I helped 450 people retire and learned this

[@JamesShack]

If you've already retired, do you have any personal insights or lessons of your own to share?

[@lindab4214]

Thank you for this video James. Good advice. I retired aged 52 with my husband (aged 57) after we took a sabbatical. Sadly he died last year, 2 years after receiving his personal pension and 1 year after receiving his state pension. I am still executing his estate and although we had wills & a plan if either of us died, we did not walk through the timeline to implement the plan. I would recommend to everyone to make sure a walk through of your plan is carried out so it makes life easier for the person left behind as it is stressful.

[@guyr7351]

@@lindab4214so sorry to hear of your loss, hopefully you had very good years together in your retirement. Sound advice on having a plan / road map made. I keep saying I must generate a document detailing accounts/savings contact numbers, possible passwords etc so things can be accessed and sorted easily should I die.

[@manthravadi]

Very nice and useful advice I am happy to report that we have followed in general what you said So the video validated us

[@manthravadi]

Also we made a new year resolution to transfer financial knowledge to the spouse Happy new year to you

[@MrDuncl]

@@manthravadi The alternative might be an IFA or equivalent. Based on previous occasions when more distant relatives have died, I doubt if my wife would be in a fit state to do anything.

[@JohnHoganN8]

Hitting the proverbial nail on the head with those James! Wishing you a very healthy and successful 2025!! I planned to retire at 55, stayed on to chase some more cash and had a heart attack!! The health thing resonates and I definitely support the LPA / Will advice.

[@JamesShack]

Thank you for sharing your experience, John. I hope things have been going better for you since then!

[@ricthomas7982]

In preparation for my retirement, I have been watching a lot of these videos from around the globe. Yours James, is by far the highest quality and best informed. Well done! 👍

[@JamesShack]

Thanks for the comment! and happy new year!

[@StevePantegi-lp9cd]

Possibly one of the best KZbin videos I’ve seen. Excellent (& very wise) advice. Thank you James S.

[@JamesShack]

I'm glad you found it useful!

[@kevinrichards6506]

The focus on health is absolutely key. My Dad passed away last year. He and Mom never had a lot of money - in retirement they had their state pensions and a very small DB pension. They still ran out of health before they ran out of money 😢

[@kevinrichards6506]

PS great video James 👍

[@guyr7351]

So as to he that, my parents did the same. Dad first and looking back his health declined over a few years especially once Parkinson’s started impacting him. Lost him at 77 but he had a good life. Mum died just a few years later and cancer took her quickly during covid. I tried hard to make sure they spent their money when retired and enjoying their retirement and not to think they needs to leave money to us kids

[@barbarar5869]

My parents don't have a lot of money either and I've told them they should spend it all on champagne and caviar. I want them to enjoy the money they worked so hard for.

[@MrDuncl]

@barbarar5869 When my Father died my Mother said her only want was for a new stair carpet. Sadly despite having enough money for a whole house she never got it as other more pressing needs like a stairlift got in the way. Regarding one of the other points I think that the neighbour who moved to a bungalow had a better idea despite her having to use pension money to do that.

[@uncountableuk]

I stopped work in 2019, aged 51 and never looked back. It took about 2-3 years to develop the structure, purpose and identity that I used to get from work. And it comes from a place that I never would have envisaged when I was working. This really was an excellent video, and all those points have been my lived experience.

[@JamesShack]

I'm glad you enjoyed it and thanks for sharing your experience.

[@jamesnelson2279]

What did you end up doing?

[@uncountableuk]

@@jamesnelson2279 I have 5-6 nature recovery projects in the area where I live and 3 community ones. Last year I spent 202 days on those things, which still left 160 odd days to chill out.

[@davonpointer2310]

Superb and well balanced advise James. At 52 years old I’m really focussed on funding my ‘retirement’. I realised during lockdown I will always work, even just for three days a week. As you said people need purpose and human interaction. Retirement to me means having a choice in what I want to do.

[@JamesShack]

I hope you all had a great Christmas and are looking forward to 2025!

[@guyr7351]

I did thanks James, I hope you and yours have a fantastic 2025, I look forward to your videos, my sons a financial advisor/ planner ( is there a difference?) and I’ll often discuss points you raise with him.

[@themoodyteam]

Best Wishes for 2025! You’ve put out some very inspirational videos. Thanks James ✊

[@humphuk]

Well done - great video. My employer sent its staff at age 55 to a retirement day with a financial planner. I was surprised that it covered mostly the "soft" issues that you covered. He made the same point - This is the important stuff. One additional point that I remember was that spouses were encouraged to attend - and he asked each person in the coupe to describe their future retirement. They seldom agreed.......an important lesson on expectation

[@MrDuncl]

At least it isn't like Japan. A tour guide there said that it is common for Salary Men's wives to file for divorce on the first day of their retirement as they have no claim on the pension until it is in payment.

[@Bethy177]

Thanks James - well done for not trying to boil all that insight into a Top 3,5 or 10. If you’ve got 20, 30 or 50 lessons then I’m happy to listen to them all when they are as pertinent and well observed as these were.

[@jcm9356]

IMHO, it is far better to spend the inheritance you intend for your kids/grandkids while you are alive and not worry about taxes, etc. Obviously, you get to experience the recipient's happiness while you are still alive, and as the book James refers to explains, the recipients get to use your gift/inheritance when they most need it.

[@MrDuncl]

I got my inheritance months after paying off my mortgage and buying a decent car using cash so by then didn't need the money at all.

[@DaleYuzuki]

Yes a worthy read (“Die with Zero” by Bill Perkins) but do be aware he writes from an incredible place of privilege. Not all of us are oil and gas traders with millions in our late 30’s.

[@sarchmaster5779]

This is just a fantastic video, thank you James, and Happy New Year.

[@JamesShack]

Same to you!

[@funkyfragrancelover2979]

First class life advice. Puts a lot other KZbinr ‘financial influencers’ to shame and highlights how out of depth they are with the realities of life. I certainly need to work on a couple of the points. Am glad I already have a financial plan for home care should I need it. I am using a diversified approach of rental property, private pension, tax free investments and triple lock defined benefit pension to help me retire and provide some assurance in my later years.

[@majormule7671]

Top video James.! Am 68,, quit @63. Biggest comment would be how surprised I was that how little my ‘living expenses’ were once I was debt free. My meagre/average pot of £300k gets me a net +£10k+/yr

[@nikki_jp4216]

This is brilliant. It covers so much. I retired a year or so ago and the identity element hit me more quite recently...I really miss being part of something greater (worked for a wonderful university). We don't have kids so that gives us other things to consider, such as later life support (favourite niece lives 12 hours flight away!). I also find that we have spent less than expected so far during retirement although everything seems more expensive...have some big trips planned but we always seem to stay with friends and family! We really are going to focus on health this year...just booked osteo today and got Zoe, plus fitness instructor for us both! Happy new year and thanks for brilliant advice!

[@Chanesmyname]

Totally agree, I think going from saver to spender is a really hard change to adapt to.

[@fruitloop3733]

I fully expect this to be one of my biggest challenges.

[@tancreddehauteville764]

I've never really been a saver so easy for me. Still managed to 'save' £900k while hardly noticing it.

[@MrDuncl]

A big plus point I can think of is that you don't have to worry about redundancy. Plan carefully and that can actually be a big boost for people 60+.

[@Sabhail_ar_Alba]

I'm near retirement, have no children or spouse and expect to pay 40% of savings to the govt on IHT or spend it all. So I'll be blowing it all on yachts and an expensive holiday home in Spain.

[@JamesShack]

Good for you!

[@InspektorDreyfus]

Be careful. There are lots of chicks around yachts. 👻

[@MrBerry67]

and grab an Aston Martin or Porsche 911 along the way

[@Spp235.]

Maybe get involved in a charity and do something rewarding ?

[@deputydd4364]

@@Spp235. Yes - my happiest retired friend spends a lot of time (and her own money) helping 2 charities. She has a great social life from it and a sense of purpose, but can still take time out whenever she needs to.

[@nicke6394]

Best to give money away with a warm heart rather than a cold hand!

[@britishbluetess]

That’s profound thank you x

[@JamesShack]

That's a great line!

[@piggerGg]

Retirement is for the weakest of mammals. Work until you’re not alive - even if you’re financially secure forever.

[@PhillipHomer]

​@@piggerGgwhat?? Really??

[@UWot-i9e]

I'm only mid 30s but already witnessed enough people working till they die that I plan to retire early no matter what's in the bank, too many of them scared to retire because of money/no interests or hobbies/hating there wives/being diagnosed with terminal illness.

[@Masq09]

Glad to see that I’ve already factored in most of these when I retire next year. Plus I plan to travel the world AND spend time at the allotment . . . I just need to find someone to do the watering and weeding while I’m away!!

[@JamesShack]

That's great to here, I hope it goes well for you!

[@dangreasley7934]

Great words of advise. Thanks James... I am heading towards retirement hopefully within the next 2 to 3 years... This videos and invaluable.

[@JamesShack]

I'm glad to be of service, and best of luck with it!

[@ApexCypher_]

@@dangreasley7934 Stack loads of cash and tax free assets. Cashing out is a tax nightmare.

[@hutchyhutchinson]

James would you consider also having these as podcasts to listen on the go? Appreciate that graphs etc wouldn't translate as well but, it would be so useful

[@JamesShack]

My content is very dependent on the visuals, although this one is less so. I would need to create dedicated content for a podcast and I do plan to do that at some point. There's a few other things I'm working on ahead of that though!

[@johndoh539]

James, I dont know how you do it ! You seem to give advice which seems way, way above your handsome 😂 youthful looks. But you are bang on.. I am close to pulling the trigger on retirement/short time but you were right on number 4. After years and years of hard saving and investing, it just doesn’t seem RIGHT to start spending down on my capital. It goes against every fibre of my being to de accumulate. But I need to get my head around it and become free. Good point also about passing money on to your children earlier rather than later. 👍

[@MikeIOW2]

Excellent explanations! Almost 4 years in on Stage 2 (I think of it as Stage 3 - the first being school years, although having had jobs since I was 10, maybe my Stage 1 was too short 😂). Be flexible, and remember to fill your time with fun stuff: as a retiree, you have the time to seek things out at off-peak or bargain times - take advantage of them 🍻 Absolutely are that you need to find a way to practice your retirement whilst still working. Keep those human connections you want, establish new ones (pickleball found us a whole new group of like-minded folk, good for health too👍) Thanks for sharing your wise words, James 💪

[@zafiris125]

Great content and very insightful. Most youtubers focus on the number, you shed light to all the other important aspects we need to have in mind, while planning our retirement. Also, I couldn’t agree more on the “pass the inheritance, sooner than later”

[@JamesShack]

I appreciate that!

[@MikeBrabanski]

A brilliant summary. As the song goes 'Money talks, but it can't sing and dance' Health is so important and people are too wrapped up in the money side and leaving loads for their kids and being miserable. I retired a couple of years ago at 63. Divorce has a big impact on finances. My biggest fear was 'not having enough money' but I have watched many of your videos and had 2 sets of spreadsheets trying to forecast by expenditure and pension withdrawals. They had similar trajectory and I was pleased that your (more professional) spreadsheet confirmed the general direction of mine. I've tracked my spending categories change over the last few years which allows my wife and I to agree what our plans are for the next period. As an ex Project Manager I've tried not to be too over the top in the discussions. But she still hasn't got the hang of Change Control authorisation! Another piece of advice would not to beat yourself up about decisions you've made in the past. Whats important is to learn from those and how you move forward. Keep up the good work and I'll keep on tweaking the spreadsheets and more importantly, my wife and I enjoying our exercises together.

[@mart4586]

Great video and seems to hit the mark on the issues around retirement James. I reach 60 this coming August and I'm considering retiring. I live to work and focus mainly on work and therefore I’m concerned about the adjustment and finding my new sense of purpose and social connection in retirement, I’m seriously considering going part time and ease into retirement. I have also been a saver all my life and I know drawing down on my savings will be hard and I may find it stressful trying to get the balance right between having enough money and enjoying life until I die vs not being too careful and not being the richest person in the graveyard. I never thought about the concept of Dying with Zero, but that is appealing and has the added benefit of denying the tax man the money, as the UK Gov seems to want to penalise those who work hard and try to save or build a private pension through excessive taxation or having to pay for cost of seeing out the final year or so of life in a care home and they may even decide to means test the state pension during my retirement. The little money I have, I want it to go to my children.

[@roberthorsford4266]

James, there’s one massive contradiction in what you say - “die with zero” and “plan for care costs”. It’s impossible to reconcile those two mutually exclusive objectives. The only possible option that I can envisage is insuring against the potential care costs liability, is that even possible? HNY. Rob

[@randolphh8005]

I would disagree. We both retired at 63 in the USA. Long term care is way over emphasized. Most people will not need any substantial amount. The common quote of 70% is including family care. We have had no LTC in our extended family except family care. Most people die in shorter timeframes. If you own a home, and have no debt, that solves the problem. You can’t get cash out of your home anyway while living in it(unless you have a reverse mortgage which we do). We are planning on spending down all our money (including gifting) by the time we are 85. We have one large Social Security check that will allow the last person to be more than solvent. We watched 4 parents live off only low SS checks. It wasn’t great but, they made it. We will have double the resources after the portfolio is gone.

[@grahambriggs8185]

I think the stats are that one third (or 1/4 as James says) will need to go into a care home, which is the costly nightmare scenario. However these are really end of life palliative care homes so people don't actually spend a long time inside even though each year is costly. If they fund this from selling their house (the final asset) there will be plenty for the care home, and some left over for inheritance. And if not, in the UK the council will have to fund once the funds run out.

[@randolphh8005]

@@grahambriggs8185 can’t speak to the UK, but I worked in the industry in the US and the numbers are no where near that for extended residential care. Less than 20% require more than 100 days outside of the family and the home

[@JamesShack]

You are absolutely correct. That is why this is the "Hardest, nastiest problem in finance". On the one hand, you want to be able to retire early and get the most fulfilment from your money. But on the other, you have no idea how long you're going to live or if you're going to need to spend £100,000s on care fees. Therefore, the only way to insure against this risk is to work longer or spend less so you have a large pool of capital to draw on in later life if you need care. But then... most people will never need to draw on it! What a waste! As you say, insurance could be a solution and in the US they do have Long Term Care products to protect against this risk but in the UK the product offering is limited. However, in the UK we have very expensive homes, compared with incomes. So many retirement plans accept that, if care is needed, the home will need to be sold/equity released to pay for those fees.

[@neilb8822]

Although I accept that you shouldn’t need nursing rather than a simple care home you have to be aware as we live longer diseases such as dementia can lead to extended care needs. My dad passed away in 2015 after spending 2 years with mixed dementia in a care home, that destroyed any inheritance. We expected him to only be in there for six months.

[@49er701]

Accepting reasonable investment returns rather than chasing high returns is a great point and really resonated with me. As you say, higher returns mean higher risk which can mean higher stress. Retirement money is there to serve the retiree not vice versa.

[@Bornie205]

Great info James, I’m due to retire soon and obsessing about the best pension options but I’ve always used a compass of Mental Wellbeing, Financial, Physical and relationship and built plans around these pillars. Doesn’t always work but its helped me

[@leejohnson7471]

Great video

[@cheekytyke]

Really thought provoking. I’m 53 next and I’ve really began to have these ideas and discussions with my husband. The power of attorney section was very interesting as was thinking about getting older, possibly needing care and downsizing

[@JamesShack]

I'm glad you found it useful!

[@paul_g_w]

One of your best videos yet. Really practical and helpful lessons, thanks for sharing 🙏

[@JamesShack]

Glad you enjoyed it!

[@markwhiting3103]

Have a happy New year! Cheers for all the vlogs throughout 2024!

[@OneAndOnlyMe]

I've always been fully onboard with the "die with zero" balance principle. The problem with inheritance is that it just keeps getting passed on or used to pay down debt, and few get to enjoy the true benefit of money: spending it. People who spend their retirement trying to avoid paying some tax are the unhappiest. Happy New Year, James! Thanks for the great videos.

[@JamesShack]

I agree! Happy new year to you too !

[@chrisself9522]

Great advice, thanks James. I (and my OH) are still into our first year of retirement (aged 62 and 60) and have most points covered off. The points that resonated the most for me and are currently lacking is the cost of care and downsizing before it's too late! Both of these are strongly linked because th equity in my property will pay for it if needed. The biggest uncertainty for us apart from not knowing how long we will live is without doubt getting to SP age. Once we get there we relax the purse strings for sure. Great video and thanks again.

[@JamesShack]

I'm glad you found it useful and congrats on retirement!

[@MikeHarrison]

A cracking start to the New Year - thank you James and Happy New Year!

[@JamesShack]

Cheers and you !

[@XY-by3mt]

James, this is a brilliant summary of how to make retirement work in every sense and not just financially, plus potential pitfalls to avoid. A great point of reference list in my view. Thanks for the time u have clearly invested in pulling this together. All the very best New Year wishes to you and all your viewers.

[@JamesShack]

To you too!

[@MonaghanMLOUISE]

The stock market is definitely picking up pace right now, but I still think investors should be careful at this time. I'm actually a newbie in this space, so I'm open to hearing other investors' take on this.

[@iuordanmatkov261]

I think the market is likely at its best now, but I still believe having a financial advisor is crucial to navigate the market and moderate your risk. Their expertise can really you make informed decisions.

[@MilkovichT.Sandlers]

I agree. I've been working with a financial advisor since 2020 and I return up to 15k every month and I don't even have to lift a finger. Although I also think the reason I make this much is because I invested a significant amount in capital.

[@McKnightCutkosky]

can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.

[@MilkovichT.Sandlers]

Her name is "Abigail Ann Ryan" can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

[@GeorgeWilliamSinclair]

thank you for this tip. it was easy to find your coach. did my due diligence on her before emailing her. she seems proficient considering her resume

[@stevecollman2435]

Ending the year on a high with this superb video James, thank you. I think what you’re demonstrating perfectly here is that we should consider retirement holistically and not become too obsessed with any one aspect. In my opinion this is what makes great financial advice so vital, saving us from ourselves! Keep up the great work James & Happy New Year

[@roadie6565]

I've watched a lot of videos on retirement but this one is one of the best, really good advice that I will be taking on board, 28 months to go

[@ApexCypher_]

@@roadie6565 Stack loads of cash and tax free assets. Cashing out is a tax nightmare.

[@Leuton]

And I 18 months to go…😂😂😂

[@ApexCypher_]

@@roadie6565 Drawing down your money without the government taking most of it will be your biggest challenge. Look at ways of accumulating tax free assets ASAP.

[@DaleYuzuki]

Thanks for this - great content to start the New Year!

[@charnockvideo]

Happy New Year James, you are one of the good guys.

[@Chanesmyname]

Power of attorney, after seeing how useful it was when my parents aged to help settle their bills and manage their lives, I really think people should give serious thought to it, my wife had POA for health and wealth.

[@jstoner9029]

Just for the record as understand, LPA’s for health and welfare only mean the DRs will listen to you. They will not necessarily ‘do what you say’. They will use their skill and judgement to do what is in the best interests of the patient. This seems like the best approach to me.

[@parkmantle489]

Hi James - great, well informed video as ever! I retired in May 2023 at the age of 61 and had the rest of the year off but then commenced some part-time work from the beginning of 2024 (on a self employed basis). This was good to keep my hand-in and also to fill some of my time as I don't have any major hobbies (apart from doing a reasonable amount of travel and going to the gym). I intend to wind the work down this year (end of March is my plan) and to stop completely - but my issue then is managing the drawdown from my investments. I have ISAs, a reasonably large SIPP and some other investments and I haven't had to draw on any of these as yet because of the part-time work I've been doing (and some cash I had). It will be difficult to get my head around a dwindling SIPP/ISA balance and that is the one thing that concerns me but I will simply have to accept this is the way it works and make sure I am drawing enough and not worry too much about it! It's good to see that I'm not the only one who has this mindset 'challenge'!!

[@thestoicsteve]

Another detailed and helpful video about retirement and all its implications. Your videos help me be sure I am doing things ok, as well as prompt me to do things I need to do!

[@JamesShack]

That's great to hear! I'll keep it up!

[@rostaylor7723]

IMO the best video you’ve produced yet James. Excellent advice in here!

[@JamesShack]

I glad you found it useful!

[@pataleno]

Great Video James. And I can personally vouch not having a lasting power of attorney was one of the biggest mistakes ever. People think a will is enough and it’s not. Get a LPA done for you and your family.

[@JamesShack]

Thanks for confirming 👍🏻

[@CB-sx8xh]

I retired in August and enrolled in a graduate certificate TESOL program. I am working on my final subject, and really enjoying it. It has given me routine, new social connections and kept my grey matter active. If I do find I need a bit of extra income I can do a bit of tutoring (which I already find enjoyable as a volunteer).

[@CaroDestigo]

After reading book titled The Elite Society's Money Manifestation, I finally understood why so many people struggle with money. It reveals stuff that most people don’t even know about how money really works. Has anyone else read it?

[@Kaha-ow1xt]

Re lesson 20, my Dad telling me his intentions for his will was what caused the big rift over money, but at least knowing in advance I could take steps to ensure I'm (fingers crossed) able to keep a good relationship with my brother when the time comes

[@elliotm]

Would appreciate a video on things to consider financially when planning to leave the UK and its effects on retirement 🥴

[@marinaderosario]

Thumbs up!

[@LynneSmith-x6v]

Great video! Am going to try to die with zero now! Best thing about retiring at 60 is being busy doing things I enjoy!

[@martinfriend6464]

Great vid and excellent advice as always James! I retired at the end of May this year (great time of year), spent much of the summer and Autumn at festivals and having building work done at home so that I now have my own space to play music without annoying the Mrs. Your videos have been a huge help in encouraging me to spend money now (within reason) and changing my mindset from accumulation! I stepped down as a Director from my company at the end of 2021 and had 2.5 years part time (50% fte) which gave me confidence that I would not miss work. I haven't and am looking forward to 2025 as my first year of full retirement. Thanks for all your great advice! I should say my only stress is that you may find your partner doesn't necessarily want to do the same things as you in retirement so it's important if you want to sustain your marriage to give each other lots of room to find your own path as you move into your 60s.

[@MrDuncl]

#20 is one of the most important. Thankfully my parents will specified the IFA to use for advice. An addition which would have have been a big help would be to specify "The house will be sold". That avoids any conflicts of interest. Most of my inheritance is being lived in by a sibling. I thought the link at the end would be to a video about annuities which I'm sure can play a part in retirement planning. In the U.S.A. they have "deferred annuities" which sound to be a great idea but are far less common now. Finally regarding retirement ages they seem to be going backwards especially for women. My Mother retired at 55 in the mid 1980s. Her normal retirement age would have been 60. I am convinced she drew here defined benefit pensions for longer than she paid into them.

[@daveharruk]

Agree with every word you say. This is such a great list, particularly the less commonly mentioned soft side of retirement. Everyone thinking about retirement should have this information - I think it covers everything important that people need to know.

[@Soulshine77]

I started this and was about to click away but you captured my interest - EXCELLENT video thank you.

[@chrisf1600]

There are lots of really great insights here. #13 is important. Too many younger investors seem to think that the stock market is like an infinite money hack. The idea that you might wait twenty or even thirty years and never ever break even is unthinkable to them.

[@adm58]

Excellent advice James. I'm 66 and find spending down is incredibly challenging after a lifetime of saving. I know that I'm very unlikely to live more than another 25 years maximum so can use that as the zero point but, nevertheless, despite my logical mind knowing that fact, there is still, deep down, the completely irrational idea that I'll just carry on as I am way, way, way, beyond that! We all know we'll die but somehow don't quite believe it will happen to us

[@randolphh8005]

Living to 91 puts you in the minority! Spending money at that age is even less likely to be significant.(other than LTC)

[@adm58]

@randolphh8005 yes, I know, I'd very likely be safe working towards zero at 20 years max. In the financial sense, at least, the prospect of death is quite liberating as we can spend with abandon after a certain age.

[@tancreddehauteville764]

£900k saved up in my SIPP, will be 58 next March, will retire at some point in the next 12 months. End of.

[@fruitloop3733]

I am 58 and have that and a bit more saved and am looking to exit soon, just stepping down to 4 days a week as of start of 2025 to begin my glide path. However, two close family members (not wife) seem very concerned at the idea I could finish this side of sixty which I find a bit odd. Still might not have a choice if I get 'right sized' in the expected AI revolution! 😂

[@tancreddehauteville764]

@@fruitloop3733 If you have £1M or more I would suggest retiring immediately. Ignore family members, it's your life and your decision. Every additional year of retirement is one more year of freedom. My parents both died before 80 - I'm not waiting any longer.

[@jocar-1735]

​@@fruitloop3733 It all depends on what regular income you require from your DC pension pot. Whilst a £1M pot is considered to be a big pot, this will provide a sustainable annual drawdown of around £30K or £2.5K/m assuming an average investment portfolio growth of 3% in excess of inflation (so 6%/yr overall growth) for an equity/bond/cash mix For those used to a high employment income of say £5K/m, and who wish this to continue either a larger pension pot or additional income streams will be required.

[@JohnFord-c5l]

I would retire now mate..f*** 12 more months..your money will still be growing..if I was fortunate enough to be in your situation..

[@tancreddehauteville764]

@@JohnFord-c5l Trust me, I would love to retire, but having large sums invested also means seeing gains and losses of thousands daily! That's not great for your blood pressure, trust me!

[@maroberto11]

Some good advice, my only question would be who can build £1500 a week care home costs into their retirement plan.

[@ApexCypher_]

1. Health is definitely the most important, but: 2. Preparing for tax implications when selling assets or drawing from a pension is an absolute necessity in the UK. Do some research early. All those years saving and investing and now the government are going to rob you of a big chunk of that as well.

[@kevfquinn]

Thought we'd lost lesson 2 along the line - it's there, just tagged with an incorrect timestamp. Lesson 2 is at 01:22 not 00:22

[@JamesShack]

Thanks for pointing that out. I've corrected it.

[@paulbrantigan2175]

All makes perfect sense, thanks for your information, very current, Happy New Year to you,have good un'

[@klewis2048]

Lesson #10 - I describe this as "test driving the future"

[@terryp6396]

I would like to hear your opinion about renting in retirement and how this is affected by the increase in home values.

[@xlerb_again_to_music7908]

As a single person with no family and few friends, how do I get someone to be POA??

[@UKGeezer]

I'm in the same boat. I think I'm kinda screwed on some of these lessons.

[@keithlos1497]

Agree...same boat and it's a problem.

[@redbag3453]

the same boat here

[@ApexCypher_]

A solicitor can be POA.

[@andyphillips7922]

Excellent as usual, thank you James.

[@rmh691]

We just placed my mother in a care home and it cost USD $11,000 just to get admitted - that was a one time fee and then the monthly cost is $13,000.

[@kosi42]

as someone who retired early-ish (age 34) and was super bored, this video is spot on.

[@diggiedog548]

Another really great video James! Happy New Year

[@JamesShack]

Happy new year!

[@NickForest999]

James, I would say that if you’ve worked for 30-40 years in a particular discipline don’t underestimate the value other people place on your knowledge. That can be used as an effective means of getting onto the glide path of semi-retirement and good employers or clients will actively work with you so they still get the good stuff from you whilst you get the chance to slide into a less stressful or demanding last few years of working. Great video by the way, should be compulsory watching for all!

[@normswan5806]

You don't need more money, you need a better plan. Another CFP in Wisconsin has that as their slogan. He's good.

[@lindsaynewell6319]

Eric is one of my favorites, especially on taxes and I love his tagline.

[@Gracegirlyys]

Success is simple: block out the noise, read secret books like The Secret Doctrine of Wealth, and stay consistent.

[@PatrickWarner007]

Hi James - regarding the stats you quoted about going into care - where is that date sourced from and what is the definition? Seems significantly higher than other figures that I have heard

[@brianlalor]

Some fantastic advice here.

[@ThomasRuellan]

thanks for the videos, it's always insightful!

[@88craggle]

Excellent, happy new year 🎉

[@on_the_mooch2708]

Happy new year james. My go to guy on the KZbin finance. Ive invested in funda for 15 years from nothing so i know you talk facts amongst alot of nonsense out there. Haopy new year buddy from south wales!

[@on_the_mooch2708]

Funds*

[@MakeItCount-55]

Thanks, James. Yes, running out of money in retirement is the thing most worry about, but then it tends to switch to other things like health after a while. Switching to withdrawal is not easy after savings for so long and a psychological switch is needed. And the fear of investments/pensions evaporating in a poor market is very real for some. It's actually one of the reasons why I retain a healthy "cash" pot (MMF, Premium Bonds, High Interest Accounts) covering 3-4 years of expenses, so I leave the longer term assets to grow unmolested :-)

[@deputydd4364]

Learning to spend your capital as income is soooo true. My elderly mother still has a rental property which causes her more stress than it's worth. But she can't understand how selling a £250K house now would let her buy an annuity or even just drawdown on that re-invested £250K. As she can't understand how that 'would give her a monthly income'. (I've given up trying to explain it. She's too old school now)

[@JamesShack]

It's a mental accounting problem that is hard to overcome!

[@kcwidman]

What’s that high pitched ringing? Love the video btw, just thought I’d let you know that though haha, I haven’t noticed it in your other videos at least.

[@dougm659]

I retired at 50 and actually have more money now than ever before through good investments (Tesla is the only stock I own). I’m 61 now and my wife and I are buying a plot of land on which to build a new home and a small cottage which we’ll rent out as a holiday let…this video is making me think about how to share our wealth with our two adult children now rather than when we die, thanks James!

[@ineildo9389]

Word of advice. do realise that investment luck can run out and you may not have the time left to do it all over again- Have you thought about selling some TSLA and diversifying into a passive tracker to avoid the risk of a large drawdown in personnel wealth?

[@johnnyboyhardkick]

Disagree with the "Die with Zero" concept, but love your perspective on everything else. Proverbs 13:22 22 A good man leaves an inheritance to his children’s children, But the wealth of the sinner is stored up for the righteous.

[@Nonameforthisaccount.]

Just ot let you know, there's a very odd high pitched sound continuously through the video. I've checked and it isn't my speakers or PC

[@JamesShack]

Thanks. Someone else noticed it so I can confirm you're not going mad! I'll look into it.

[@RetroShotv1]

I'm 32 and have a problem spending money but I know in retirement I will end up gifting most to my own children. I've grown up around so many people who overspend that the spending in later life problem is less of an issue in my head than saving. I'd rather have that safety net even if it's a ridiculous amount. I've found the hardest part is getting people to save or not be on the breadline constantly. I would say a good 50% of people who are paycheque to paycheque are "living life" and overspending. My goal in life is to increase financial literacy in the UK.

[@TheGodpharma]

"Over the course of a 40-year retirement". Hmm. That seems HIGHLY optimistic for 99% of us!

[@footballcoachandreferee]

So awesome! Some really great relevant points in this video. Thank you.

[@JamesShack]

You're welcome!

[@jamessaddler1]

Start my 1st Financial Adviser job soon. Have loved watching your content over the years. Any tips for a new adviser / planner?!

[@SakuraMo1844]

I would say at least work partime during retiremennotdo a job that may not require a lot of thinking. And also have a paid off rental property, residential or commercial so you do not just depend on your retirement account.

[@PhutureproofUK]

This is a really useful video. Thank you.

[@dhfozzie]

Im 81 years old and still go to work all my friends have died who retired I am convinced it has helped me live longer my advice keep working till you die

[@JackRalp96]

I think I'd rather spend time spending time with loved ones and enjoying myself doing hobbies. If I wanted to work I'd start a business on my terms not someone else's

[@person.X.]

It is not work itself it is having a sense of purpose. That could well be some sort of employment but it could also be hobbies, interests, volunteering or caring for other people. Like most things it depends on the individual and their circumstances. In my case there is no way I would continue doing my current job beyond 60 as it is too gruelling now let alone when I have become frailer with age.

[@alanpiesse]

I understand that life expectancy data confirms this, although I suspect the data will suggest that the difference is being forced to retire and retiring on your own terms produces different life expectancy.

[@mw01908]

"Don't be the richest person in the graveyard". Pin that everywhere. But getting to zero is easy if you are happy with the state pension at 68. Thing is, most of my neighbours have never worked, have a council house and benefits package that would be equivalent to a person earning £35,000 if they did work. Who are the smart people here and who are the mugs? We are the mugs for working and investing.

[@daveannis2280]

come clean James - did you overdub "saver" and "spender" at about 4:26 in the video? I'm a bit hard of hearing so I subconsciously lipread and something was very weird - am I going a bit mad??

[@JamesShack]

Haha - you got me! For some reason I always get it the wrong way around when I say that sentence in conversation.

[@ellea2541]

Great end-of-year video. Thank you! Happy New Year. Have an excellent 2025 🎉❤

[@jamiefarrell4425]

You keep mentioning factoring in care costs, but never discuss options for avoiding them like a trust. Can you please do a video on these options and the benefits/risks associated with them.

[@DudeAbidez]

Is there an updated version of the Cashflow Planner sheet? I can only find v1.1 from 2022.

[@AndrewMayes-m3u]

Great advice, thank you.

[@andrewbrazier9664]

Cost of living is so high now Things that until recently used to be free to access for example dentists. Private hip op because NHS waiting lists are far too long. Cost of getting any essential work done on your home. Rising utility bills.

[@vendor72]

Great video James. Just to flip the script a little. The saying the bull goes up the stairs and the bear goes out the window ref stock market is addressing fear and greed. Markets fall 3x faster than rise and rise 70% of the time. Bear markets can last years or even move sideways in the 1960’s. Thing is if you can short stock. Buy put options. Raise cash before a decline like Buffet to buy companies at the bottom you don’t get scared of the crash you get excited by it! 🙂👍💪