What have you taken away from today's video? Will you be making more contributions to your pension and aim for £100K+ in 5 years?
@riddlergorshin
2 жыл бұрын
Hi Ken, I’m putting 50% of my salary (and shift premiums/overtime etc) into my company smart pension. Also putting £500 extra into the mortgage (have knocked 10 years off already, 5 left with no overpayments). Many people don’t look into their pension until it’s too late! My firm puts 12% into my pot every month and I have 20 years on a db scheme (now it’s a dc scheme).
@TheHumblePenny
2 жыл бұрын
Paul, you'll be laughing :). Huge welldone!
@AG-so4gl
3 жыл бұрын
Expat role in SE Asia helped me out, managed to squirrel away $190k in 3 years.
@TheHumblePenny
3 жыл бұрын
That's incredible. A friend of ours is doing the same thing now but investing instead in property units
@sheraziqbal9556
3 жыл бұрын
Great video, basically shows how important it is to understand compound interest and to start contributing to your pension as early as possible. I did the minimum, but a challenge millenials face is starting home ownership and wanting to make over payments on the mortgage instead of increasing the minimum 5 % pension contributions.
@TheHumblePenny
3 жыл бұрын
Thanks, Sheraz. The issue you highlighted is a big one. It's something we're working on speaking more on.
@jmja83
3 жыл бұрын
I enjoy your channel. It is positive and engaging. I do think you need to focus on the UK as a whole. Not just London. There is sooo much more to the UK then just London
@TheHumblePenny
3 жыл бұрын
Good feedback and taken onboard. Thank you.
@sahidul
3 жыл бұрын
I set up a pension plan with pension bee back in April of this year. Put in £7000 and it has gone up 15% already! Videos like this convince me that with enough time anyone can make 100k
@grantmaxwell8295
Жыл бұрын
Any advice with what pension fund you’d recommend?
@AgileSnowWeasel
4 ай бұрын
I hope the pot is growing still two years later (or is it three now) :)
@sahidul
4 ай бұрын
@@AgileSnowWeasel it's now up 30% :)
@ladyf5217
3 жыл бұрын
Hi Ken. Can you do this for self employed paying into a private pension please as I don’t have any employer contribution.
@nevertoolate8589
3 жыл бұрын
Yes please! That would be very helpful!
@vascularlab
3 жыл бұрын
I work for the NHS and currently pay 12.5% into my pension. I hear AVCs are a good thing .Could you do a video o AVCs please?
@MrRoyck10
3 жыл бұрын
NHS have the best pension theoretically for public services, however you draw it at the age of 67 under the 2015 CARE pension. The Police may in practice have the best pension as they are still on final salary index linked pension drawn at the age of 55. However new members are on the Career average pension with a retirement age of 60. My research shows both the NHS and the police have the top ten best pensions…enjoy
@Rue245
2 жыл бұрын
Ken, great video, the most important takeaway for me is that its only impossible until it's done! Discipline, the power of compounding and a bit of creativity ! Even if you don't hit the 100k mark in 5 years (quite a lofty goal for most to put £500 i.e the 15% contribution in with mortgages, childcare etc), working towards it slowly but surely and simply increasing the contribution makes all the difference ! The other thing is reducing expenditure levels means you need less to live on in retirement anyway :)
@TheHumblePenny
2 жыл бұрын
Love your thinking, Audrey :)
@AG-so4gl
3 жыл бұрын
All good info but the main factor is income, having all the right intentions is great but net income is the driver
@stephen6262
3 жыл бұрын
Been paying into a sipp cant belive the growth upped the extra payments. And get 20 percent off the government. If only i had started the sipp years ago 😒
@TheHumblePenny
3 жыл бұрын
Welldone!
@knowledgeTherapy
3 жыл бұрын
Stephen, how do you claim 20% from Govt when you have a SIPP? Can i have a SIPP alongside employer funded pension?
@ADHDNurse79
3 жыл бұрын
@@knowledgeTherapy you can have a SIPP as well as a company pension. I pay into mine £160 a month and Gov adds 20% automatically
@inatehex
2 жыл бұрын
My employer has just started to provide the option of pension salary sacrifice. This has enabled me to increase my monthly pension contributions due to the NI savings.
@TheHumblePenny
2 жыл бұрын
💪🏾💪🏾
@knowledgeTherapy
3 жыл бұрын
Just to add- if you are earning between 50k-60k per annum, contributing to pension will allow you access to Child benefits and avoid high income childcare penalties. 2, before combining your pensions, review and analyse benefits you will loose provided by each pension. 3. Review the fund your pension provider investing your funds into, switch to the high equity based funds if you have 10 or more years to retire. Your funds will grow more .
@TheHumblePenny
3 жыл бұрын
Good additions, Pratik. Thanks
@JohnFord-c5l
7 ай бұрын
Hi great interesting video..forgot about 20%tax relief SIPP pension eg. Put in 1k per month.. with tax relief £1250 per month 5 yrs 100k scenario
@djmugenyi920
3 жыл бұрын
Thanks Ken for the great content. I'm definitely going to be contributing more to my pension pot in vanguard.
@TheHumblePenny
3 жыл бұрын
Amazing!
@pedropiasdjesus9204
2 жыл бұрын
Thanks, Ken for these great suggestions. I accept the challenge 😊
@TheHumblePenny
2 жыл бұрын
Go go go! 💪🏾💪🏾
@garethsmith1436
3 жыл бұрын
Im 38, only been investing in my pension for just over 1yr and have £130k invested. Granted £17k was from a previous pension I transferred. Started with a lump sum from my business to avoid paying tax on dividends.
@papaparash
3 жыл бұрын
Awesome video! Which funds should we invest our workplace pension in say via Aviva or L&G?
@JAXFinancialUK
3 жыл бұрын
All about getting that first 100k
@TheHumblePenny
3 жыл бұрын
Yup, and it snowballs like mad!
@johnblaze4464
3 жыл бұрын
facts.
@Jamie-hu8fq
3 жыл бұрын
I'm with a great company that pays both their pension contribution and mine which allows me to invest what would have been my 5% into the stock market through an ISA so it's win win all round.
@rufdymond
3 жыл бұрын
Those figures that you quoted at the beginning - are those for people who have reached retirement age? If so that’s pretty worrying. I was very fortunate as my final employer I worked for (13 years) contributed 13% and I contributed 5%, that’s a 18% contribution each month.
@paikiah77
Жыл бұрын
Just moved to the UK less than a year ago and scottish widows say i have 8K so far... dunno if this is good?
@Reciprocation_of_goodwill
3 жыл бұрын
Hi, I'm young so I don't quite understand. How do you know if your employer is matching your pension? Do normal employers assuming minimum wage employer even contribute to your pension?
@TheHumblePenny
3 жыл бұрын
Hi Peter Every UK employer is required by law to contribute to employee pensions. You'll know if employers match your contirbutions by looking at your employment contract or asking HR :)
@petertownsend2255
2 жыл бұрын
Hi can you talk about life insurance are those life insurance cash policies you advertised on TV & You tube worth a punt?
@TheHumblePenny
2 жыл бұрын
We've made a video about life insurance. Please watch it
@broccolihighkicks3857
3 жыл бұрын
Hello i have a question sorry, is it better to invest in a general investment account (ETFs and stocks) or a Stocks & Shares ISA? Thank you!!!
@christianloor6363
2 жыл бұрын
Very interesting Video ,thank you so much
@michelpohl1019
Жыл бұрын
What about a calculation with salary sacrifice ^^
@marshmello1848
3 жыл бұрын
25K, £430.28 mortgage (very cheap that), bills, 2 children, work expenses eg car, single wage earner over 55, divorce ends your financial security. There aren't aren't many 'wants' in there - certainly no takeaways or ubers. How do you do it?
@Sean-tj5cu
3 жыл бұрын
Been watching a few videos of yours, great info and have taken a lot on board! I am 24 years old. I'm putting in 6% and my employer is putting 7% and after 5 years that will be both 12% each. I make 31.7k a year and save 500 a month, minimum! Investing 50 a month at the moment and once debts are payed off, I will be investing 300 a month. I'm hoping to retire by the time I'm 55! Do you think this seems reasonable? My mortgage will be payed off by the time I'm 47, but I will be paying more off it per month, hopefully knock at least 10 years, so aim to have it payed off by the time I'm 37!
@stephendahl1654
3 жыл бұрын
Great Video so much good information, as always :-)
@TheHumblePenny
3 жыл бұрын
Cheers, Stephen :)
@ihateyouall1648
Жыл бұрын
When ur employer is using NEST, then u are fucked as yearly returns are 2-3%.
@bukolanihi6788
3 жыл бұрын
Thank you once again Ken.
@TheHumblePenny
3 жыл бұрын
You're welcome :)
@thiyagarajahganesharaju2840
3 жыл бұрын
Grate video
@blakebarker7167
3 жыл бұрын
Interesting. Thanks for sharing
@TheHumblePenny
3 жыл бұрын
Thanks for watching 😀
@awais127
3 жыл бұрын
Again, misleading title - this wasn’t really a ‘how to’ guide, just a general overview of the only two real ways: save more or earn more.
@TheHumblePenny
3 жыл бұрын
Misleading? What was not "how to" about it? What would you suggest as a better title?
@awais127
3 жыл бұрын
@@TheHumblePenny Personally I don’t think £100,000 in 5 years is possible for the vast majority of people. It would have been better to see an actual case study (maybe yourself) and analyse the different components (income and expenses) of how to realise the maximum pension pot.
@TheHumblePenny
3 жыл бұрын
Thanks for the suggestion. Much appreciated. However, I still don't see how this speaks to the title being misleading? Can you please clarify that point (assuming you watched the whole video)? Secondly, elements of what I shared is actually based on my own journey but taking the principles and applying it to a hypothetical scenario where someone earned £38k and started with a small pot (as my average income over the last 15 years is significantly above £38k and won't be relatable for most people). Everything from fully taking up (possible) matched contributions, to planning various milestones, to adjusting lifestyle and being disciplined, to being creative about how to earn more income. Having £100k or more in 5 years given the assumptions made is achievable. Some can hit it and exceed it (if taken seriously) and some might not. The point of the video is to help to get people thinking and hopefully, planning. Pensions is often the last thing most people think about and that's because there is a mismatch between the need to live for today (at a particular lifestyle) and preparing adequately for tomorrow. This video is there to help people to re-imagine their own possibilities, make some assumptions, set goals and work towards them allowing room for things to change. Thanks again for your comment and suggestion.
@MrRoyck10
3 жыл бұрын
The tile is an accurate reflection of the content, perhaps consider consulting a pension expert who will charge you a fee and provide pension advice in details and break it down. Ken provides a good foundation for people to build their financial resources, whilst providing good content for free on KZitem, I am sure he can provide personalised financial services on a different platform with subscription.
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