FIREside Chats

bluenose1

Have LOVED reading this thread, thanks to ElmoR for pointing me in this direction.
Must admit I am a regular on the pension forum but can see why so many out off as it can be quite complex, dry and financial..... Saying that I have learnt loads from it over last year or so, which means that at nearly 55 even if I was made redundant I would be financially secure. 
For all of you who are short in NI for your State pension, remember that if you are looking after grandkids  or have caring responsibilities for someone on Attendance Allowance etc you can apply for a Credit to pay your NI stamp. So if grandkids , caring etc may be in your future worth holding off paying.

Also if you do any sort of self employment you can pay a reduced stamp of I think about £158.

gallygirl

jennystarpepper said:

Downsize and fingers crossed by an apartment in the canaries, the main reason for this is medical (osteoarthritis and new knees for both of us).  We have toyed with a full time move abroad, but for us we need the winter heat and to swim daily.  Hope to be able to jump on the plane with hand luggage and in a taxi within an hour of landing. 

Mr Pepper will then grow his veg March to October and I will make his pies and other treats... then it will be off to the sun to 'let it all hang-out' with a few beers and gins sitting on our balcony and BBQ and salad for dinner / tea. 

I('m sure you're aware of it, but thanks to Brexit you can only stay in Europe for 90 days out of 180 so it's either one three-month trip or a few shorter ones. Unless you're thinking 90 days in Europe and another 90 further flung?

jennystarpepper

gallygirl said:

jennystarpepper said:

Downsize and fingers crossed by an apartment in the canaries, the main reason for this is medical (osteoarthritis and new knees for both of us).  We have toyed with a full time move abroad, but for us we need the winter heat and to swim daily.  Hope to be able to jump on the plane with hand luggage and in a taxi within an hour of landing. 

Mr Pepper will then grow his veg March to October and I will make his pies and other treats... then it will be off to the sun to 'let it all hang-out' with a few beers and gins sitting on our balcony and BBQ and salad for dinner / tea. 

I('m sure you're aware of it, but thanks to Brexit you can only stay in Europe for 90 days out of 180 so it's either one three-month trip or a few shorter ones. Unless you're thinking 90 days in Europe and another 90 further flung?

Yes I am aware, but 10 years still to go so lot's can happen in that time!

Many countries have 90 day rules, hopping on a plane or ferry to spend a couple of days in another location is no hardship.  

gallygirl

jennystarpepper said:

Yes I am aware, but 10 years still to go so lot's can happen in that time!

Many countries have 90 day rules, hopping on a plane or ferry to spend a couple of days in another location is no hardship.  

Yes, a lot can happen in that time. It's the people who are retiring in the next year or so, without a lot of money behind them, who will be most affected. Individual countries may well reach an agreement in time with the UK - though I can't see the UK wanting ti reciprocate any time soon.

Not quite sure what you mean by your last statement? You can't rest the clock by leaving for a few days, it's a running 90 days in a running 180 days.

jennystarpepper

gallygirl said:

jennystarpepper said:

Yes I am aware, but 10 years still to go so lot's can happen in that time!

Many countries have 90 day rules, hopping on a plane or ferry to spend a couple of days in another location is no hardship.  

Yes, a lot can happen in that time. It's the people who are retiring in the next year or so, without a lot of money behind them, who will be most affected. Individual countries may well reach an agreement in time with the UK - though I can't see the UK wanting ti reciprocate any time soon.

Not quite sure what you mean by your last statement? You can't rest the clock by leaving for a few days, it's a running 90 days in a running 180 days.

One example is Australia,  you can have a 12 month E visa, you can visit as many times as you like  (in 12 mths) must leave after 90 days and can return when you like. 

greenbee

Thanks to the chat on here I've checked my state pension info more carefully than I usually do. I need another 9 years contributions to achieve my full state pension in 2040. The next question is whether I can pay off the mortgage and put away enough in SIPPs and ISAs in the same time to be able to retire then. I suspect not, without making significant compromises now, but it's worth knowing, just in case things change. 

Like others I'm frustrated at not being able to do anything about the years where I don't have full contributions - in my case the 4 years when I was at Uni, which are now too long ago to be able to make up - so all those pub bar/waitressing/kitchen jobs that paid NI clearly weren't enough). The final year does have a note on it saying that they're checking whether it counts. Probably confusing for them as I had numerous jobs from finals until starting my graduate training placement - signed on for a couple of weeks, worked 3 shifts a week waitressing, did 5 days a week office admin for a couple of months, freelanced from home and in London. Who knows how/whether it will all add up!

taka

My state pension says I have 12 years to go so is really 11 to go (as it doesn't include the tax year just finished). I have 5 years not full - my uni years and the year I went travelling so fair enough. 😆

I've just checked my payslip (payday in a few days) and it looks like my increase in pension contributions via salary sacrifice and my WFH tax relief tax code change has gone through. Is it sad that I'm feeling a bit excited by this? 😆 It is almost doubling what I was paying in to the DC part before. I've also worked out that thanks to coronavirus and nothing being open I've spent less this month than will be paid into my pension! 😄

I don't want to wait till I retire to do x, y or z. I want to enjoy myself now too. It is definitely a work in progress though...

gallygirl

Not quite sure what you mean by your last statement? You can't rest the clock by leaving for a few days, it's a running 90 days in a running 180 days.

One example is Australia,  you can have a 12 month E visa, you can visit as many times as you like  (in 12 mths) must leave after 90 days and can return when you like. 

Sorry, I was talking in terms of the EU as The Canary islands were mentioned as a desired destination.

becky_rtw

We will likely be using a visa to stay in France. There is one designed for long stay visitors that can self fund and are not looking for work (perfect for retirees).

It will be more complicated for those wishing to half and half in UK and EU of course, but there are usually routes to do what you want it's just about the paperwork, requirements and costs. 

longway2go

I think this is a great thread and have read it with interest.

I am only at the very start of thinking about pensions and planning for the future and want to educate myself on the best plan of action for us so I hope you don't mind me tagging along to gain ideas. 

I spent a little while making OPs to the mortgage and like seeing the balance come down and the interest saved but have now just started to realise that this may not be the best way for my money to work for me. I have therefore increased my work pension contribution to 10%. We set up Lisa's so that we didn't miss the boat as my OH turned 40 last year (me this Yr) but we haven't really paid into them. I noted someone say that they were not a popular option so need to rethink that. 

As a very rough figure I think we need around 20k per year in retirement (I think if I have understood it correctly we need a pot of 500k). Having looked at other projections this seems low so perhaps I am missing something bit as I said am only just dipping my toe in atm. 

My current pension pot is 86k and work needs to be done to underand OHs pots but I don't think they will be much. 

I need to review what I should get from SP.

Can anyone advise of any good calculators I can use for projections of what my pension fund might look like if I continue to add to it and the growth within it? 

Thank you