I'm 58 with £600,000 - How much can I spend in retirement? (Case study)

[@Hannahbenowitz]

Retiring in 20 years? Due to inflation, you may need upward of $3.6million to maintain your existing lifestyle, with the ongoing effect of high inflation, lower forecasted stock market returns or value, and stagnant wages. Achieving a secure early retirement could be more challenging than ever before.

[@DaliaCohen2230]

An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can’t be made by an average joe, a financial advisor is highly recommended in making this decisions..

[@HildaBennet]

You are right! Such considerations can certainly have a role, when I think about whether I ought to buy shares but I never purchase purely on that basis. I always have to seek the advice of my financial advisor who has help me gain over $1m in a well diversified portfolio that has experience exponential growth.

[@bartlyAD]

I’ve been down a ton, I’m only holding on so I can recoup, I really need help on my investment portfolio. Please who is the financial advisor that guides you? Mind if I look them up..

[@HildaBennet]

I can't divulge much but Sonya Lee Mitchell is the FA I work with you, you can do your due diligence as she's very much accessible to the public

[@bartlyAD]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@JamesShack]

Whether directly or indirectly, we will all be affected by Cancer at some point in our lives. My family included. This is why I am so grateful to all of you for giving me a platform to raise awareness about it. A special thanks to Dan for sharing his journey. I will be donating the ad revenue from this video to Bowel Cancer UK.

[@jonathanhowson6420]

Thanks James and Dan. My mrs was diagnosed with colorectal cancer shortly after our daughter was born. I honestly thought I was raising Margaux on my own. Fortunately all came good with surgery and chemo, but it was tough on her physically and on both of us mentally. It makes you realise what is important in life and how quickly it could all be taken away.

[@tegridyfarmer2581]

It's a bad mindset to wanna achieve a certain number so you can spend this number in retirement in the hope it lasts just a little bit longer than yourself.

[@fazerider9287]

Thanks James, useful info. As a side note, could you please use the English pronunciation of the word lever (rather than "levver")?

[@davem.4003]

​@@tegridyfarmer2581Interesting. What would you suggest as a better approach and what do you see as the downside to Dan's approach?

[@davem.4003]

​@@fazerider9287I agree that it's frustrating but this americanism seems to have become commonplace in British English when used in a financial context, as opposed to the more traditional usage of applying leverage to move a physical object.

[@jeromesand]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[@LUCIASMITH-d1z]

Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.

[@morgansofia]

Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.

[@amoreauMike-t6z]

pls how can I reach this expert, I need someone to help me manage my portfolio

[@morgansofia]

Melissa Terri Swayne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@JaneAnna-j6x]

Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the year on a woodnote financially..

[@travellingtom6091]

The message from Dan was important. Thank you for putting it in. 👏

[@scottfitzg2]

Never commented on KZbin before.. not my thing... But just wanted to say 'Thank you James '. I've watched several of your videos and they have helped me so much as I plan for retirement. Keep up the good work 👍

[@JamesShack]

I feel honoured to receive your first comment. I will certainly keep it up!

[@bjorn2625]

Same. James’ channel is by far the best retirement/financial planning podcast as it doesn’t just deal with the numbers, but also the philosophy. It’s completely changed the way I think about the future. Oh, and a final comment: It is INSANE what “working for one more year” does. You aren’t just saving, you are also not spending from your pot. My (admittedly low) risk tolerance (99.5% scenario success) flips on a dime from just one more year (aimed for 55, but realised it wasn’t realistic and added a few more years - literally just a few - which made everything seem much more safe).

[@garyr1522]

Pretty decent first post (and I am not one to comment much either!), kind and considered words to a helpful and timely reminder on all fronts

[@RobIpswichUK]

Well done on calling out the non-financial pain points, such as cancer which will affect so many of us. Hooked on the content you are putting out there, and even though the majority of what you put out confirms my own personal views etc, it is so good to have content expressed in such a simple and non-condescending way that I've even managed to get my better half interested in hearing what you have to say (to back me up!! LOL) . Keep up the good work, and hope that the return for you becomes good health and a long and fruitful future.

[@gingerkilkus]

I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?

[@fadhshf]

Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert.

[@hasede-lg9hj]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $100k to $250k.

[@lowcostfresh2266]

@@hasede-lg9hj How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

[@lowcostfresh2266]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

[@hasede-lg9hj]

Annette Marie Holt is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@MsBarcelona99]

James - this has been one of the best presentations you've done so far on this infinatley difficult and delicate subject of retirement. Keep up the good work!

[@alexm7310]

Well done for including health / screening in your video

[@paulinusikpeama6328]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@LiamOlivia-4]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@paulinusikpeama6328]

@@LiamOlivia-4 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@LiamOlivia-4]

@@paulinusikpeama6328 My advisor is MARGARET MOLLI ALVEY;

[@LiamOlivia-4]

You can look her up online

[@johnawara9719]

@@LiamOlivia-4 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@georgec2894]

Excellent video, as always James! The female to male viewer ratio is very shocking!

[@stratfordgull7744]

Great video. At 55 my plan changed when I somehow survived a cerebellar stroke & brain surgery that came out of nowhere. 2 years later and my life visions have changed. Working part time and actively doing small trips and such like on my non working days have really changed my life and also demonstrated that my goal of £xxx for my retirement was entirely based on the false perspective that I knew how my future longevity and life might be.

[@JamesShack]

Thank you for sharing your story!

[@patoises]

good reminder, simply said, enjoy life, here and now

[@MrChrismeenan]

Great video. My wife (55) and i (52) had a similar event a couple of months ago. Thankfully it was a misdiagnosis, but it really caused us to reevaluate our prioirites

[@rolandashdown4903]

Great post. And timely. I had a heart attack a few weeks ago at 51! Was a real wake up call, I can tell you. Fortunately for me, it wasn't as "bad" as it could have been. This recent event really does bring to the fore the benefits of protection to help focus on what matters (I.e. not working; family; friends). Channels like yours have been a real benefit for me over the last 4yrs or so. So thanks.

[@cardermedia]

Thanks for including the truth about assisted living costs. It's a reality that people don't like to talk about, as it can very quickly wipe out everything in a few short years.

[@PaulB-q3d]

An article in the telegraph recently explained how if you are forced into care the NHS should pay - they won’t want to pay, but they are required to, if you know your laws. Worth looking into.

[@ianpez1732]

@@PaulB-q3d Yes if you're Sectioned under the Metal Health Act, the NHS pay. They won't pay for a 'luxury' Care Home though. I don't know about you but if I go into Care, I want luxury not NHS.

[@grahammills5707]

Thanks for this James, it was really beneficial having this real life scenario as the backdrop for the tests to see what could be done - I hope this works out for Dan and Freya. I am 56 and am lucky enough to be in a slightly better position financially but keep extending the retirement date just to really “make sure” I am covered. The fact that there’s a 50/50 chance of getting cancer is making thunk twice now - please keep the content coming!

[@JamesShack]

I will do! Best of luck with finally pushing the button on retirement!

[@sigrid926]

I agree 100%. But 50/50 is the chance of dying from cancer in the end (as opposed to anything else) ; the risk of getting it before retirement age is much less, thankfully! James - I love your content, and am one of your female minority subscribers! Could you do a short clip about actuarial perspective on life expectancy and life years - just as important as the graph of returns, IMO!

[@eddied112]

James - one of the best videos you posted, and you've posted many very good videos. This one highlights those other two crucial parts of retirement - Time and Health. This is an important message that anyone approaching retirement should listen to and reflect on. I also love the way you walk through the various 'levers' and options for trying to bring forward retirement in this example and show there is no one solution and also that you may need to walk through and think about a number of possible scenarios. Thank you.

[@JamesShack]

Thanks for the comment! Yes it's very true, there are so many different ways you can cut the cake.

[@ManBearPiggy]

65k per year in retirement is crazy, with essentially no mortgage. That's around 4k per month cash flow, if you take off basic bills for 2 people, spending 3-3.5k per month is a pretty lavish retirement

[@XeonSX]

This channel rarely covers the average retiree… because there’s nothing plan 🙂

[@rajmehta6210]

It's all relative. I'm planning for 10k net a month

[@AgileSnowWeasel]

With the Portugal holiday home I expect a lot of it is going to and from the holiday home, and eating out when they are there which could be a large part of the year.

[@wallace-bv4rl]

Probably the best piece on this topic I’ve seen. Well done James. The need for compromise, consider all options, sequencing risk, real life. Controllable and uncontrollable factors. If you’re talking get rich quick investment you already don’t get it - I added that last confrontational point myself 😂

[@user-lx6pk9os2d]

Forget work, retire as soon as you can. Downsize and get a house that's going to be suitable for you as you get older - assume you're going to find stairs and big gardens really difficult if you get to 80 so act accordingly. Use the extra cash to bring your plans forward. We did - retired at 54. We now have a small house in a nice village thats easy to maintain and cheap to run. Once you get past the expensive "big dreams" of holidays & travelling etc, you realise that actually the real benefit is quality of life and freedom; it's just really, really nice to just potter - be able to get up in the morning and ease into the day, sitting outside in the sun, not having to jump in the car at 7am. We like outside pursuits, walking, I do a bit of running and cycling - they're all low cost. Forget big "stuff" - focus on experiences. You don't know how long you've got so don't put it off...

[@Wksfr]

Great comment

[@patoises]

helpful comment - i keep thinking in retirement i need that £5k per safari or maldives holiday at least twice a year to have a fulfilled living experience - pottering doesn't sound too bad

[@BeeBee-ku1ym]

So true. We retired at 51 and 45. Best decision ever. You realise how much less you need once you start living a simpler life.

[@33LB]

really nice comment. just a quick question, can you give other examples of good worthwhile experiences that people can enjoy in retirement?

[@amitthakrar2093]

That was an excellent example of financial planning and many aspects apply to me directly. Thank you for the video.

[@mattsennett]

My wife has just been diagnosed with bowel cancer which has caused me to look at my retirement plans in more detail. At almost 53 it means exactly what you say which is to compromise. We have to win the cancer battle first then see where we go from there.

[@JamesShack]

Hi Matt, I'm sorry to hear that but I wish you both the best!

[@mattsennett]

@@JamesShack Thank you 👍🏻

[@rmcl4112]

❤ 🙏 x

[@mattsennett]

@@rmcl4112 Thank you

[@robertthurmond8161]

Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Dianne Sarah Olson who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!

[@emilyhowe3359]

smart, You've done well for yourself. It’s all about accumulating wealth through compound interest investment

[@meredithelbert6608]

hi, i'm 49 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply

[@robertthurmond8161]

I admire your hard work and i must say you're well on your way to retiring early. Look her up, she's not hard to find. Goodluck

[@tonimhamilton2072]

out of curiosity i did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply. Thanks for the tip

[@meredithelbert6608]

Thanks for the tip. I'll give her a try.

[@davidf8749]

When you are getting older, you really need to have regular health checks. I go for the Nuffield medical every two years ( it costs about £800 ) . They have diagnosed me with Atrial Fibrillation as an issue and I am getting treatment for it. It is so worth it if I can spend more time with my kids etc.

[@JamesShack]

Great advice.

[@richardnelson7929]

Dr Betts in Oxford is a genius. I had ablative surgery and the Fibrillation stopped immediately. So glad I had it done. Do not wait.

[@georgie8079]

YES DAN!!! Agreed, health us your biggest asset. I'm a 36 year old female and I watch this channel 😊

[@apttodo]

Same! One of the few :)

[@nikki_jp4216]

Very impressed by the quality of your financial planning... didn't feel our IFA offered that. One year into retirement I am feeling we should have retired earlier, it's great! I also had a cancer scare two days after saying I was going to retire, think it was just stress related and was tested but it was frightening

[@Crazy_Ivan-UK]

Great video James and very pertinent to a lot of people. My business partner was recently diagnosed with prostate cancer but fortunately caught it early by pure luck (get checked regularly chaps) I have decided to retire early this year and am lucky to be in a position to do so although I’m already struggling with the idea of spending when not working.

[@AnthonyJustice-i9x]

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brooke Miller.

[@Piligarcia-zs7bo]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@ReuletRikki]

I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.

[@GertonTootle]

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

[@masterotrunks]

I'm new at this, please how can I reach her?

[@DebbieSimone]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@Skarkez555]

I love it when you work through these scenarios. One option I contemplated was move to Portugal and rent out main UK property for the 10 years they wanted to travel. When ready to move back, sell holiday home. They can downsize at this point as they'll have a different perspective by then.

[@acxezknightnite1377]

That was what I was thinking. Spend that time in sunnier climes!

[@AgileSnowWeasel]

Sadly they can only spend 90 days at a time there because we left the EU.

[@ploppy193]

Timely reminder that tomorrow isn't guaranteed for any of us.

[@TomTom-gs7wy]

true, but it’s likely for most.

[@carlyndolphin]

But if you live paycheck to paycheck you’ll be working forever. Secret is to invest a small proportion of your salary too. My dad is 70 and regrets buying stuff he didn’t need when he was younger. He’s still having to work because he never invested

[@andrewwatson7379]

Great piece, really easy to digest, relevant figures and profiles of Dan and Freya, very thought provoking, thanks for sharing and I wish your clients the very best for their future

[@killeremma]

that was a very important message, and you reminded me I ignored that cervical screening letter I recently got. I'm going to book that in tomorrow thank you

[@randyfrog1969]

Great video. But of course they could retire early. They've got £1.5M in assets and money!! That's a dream for most people.

[@michaelatkinson7577]

Simply excellent work. Have a plan, things change - be prepared for them to.....

[@hidusb]

Good advice on looking after yourself. I reassessed my life following a health scare.

[@steve579]

Heart warming scenario and good pragmatic advice ❤

[@declanmcardle]

They could flog the house in PT 12 years earlier and invest that .25m....it would be easier just to pay for a fancy hotel 2 or 3 times a year than worry about a house in a foreign country only appreciating at a couple of % per year. Also, Schengen 90 day rules for non EU citizens. etc. Unless they can Air B'nB it for 500 or 1,000 a week - that might be an idea...(allow 10-15% for a basic turnover service, 20+% for someone would really look after it for you and try organise lettings etc.

[@AgileSnowWeasel]

The low expected income suggests that the holiday home isn't in a typical tourist area that can command good rates, or they want to keep huge swathes of the year free for their own use so they can make full use of that 90 day period. It's a personal decision for them, but selling up and reinvesting makes a lot of sense - if they can actually get €250k for it. If they do, put £25k aside for each child in a 10 year investment, and the other £200k can be put into their own home's mortgage and other investments.

[@jessicaknoll4700]

Great content in this Excellent video and providing your viewers valuable info so we can grow our wealth. Thank you!

[@xiuying6874]

just gave me a better idea on what to do with my money I have saved.

[@jessicaknoll4700]

Incredible!

[@veliadisrosasjr1647]

This format and super investor analysis are the best stuff being created

[@john00123]

well said

[@vader6203]

Nice work James, good story telling 👏👏

[@MikeBrabanski]

Well said about health. Don't be embarrassed. Camera up the back end is not nice but it helps to catch problems. The DRE for prostrate is also a tad uncomfortable but just do it and minimise your health risks

[@Simonpocarroll]

To me, this real world example is so good on so many levels. It doesn't show one little tax/investment/lifestyle/magic bullet tweak and all problems are gone which is , so much more realistic (IMHO). And all this is before you even look at what investments to make. Keep it up, love these videos.

[@Greedo-qd7sh]

Thank you for this. My circumstances are very similar minus illness. I found this very helpful

[@AgileSnowWeasel]

Very useful because these life changing events can come at you out of nowhere - and also highlights how preparing for retirement is important as early as possible. I have critical illness and salary cover via work so that will help should that occur (whilst with this employer). One option not mentioned was part-time work, enabling them to enjoy retirement but still earn something to offset the expenditure early on. This could start off with 4 day weeks, if employer is happy to do this, to contracting for part of the year.

[@tancreddehauteville764]

Retiring at 58 is definitely possible if they sell the house in Portugal and downsize to a house worth £500k.

[@JeremyBrown-r4z]

Dear try this 30 sec candles with 30 sec time frame CCI 7 CCI 13 Moving average 50 ema MACD as default if candles upper on 50 ema and cci both and macd too indicate up to make a trade up if it was down so make trade down it's supper owsom

[@05gt99]

Thanks James, interesting content and discussion on compromises to enable retirement

[@chrisbland5714]

Hi James, another fantastic video. Bravo!

[@Renee-b5b]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

[@franklyn-z1k]

This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.

[@CheriFanizza]

It's true, not everyone has access to this kind of information. Lack of knowledge can definitely make people panic. But it's amazing that you've been able to make over $287k passively through investing with an advisor! Having a great wealth manager can really make a difference, regardless of how the economy is doing. Keep up the good work!

[@randettawolf]

At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an adviser, as this allows you make smarter investing decisions.

[@phill-s3s]

Can you recommend any? I am in need of a Cfp to grow my retirement account.

[@randettawolf]

'Grace Adams Cook' , is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@acxezknightnite1377]

James this is a great video, thank you. You’re a good man.

[@JamesShack]

You are very welcome

[@johnm3413]

Thanks to Dan for sharing his family’s story. And to James for another great video with solid advice. One question I do have - what are these software packages that do the financial modelling. Would love to see a video on these and where one might get them (other than using a financial advisor). Thanks.

[@nevertoolate8589]

Interesting that the final decision is to work one more year when it started with Dan wanting to retire right now. I’m surprised they seem unwilling to compromise on most of the other options like reduce expenses, downsize or sell the second home. That wouldn’t be my preferred option but each to their own.

[@AlanPeery]

Remember that he'd already gone back to work at that point. So pride of doing the job and the social aspects of having a team to work with were in play.

[@nevertoolate8589]

@@AlanPeery true but having had a health scare, I would have thought those aspects you mention would come after the travelling and spending time with his retired wife.

[@adambritain5774]

First thing i’d do would be to sell the holiday home. Then go from there.

[@tonyh1460]

@@adambritain5774agreed, not sure why people bother with fixed holiday homes when you can book apartments anywhere anytime, much cheaper and far less hassle

[@nialstewart8263]

James, slip at 2:01 of client's name?

[@scottvessey915]

Another cracking video James 👍

[@JamesShack]

You're welcome!

[@cubatea]

Thank you. Excellent scenario

[@JamesShack]

Glad you liked it!

[@MarkB4444]

Great vid - really pleased it ended up a good story 👍

[@JamesShack]

Me too!

[@Santoshlv426]

Something else to consider is the contribution underlying stress and anxiety contributes to ailments (like Cancer) arising from an pernicious employment environment. I'm heading to 50 and have ignored screenings (of any sort) preferring to ignore what may come in the hope it will fix itself. Such a video makes me stop and think. I don't need as much as Dan when I stop work (luckily) and hope to do so soon.

[@frankbell1408]

From $10K to $110K that's the minimum range of profit return every week I think it's not a bad one for me, now I have enough to pay bills and take care of my family

[@ArthurSweany]

I'm celebrating a $30k stock portfolio today. started this journey with 6k, I have invested on time and also with the right terms now.

[@frankbell1408]

Oh, yeah. That was possible with the help of my Guru expert, Jenifer Spencer ❤❤❤❤❤

[@frankbell1408]

She's a licensed broker and successful entrepreneur from the state.

[@Nicole-j2f]

That's great!!. I don't know anything about investing and I intend to start. What are your strategies?

[@danielhounkanrin3861]

The best strategy is starting with a professional coach, as a beginner who knows little or nothing in the market to avoid losing out.

[@hooksforestchin]

Hopefully they've adjusted the plan to account for means testing of the state pension which will be in place before they reach it. Removing the winter fuel payment was step one, changing the tax on personal pensions in October will be step two. So save hard, lose out on benefits and then give all your money away in care fees. I'd prefer to go the Swiss route but the corporates won't let you do that because they don't get the chance to fleece you first.

[@adambritain5774]

Corporates eh? That’s a new way of saying ‘jews’ to me.

[@tonyh1460]

@@adambritain5774shocking disgusting comment.

[@sameerpatel8650]

Great video James - thank you. I wondered what assumptions you made regarding asset-allocation of their funds and drawdown rates, as these seem to be key to understanding how much income they can take from their initial asset base.

[@davidwhiteman4649]

Well done, excellent video.

[@JamesShack]

Glad you enjoyed it!

[@howardparker6342]

Another very interesting video with a real life attachment. The principles are applicable I suspect to a lot of people’s thinking but in future it maybe more relevant to have money figures that are more representative of the majority of pensioners. A pension spend in the first few years of £60k+ is dream territory for most imho, where I suspect the major consideration would be how much can I draw down on a sipp without running out of cash. Everyone’s circumstances will be different but it really focuses the mind as to how to be canny with the cash.

[@mkdons22]

Cant believe how much money some people spend per month without a mortgage. Absolutely ridiculous tbh

[@dtlittle8]

Inheritance tax/planning. The "tax on trust"... Obviously such a weird and uncomfortable conversation to have with parents (for those who have a good relationship with them). But being open, honest, and planning for this, makes such a big difference. If not financially, at the very least psychologically.

[@tonyh1460]

True but I think going from grandparents to grandchildren would help

[@tommytraddles]

Of course you can have a great life in retirement. Love the humblebrag by the way.

[@chrisardern4594]

Using the masters 1st degree in advanced mathematics and my other masters 1st degree economics I say you could easily spend £600k. You might be skint afterwards but hey you would have had a hell of a time. Life is for living and not just sitting on a pension pot and afraid to put the heating on. Have a nice day.

[@TheSilvercue]

This is where plans are so different. I plan to live off growth and leave my DC Pension pot to my son. I have far less than they do. These studies do often focus on people with large portfolios.

[@IverKnackerov]

Size of pot doesn’t change any of the recommendations in the video ….

[@FlyingFun.]

Most people i know will never be able to retire....... Best we can hope for is to get a job that isn't too physically demanding and work till we drop. The ones who are doing well are either end of the scale, Those with nothing who live off benefits are laughing as are those who happen to do really well and have so much money they just dont need to plan anything... The vaste majority of the people fall into the middle and barely scrape by and cannot pay for financial advice let alone actually save enough to retire.

[@markwood9755]

If it was I, sell the house in Portugal now.

[@JamesShack]

That's the interesting thing, there is no correct way to cut the cake. It's about finding what works for you.

[@markwood9755]

@@JamesShack Hence the statement “ If it was I “ I would personally sell that illiquid set of bricks in a foreign land, as I see it as a liability and not an asset, I would prefer a bird in the hand with no outgoings, should I wish to go to Portugal I could always use the ‘pay as you go’ option ie a hotel with known costs. Indeed I have just done all of the above with a property in Florida, similar age to case study. I feel as though a burden has been lifted. Maybe the Covid travel ban biased my thinking ? Enjoy the content 😀 Thank you 😀

[@wakingstate9]

I'm 57 with debts paying £1550pm rent. Can I retire ever?

[@Tosun-g1q]

I came to UK,when i was 16 and i retired myself age of 21 ........Work hard and start investing in properties...... 😎

[@S2000Y]

Planning for care costs is not on my agenda, if i havent got the money the state can lay for it. An ex work colleague worth probably a few million and no family history of medical issues passed away of a heart attack aged just 69. Retire as soon as you can and enjoy.

[@H-yn4xd]

Hi James - loved watching your content. I've had some not so great experiences with wealth advisors in the past and am quite nervous about choosing our next company/WA which we need to do. You say speak with simon or yourself but the initial inquiry with NOVA is just with any advisor that is available, correct? We don't get to choose a particular person we want to work with on a retirement plan/strategy?

[@simoncorke1496]

I currently have an ISA that I have been investing in for 5yrs now. All is going well so far. I have a ltd coming with just myself as a director. I wish to start paying into a sipp so I can benefit from the reduced corporation tax. Where do you suggest I start? Any personal recommendations? Many thanks. Keep the videos coming, they are so informative.

[@jamiefarrell4425]

When talking about the cost of long term care, what have you not mentioned the option to put your assets in a trust so they can’t be taken to cover care fees?

[@sid35gb]

If I had £600,000 I would put £300,000 into a money market fund and £300,000 into a global index fund. Spend £30,000 a year for 10 years rinse and repeat. It’s not optimal for maximum returns but it’s a solid income for 10 years which gives the equity investment a chance to grow. Just keep an eye out to mitigate sequence of returns risk.the beauty of this system is you get a 10 years worry free and then the state pension will have kicked in at the end of 10 years.

[@LawrenceTimme]

Sounds like they didn't want to make any compromise but also wanted to retire much sooner.

[@nuntiusuk3345]

It is absolutely vital that we all take charge of our own health to give us the best chances . Monitor your own health , your blood lipids, BP, blood sugar. Do YOUR OWN bowel cancer screening annually . DO NOT rely on the flawed NHS test .Eat well but frugally , keep fit.

[@James1980-]

I’m intrigued how you do you own screening? I’ve had a colonoscopy several times because of family history..

[@nuntiusuk3345]

@@James1980- James if the live in UK , then when you reach a certain age they will send u a FIT kit test . The problem is that they just give you a pass or fail result and they don’t give you the data . The NHS trigger levels for further investigation are far too high . The end result is that you could have a high read but still pass . To avoid this I get a test at an independent lab which supplies all the data .

[@rmcl4112]

@@nuntiusuk3345great advice but what lab 😊

[@blazejibo758]

Apologies for my ignorance, but why, in the graph depicting the original scenario (around 3:38), isn't there a significant boost to their assets as they sell their home when Freya also enters long-term care?

[@megacaxxo]

Hi james, what is the tool used to do these simulations? Great video, really makes you reflect!

[@gerry2345]

I like this vid. Good insight.

[@JamesShack]

Glad you enjoyed it!

[@simonunion4657]

I am due to retire soon 56-57 700k in ISA SIPP bought a load of gilts last OCT to lock in yield hardest part now is letting go of work seems strange all setup just struggling to hand in my notice fear of the unknown. Never thought of that one being a problem

[@malachix780]

What is the retirement modelling program used here? Is it something available to purchase?

[@russelllipscombe6614]

James, there is a lot of concern over the potential for making state pension a means tested benefit. How should we be changing our retirement thinking if this is a risk in the future? Thanks

[@RuiOliveir4]

Hi James. Do you have a pro email where I can reach out with a campaign proposal? Best.

[@ancabolea5104]

Hello James!Can you make a video that includes self employed and sole traders that do not receive any pension scheme like the 8% from an employer. How much to save monthly from 40' to retire at 65.Thank you for your content!

[@PatrickWarner007]

Great video and certainly makes you think. One question though - is there a reason why you seem to be targeting 85% success rate in your software? That feels like a pretty high failure rate for a major life decision, especially if some of the failures are coming early in the plan

[@JamesShack]

It depends on the client and the willingness to flex and adapt if they do see a poor sequence of returns. Its also not 15% failures, its 15% of scenarios where you’d need to adapt you plan by again pulling further levers. Some clients don’t want to flex at all they want certainty. In such cases we’d probably recommend a partial annuity anyway.

[@smallbert]

What is the modelling software used please?

[@JamesShack]

The linear modelling software is a skin of Voyant and the stress testing software is Timeline.co

[@rohitrohela4536]

Hi James, fantastic video - I am also a financial planner and love your content. The software that you use for cash flow planning, is it Voyant, or something else? It looks very slick.

[@JamesShack]

We're fortunate enough to have a few in-house software engineers, and one of the first things we built was a skin for Voyant. We build the plan on Voyant, and then it exports it to a web app that just makes it look so much nicer!

[@porschecarreras992cabriole8]

Did you discuss about moving abroad to Portugal? Life would be so much better and cheaper there. Another country is Greece as they offer pensioners 7% flat tax rate for 15 years if you move there to draw your pension.

[@adambritain5774]

What’s health care like for expats in both countries?

[@porschecarreras992cabriole8]

@@adambritain5774 in Greece I would recommend private medical care as well but is not as expensive as the UK

[@adambritain5774]

@@porschecarreras992cabriole8 I just don't have the willingness and/or dedication to learn another language. Pure laziness.

[@porschecarreras992cabriole8]

@@adambritain5774 not essential. You can live with English in Greece as most speak English

[@carguyuk7525]

You might need to redo the numbers in October. Might need to assume the full pension won't be paid in full? I'm planning my pension savings on the basis that government pensions are zero (if you have a reasonable provision).

[@ajaytuk7416]

HI James- I didi not catch this, but are you including the couples state pension in the plan ( when they get to the retirement age of course)

[@JamesShack]

Yes, both are projected to have full state pensions.

[@BoulderDash24]

Levers. Not levvers 🤦🏽‍♂️

[@suncatsoftware]

Thanks James, always so interesting, thumbs up to you

[@jacmac9996]

Hi James Such a poignant vid. Hubby having to retire imminently with ill health and searching for exactly this kind of advice as considering selling our two rental properties. Contacted your office but with his DB pension I don’t think we fit the criteria. Anywhere you can recommend please James for those of us still needing smart planning with DB pension? Appreciate all your wonderful content! 👍

[@Equitybonds24]

Thanks for this James and best of luck to Dan and his family. Question please, how does a person know which critical illness policy is right for them?

[@JamesShack]

Most providers tend to have very similar standard terms, as in they cover the same things. So the main question is how much cover do you need and what's the cost. Does that answer your question, or are you asking how to determine how much cover you need?

[@Equitybonds24]

@@JamesShack Thanks James. I suppose yes knowing how much cover you need. Also, why not just have an IP policy?

[@JamesShack]

@@Equitybonds24 Critical Illness CIC and IP are designed to work in tandem. IP policies tend not to pay out as soon as you're unable to work; there is normally a deferral period of between 1 - 6 months. If you choose a very low deferral period, the price of the IP policy tends to shoot up because you're more likely to claim. This is on top of the fact that IP policies tend to be very costly as they are compared with other types of insurance (because they cover the biggest risk). Therefore, often, the more cost-effective solution is to also have a CIC policy, which will pay out almost instantly and cover your costs until your IP policy starts to pay out, perhaps in six months. However, there are various other factors that may affect the value of CIC you get: - How large your emergency fund/cash buffer is - How close to retirement you are or being able to "self-insure" - Whether you have any dependents - Expenditure, Debts etc Although there are formulas for calculating the "ideal" lever of cover, it is very much a personal decision. The most important thing is to sit down with your partner and role-play what you would do in each situation. If you, or they, got ill and could no longer walk/talk/work, what would you do? How would you change your life, what support would you need? How would you continue to save for retirement? If you, or they, died what would the other person do? How would they cope financially? How would they look after the kids? Will they have to return to work? What about debts? When it comes to personal finance, insurance is THE most important thing, but it's one of the least understood areas. Because it's so important, and you really don't want to get it wrong, I think that most people should seek financial advise with this stuff. We don't give ad-hoc advice like this, but there are lots of companies that do. I hope that helps!

[@Triggaaar]

Dan and Freya are not the couples real names. Freya is actually called Anna.

[@andyasia]

Nah, off to Dignitas instead of wasting £800,000 on the old folks home 🤣

[@crispyduck1706]

Me too robbing gits won’t get my kids inheritance

[@diggiedog548]

Great video!

[@roberts8783]

what software was showing yhe investment returns distribution? at 13:30

[@mrt1878]

The problem with Dan’s message is that getting to see a GP and specifically one that acts correctly is far from guaranteed. I went to see a GP four times before finally making headway, by which time I was in stage IV blood cancer. Dan is clearly quite wealthy so in this situation go private asap and if not this fortunate then change GP’s or even go to hospital and demand to be seen no matter what the wait. You can’t trade health or time so don’t compromise for anything.

[@JamesShack]

Thank you for sharing your story. Have you been able to make a recovery? This is why, unfortunately, private medical insurance is moving from a nice to have to an essential, at least for those fortunate enough to be able to afford it.

[@davem.4003]

​@@JamesShackUnfortunately, private medical insurance is unaffordable for the vast majority of the population, unless they are able to join a corporate scheme. This is especially the case if there are pre-existing conditions, which are automatically excluded from private HI (but not in corporate plans, in my experience).