The Optimal Age To Save for Retirement

[@DamienTalksMoney]

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

[@cspeirs1]

Brilliant! Loved this, thanks Damien

[@cleric7788]

Off topic but what t shirt are you wearing?

[@DamienTalksMoney]

@@cleric7788 it is just a t shirt from Zara

[@kurtismunden7023]

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

[@incurza9647]

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

[@jack_walt]

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

[@connorwilloughby1696]

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

[@jack_walt]

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

[@jack_walt]

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

[@anonb0]

Also started as an apprentice at 17

[@DamienTalksMoney]

Well done for listening!!

[@leightonharrison2328]

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

[@DamienTalksMoney]

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

[@TheNicoliyah]

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

[@GhostWriter_Music]

i'm 41 and I just want to be able to access my private pension at 50. cos I have enough. but that is going to keep going up too, and I have stopped putting into it. saving in a sipp is golden advice though. £10k per year for 8 years and you are ready to retire at 60

[@mattferdinando]

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

[@DamienTalksMoney]

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

[@jessperry1703]

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

[@joshuakentolp7152]

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

[@MM-ev1fg]

Agreed. I’ve shared this with many people.

[@urbanpkrider31]

Yeah absolutely agree. This was a fantastic video and a great message

[@shadeofheresy]

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

[@DamienTalksMoney]

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

[@orangesnowflake3769]

Thanks for posting this

[@Nomadiclife_style]

I agree.

[@Rayraysplums]

Luck must have been on your side well done.

[@shadeofheresy]

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

[@helensavvides6582]

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

[@tamashumi7961]

People who enjoy the work they do are fairly rare nowadays. Also it's next to impossible to remain employed when you get like 60-70, so want and can may not go along even for those who are still in sufficient ability by that age.

[@mrtod13]

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

[@jameswood4183]

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

[@DamienTalksMoney]

Thank you James 😊

[@paulgal]

No it is the best by far .

[@christines5430]

I second that❤

[@barnoluk9272]

Comfortably

[@MorningtonCrescent]

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

[@palmtree-e2l]

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

[@stickleback73]

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

[@BIG2hats]

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

[@mircea_h]

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

[@tonyhickq]

​@@stickleback73better do your finances by yourself. A financial adviser will always advise you to his/her own best interest. It was never as easy as today to invest, all the info is free available on the net.

[@hanan1205]

I've been feeling desperate to save and invest starting at 35. This brings a whole new perspective. Thank you.

[@amandacornwill9370]

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

[@robm509]

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

[@prof.stacythemoneyteacher]

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

[@jamesodd3896]

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

[@TheEmanep]

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

[@AlisonWonderland999]

Ooh heck, I put off watching this as I was so scared of it triggering my usual anxiety on this topic.Then I reminded myself how you excel at putting a positive spin on things, and dared myself to give it a go. And... this was truly inspiring, thank you so much Damo, I nearly cried! This is the very encouragement I have needed since the penny dropped what a wanker I have been financially. It's never too late to turn things around... in fact, actually, thanks to the info you've shared here, I can see that I already have... and will really enjoy that, going forward, instead of beating myself up. Thank you 🤩💗

[@DamienTalksMoney]

I am glad you were brave and that the video will help you crack on and not beat yourself up everyday. I hope you are well Alison

[@GusDrennan]

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

[@DamienTalksMoney]

Thank you so much, love this feedback

[@Riaan3108]

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

[@DamienTalksMoney]

🤣

[@1anre]

Is that the nickname for those rubbish blogs?

[@lisaclayton517]

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

[@MrKlawUK]

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

[@KiHToG]

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

[@shelleyk7462]

This is me too, I’m 52 and overpaying my mortgage every month so it is paid off in 3 years. I will then put that money into my pension.

[@luQi457]

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

[@Caution1990]

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

[@rmas66]

Great message. Thanks as a 57 year old who's had plenty of bumps on the way, i feel reassured 👍🏼

[@DamienTalksMoney]

Wonderful! Thank you for taking the time to comment. The bumps make us who we are.

[@ukunknown808]

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

[@DamienTalksMoney]

Appreciate you to mate.

[@Trifusion1]

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

[@josephj6521]

For those in their 40s, don’t despair. I’m 55 with $380k in retirement saved. 10 years ago I had $130k in my retirement account. You can give your retirement savings a boost in your late 40s and 50s. Don’t wait. Do it today! :)

[@rmcktube]

Damien, I very rarely comment. This is golden, insightful positive advice, brilliantly narrated and edited. Beyond your real message for real people - on top of it all your story arc alone should be a case study for media aspirants everywhere. Subbed and shared widely.

[@DamienTalksMoney]

Thank you so much really appreciate the comment.

[@palmtree-e2l]

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

[@lifesacardgame6454]

Thank you for your positivity on this subject.

[@JohnFord-c5l]

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

[@collettewilliams642]

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

[@henghistbluetooth7882]

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

[@2IGs]

The time to travel & experience life is when you are young. I spent all my money in my 20s & 30s hiking up above the clouds in the Alps & down into the Grand Canyon & clubbing in Berlin, Paris, Amsterdam, New York, San Francisco when I could do so. I bought a condo in my late 40s & started saving in my mid 50s. Everyone says I haven't enough saved, but really I do. No grand plans in retirement. I plan to travel the world in my own Chicagoland backyard & sleep in my own bed at night. No regrets. Live life when you are young. Save later & plan a modest retirement with your memories.

[@cashkitty3472]

That suits you but it's not for everyone. I had no interest travelling when I was younger but I do now and I can afford much more and have better experiences. Point is it depends on the individual plus you can save less when young but it has a bigger impact later. My friends who are older than me think I could retire now in my mid 40's..I can't!

[@HarvsHobbyShack]

Your videos stop my obsessive worry and anxiety with finance. Thank you for being realistic.

[@DamienTalksMoney]

My pleasure, glad I can help you out with your feelings towards finance. I share the same fears

[@Harbs8989]

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

[@rocksy71]

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

[@queensberryrulez5306]

I have not long turned 34 and have a few properties, decent savings/investments and a pension rolling. Student loan is also gone. This video makes me feel better as I have a constant worry about having enough along with leaving enough for my children.

[@pacifica9718]

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

[@Kaizen917]

I sometimes get the feel that when people say they should have saved more, its not out of some frugality lesson learned but out of some sense of regret what they spent the past money on (be it cigs, alcohol or flashy stuff that didnt scratch the itch). It might seem like a small detail but the crucial difference is that, if they are to have more money, they are in risk of spending that on the same. But the video is a good reminder that regardless of it all, everyone needs to just dust themselves off and think of it as a better later than never situation.

[@Kalarandir]

Well, what I can say is that the model actually represents my own saving journey extremely accurately, frighteningly so. I was 47 when I got "serious", and about 50 when I doubled down after getting my ducks in a row. Where it does differ however, is that my saving rate has levelled out in the past year or so, and is likely to remain so until I am 60 and consider some level of retirement.

[@shawfair4591]

Well done! It’s never too late! Be proud of your efforts and enjoy it! 👌🏽

[@Gizmo10777]

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

[@discodiscodiscoking]

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

[@douglassmith215]

Thank you so much for this video! I was feeling depressed about pensions and lack of will to sort it out as felt “oh well it’s too late for me”. Now this has massively motivated me. Thank you so much. It’s what I really needed ❤

[@baronvonhoughton]

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

[@Life_Literacy]

My dad never paid in to a pension so from a young age my mum would drum it in to me, signed up at 22 when in my first proper job… best advice she ever gave me. Great video Damo, really helping peeps focus and learn 👍🏻

[@b0rg1010]

Thank you for you words of facts and encouragement. I'm 51 this year. I've taken risk's in life which most haven't turn out. My pension savings are practically none existent. I'm mortgage free this year. I have some savings and I working towards saving more than I ever could previously. As I've got older, I actually don't panic about my future. I'm a worker and as long as my health allows I will always work and enjoy what I do. It's all about quality of life. I have seen too many friends die and leave all their wealth to others after sacrificing living life in their early years. Such a shame. Live for today, you still have plenty of time.

[@rusl12]

This is a really nice vid, thanks Damian. One thing I’d add though is the importance of health. Whether you have to or want to work after 65, you need to be ABLE TO. This isn’t true for some people and it’s awful. Even if you do retire, you want to be heathy enough to look after the grandkids and all the other good stuff

[@denisedeakins4828]

Hi Damien, I didn't have any sort of pension until i was around 46, a few years later I realised I was behind what others my age were doing which was a bit worrying. This insight gives us older ones all hope to see we still have time to save and achieve! Thanks :)

[@SomeoneSmarter]

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

[@carguyuk7525]

My final salary scheme was stopped in 2009 when I was 41. Since then I have paid into my pension pot with the employer paying about 10%. Over nearly 15 years I have now built up a pot of £650k. My target is to retire at 60 and to have a pot of more than £850k. My final salary pension is not paid until I am 65. I would strongly recommend to anyone age 25 to maximise what you can do when paying into your own pension, especially as you don't know what the government will be able to afford in the future. Great channel, informative, entertaining and essential information that no one teachers you.

[@Motionbuck]

Thankyou for this comment, this makes me feel so much more secure in my future I’m 34 but only started taking all of this seriously about 32 but I now have no debt and I’m already on my way to having saved 50k across investment, retirement after increasing my private pension contributions and throwing whatever I have left at the end of the month into ETFs and will continue to build on that!

[@stuartburns8657]

Final Salary pensions are becoming increasingly rare, if not non existent sadly

[@declanmcardle]

Do you need to watch out for exceeding the LTA for both the DB & DC pensions?

[@johnristheanswer]

​@@declanmcardleLTA has been abolished recently.

[@sensaidoom]

If you got £650k in 15 years, I'm not sure why your target is only another £200k over 19 years... Edit - Senior moment. My bad!

[@person.X.]

I have done this. In my twenties and most of my 30s I had casual or poorly paid jobs and didn't save a huge amount or own a home. It wasn't till my late 30s that I started earning the average salary and bought a (small) home and started seriously saving. Now in my early 50s I have a small mortgage left and pretty decent retirement savings. Not enough to retire in luxury but enough to be financially secure with a bit of care.

[@eltororist3366]

Wow! Thanks… I’m 48 and have just paid 2 yrs into my pension… I needed to hear this and is has made me very happy because finally I have a well paid job for the first time in my life… and I have the opportunity to save much more than I ever could have in all those years of living hand to mouth… but I was thinking it’s too late!

[@cannontrodder]

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

[@charletfoster8917]

Finally, financial news that is uplifting n not belittling🙏🏿😊🙏🏿😊💰😊💰💰💰💰💯💯💯

[@suewright8059]

This video was brilliant. I am lucky enough to have a decent nhs pension but at 48 have just started throwing money into a SIPP and a stocks and shares ISA every month. Thank u for your informative and entertaining videos and for all the positivity. I feel like i have taken back the control!

[@DamienTalksMoney]

Sounds like you are doing amazing!

[@adamwestrip7422]

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

[@VikVeerENTSurgeon]

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

[@Petersworld77]

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

[@squeaky_honda]

I started saving late, and my only regret was keeping all the money in a savings-account with 0.0001% interest-rate instead of putting things into an index-fund. And slightly regretting that I didn't move my private-pension to a cheap index-fund until you made a video about it. I noticed that no-one can convince you to start passive-investing until you start feeling your money's value being eaten-away by the savings-account. I tell my colleagues and friends about it, but it just seems like a massive hassle to them.

[@1anre]

Interest gained on savings on north American banks are the worst. 0.02% with $40K in savings?

[@squeaky_honda]

@@1anre My bank would give me like £4 per month, and take back £3.50 in fees. Now it doesn't charge fees anymore. My mentality back then was "this is ok, I can work harder, get pay-rises and earn more". I worked harder and I could see the business earn a lot from that, but the pay-rises were meager.

[@philistineau]

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

[@izzygxrrad]

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

[@DamienTalksMoney]

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

[@Petersworld77]

Very thought provoking content Damien. As a 58 year old it’s always been the narrative to start saving in a pension as soon as possible which is easy if you work for a company that has a good employee pension scheme, not everyone is that lucky though. Quality of life across your whole life should be everyone’s financial goal, not being the richest person in the graveyard. What is the point in that?

[@HB-md8ly]

Thank you so much!! Informed, fact & life based, dynamic and considered information! So motivating! Love his channel!

[@DamienTalksMoney]

Thank you so much. Glad you enjoyed the video and the channel

[@garysanders8090]

"mood hoover" fantastic description

[@aktualnie.piotrowska]

This is by far the most interesting YT account on the topic on personal finance, and I'm not even UK-based. Great storytelling Damien, keep it up! 🔥

[@Brown969]

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

[@chrisballUKtoNZ]

love it. i just turned 36 2 weeks ago. doing 50-60% savings rate for the past 2 years. no kids as yet, travelled 45 countries so taking advantage of these years to stash away as much as i can in the hope that when i come into my 40s i have a wad put aside and cant relax off the savings if kids come along etc.

[@Rattymischief]

Love your content! Feel so motivated and energised, not to mention reassured. Most other videos in the financial space leave me feeling anxious and hopeless.

[@pt2913]

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

[@Mike-ot6lb]

Great video. This has taken some of the worry out of my pension after having to give nearly half of it away in my divorce.

[@hbbstn]

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

[@alexandrucosnete3242]

Been ignorant about pensions myself until last year when i opened a SIPP at the age of 37.And yes…i do regret not starting earlier…being surrounded by people telling you pensions are scams didn’t really help either

[@duttontube]

Brilliant video Damien! I’m turning 50 this year and didn’t save a huge amount earlier in my life, and wish I had. But now I’m saving as much in 3 months as I earned annually when I graduated. The numbers in later life really do add up. Good luck to younger investors who can start compounding in your 20s!!

[@Zach_Films]

Slight error in the graphs around 8:40, the Y axis goes 20 - 30 - 25 - 35

[@Mr__Fogg]

Great presenter, great content and great confidence booster. Thanks for your videos. Much appreciated 👍

[@DamienTalksMoney]

Thank you for the lovely feedback

[@hazeldavis3176]

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

[@anthand85]

My two children have junior sipps, aged 3 and 3 months.. thanks for the advice 💪🏼

[@JD-ny9qj]

Ahh yes just make the gap wider between the haves and have nots, that’ll help future generations. Why don’t you give that money to orphans coming out of care or something instead. Even up the playing field.

[@CuriouslyInquisitive]

Love the younger smart mate who you go to for objective advice vibes. I can see this channel 10x in no time 🎉

[@mohamedzein1994]

8:44 Really caught me off-guard, the Y AXIS jumps from 20 to 30 then down to 25. Made me think the graphs were insinuating people with low education have to save less

[@KevinJones-pr3ig]

Having subscribed to your channel, I've opened a SIPP for myself and my 9 year old daughter. What extra I save now, will improve my retirement options in 8 years time, and your advice has changed the way I think about my daughter's financial journey. Absolutely love your content. Thank you!!!

[@johnristheanswer]

FWIW, we invested our kids' family allowance from birth. Now in their late twenties , they both have small fortunes in investments and it's cost us nothing to achieve it. Best of luck.

[@Chanesmyname]

Best advice I heard when asked best time to invest for the future, is ‘yesterday’

[@handlethehandle7]

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

[@Goldman_Bernstein]

Thank you! As a 50+ year old man, who just bought a 2003 Honda Civic (Dave Ramsey forced me to buy this), I can relate well to your video! 😅

[@archvaldor]

You are knocking it out of the park with this one mate.

[@JHA854]

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

[@davidharding3465]

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

[@RafRambles]

Whoever your editor is, is smashing it with these graphics!

[@michaelleiper]

I'm Gen X. The only people I know my age that have retired already managed to catch the end of the defined benefit schemes. Because they don't have to worry about living longer than the money lasts. Personally, I didn't start paying into my pension until my early 40s, but that's because, when I was a contractor, any money I put in would be 100% from me, and I always had better things to do with it. (Bought a flat, upgraded to a house when kids came along, got a bigger house with more kids, etc.) Once I switched to being an employee, matching came along and it became give my self a pound now (before tax), or 2 pounds (with interest) in the future, and the free money part of the match made it a lot harder to not pay into the pension.

[@Checkin-sx8bv]

Thank You Damien a well presented Video on the information provided. The IFS report is spot on with age range for a normal family of 2 children.

[@jprholloway]

Great message but what an amazing journey you have taken in your vlog to get there. Well done Damien.

[@Alexandre-rt7xk]

Grandma Moses, what a legend!

[@decsjr]

Great video, noticed a weirdness to y-axis of the graphs going from 30->25->35 at 8:43

[@ceciliabrown3301]

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

[@mhoward181]

My problem is that when my dad told me to contribute to a pension scheme 20 years ago he didn’t follow it up and explain that you can retire early. For me all I saw was him saying save for retirement at age 65. Why? What’s the point. 65 is rediculous. At no point did I know you could retire early at 57 or about stocks n shares ISA.

[@Phil_AKA_ThundyUK]

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

[@robertcroft2905]

I am at 32 with 2 children, a mortgage and a bank loan taken out to extend our home. My main aim isn't to save, it's to pay off those debts faster than just paying up the monthlies. It would be better short term, to close down my debts faster than try and save. Even after that, I have plans to extend the kitchen and remodel the bedrooms and bathroom. All very expensive stuff. I just don't feel like I have the money to be working towards retirement. Not without harming my children's childhood by "never having any money" to do fun stuff.

[@edc1569]

You should still be contributing to a pension IMO, the tax benefits are a big deal, particularly if you pay higher rate.

[@BF1GUN]

@robertcroft2905 Investing in your home will most likely generate above average returns. Paying off the mortgage and reducing your debt can be achieved muck quicker by overpaying the required amount each month, even small overpayments can have a huge effect. Once you have done that, you'll have a much larger sum of money to invest in your pension / investments.

[@pixies64]

Think of it this way, you dnt want to have to have your children support you when your older. The more money you have set aside the less they have you use their money to support you

[@AgileSnowWeasel]

These things are clearly some of the factors that are keeping people's retirement saving rates low until they are older, as per the graph in Damien's video. Luckily for you, you are investing - in your house. An extension should retain the value you spent on it. Not so much a kitchen (it's just expected upkeep), but a nice bathroom helps a lot if the current one is manky (but again, it's upkeep). But I do hope you are contributing to your work pension scheme, even if it is only the legal minimum - but the more the better, the earlier the better.

[@uncountableuk]

This does highlight another issue which is masked by "average savings rates". Children are the number one most expensive lifestyle expense. The 20% or so of us who don't have children are able to save much higher proportions of income over decades. This skews up the average savings rates. Despite what others say, I don't think that remodeling the kitchen and bathroom will get you any closer to financial independence. The good news though is that you're only 32. You should be clear of the bulk of child expenses in 20 years and then you double, triple down on investing then for 15 more years to get a comfortable retirement around state pension age.

[@mikejames4540]

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

[@danielh7104]

We had a few good years in our early 30s where I was investing in a SIPP and ISA. Then we had children and we saved nothing for 15 years. When I tracked it down the SIPP had grown to £55k and the ISA to £15k, which has helped enormously getting retirement on track.

[@annabeljewel]

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

[@leeblakemore2762]

Thanks Damien, Turning 54 end of next month with 101k in various pension pots and 38k in Isa with 6.5 years left on my mortgage and I do at times feel I'm waaay behind with pretty much every spare penny I can find going into my ISA as a "just in case my pensions aren't enough and Gov decide to cancel state pension" Fund. At least I know I'm not alone and including my ISA, I'm actually ahead of the Median. Your words have left me relieved and less stressed about problems that haven't even happened yet and may never be a problem. Thank you sir.

[@Waddywoos360]

All depends on your goals. You can't retire completely at 55 with a high standard of living if you don't start early and agressively. But if you are willing to compromise on those dreams then you can start later or make fewer sacrifices. Its all a balancing game.

[@horacebury]

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