Late Pension Options

Stretch117

Hello,


After talking with my 54yo mother recently it turns out she has little in regards to retirement plans.


She currently works abroad earning around £70k pa with very few expenditures (all expenses paid for). She has a house in Greece which she owns outright (worth around £200k). She's still a UK citizen and pays tax so will get state pension (I assume?) but I know this amounts to very little. She paid into a work pension for about 5 year about 20 years ago, but apart from this (which I'm guessing is negligible) she has no pensions or specific pension savings to speak of.


She said she planned to buy a few properties in the UK and rent them out as a retirement fund, but after doing some reading I'm not so sure this is the best option anymore?


Are properties still a viable option? If not what other avenues can be explored?


Any advice appreciated!

xylophone

Has your mother obtained a new state pension statement?

https://www.gov.uk/check-state-pension

https://www.gov.uk/new-state-pension/how-its-calculated

You say that she is working abroad and paying tax - do you mean that she is working for a UK company abroad and is paying National Insurance?


Does she have a deferred pension from the 90's job?

https://www.gov.uk/find-pension-contact-details

She said she planned to buy a few properties in the UK and rent them out as a retirement fund, but after doing some reading I'm not so sure this is the best option anymore?

Does she really want the hassle?

mgdavid

Stretch117 wrote: »

......... she has no pensions or specific pension savings to speak of.
.........

but presumably with a 70k salary and low living costs she has a large cash surplus which she has saved?
How long has she been working abroad?
She pays tax, but to the UK or Greek tax authority??
Does she own property here already, or does she have a UK residential address she can use?

Dox

With so little information it's impossible to know what might or might not be best for her. She has a good salary and few outgoings, so maybe the time has come for her to spend some money on expert advice on how best to plan for her financial future?

marlot

Stretch117 wrote: »

...She currently works abroad earning around £70k pa with very few expenditures...

So presumably a very healthy savings account of some sort. She can just live on that?

Stretch117

Hey all,


Thank you for your replies and sorry for the lack of information!


I think Dox has the right of it. To many variable and to much at stack to do off our own back!


I will suggest seeking some professional financial advice.