The Optimal Age To Save for Retirement

Do you wish you had discovered investing sooner and started saving for retirement earlier? In today's video, I want to show you a different way to think about it.
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Timestamps
00:00 - Too Late
00:56 - Pollock
01:43 - Linear approach
03:22 - Another way
04:05 - Sponsor
04:47 - Higher Earnings
06:25 - Kids
07:35 - Student Loan
08:10 - Stop
09:54 - Average Savings
11:45 - You don't stop
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[@DamienTalksMoney]

Subscribe to The Daily Upside for completely free using this link: bit.ly/44iynb7 love it, but if you don’t, you can always unsubscribe.

[@cspeirs1]

Brilliant! Loved this, thanks Damien

[@cleric7788]

Off topic but what t shirt are you wearing?

[@DamienTalksMoney]

@@cleric7788 it is just a t shirt from Zara

[@kurtismunden7023]

@@DamienTalksMoneywhat’s your opinion on cash value life insurance for long term use and potentially long term wealth ?

[@incurza9647]

Hi Damien, I'm interested in your cheat sheet and the spreadsheet from this video but the link in your previous video appears to have broken?

[@jack_walt]

My parents told me to start contributing when I became an apprentice at 18 years old. It might’ve been the single best piece of advice I was ever given and I’ll be forever grateful

[@connorwilloughby1696]

Mine was from a senior colleague, he suggested I over contribute a few percent at 17. Now at 25 I'm incredibly grateful.

[@jack_walt]

@@connorwilloughby1696 that’s awesome. I’m 23 now and even just those first 5 years of contributing has given me pot size more than double the average 25-34 age group in this video. Wish you all the best for the future

[@jack_walt]

@@connorwilloughby1696 that’s awesome. I’m 23 now and even just 5 years of contributing has given me a pot size more than double the average 25-34 age group in this video. Wish you all the best for the future!

[@anonb0]

Also started as an apprentice at 17

[@DamienTalksMoney]

Well done for listening!!

[@mattferdinando]

I don’t say this lightly as you’ve done some brilliant videos, but this is the best you’ve ever done. The narrative arc, the entertainment value and pollock jokes, and the underlying financial message all brilliant.

[@DamienTalksMoney]

Thank you so much! I’m just glad my ramblings about artists made sense 😂

[@jessperry1703]

@@DamienTalksMoney it was all worth it for your final sentence

[@joshuakentolp7152]

@@DamienTalksMoney wholeheartedly agree with the above comment, really well researched, structured and entertaining video

[@MM-ev1fg]

Agreed. I’ve shared this with many people.

[@leightonharrison2328]

51yo, 10k in work pension, just opened a sipp. Never to late, the saying' best time to plant a tree was 30 years ago, the next best time is now!' Thanks to you, and a couple others on you tube, my financial understanding has become, over the past couple of years, more than I've ever had!

[@DamienTalksMoney]

Lovely positive attitude and you have loads of time to get a really decent pot together!

[@TheNicoliyah]

I’m in a similar position have had my SIPP for a few years (not a lot in it lol) have just opened my first stocks & shares ISA so that I can use it for dividend investing

[@jameswood4183]

This has to be one of the best financial KZbin channels around !

[@DamienTalksMoney]

Thank you James 😊

[@paulgal]

No it is the best by far .

[@christines5430]

I second that❤

[@barnoluk9272]

Comfortably

[@padanfain7466]

I love this guy! Always makes you feel better about life. I had nothing and no hope at 34, at 44 I've started a business, got. House and paid off the house, and saved a decent amount. 10 years can make a huge difference.

[@DamienTalksMoney]

Love this! Just shows that a decade is so much time if you put your mind to it

[@orangesnowflake3769]

Thanks for posting this

[@user-xn2tz2dz8c]

I agree.

[@Rayraysplums]

Luck must have been on your side well done.

[@padanfain7466]

@@Rayraysplums What I can tell you with confidence, is that luck had nothing to do with it. I had a mental breakdown due to addiction and work stress, and had to make some serious changes to my life. I started a business at home due to the severe anxiety that came with it. Lucky me!

[@mrtod13]

As a soon to be 55 year old, this was a very welcome shot of positivity. Thanks Damien 😁

[@helensavvides6582]

My thoughts exactly. My father worked until 81 because he loved his work. I think we need to change the narrative on retirement and work. If you can work and you enjoy it, why shouldn't you ? Most people cannot swan off into the sunset, cruising and expensive holidays but instead can find other joys in life. We all want to feel safe and secure and managing your money does that. Giving (in any form) adds to a feeling of security because this signifies abundance. Either of time or money. There are so many ways to feel more secure instead of fear driven. Thank you for this video. It raises so much on how perception is vital.

[@liberalmatt]

Never too late. 51 here and making a start - if anything just to mitigate the lost opportunities so far. If I had known the real value of compounding (for example) 30 years back, life would be so much different. Yet more reasons to include basic financial literacy (how to understand projections, yield calculations, gilts/bonds/ETF etc. and how to compare options) in school curricula.

[@shellyperera2010]

Completely agree. It's a scandal that this is not taught in schools. Access to free/affordable pension and investment advice should also be available when people first start work. We had a pension talk at work and it was obvious that the vast majority of people had very little knowledge about the subject. Most were in the default fund which had lost money this past year when global stocks have seen excellent returns. They didn't know you could switch out and the platform has an excellent range of cheap global trackers. We have a pensions time bomb coming down the road now DB is no longer. How people are going to manage their pots in retirement I have no idea if they don't know about appropriate asset allocation, sequence of returns risk etc. etc.

[@stickleback73]

100% agree!! Also 51 and sad this stuff wasn't taught to me and my parents didn't provide basic advice either. I have been educating my youngsters and when they start their first jobs I'll get them to sit with a financial advisor and encourage this throughout their working lives. Great channel and content!

[@BIG2hats]

They don’t want it to be taught at schools, the economy is built on spenders, not savers! In fact, the UK had one of the lowest rates of citizens investing in the developed world. We have failed.

[@mircea_h]

i dont think it was always as easy as today to invest also maybe there were better economic times so people would not feel pressured to invest also if you bought your house that's also an investment its not all black and white

[@Riaan3108]

Mood-hoover, you learn new things on this channel every time….

[@DamienTalksMoney]

🤣

[@1anre]

Is that the nickname for those rubbish blogs?

[@hmcvm]

I don’t think there’s any other channel out here combining informed, realistic and honest financial advice with entertainment so well. Such a great video mate!

[@DamienTalksMoney]

Thank you so much, love this feedback

[@TheEmanep]

Thank you - at 53 I’ve been freaking out about retirement, but Grandma Moses has given those of us above the age of 30 hope!

[@jamesodd3896]

I like that you don’t follow the crowd . Your content is honest & nothing like I’ve seen elsewhere.

[@H.I.T.E.N.]

"We all make mistakes, have struggles, and even regret things in our past. But you are not your mistakes, you are not your struggles, and you are here NOW with the power to shape your day and your future." - Steve Maraboli Thanks to you pal, we're all here taking back our power and making meaningful changes for a better future. Better late than never, hey! Appreciate you mate.

[@DamienTalksMoney]

Appreciate you to mate.

[@prof.stacythemoneyteacher]

You're never too old to start saving for retirement. It's best to start early, but starting ever is better than never.

[@shawfair4591]

Great video again mate 👌🏽 thank you

[@amandacornwill9370]

This is largely what I have done simply due to life and kids. I paid into pensions in my 20s and not again seriously until my mid 40s. Now 2 months away from 55 with enough to retire if I wanted to. Great points made 👍🏻

[@ceciliabrown3301]

Thank you. Your posts give me hope as I started late.

[@SS-vz9iv]

People really needed this Damien! Thank you 😊

[@baronvonhoughton]

Thanks mate, needed this one. 40's and constantly feeling I started too late.

[@annabeljewel]

Thank you for this. This is just what I needed and I've saved it to watch again for those times when I'm panicking about the future.

[@Caution1990]

This is brilliant Damien! As someone with 2 young kids, and “behind” on my retirement savings for my age, this video makes me feel what many other pension videos don’t. A bit better about myself. Like I’m not alone, and have the ability to catch up. Thanks!

[@DTL0VER]

Cracking video mate. Well done 👏🏼

[@hotelhero4193]

Lovely video as always, thank you. Great way to look at alternative options

[@tommasoparrinello6236]

Congratulations for this video. One of the best!

[@lifesacardgame6454]

Thank you for your positivity on this subject.

[@TheLeeBoyman]

Excellent work Damien 👏

[@lawrencehooper4341]

Damien, your content is top-notch. Thank you

[@oldnotobsolete.2925]

Top Class video! Will be sharing the link at work as it's a message that needs to get as wide an audience as possible!

[@toriebrame3419]

This is my favorite finance channel. Thank you for this video!

[@user-cz2pi7fm5e]

Thanks for your positive thoughts

[@The_Recusant_Vagabond]

Thank you so much for this video! Very up lifting !

[@Trifusion1]

Really appreciate the quality of the graphs in this video. Super clear and visually appealing too.

[@hummels8393]

this is an incredible video! thank you

[@suzannerogers-pt1xx]

Thank you. This video has reassured me so much 😊

[@melalblas]

Another wonderful video and especially lovely as us older bods (I’m 47) defo don’t love being told we should have started earlier so this is gold thank you Damien! ❤

[@k.avilla8061]

Very inspiring and informative presentation, Damien. God bless you.

[@DanRobards]

These graphics are getting super fancy! Good shit Damo!

[@kensingh963]

Brilliant, informative video. Thanks.

[@tinanolan1485]

Really great content - well done.

[@hazeldavis3176]

Can't thank you enough for this video. Really gave me hope back 🌺

[@Paranoidandro1d1]

Excellent video again. Thank you!

[@philistineau]

This is brilliant. Absolutely brilliant. I live in the financial world, reading about this stuff, and I have never seen this article before. Thank you for sharing this!

[@pt2913]

Brilliant video Damien. Extremely thorough and VERY reassuring. Thank you.

[@handlethehandle7]

So good to learn about Grandma Moses. Your presentations are always so interesting. Coolio editing too. One exceptional human being who is beautifully humble with it. Well done D n co.

[@davidandhelen4657]

Well written and well crafted piece.

[@lisaclayton517]

Thanks for this Damien, at 50 and just getting a grip of this money lark I was panicking. But you’re right, there is no end date 🙌 thank you x

[@oxyphonic]

Quality content as always! Great to see a different perspective

[@discodiscodiscoking]

This is a brilliant video. Thank you Damian for not just feeding the negative outlook and being positive about outcomes. I love that you back up what you say with data and real world examples rather than assumptions. Keep it up mate, lots of people are thankful for what you do and you should be proud of the changes you inspire in people. Just think, decades in the future, some people will be physically benefiting from some of the changes introduced to them by yourself. I’m proud of you, and I don’t even know you.

[@legendarypandagaming1785]

Great insights again Damo! Much appreciated - Manchester based viewer 👍

[@collettewilliams642]

Just brilliant, came away feeling really energised and positive and I’ve learnt loads! Besides your knowledge, I think the hope and positivity you spread are two of the most important things you can inspire in someone 😊

[@oliverdownes3184]

Love “mood hoovers” sentence 😀👍great blog thank you very enlightening and positive spin !….. I’m getting my old painting by numbers box out….. just in case 🤗😉👍

[@davejones6891]

😮reassuring video Damo, Thanks!

[@myriamdhaiti2935]

I absolutely love this ❤

[@JHA854]

Damien, you always make me feel like I am not doing so badly with my finances. Thank you so much!

[@MrKlawUK]

this is eye opening and at least a little reassuring. 53 now, planning to finish mortgage at 55, then push 35% gross income into pension for as long as possible

[@KiHToG]

Having a mortgage free home probably means you are far ahead of the average 55yo in terms of net worth.

[@Mabidakun]

Damo, you continue to make me smile. You are by far the best (and most entertaining!) finance KZbinr. Thanks for giving an old head like me, hope! 💯

[@StevenJones-et6vn]

Absolutely brilliant,👊✌️

[@user-wl7jy9wu9m]

Refreshing positive video message enjoyed this Damien. 53 yr old guy. Late starter keep going.. Great job

[@Therealmattchong]

Needed this thank you

[@luQi457]

Loved this video. At 27, I sometimes feel as though I'm lagging behind in my financial journey comparatively. but thanks to you, found a new hope.

[@MWR1990]

Mate your videos are just getting better and better. No idea how you’re doing it as they were bloody brilliant before. Great alternative view on how saving for retirement doesn’t have to be a straight line. At 33 I’m keeping my contribution locked in until I can’t afford it. My last 2 pay rises have gone straight into increased contributions, as have my bonuses, to avoid lifestyle creep. Plus the “free childcare” gets removed if I don’t. I’m planning an increase to my savings rate when my little one grows up, knowing that’s ok is a relief. Thanks again Damo.

[@method2madness961]

Great video, very helpful to have advice that adds a lot of context and nuance that is often missed. Adding this nuance stops this from being a video that is good to know but doesn't feel personally applicable.

[@shimsteriom4191]

Brilliant 👏

[@realollyrichards]

Such an important video - great job

[@leebenneworth]

Great vid, thanks

[@garysanders8090]

"mood hoover" fantastic description

[@gothenburg83]

Great video!

[@shellyperera2010]

Brilliant brilliant video! One of your best. We have followed virtually the exact trajectory. Not much saving up to age 50ish but now kids are older, I've gone back to work after looking after the kids, partner is at peak earnings due to experience, we are putting massive amounts into our pensions and will be on track to retire at around age 59/60. And that's from corporate jobs. We fully intend to keep earning in retirement as there's no way we could sit around doing not very much. It's a good idea to develop diverse skills and hobbies outside of your day to day work skills as these can often turn into side hustles or full time businesses in retirement.

[@cannontrodder]

You are a mood hoover that has been thrown into reverse! Brilliant video!!

[@juleskayak]

Excellent video, very helpful for anyone

[@Pursuitofhealthwealthhappiness]

Such a good video! 🎉

[@Brown969]

41 and really helpful. Thanks Damo. I found when I went self employed I made no savings contributions for 5 years. When the business finally got established, it was much easier (and tax efficient) to divert wages into pension. I was contributing to a workplace pension from 29 and immediately changed my fund choices after doing my own homework. That helped me get a good start. What about retirement plans that are outside pensions? Downsizing Property? Business Income? Etc?

[@Moosegravy420]

So motivating!!! 🎉

[@ttrjw]

This is your best video so far. Good clear content - loved the graphics. The humour also works too!

[@DamienTalksMoney]

You have been watching for a long while! So i love hearing what you think of video really pleased you enjoyed this one.

[@felixjavierarbeloroman]

Great video. Hi from Barcelona!!

[@robm509]

Thanks for this. I'm 51 years old. I was self-employed for 19 years but wasn't earning enough to make regular contributions to my private pension, and I got into severe difficulty with a property investment that went bad. Now that I am back in full-time employment and my mortgage is finally paid off, I began paying regular and voluntary contributions (about 30% of my annual income) to my pension again. It's amazing how quickly the funds have built up in such a short space of time. All is looking rosy again!

[@dompayne2837]

A well written video. ❤

[@SomeoneSmarter]

Damien, this is one of your most interesting videos to date. I've only recently gotten into investing at 45 and I've had those thoughts about wishing I had started earlier. However, I had no spare cash when I was in my 20s! First house, needed a car, got married, etc. I did start increasing my pension contributions on my late 30s and now I chunk 30+% of my wage into my pension, mainly to avoid child benefit clawback. The savings curve you presented here gives me hope that I am on track!

[@taramccrory5412]

Thank you!

[@matthewbaldwin5579]

Man this video needed to happen 🎉

[@shelle.angelo]

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.

[@spacecadet6]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@emmaarmando]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@noah-greene]

@@emmaarmandoMind if I ask you to recommend this particular coach you using their service?

[@emmaarmando]

*Gertrude Margaret Quinto* maintains an online presence. Just make a simple search for her name online.

[@ohioveteran]

I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

[@davidharding3465]

I just love your content Damien! Especially when you use technical terms like mood hoovers. I am 47 and just started tucking away some money in the markets.

[@wl660]

Great video….funny and insightful.

[@hbbstn]

Thanks for making this video! I spent my savings in getting higher education in my 20s and 30s. I'm in my mid-40s and started saving more seriously in recent years.

[@Ligitizzy]

I love this, Damien. You’re fantastic. I worry daily about the amount of money I’m saving for future but also that I need to live now as I have a daughter. It’s an incredibly difficult balance to reach, but you really do put things into prospective and make things feel a bit less doom and gloom ☺️

[@DamienTalksMoney]

If it helps I worry about the exact same thing you do. The balance is hard to strike but the fact you are considering it shows you are heading in the right direction

[@ThisCharminManc]

This is a great video 👏🏼👏🏼👏🏼

[@pacifica9718]

Thank you! I was guilty of the ostrich view of pensions until my fifties but I will have the mortgage paid this year and can now throw almost the entirety of my income at it. Your video has given me hope that it really is never too late.

[@imbarmstrong]

Well, that's reassuring! 🙂

[@mikejames4540]

A really uplifting piece, Damien, for those in all age groups! And with some lovely touches. Certainly not a load of Pollocks!

[@horacebury]

Thank you so much 😅 Other than a pension, investing was such a late thing. You’ve really let the pressure off. Time to get to work. 💪

[@LilySaintSin]

This is such a good channel

[@phooogle]

Great video, shared with my mate who is panicking about his pension (he is 39).

[@MartinS-tj9it]

FANTASTIC video :) thanks for your efforts in showing me and others that the world of finance, savings, shares ect is not that complicated as I thought (for sure muuuch easier than my day job :D [less math, physics, engineering, ect] )

[@adamwestrip7422]

Damo. After finding your videos on KZbin and Podcasts earlier this year and following your guidance, my future life has changed for the better. At 46 I had little in the way of savings and no real pension plan. I am now saving a big chuck of my wages into a SIPP and an ISA every month and have a healthy emergency fund. Thanks for the brilliant videos and great Podcast

[@MarcellJohnsonIII]

Fantastic video, I don’t usually comment but felt compelled to. Good work.

[@lauraward-newton4510]

I have never felt compelled to comment on any video on KZbin until I’ve come across yours. Thank you so much for this. I’ve spent 10 years in the public sector and hoping to switch by the end of the year - my total pension pot contributions from myself and employer alone is somewhere between 130-140k at the moment. I’m in my mid 30s and I was worried I’d just wasted this entire time now I won’t get to see it until SPA if I leave - so watching this has given me a huge relief. Now I just need to figure out the best way to save privately as it’s always been done for me (I’ve been paying 14% the last few years..).

[@rocksy71]

Sometimes it’s nice to find a voice and put yourself out there to encourage others, I think 130k/140k in just 10 years is remarkable and not a figure to be sniffed at as far as moving forward and sorting out your own finances in the future. Like Damian, I found Vanguard ETFs to be cost-effective with low administration costs in comparison to the rest of the market and very easy from my phone to make changes to my portfolio, You may wish to look at Vanguard as a potential for your future investing, I think Damian uses the all world ETF

[@VikVeerENTSurgeon]

That was the best video I think I've ever seen on KZbin. It's made a big difference to me. Is there a way we can save these videos so we can come back to it? Thanks again D.

[@Petersworld77]

There is a save button below the video! Alternatively just subscribe to the channel and all previous videos are usually available from the content creator page.

[@oi123fui]

Thank you

[@henghistbluetooth7882]

For me being 51 and beginning with auto-enrolment at 42 isn;t the regret I have. The regret I have is not increasing my contributions and not realising that I could almost double them and see my take home pay only go down by a tiny fraction. Do that for 10 years and it makes a massive difference with little to no daily consequences. For me that makes me upset. But this video is excellent - I’ll probably retire when I’m around 62 but even then I plan to design some training materials on Udemy and maybe start a third career!