Late Starter With Nothing Saved For Retirement? Do This

Are you in your 50s, and realising that you can’t work forever and now you’re freaking out that you might not ever be able to retire?

All is not lost - let me show you how to take small actions now that can make a huge difference in a surprisingly short time.

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#retirementplanning #nottoolate #ukretirement

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Chapters:
00:00 Welcome
00:16 Intro
00:59 Get Organised
03:10 Get Focused
05:58 Get Going
09:35 Resolution

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

[MeaningfulMoney]

Check the description for the links to the sources I mentioned.

These might be useful too:

[alexsteven.m]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[NicholasBall]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[leondonald]

I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.

[TheJackCain-]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[Deborah-rx]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[Michael-]

Sadly I'm 60 and have nothing, but I'm an optimist and expect to die before retirement age.

[costelloj]

Thank you for this im 50 and started late, I wish financial education like this had been more readily available in my youth, keep up the good work!

[daveburgess]

My father had his own home, great pension, private & state.He got dementia & had to go into a home, i had to sell his house to pay care fees & accommodation in excess of 50k p/year. He was the only one in the home that paid! Moral of the story is whatever u have they take, so sometimes better off having just a few quid in the bank.

[marilynseptember]

Pay off bad debts first - Credit cards, loans, etc
Current finances - Bank balances, Pensions, etc
How much to live on day to day - calculate for the year and add 10%
Get you state Pension when you retire - Guaranteed amounts
Remove the guaranteed pension from what you need and find a way to get the difference - target amount needed
Save if you can and or other sources of income - Rent part of your home or whole home (move somewhere cheaper)
Increase savings if you can by 10% each year - pay the money into work place pension - your employer will top up your pension (check with your employer if working) and if not working save in a higher interest account
Budget really hard to find more money to save - cut down unnecessary spending
Learn more about savings and investments and pensions - commit to learning more to improve your circumstances

[parismozzy]

Thank you so much! Fantastic advice! I’m 35 and have no pension yet. There is hope for me after all!

[PaulHardingham]

Of course, one of the big problems is that you can really scrimp now to save for your retirement but no-one knows when our last day on earth will arrive, and we only get one life. Would it be better to live a "good life" now and every day rather than risk having a paupers life now and then die 1 day after retiring? There's no second chance to live our lives again.

[tancreddehauteville]

After a load of false starts and bad work experiences after leaving university I finally started saving for a pension at age 29. Now I'm 55 and have saved up £690k in my fund. I'm hoping to retire at age 61 with a shade under the 55% tax threshold.

[Whalewraith]

A lot of people don't get £20, 000 even when working.

[jeanpaice]

I paid into a work pension schem from the age of 40 to 61. I brought up two children on my own. I paid approximately £50 to begin with and gradually increased it to £ 100 per month. At 55 I had over £ 50, 000 but then this got hammeted because of Truss and the stockmarket going mad. I lost £ 13, 000 in one fell swoop. I have left my pension untouched and it jas increased by £3, 000 but I am still £ 10, 000 less than I had. I feel sick about this.

[jameschu]

I started rebuilding an entire life at age 40 with a backpack of clothes and £12 in pocket, so stuff like this saying it's not impossible to still build upto a retirement is fantastically motivating!

[ray]

You'd think this topic would be taught in school from a very young age, i wonder why it's not 🤔.

[jercruse]

Been sorting my pension out, been telling the family how important it is..but after watching you, will send them the link as you have explained it so well..cheers Pete 😊

[nyemartin]

When I reached 66 last year I soon realised the state pension wasn't enough to live on, now I work to make ends meet, couldn't retire if I wanted to 🤦‍♂️

[celiaresells]

Thanks Pete, I only started with investing/pension last year at age 48.. I'm doing my best to retire at 57 .. I only have a low level manual job wage, but am now on track as I invest at least 50% of my earnings..

Please keep doing videos like these, it gives hope :)