Timothy Sumer

We're always told that planning for your future is one of the most important things and pension contributions are the single best way you can do this planning. You're told by the government, every financial advisor and every finance YouTube channel about the importance of putting money towards your pension. Many recommend you contribute much more than the minimum requirement of 8%. I am generally a big proponent of financial planning and I agree that planning for retirement is very important. But it's also really important to be aware of the fact that if you save too much into your pension, it can be a really bad thing. The UK Government has introduced a Lifetime Allowance for pension pots which sounds very high - it is over £1,000,000. But although that sounds crazy, if someone one a median wage contributes the minimum amount from 21 to 68 which is the current target retirement age, their pension pot will actually be bigger if it grows at an average rate of

Hey guys, in this video we need talk about the impending catastrophe that is the state pension. We’ve said it before and we’ll say it again, don’t expect the state pension to be around when you retire. We’d assume that most people who watch our videos have some money invested, even if it’s just a little. Well, you guys should be especially concerned about future changes to the state pension because its people with money who will be most in the firing line. Nobody is talking about this – the whole country is always preoccupied with more pressing issues. A few years ago it was Brexit, then it was Covid, and right now it’s war and rising inflation and the cost of living. But how much longer can we kick the can down the road? In this video we’ll look at the importance of the state pension, why it will almost certainly be scrapped or changed for the worse, what will likely happen in our view, and how you can prepare for the inevitable. Now, let’s check it out… 👉 FIRE Retireme