Planning to retire during a MARKET CRASH? Do this...

Retiring in a recession or market downturn can be worrying, and has the potential to turn your plans upside down. If that’s where you are at right, what should you be doing?

#retirementplanning #recession #financialfreedom

🏷️ Use PROMO Code "YOUTUBE" to save on any of the three courses.

Chapters:
0:00 Welcome
0:27 Intro
1:01 Don’t change your investments
1:51 Defer retirement
2:32 Phase retirement
3:17 Reduce expenses
4:19 Draw DB benefits early
5:16 Spend cash down first
6:16 Draw small amounts if needed
6:43 Keep contributing if you can
7:13 Consider downsizing
7:55 Summary

The MeaningfulMoney Community (Facebook):

FOLLOW ME:

⚠️ IMPORTANT: Please be aware that MeaningfulMoney does NOT endorse or recommend ANY people or businesses claiming to be experts in crypto or other investments. We would never recommend you any investment strategies within the comments section. Please protect yourself against spam and misleading information from fake accounts and please do not share any private or sensitive information.

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

[andrewcarter]

Sensible. Real world. As you say, no one said life would be easy. Being able to react in a realistic way when things are tough will help.

[andrewcarter]

I have read that what you should think about when nearing retirement is to liquidate enough investments into cash to fund the first 3-5 years of retirement. You can then stand the sort of downturn we're now seeing with a realistic chance that the next time you need to do the same - liquidate investments for the following period - your investments have had a chance to recover.

[JamesOrr-vg]

Great video, especially in September 2023, A video of where to put cash in a sipp that is very low or no risk and covers inflation would be helpful. I am thinking of putting my cash into a savings account until 55 then dumping it in a sipp. I have £30000 cash can I do this in one year at 55 I am 53 at the moment?

[maltesetony]

I retired last year. I kept 3 years' worth of dosh in cash (to see me through until I get a state pension on top of my DB one) & shoved the rest into more Vanguard funds / ISA.

The only thing to do is . . . sit bloody tight!

[fusemunk]

Pete, normally good advice. The title RECESSION - you didn't mention this in video (we're not in one yet)??? Also to say assets are down? - which ones - the FTSE100 has been static for 7 years. If your talking S&P 500 US etc then context the discussion. Also if it's S&P 500 then context that it's been going up for 10 years plus. Simply not balanced - (commented )- fund is down 20%...aye this year after MASSIVE gains...
I sharper video on retirement management might help.

[davidreus]

Big ups to everyone working effortlessly trying to earn a living while building wealth. I am 50 and my wife 44 we are both retired with the net worth of over $3million with no depts. Currently living smart and frugal with our money. Saving and investing lifestyle in the financial market made it possible for us this early even till now earn monthly through passive income.

[guyr]

Another good video Pete, a work colleague and I both subscribe to you but we are at different stages, he is 42 single no kids etc and saving at a good rate to provide as he does not want the low income his mother has as a pensioner. I am 62, 2 1/2 years from a DB scheme starting to pay, and then 1 Yaar later full state pension.
I also have a decent amount of DC funds which I am adding to. I regularly am checking and re-working what monies will be available at retirement. Some of this is of course stock market dependant, but happily DB schemes are solid. We both see this period as a time where our investments are at low buy in periods and in 3-4 years time they will be bouncing back and we will have bought low.
It reminds me of a scene in “it’s a wonderful life” where there is a panic on and he is telling people Not to panic, and the the mean spirited Mr Potter is buying and acquiring the whole of the town.
As you often say think long term investments made now might repay very generously in 4+years. Delaying buying that retirement car it’ll be cheaper in 18 months as the over heated car market will cool

[NickForest]

Thanks Pete, this video is exactly what I needed to hear today…fund is down 20% and at 62 I’m preparing to make the final step off the corporate ladder but I sensibly took the decision to drop down to two days a week from 60 so as to have a glide path into full retirement and now I have the option to continue for another year or two if I wish so I’ll swallow my pride and extend out the period to 64 or 65 before I take the final plunge.

I’m keen not to lock in losses and I don’t have to touch my main pension fund for a few years yet if I so wish plus I have other sources of income but you’re right when you say you feel you should be “doing something” and it feels counterintuitive to sit back and leave funds where they are but this video is a really timely reminder to learn to ride out the seismic shocks (hopefully) and the approach you’ve outlined is calming for us jittery investors.

[PH-dmew]

HAHA- i retired about 5 months ago. Just saw your video. OOPS. All is well so far.

[David-uehh]

Why does the picture keep zooming in and out? So irritating!

[dubsdolby]

I retire next month at 53 so its early but I've been planning awhile. Mainly blue-chip dividend paying stocks averaging around 9% as brought alot during covid etc. I have been building my Isa for around 25 years as tax free income is very important then I can use the 12.5k capital gains allowance up on my buy to let etc. Then sipp at 55 .🙂

[hTyKn]

I put 3 years worth of living expenses into cash within my SIPP last year around the time I retired just in case the market dropped and sure enough it did shortly afterwards... phew!

[kevinwillmer]

Very good advice Pete keep the videos coming.

[BeautifulNaturalDramatic]

Very useful informative and pragmatic video

[oxm]

I have found out that i have possibly parkinsons, thing is i am 55 years old, all this happened and finished in december last year.
Unfortunatly all this and being finished from my job and guess what i started to claim my pension only the 25% fed up of see my pot going down. But have sense enough to not do anything rash at all. Am i doing the right thing any suggestions would be great I WATCH all your videos and more imprtantly i have subscribed, YOUR THE MAN !

[BeautifulNaturalDramatic]

A very useful video - illustrating various options available to everyone in a very practical, informative and definitive way 👍 👌

[swansistersfun]

Great video as always Pete, can you make video about protecting wealth I.e passing it onto family with out paying / paying minimal tax. Are trusts a good way to go in the UK.
Cheers. Keep up the good content.

[philprocter]

I should have retired in April when I turned 66, but decided to carry on working for a while longer. I am doing four days a week at the moment, so I do at least get long weekends.
My state pension is now being paid into my bank as well as my wages, and another added bonus is that I no longer pay NI on my wages.
The downside is that I have to pay tax on the state pension, but I have decided to pay any additional funds over and above my wage straight into my own personal pension plan on a monthly basis so I can get the tax relief back on it.

Does that sound like the right approach until things recover a bit ?
Should I pay one large amount every month, or pay smaller amounts on a weekly basis into my pension pot ?

[leesmith]

using a £value of your portfolio as the trigger for declaring yourself able to retire just feels wrong to me. the portfolio could lose 30% of its value in your 3 month notice period. but you still own the same amount of each asset. and if everyone did it wouldn't no-one ever retire in down markets. it's the worst possible timing of the next bear market but it would have happened at some point and will again many time in most retirements. the plan before giving notice should be able to get through this scenario. enough cash to cover and a belt tightening plan for it. if that plan was right i don't think the retirement plans should be changed at all. you're closer to the next recovery. get the first period like this out of the way early could be a blessing physiologically.

[nikki_jp]

Great overview as always! Thanks for your insights.