I know you didn't come up with these figures, just sharing my experience. I have tried to live on minimum standard this month and failed. One issue is that the council tax and energy cost more than shown in the breakdown I found, and minimum doesn't allow for a pet! I think the poorest sometimes rely on a pet for company and recreation, walks etc. I do think it would be an empowering experiment though - maybe next month,
@PrinciplesPersonalFinance Жыл бұрын
I think you're absolutely right here. I looked at the minimum and it just doesn't feel like a good quality of life. What a great idea for an episode! Thank you 🙏
@iain777uk Жыл бұрын
It’s great to see content shared by an actual financial advisor. Rather than influencer types, no disrespect to them.
@PrinciplesPersonalFinance Жыл бұрын
Thanks Iain, appreciate your support!
@marton3494 ай бұрын
I want equivelent of 2k a month
@mohamedpatel3978 Жыл бұрын
My wife and I both work full-time and our combined income is no where near £54.5k. Don't think we'll be enjoying comfortable retirement.
@paulryan1578 Жыл бұрын
That figure of money is based on also getting a pension and drawing down a bit from the amount as a top up
@AG-so4glАй бұрын
Geo Arbitrage. Retired at 55, live very comfortably on 2-2.5k a month in Asia. Smarter not Harder
@Banthah Жыл бұрын
Great video thanks for sharing. Correct me if I’m wrong please, but aren’t these figures a little out of date now? With inflation so high do we need to add some on?
@PrinciplesPersonalFinance Жыл бұрын
Hi Chris, a good point. The standard appears to change in January (with the last change done in Jan 2023) so the figures use the 23/24 State Pension but my understanding is the next update will be done in Jan 24. You are absolutely right to say though that inflation is something to keep a keen eye on!
@davidfolts5893 Жыл бұрын
Thanks for another great video, Principles Personal Finance! When you know your spending, it is much easier to plan.
@PrinciplesPersonalFinance Жыл бұрын
100% David 👍 thanks for watching
@rogerandout808 Жыл бұрын
Entertaining and informative as always! I'm a fairly long way out from retirement (I'm mid 40s) but if I look at our expenses now, I think if as a couple we can generate the equivalent of an extra state pension we'll do OK ... 10600 * 3 is pretty close to that 33k figure. It's a really rough rule of thumb, but I'll finesse the details later in life!
@PrinciplesPersonalFinance Жыл бұрын
Absolutely, progress is more important than perfection! Thanks for watching and for your kind words. Very grateful for your support! 🙌
@MikeyB9927 ай бұрын
Are these income numbers before or after income tax ?
@paulryan1578 Жыл бұрын
It’s all about lifestyle no more no less if you want to live the highlife after retirement you’ll need heaps myself and my wife travelled extensively when working and became lucky enough to visit around 25 + countries something you really can’t do as easy with aged retirement (the pace is slower)😂😂 the most important thing is retire DEBT free ,replace those white goods with high end appliances etc things you’d not need to replace again get your home up to scratch and you should manage on there abouts £75/100g based on the theory at 80yrs old you’ll probably fall of the perch 🤣🤣👍
@PrinciplesPersonalFinance Жыл бұрын
Good point Paul and congrats on achieving a great retirement where you and your wife travelled extensively. That is the dream and so important to do while health allows! 👏 Appreciate you watching and taking the time to comment. Thank you 🙏
@Tim_gaylor Жыл бұрын
Very useful video. many thanks
@PrinciplesPersonalFinance Жыл бұрын
You're welcome Tim, thanks for watching 🙏
@tonyh1460 Жыл бұрын
Slightly off topic and you've probably made (or will make) a video on this but: With state pension now pretty close to the personal tax allowance threshold I.E. £10,600 / £12,500 In which order to I top it up for the lowest tax payable please a). Drawdown pension pot b). ISA(s) c). General investments or savings
@PrinciplesPersonalFinance Жыл бұрын
Hi Tony, thanks for your message and watching the video. That is a much more difficult question to answer than it may appear at first glance as it depends not only on what the tax position is now and expected to be later. When making to the decision to withdraw from drawdown pot or invested ISAs, it's not just the tax position but also the investment strategy and making sure someone has enough for the rest of their retirement. For example, someone could save tax now by drawing on savings but then pay more later instead of using a mixture of drawdown and savings. No simple answers unfortunately there as it depends on individual circumstances. ISAs and savings are normally going to have the least tax (as generally tax free) but it needs to be considered with other factors. *none of this constitutes as advice, please take advice specific to you if in doubt.
@tonyh1460 Жыл бұрын
@@PrinciplesPersonalFinance Hi George, Many thanks for the detailed reply Yes, you're correct, there are many things to consider, my wife is 7 years younger than me and will likely survive at least 20 years after my death, I'm sure. We've 3 adult children too to consider. We've BtL rental income too. There are hordes of taxmen surrounding me 😀 I think I'm resigning to taking the 20% tax hit but also siphoning funds from our EFT investments into our S&S ISAs every year. Nice to have options though. Cheers Tony
@declanmcardle5 ай бұрын
"they don't exist..." (anymore)...needs a link to South Park "and we invest it here.....and it's gone...."
@PrinciplesPersonalFinance5 ай бұрын
True!
@petermorris3665 Жыл бұрын
At 6.31 you say £37,000 and £33,000 pops up on the screen! Just saying! Otherwise, thanks.
@PrinciplesPersonalFinance Жыл бұрын
Ah 💩! Always something that gets through the edit. 🤦♂ Appreciate you watching
@paulmessenger9836 Жыл бұрын
Never retire in the west
@caracal9458 Жыл бұрын
are these pre or post tax figures out of interest?
@PrinciplesPersonalFinance Жыл бұрын
These are net figures 👍
@michaewelina7983 Жыл бұрын
Hi what is your take on LGPS? Maybe can you make video explaining them ?
@PrinciplesPersonalFinance Жыл бұрын
Hi, solid DB Scheme. Those who can accrue DB benefits are the lucky few left as most (myself included) don't have access to it. Thanks for the suggestion. I'm not looking to do that level of focused content for now, videos like that are very niche however I will consider it in the future.