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We specialise in breaking down complex economic data and market movements that matter most to investors in the United States, Canada, the UK, Europe, and Australia. Whether you’re interested in US stock market trends, UK ISA and pension planning, or the latest European financial policy, GeoPulse delivers concise, actionable insights.
From short-form daily market summaries to in-depth analysis of wealth management and personal finance strategies, we help you stay ahead of the curve. Tune in for expert commentary, practical investment tips, and deep dives into high-value assets.
Categories Covered: #Finance #Investing #WealthManagement #FinancialNews #USmarkets #UKstocks #EuropeanMarkets #AusFinance, #dailymotion, #GeoPulse, #FeelThePulse, #viral, #trending, #mustwatch, #viralvideo, #trendingnow, #now, #finance, #Investing, #Money, #Business, #FinancialNews, #PersonalFinanceUS, #UKStocks, #CanadianInvesting, #AusFinance, #EuropeanMarkets, #WealthManagement, #FinTech, #Cryptocurrency, #USmarkets, #UKstocks, #personalfinance, #wealth, #business
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NewsTranscript
00:00Are you unknowingly making critical retirement mistakes that could cost you tens of thousands of pounds or even jeopardize your financial independence entirely?
00:09Today we're unpacking five big mistakes retirees regularly make, drawing on my real world experience from over 25 years of financial planning.
00:19Avoid these pitfalls and you'll set yourself up for a retirement that is both comfortable and stress-free.
00:24Hi and welcome back to Meaningful Money. My name is Pete Matthew. I'm a chartered financial planner here in the UK.
00:29And today's video is brought to you by my latest book, The Meaningful Money Retirement Guide. More details coming up a little bit later.
00:36Now, let's get straight into mistake number one, which is drawing your retirement money the wrong way.
00:42When retirement finally arrives, many people understandably feel eager to start enjoying their money.
00:48But withdrawing funds from their assets incorrectly can cause serious problems.
00:53It's not just pensions either. Most retirees have a variety of savings and investments, including ISAs, lifetime ISAs, general investment accounts, even property maybe.
01:04Tapping these assets incorrectly could create unnecessary tax bills and erode your long-term financial security.
01:11For instance, rushing to take large sums from a pension could push you into a higher income tax bracket, dramatically increasing your tax burden.
01:19Conversely, draining your ISA too early removes a potentially vital source of tax-free income later on.
01:26Taking your pension tax-free lump sum just because you can might mean you end up paying more income tax than you need to throughout the rest of your life.
01:34What's the fix? Well, create a clear strategic withdrawal plan.
01:39Balance withdrawals across different tax wrappers and consider timing them carefully to maximize your allowances.
01:45For example, draw off your ISA for regular tax-free income and withdrawals and carefully plan pension drawdowns to stay within lower tax bands.
01:54I've seen clients save thousands of pounds every year just by properly structuring their withdrawals.
02:00It takes careful planning, but it's worth every minute and every penny of doing so.
02:05Mistake number two is overlooking inheritance tax planning.
02:08Inheritance tax is something that nobody really enjoys thinking about because it requires you to think about being dead.
02:13But ignoring it can severely limit the legacy you leave behind, potentially reducing your family's inheritance by tens or even hundreds of thousands of pounds.
02:22To prevent this, we need to plan and plan earlier than we think.
02:27We need to use all the available exemptions, lifetime gifts, regular gifts, and you need to make sure that your will reflects your current wishes.
02:35You do have an up-to-date will, don't you?
02:37You should always prioritize your needs today over providing a legacy for your family after you've died, but you can do both.
02:44Just take some planning and organization, but don't leave it to chance.
02:48Number three, an all-too-common mistake I see all the time is people taking too little investment risk when they get to retirement.
02:56Now, I do understand why.
02:58The thinking is that now you're not working.
03:00If the market tanks and your investments fall, you're not earning any more to be able to replace that money.
03:06Those losses could impact how much you can spend for the rest of your retirement, and it may even mean that you run out of money altogether.
03:14But we must understand that market falls are normal, and all we have to do is ride them out.
03:19And over time, our investments will grow.
03:22Remember, a loss isn't a loss until you sell the asset and turn it back into cash that you can spend.
03:27This actually speaks to mistake number one that we talked about earlier, drawing off your assets the wrong way or at the wrong time.
03:34Retired folks often think they don't have time.
03:37But in fact, for most of us, retirement is at least two decades, if not three or more.
03:42And over those timescales, inflation can badly erode the buying power of your money.
03:47So you want to put it to work.
03:49You want it invested to beat inflation over the longer term.
03:53Hi, very quick and unprofessionally lit interlude to say that we have put together a little 10-question scorecard so that you can check your retirement readiness based on the five mistakes in this video.
04:08So there's a link in the description below.
04:11Check it out, and let's see how ready you are for retirement.
04:14That's three common retirement mistakes.
04:16Two more important ones ahead.
04:18But if you're getting value from this, you know what to do.
04:20Hit the like button.
04:21Consider subscribing because it helps the channel enormously and ensures that you'll keep seeing the videos we make.
04:27Mistake number four is ignoring your state pension.
04:30Too many people just underestimate the state pension, mistakenly believing that it won't really make much of a difference to their retirement.
04:38Some people even think that the state pension won't be there at all by the time they retire.
04:42Now, I can't guarantee that, of course, but consider this.
04:45The full state pension currently provides just under £12,000 annually.
04:51Over a 25-year retirement and assuming 3% growth in that income, that's £430,000 of guaranteed income coming your way.
05:00Ignoring your state pension could mean inadvertently losing thousands if you miss opportunities to fill gaps in your national insurance contributions, for example.
05:09A client I helped recently filled a small gap in their state pension by paying a voluntary contribution of about £2,500 one-off.
05:17And that secured an additional £25,000 in pension income over their expected lifetime.
05:23£2,500 for £25,000 return.
05:26That's not bad.
05:27So regularly check your state pension forecast, understand your entitlements and address any gaps proactively.
05:34This is straightforward financial planning that could dramatically improve your retirement.
05:39And finally, one of the most common and most dangerous retirement mistakes is underestimating your longevity.
05:45Life expectancy has increased significantly, yet many retirees plan their finances as if their money only needs to last a decade or two.
05:54Imagine running out of money in your late 70s or early 80s, a time when you most need to feel secure.
06:00The emotional and financial stress this causes can severely impact the quality of life and your family's peace of mind.
06:07Instead, always plan for a longer-than-expected retirement and review your plans throughout your retirement.
06:14At my financial planning practice, we always plan to age 100, but we update it every year because we don't want to plan for too long and then leave too much money on the table.
06:23We build plans that include guaranteed income streams for life, such as annuities, and withdrawal strategies, such as a cash flow ladder, to give our clients' resources the best possible chance of comfortably lasting throughout their retirement.
06:37Proper longevity planning allows you to fully enjoy your retirement, confident that you won't outlive your money.
06:44Now, if you found these insights useful, my latest book, The Meaningful Money Retirement Guide, will help you take your planning even further.
06:51It covers everything that we've discussed today and much more, providing clear, actionable steps to help you retire confidently, even without hiring a financial advisor.
07:00From pension strategies to inheritance tax planning, tax efficiency and legacy building, it's the complete guide to securing your retirement.
07:08So check it out via the link in the description below.
07:11So there we have it, five big retirement mistakes.
07:14Avoiding these pitfalls can genuinely transform your retirement from stressful uncertainty into confident enjoyment.
07:21So let me know your thoughts in the comments below and don't forget to subscribe for more crucial financial advice.
07:27Thanks so much for watching and while you're waiting for the next one, maybe check this one out.
07:30It's pretty good.
07:31I'll see you soon.
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