YouTube Videos

In this video, I discuss the often-overlooked skill of spending money in retirement. I emphasise that while we are taught to save, we are rarely educated on how to spend wisely, especially during retirement. I outline the psychological barriers to spending, such as fear of running out of money and guilt associated with spending. I provide practical tips for creating a joyful spending plan, understanding the phases of retirement, aligning spending with personal values, and practicing gratitude. Ultimately, I encourage you to shift your mindset from saving to spending to fully enjoy your second half of life Takeaways * Spending money is a skill we've never been taught. * Learning to spend is crucial for a fulfilling retirement. * Fear of running out of money hinders spending. * Guilt around spending can prevent enjoyment. * Planning for enjoyment is essential in retirement. * Create a joyful spending plan to allocate funds for fun. * Retirement consists of three phases: go-go, slow-go, and no-go years. * Align spending with personal values for greater satisfaction. * Practicing gratitude enhances the spending experience. * Shift your mindset from saver to spender for a fulfilling life. Chapters 00:00 - The Importance of Spending Money in Retirement 01:21 - Why is it so Hard to Spend Money? 05:58 - Practical Tips for Joyful Spending in Retirement

Is inheritance tax the MOST annoying and controversial tax there is? Do you want to AVOID it at all costs? Well, in this video I discuss the critical topic of inheritance tax in the UK, particularly focusing on strategies to avoid it. I explain the basics of inheritance tax, including the nil rate band and residence nil rate band, and emphasises the importance of planning to prevent a significant portion of wealth from going to the government. I outlines five simple but impactful strategies, including... * Spending money * Gifting * Setting up trusts * Donating to charity * And a bonus tip on downsizing property to maximise wealth transfer to loved ones. Key Takeaways * Inheritance tax is charged on estates above £325,000 in the UK. * Couples can potentially have a £1 million nil rate band. * Spending money before passing away can help avoid inheritance tax. * Gifting money during your lifetime can be tax-free up to certain limits. * Trusts can protect assets from inheritance tax but require careful planning. * Donating to charity can reduce your inheritance tax liability. * Leaving 10% of your estate to charity lowers the tax rate on the rest. * Downsizing property can free up cash and reduce estate value. * Seek professional advice for complex gifting and trust strategies. * Planning is essential to maximise wealth transfer to heirs. Chapters 00:00 - Understanding Inheritance Tax 02:48 - Strategies to Avoid Inheritance Tax 05:51 - Advanced Strategies: Trusts and Charitable Donations 09:08 - Bonus Tip: Downsizing Your Property

In this video, I discuss the importance of creating a spending plan for retirement that not only meets your financial needs but also enhances your joy and fulfillment. I emphasise the difference between a restrictive budget and a spending plan that prioritises happiness. I provide practical tips for balancing needs and wants, tracking spending, and planning for different phases of retirement spending. Key Takeaways: - Creating a spending plan is crucial for a joyful retirement. - A spending plan should prioritise what truly matters to you. - Essential expenses are the foundation of your spending plan. - Having a 'sleep at night fund' provides peace of mind. - Reflect on past experiences to determine spending priorities. - A fun fund allows for guilt-free spending on joy-filled activities. - Balance is key: distinguish between needs and wants. - The 50-30-20 rule can help maintain financial balance. - Track your spending to make necessary adjustments. - Regularly review your retirement plan to align with your goals. Chapters 00:00 - Creating a Joyful Spending Plan 03:46 - Balancing Needs and Wants in Retirement 05:17 - Practical Tips for a Successful Spending Plan

Summary In this video, I discuss the concept of mini retirements, which allow individuals to experience retirement-like periods without fully leaving their careers. I explain how to structure these mini retirements, the benefits they offer, and how to effectively plan for them. I emphasise the importance of balancing work and life, reducing burnout, and preparing financially for the future. Takeaways - Mini retirements allow you to experience retirement before actually retiring. - They can help reduce burnout and improve productivity. - You can structure a mini retirement through extended leave or using accrued holiday time. - Budgeting is essential for a successful mini retirement. - Mini retirements provide a trial run for full retirement. - They can improve your work-life balance and overall happiness. - Planning your time off is crucial for a fulfilling experience. - Identify your goals for what you want to achieve during this time. - Mini retirements can help you reassess your long-term financial plans. - They offer a chance for personal growth and exploration. Sound Bites "Experience retirement before you actually retire." "Test drive your retirement without leaving your career." "Take short periods of time to live like you're retired." Chapters 00:00 - Introduction to Mini Retirements 04:02 - Structuring Your Mini Retirement 05:51 - Benefits of Mini Retirements 07:07 - Planning for a Mini Retirement -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

Summary In this conversation, I discuss a structured approach to navigating the first year of your retirement. I outlines a three-phase plan that encourages you to first relax and unwind, then rethink your goals and aspirations, and finally reimagine your new life in retirement. Each phase is designed to help you transition smoothly into this new chapter, emphasising the importance of self-reflection, community engagement, and personal fulfilment. Takeaways - Retirement is a time to live life on your own terms. - The first six months should focus on relaxation and unwinding. - Rediscover hobbies and spend quality time with loved ones. - Rethink your goals and what retirement means to you. - It's important to ask yourself what gives you purpose. - Adjust your retirement plan as your vision evolves. - Create a daily or weekly schedule to stay engaged. - Join clubs or groups to build community connections. - Retirement is an opportunity to reinvent your life. - Take things one step at a time; everyone's journey is unique. Sound Bites "This is your time to recharge." "What are my goals in retirement?" "It's okay if your vision of retirement changes." Chapters 00:00 - Welcome to Retirement: What's Next? 01:12 - Phase One: Relax and Unwind 03:02 - Phase Two: Rethink Your Retirement Goals 04:51 - Phase Three: Reimagine Your New Life -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

Summary In this video I discuss the shift from traditional retirement income planning to a more fulfilling approach focused on creating lasting memories. I cover off the importance of using financial resources to enhance life experiences rather than merely protecting wealth and outline strategies for building a retirement memory strategy, including identifying memory goals, budgeting for experiences, and involving loved ones. I conclude by highlighting the value of memories as a legacy that enriches both the individual and their family. Takeaways - Retirement should focus on creating memories, not just managing income. - Money is a tool to enrich life, not a goal. - Building memories leads to a more meaningful retirement. - Memory dividends grow richer over time, unlike financial dividends. - Shared experiences with loved ones create lasting connections. - Budgeting for experiences is essential for a fulfilling retirement. - Embrace spontaneity to create memorable moments. - Prioritise experiences over leaving a large inheritance. - The most meaningful inheritance is memories, not money. - Invest in what truly matters to you during retirement. Sound Bites "RIP to Retirement Income Planning" "Retirement is about creating memories" "Money is a tool, not a goal" Chapters 00:00 - From Income Planning to Memory Planning 03:05 - The Value of Memories 06:10 - Creating Your Retirement Memory Strategy 09:02 - Leaving a Legacy of Memories -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

Summary A recent study showed that only 14% of retirees are drawing down their principal, which means that the other 86% are drawing down the amount that their portfolio returns or even less. This video explores the deep-seated fear of running out of money in retirement and its potential impact. The fear is rooted in psychological, social, and practical concerns. It can lead to an unfulfilling retirement characterized by overcautious spending, missed opportunities, social withdrawal, and health issues. To address these fears, it is important to engage in financial planning, build an emergency fund, redefine retirement goals, practice mindfulness and emotional wellness, and stay engaged in hobbies and social networks. Takeaways Only 14% of retirees are drawing down their principal in retirement. The fear of running out of money in retirement is rooted in psychological, social, and practical concerns. The fear can lead to an unfulfilling retirement characterized by overcautious spending, missed opportunities, social withdrawal, and health issues. To address the fear, engage in financial planning, build an emergency fund, redefine retirement goals, practice mindfulness and emotional wellness, and stay engaged in hobbies and social networks. Sound Bites "A retirement plan with a 100% chance of success is a retirement plan that will 100% fail." "Financial security is a cornerstone of a fulfilling retirement." "Running out of money can be seen as a failure to plan correctly, leading to societal judgment or shame." Chapters 00:00 - Introduction: The Deep-Seated Fear of Running Out of Money in Retirement 01:32 - The Psychological, Social, and Practical Concerns Behind the Fear 03:17 - The Paradox: How Fear Can Lead to an Unfulfilling Retirement 04:28 - Addressing the Fear: Strategies for a Fulfilling Retirement -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

In this video I discuss the two biggest risks in retirement: the risk of longevity (outlasting your money) and the risk of brevity (your money outlasting you). I emphasise the importance of planning for both risks, even though the answer to the question of how long one will live remains unknown. I provide six strategies for helping to mitigate these two risks: diversify income streams, create a flexible spending plan, invest in insurance, engage in estate planning, consider annuities, and regularly review and adjust the retirement plan. Takeaways Retirement planning involves balancing the risks of longevity and brevity. Diversifying income streams and creating a flexible spending plan can help manage these risks. Investing in insurance and engaging in estate planning are important for protecting wealth and providing for loved ones. Considering annuities and regularly reviewing and adjusting the retirement plan are also key strategies. Retirement planning is ultimately about preparing for the unknown and ensuring a secure and fulfilling retirement. Sound Bites "61% of people are more afraid of running out of money in old age than dying itself" "The risk of longevity means considering inflation, healthcare costs, and unexpected expenses" "On the flip side, there's the risk that your money might outlast you" Chapters 00:00 - Introduction and Overview 01:56 - Chapter 1: Planning for Longevity: Outlasting Your Money 03:20 - Chapter 2: Planning for Brevity: Your Money Outlasting You 05:15 - Chapter 3: Strategies for Retirement Planning 08:20 - Conclusion: Preparing for the Unknown -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

In this video, I share six must-know tips to help prepare adult children for inherited wealth. I emphasise the importance of reviewing your estate plan, considering the impact on your heirs, promoting responsible behavior, setting realistic expectations, shoring up your plan, and clarifying your intentions. These tips aim to ensure that your adult children are prepared for the wealth they may inherit and understand the plans you have for it. By following this six-part framework, families can have open and productive conversations about legacy planning. Takeaways Review your estate plan regularly to ensure it aligns with your wishes. Consider the impact of inherited wealth on your heirs and encourage them to seek professional advice. Establish guardrails and have conversations about managing complicated assets. Have honest conversations to set realistic expectations for inheritance. Work with your financial team to improve your legacy plan and your children's financial skills. Clarify your intentions and the values you want to pass on through your legacy plan. Chapters 00:00 - Introduction: Preparing Adult Children for Inherited Wealth 01:51 - Chapter 1: Reviewing the Estate Plan 04:18 - Chapter 3: Promoting Responsible Behavior 05:53 - Chapter 4: Setting Realistic Expectations 06:55 - Chapter 5: Shoring Up the Plan 07:16 - Conclusion: Clarifying Intentions -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

Summary Your retirement schedule requires as much thought and preparation as your finances. This conversation provides four building blocks to create your ideal retirement schedule: be specific about your goals and activities, ease into a comfortable morning routine, make the most of your time by scheduling activities, and unplug to recharge. The goal is to balance structure and flexibility in your retirement schedule. Takeaways Retirement requires planning and preparation for your schedule as well as your finances. Being specific about your goals and activities in retirement can make it more rewarding. Creating a comfortable morning routine can help you start your day in a peaceful and productive way. Scheduling activities and tasks can help you make the most of your time in retirement. Taking time to unplug and recharge is important for your well-being in retirement. Finding a balance between structure and flexibility in your retirement schedule is key. Sound Bites "Your pensions and investments haven't magically grown all by themselves." "The happiest retirees don't retire from their jobs. They retire to goals and activities that make retirement rewarding." "Ease into your comfort zone every morning." Chapters 00:00 The Importance of Retirement Schedule 01:12 Be Specific: Setting Goals and Activities in Retirement 02:09 Ease into Your Comfort Zone: Creating a Morning Routine 03:37 Make the Most of Your Time: Scheduling Activities 04:52 Unplug to Recharge: Taking Time for Yourself 05:39 Balancing Structure and Flexibility in Your Retirement Schedule Link to The Ideal Week in Retirement Worksheet https://acrobat.adobe.com/id/urn:aaid:sc:eu:4acd5781-98cf-44bb-86a6-63b7b8d6d5ef -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

Summary This video explores the science of happiness in retirement and provides practical strategies for adjusting and thriving in post-career life. The four key factors that influence happiness in retirement are financial security, social connections, physical health, and purposeful engagement. Maintaining strong social ties, engaging in community activities, and pursuing hobbies are important for enhancing happiness. Regular exercise, a balanced diet, and preventative healthcare contribute to physical health, which in turn positively impacts mental wellbeing. Embracing change, setting new goals, and focusing on what brings joy can significantly enhance happiness in retirement. Takeaways Financial security is a critical factor affecting happiness in retirement. Maintaining strong social ties and engaging in community activities enhance happiness. Physical health, including regular exercise and a balanced diet, positively impacts mental wellbeing in retirement. Purposeful engagement through part-time work, volunteering, or pursuing passions contributes to happiness. Embracing change, setting new goals, and focusing on joy can enhance happiness in retirement. Sound Bites "The four key secrets that will influence your happiness in retirement." "Financial security is a critical factor affecting happiness in retirement." "Maintaining strong social ties plays a vital role in enhancing your happiness during retirement." Chapters 00:00 Introduction: The Science of Happiness in Retirement 02:53 Factors Influencing Happiness in Retirement 05:08 Cultivating Happiness in Retirement 06:19 The Importance of Adaptability and Optimism in Retirement 07:13 Conclusion: The Rewarding Phase of Retirement -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

Summary This video explores important considerations for planning and entering into the second half of life. It covers the balance between saving and spending in retirement, the distinction between health span and lifespan, the true cost of excessive frugality, and the value of spending on creating lifetime memories. The video emphasizes the need to reassess the relationship with money and prioritize experiences, invest in health, and embrace the present. The key takeaway is that the second half of life should be lived fully and joyfully, with a focus on enriching experiences, health, and happiness. Takeaways Reassess your relationship with money in retirement and focus on its potential to enrich your life. Understand the difference between health span and lifespan and prioritize activities that improve both. Spending money in retirement is about creating lifetime memories and experiences. Avoid excessive frugality and the fear of running out of money by finding the right balance between saving and spending. Embrace the present and enjoy the fruits of your lifelong labor. Sound Bites "Focusing not on money's preservation, but on its potential to enrich your life." "Prioritize financial security for a long lifespan, sometimes at the expense of health span." "Spending money in retirement is about creating lifetime memories." Chapters 00:00 Introduction 01:50 The Trap of Procrastination and Frugality 03:39 The Value of Spending on Creating Memories 05:30 Finding the Right Balance 07:13 Embracing the Second Half of Life 08:03 Conclusion -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

In this enlightening video, we explore the 7 compelling reasons why working should be an integral part of your retirement plan. As longevity planning becomes increasingly important, many are discovering that maintaining a job during retirement can enhance financial security and provide a sense of purpose. From achieving financial freedom to ensuring a steady retirement income, we delve into how a second career or part-time work can significantly impact your retirement mindset. Engaging in post-retirement work not only fosters social connections but also contributes to an active retirement lifestyle. We discuss the benefits of job satisfaction and how work during retirement can lead to greater financial independence. Whether you're considering early retirement or simply looking to enhance your retirement goals, this video offers valuable retirement strategies to help you navigate your post-career plans effectively. Join us as we highlight the importance of work-life balance and the positive effects of social engagement on your overall well-being. Discover how adopting a proactive approach to retirement can lead to a fulfilling and financially secure future. Tune in to learn why incorporating work into your retirement plan could be one of the best decisions you ever make! Chapters 00:00 Introduction 02:15 Reason 2: The Value of Social Connections 04:21 Reason 5: The Health Benefits of Working 04:57 Reason 6: Flexibility in Retirement 05:39 Reason 7: Lifelong Learning in Retirement 06:19 Conclusion -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

Are you prepared to navigate the complex landscape of retirement money management? In this video, I examine the five significant risks you may encounter during retirement: inflation, sequence of return risk, investor behavior, the potential to outlive your savings, and the issue of leaving behind unspent funds. I will present effective strategies to mitigate each risk and emphasise the importance of careful planning and ongoing financial supervision throughout your retirement years. Key insights? Inflation can diminish your purchasing power, making it essential to invest in assets that outpace it and diversify your income streams. Be aware of sequence of return risk, where a market downturn at the start of retirement may pose challenges; thus, a robust withdrawal strategy and a diversified portfolio are crucial. Your actions as an investor can significantly impact your retirement outcomes, so adhering to a long-term plan and partnering with a financial planner can be transformative. Concerned about depleting your funds? Strategic planning and exploring all income sources are essential to extend your savings. Additionally, consider the implications of passing away with unspent savings—effective estate planning and a balanced withdrawal strategy can enable you to enjoy your wealth while leaving a legacy or supporting charitable endeavours. Chapters 00:00 Introduction 02:41 Chapter 2: Sequence of Return Risk 04:08 Chapter 3: Investor Behavior 05:06 Chapter 4: Running Out of Money 06:18 Chapter 5: Dying with Money Left Unspent 07:17 Conclusion -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

This video is about my magic retirement formula, which consists of clarity, confidence, and control. Clarity involves knowing what you want in retirement and setting clear goals. Confidence comes from making informed decisions and feeling secure about your financial future. Control is about taking charge of your time, health, and finances and creating a retirement that aligns with your values. When these three elements come together, they lead to contentment in retirement. The goal is to enjoy each day without worrying excessively about the future and to live in alignment with your true self. Takeaways Clarity is crucial in retirement planning. It involves setting clear goals and understanding your desires and priorities. Building confidence in retirement comes from making informed decisions and feeling secure about your financial future. Taking control of your time, health, and finances empowers you to create a retirement that aligns with your values. The combination of clarity, confidence, and control leads to contentment in retirement, allowing you to enjoy each day without excessive worry. Retirement is an opportunity to live in alignment with your true self and find fulfilment in meaningful activities. Chapters 00:00 Introduction: The Magic Retirement Formula 03:25 Chapter 2: Building Confidence: Making Informed Decisions 05:18 Chapter 3: Taking Control: Empowering Your Retirement 07:07 Chapter 4: Contentment in Retirement: Enjoying Each Day 08:25 Chapter 5: Living in Alignment: Finding Fulfillment in Retirement 09:40 Conclusion: Embracing the Next Chapter -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-

The 5 F's of planning and living your best and most fulfilling retirement are: 1. Figure out who you are and who you want to be 2. Find and define your purpose 3. Form your social networks 4. Feel free to spend your money, no matter what! 5. Fill your time with meaning in order to create moments and memories -~-~~-~~~-~~-~- Please watch: "Build Your Retirement Spending Plan Like This!" https://www.youtube.com/watch?v=AwfufbXE-vw -~-~~-~~~-~~-~-