. Further reduced car insurance premiums on two cars we run by adding a named driver, calling insurer to ask if they could do better on the annual requote - they did. Hammered down my Sky subscription. Dropped the window cleaner completely whom was monthly visits. Droped the garden grass maintenance company - monthly cost. Can do both windows and garden myself. Gas & electricity took out a fixed rate deal for one year. Took out a new mobile contract last year - not upgrading my mobile as waste of money to do so. Maybe small things but we can all do them to prevent 'costs creeping - up' as I term it!

[MrAlwaysBlue]

Im 58 and have a detailed spreadsheet model I made and update 1st Feb every year since 2016. That extra 1% return really does make a difference in the long run.
Thanks for your suggestion about investing in health. I was umming and arring about getting a new bike. You have convinced me to do it.

[nigelmagnay]

Go look at your pensions and where they're invested (if they're not SIPPs). I discovered one of mine had been following a predefined plan and quietly shifting units to a commercial property fund - which has performed like dog***t.

Needless to say I'm ni the proces of transferring out!

[BEAUTIFULDIANAFRANCIS]

Amazing video but I will say retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. This is how it should be and I really want that have that comfortable life . Any advice on what to do ?

[robertthurmond]

Bought a good cross section of an economy after i retired, Also i built a diverse portfolio that i'm attached to because it keeps me motivated. I never follow the crowd emotionally when choosing my picks. To be honest i sped up the profit and stock picking process where possible by using an FA, I also dabble in etf's, bonds, coins etcetera. After my first million I realized that when a stock starts booming chances of you finding out it's potential on time is very slim. most average investors are always late to the party, for this I make sure my CFA handles that, ever grateful to Emily Lois Parker. it’s like turning your notifications to earn more millions.

[IanSinker]

What a fabulous video! So helpful to me James. I watch most of your content and am about to retire in 4 weeks at 59.5 yrs old…. I’d put myself in the bracket where you said a client is aware of their finances well but not to the point where I know my own personal inflation. My wife and I have discussed the things we’re moving to in retirement and the priorities we want to achieve. One was health and wellbeing but tbh I didn’t know what this meant to me and I’d never considered a financial allocation to a goal. My IFA says my plan should include spending more in the earlier years and this aspect from this video has really opened my eyes to this opportunity and plan to spend to maintain health. Thank you so much

[UKGeezer]

Thank you, that spreadsheet tool has given me some confidence that Ill easily hit my target in just 10 years (5 years before I was planning to retire at 67), even at 4% growth.
So now just got to hope I don't lose my job and stay healthy so I can continue to invest for that long 🤞

[Scimitar]

I wish you would do a similar one on having retired how to assess if one is being sensible.

[daviddiluvicusor]

We have started to fill in the forms, strangely fascinating exercise. Next plan downsize the house, I worked out we use 25% of it. Now the kids have left home. We did get a Monday to Thursday lodger a few years ago, so get the £7, 500 Pa allowance. Which pays the bills for the house. Never see him. Gave up truck driving recently, love not getting up at 03.30 and being away a lot of the time.

[Lee_Hall]

Hey James, stumbled across your channel yesterday and have subscribed. Been going through some of your videos and a lot of great advise, but a lot to take in. Hard to know really what the "best" way is. Of course there really isn't one. But very easy to make costly mistakes and I have made many.
I'm keen to try to educate myself in this mind field to help improve financial security & freedom for me and my family. I have signed up to be notified for your course.
Keep up the great content!

[eddied]

Thanks for another clear video highlighting three important tasks and how to complete them. Interested to see how your template works if you are close to, or at retirement. I will share this video with colleagues who ask exactly the questions you answer.

[johnmccolgan]

Great detail James, will have a check of the links and see how I'm tracking. Looking at moving my pension was on the cards this month anyway

[douglasheld]

7:53 the red YouTube progress bar blocks the QR code. Would you consider to move it up a bit?

[richardnelson]

James. Good presentation. Many thanks.

[laurad]

Do you have recommendations/video on NHS workers?

[tomwestcott]

James,
Please could you make a video discussing DB pensions?
i really enjoy your content but alot of your videos don't apply to me as nhs staff with a DB pension.

There are millions of us in the uk who will still receive DB pension.

A video discussing the pros and cons of these, ways to plan for retirement including these schemes etc would be extremely useful

Thank you

[pascaljoly]

I am never giving my money to anyone else again; these financial advisors used to charge me so much and i didn't even realise for years. now i am with vanguard and got about 20% over 2 years. i had a guy calling me saying he could get over 30% but again the fee was way too high. not falling for that again.

[andymullins]

James - great videos and work here generally - keep it up.

My question relates to asset allocation as I near retirement. I am 61 in April and am looking to retire at some time in by 65th year.

I currently have a large part of my pension invested in index funds (Vanguard developed world ex UK, Ftse all cap and a global bond fund.

I currently only have 10% in bonds and wand to progressively ramp this this % up.

I am due the full UK state pension (at aged 67) and my wife will likewise. As a couple thats a good 20K of fixed income guaranteed and index linked. How do I factor this fixed income into my overall asset allocation? If I go for a 70/30 or 60/40 allocation (stocks to bonds) I assume I need to include the state pension in the bond, fixed income side of the ratio, reducing my overall bond amount accordingly?

Do I work out how much an annuity would cost that pays out an inflation linked amount equal to the state pension and assume that is in my bond allocation?

Perhaps a future Vid James?

Andy