Don’t assume your pensions are being managed correctly. The earlier you sort this out the earlier you can retire.
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0:00 Intro
2:20 What & Why
3:24 How much should you pay in
4:59 Contribution Tips
06:01 How to find them
06:47 Problems with default funds
08:07 Stick, twist or shuffle
08:39 Walkthrough
12:53 Transfer considerations
14:18 Choose your beneficiaries…(read more)
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How to Sort Out Your Pensions TODAY and Retire Early
Retirement is a dream that many of us share. The idea of leaving behind the daily grind and enjoying the freedom to pursue our hobbies, interests, and travel the world is incredibly appealing. However, to ensure a comfortable retirement, it is essential to sort out your pensions as early as possible.
Pensions are a complex subject, and many people struggle to understand all the options available to them. However, with some careful planning and a bit of effort, you can set yourself up for a financially secure retirement.
The first step in sorting out your pensions is to assess your current situation. Gather all the information regarding your existing pensions, including any pension schemes from previous employers. Make a note of the annual income you can expect from each pension and any associated benefits.
Next, consider if it would be beneficial to consolidate your pensions. Having multiple pensions can make it harder to keep track of your overall retirement savings and may lead to paying unnecessary fees. Consolidating your pensions into one scheme could simplify your financial planning and potentially reduce fees and charges.
Once you have a clear knowledge of your current pension situation, seek advice from a financial advisor or pension specialist. They can provide valuable insights into the best course of action for your specific circumstances. They can advise you on investment opportunities, tax implications, and the potential for increasing your pension contributions.
Reviewing your pension contributions is another critical step to retiring early. Aim to contribute as much as you can comfortably afford. Remember, the earlier you start saving for retirement, the longer your investments have to grow. Take advantage of any employer matching schemes, as this is essentially free money towards your retirement fund.
Additionally, consider diversifying your pension investments. While it is tempting to stick to safe and predictable options, such as government bonds, diversifying your investments across different asset classes can increase the potential for higher returns. However, it is essential to strike a balance between risk and reward that aligns with your risk tolerance and retirement goals.
Regularly reviewing and adjusting your pension plans is crucial as you near retirement age. It is advisable to reassess your investments every few years or whenever there is a significant life event, such as marriage, children, or changes in employment. This ensures your pension is aligned with your financial goals and lifestyle requirements.
Take advantage of the various tax benefits associated with pensions. Contributions to a pension scheme often receive tax relief, meaning some of the money that would have gone to the government as tax goes into your pension instead. Maximizing your pension contributions within the annual limits can be a tax-efficient way to save for retirement.
Finally, consider alternative retirement savings options. In addition to your pension, you may want to explore other investment vehicles, such as Individual Savings Accounts (ISAs) or property investment. Diversifying your retirement savings across different assets can provide an additional safety net and potentially boost your overall retirement income.
Sorting out your pensions today is a vital step towards retiring early and securing a comfortable lifestyle. By understanding your pension options, seeking professional advice, and regularly reviewing your investments, you can take control of your financial future. Start planning today to ensure a stress-free retirement filled with all the things you love.
Please ask me any questions you have about pensions, I’ll answers them below and hopefully this will become an even better resource for the people that watch it after you!
am i one of the unlucky ones? I am 64 now, and have a private pension with The Royal London. they have told me quite bluntly that I cant access it until i reach retirement age!! Are they within their rights to refuse me to get something from the pot?
Hi James! Thank you so much for your work, it really helps!
I have a question, what if you’re self-employed?
I am planning on transferring my pension (while I was employed) to Vanguard. Do I have to open a Personal Pension and transfer my old pension there? And then starting to invest in that Personal Pension from my self-employment?
Thanks,
Pauline
Hi James I contribute into a company pension I contribute 5% the company contributes 3% and the government contribute 25% is there any other way of claiming back any taxes national insurance on anything
Hi James, very nice and informative video, thank you! I wonder if you know how to keep cash in Aviva pension? It seems that they offer 3.48% as interest rate on cash but I don't seem to have the option to keep cash in my Aviva pension?
Interesting video. I am a registered nurse. 23 years NHS superannuated pension. The past 11 years I have worked offshore in the oil industry and as your video describes I have multiple pensions. Every 3 years or so our contract provider changes and I end up having a new pension scheme. I am 53. I have considered consolidating everything into one pension, except for the nhs pension. But it’s a mine field and I keep getting conflicting advice. Can you advise please. Thank you.
I have a local council pension, does this apply as I asked how much I would gain if I paid in £100 extra a month they said £6 and only able to take from 68 years old. Gave up and bought a buy to let property.
If you are 55 and want 2 take 25% from 1 off 3 pentions you have can you..or do you have 2 take 25% from all 3 pentions because off tax reasons
Can you sue a pension company if they've made a load of crappy decisions – or worse – no decisions over a long time?
Recent subscriber.
Great content. Are you able to suggest what people generally go for in their pension portfolios for 30+ year time horizons?
100% stocks with what coverage of markets and small, mid caps, countries etc.
I wonder if you could do a video reviewing what people with 30 years + generally do if high risk tolerance? Or perhaps with varying levels of risk tolerance.
Thanks
James, thank you so much for your informative accessible videos. When you refer to default pensions, with NHS are there any options?
Hi James, Just came across your youtube channel today and I think I hate you and love you at the same time.
Many thanks for the info.
James my workplace pension is Now Pensions and their returns aren't very good. They only have a retirement fund and a diversified groqth fund. My employer refuses to change my contributions towards a better provider.
Is it worth opting out and putting my contributions into a SIPP or am I better staying with now for employer/govt contributions?
Hi James, love the work you do! For the chart, it might be worth adding a stacked chart that splits the pension, ISA, State pension, etc, on top of eachother with different colours to help see trends. For example, when the workplace pension runs out and state pension kicks in. I'd be happy to send an example if needed. 🙂
Thanks to you, I just tracked down my pension and allocated it to all-equity rather than the generic target date fund.
Which Interactive Investor fund / shares / tracker should I invest in if I need access to it in 3 years time when I am 55
Hi James, if I pay some inheritance into a pension it looks like I get standard rate tax relief (Vanguard platform) seams a little wrong if I personally haven’t paid tax on the money. If you paid in the max yearly limit that would be a sizeable HMRC contribution! Would the expectation be fill in a tax return and HMRC would get it back that way. Could be an expensive tax bill!Atb, Andy
Reassuring video. I’m 42 and I have a Standard Life pension with approx £116000 in it. I’m invested in 2 funds at almost 100% Equity…a global fund (75%) and one that tracks the S&P 500 (25%). In happy to take a lot more risk (both funds are risk level 6) as I am still 20 – 25 years from retirement, and the most important thing for me is maximising the returns, even if the volatility can be high at times
if someone leaves you their pension do the same rules apply – or can you use it as money or does it have to be left until I reach retirement age?
How many pensions are you allowed? I know there is a 1m max, but can you do that twice if you want?
I paid more than I had to, into a pension over my working life, and when I come to take my pension, I find the government has destroyed the currency ( at least £2,285bn QE in 2020, alone ) and I would have been much better off if I'd spent it on high priced hookers and cocaine when the money was still was worth something.