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Bad news re what I spend
Comments
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You are not alone. UK pensioners are very poorly supported in comparison to those living in other EU countries and this will only get worse :eek:
Do you have any evidence for that?
https://fullfact.org/europe/pensioners-eu-uk/ seems to contradict that.0 -
There is this:
https://www.ftadviser.com/pensions/2018/02/13/uk-state-pension-worst-in-the-developed-world/
it all depends on how you measure it....0 -
The state pension in France is vastly larger than in the UK not least because there is a large supplementary earnings related pension (Agirc-Arrco) but even the basic state pension is earnings related & is up to a maximum of 50% of your annual average earnings up to a limit of the equivalent of about £34K per year.
I worked in France & I thought at the time that the social security contributions were pretty steep but now I am really grateful as the French state pensions that I earned in fifteen years will be 2.5x a full UK state pension. If only I had spent my whole working life in France:)0 -
How do taxes in France and the UK compare?0
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How do taxes in France and the UK compare?0
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It is very difficult to do comprehensive international comparisons.
The UK has historically had much greater private pension provision than most European countries, which has meant the State Pension is lower, but pension income overall is more comparable.
The UK also has free healthcare. Most pensioners own their own homes outright and so have lower housing costs. The UK State Pension is quite low in comparison to elsewhere, but studies need to factor in different costs of living in different countries (which include some of the things just mentioned but also much wider costs).
Things can change quite rapidly too, so not only are detailed studies required, but they also need to be fairly recent studies otherwise they are of limited use.0 -
That is fine for answering the question "What is the maximum income I can take from a given pot?". It is not so useful for answering "What is the minimum size pot I should sim for to achieve a given target income?".0
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pennystretcher wrote: »You definitely need to sit down and do a proper budget.
1. things you pay for annually split over 12 months (insurance, broadband etc usually cost less if you pay them upfront), typical house maintenace cost 1% of house value per year (not including bigger renovation projects)
2. things you buy/pay monthly
3. no more mortgage in retirement? Reduced travel costs etc..
I currently get about £1500pm (after my additional pension contributions, tax etc), have no mortgage left, but have "luxuries" like private medical insurance, work lunches and a nice dinner out every week, a holiday or two per year in Europe and can afford those from that. Once I retire I don't have to pay travel to work, work clothes etc.. so if I get £1500pm after tax as a pension (adjusted over time of course) I'll live quite nicely....
Why do I need to divide the expense into annual and monthly? I do not see the point, I need/want that money in a particular year no matter whether I spend it in November or April or a bit each month. I pay annually all charges that are cheaper annually with the exception of TV license which forms one of my DDs for account perks.
Atush, we live with two dependants - my daughter and my elderly father. It does not feel right to expect a man who came into my life just a few years ago to pay halves in these circumstances.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
There is this:
https://www.ftadviser.com/pensions/2018/02/13/uk-state-pension-worst-in-the-developed-world/
it all depends on how you measure it....
Yes. Unfortunately most ways are chosen to suit the biases of the writer.
The UK's current system favours the lower paid by giving the same pension to everyone.
Many countries pay based on earnings so the higher paied get more pushing up the average.
Then there is how the countries treat those who did not contribute.
Pension credit in the UK is about double the equivalent in Spain
Making meaningful comparisons is near impossible given how much the systems differ. Usually those who make comparisons are just trying to make a political point.0
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