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  • FIRST POST
    • Stretch117
    • By Stretch117 13th Mar 18, 3:59 PM
    • 2Posts
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    Stretch117
    Late Pension Options
    • #1
    • 13th Mar 18, 3:59 PM
    Late Pension Options 13th Mar 18 at 3:59 PM
    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!



Page 1
    • xylophone
    • By xylophone 13th Mar 18, 4:38 PM
    • 25,565 Posts
    • 15,099 Thanks
    xylophone
    • #2
    • 13th Mar 18, 4:38 PM
    • #2
    • 13th Mar 18, 4:38 PM
    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
    • By mgdavid 13th Mar 18, 8:35 PM
    • 5,611 Posts
    • 4,942 Thanks
    mgdavid
    • #3
    • 13th Mar 18, 8:35 PM
    • #3
    • 13th Mar 18, 8:35 PM
    ......... she has no pensions or specific pension savings to speak of.
    .........
    Originally posted by Stretch117
    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?
    Last edited by mgdavid; 13-03-2018 at 8:37 PM.
    The questions that get the best answers are the questions that give most detail....
    • Dox
    • By Dox 14th Mar 18, 12:23 AM
    • 658 Posts
    • 446 Thanks
    Dox
    • #4
    • 14th Mar 18, 12:23 AM
    • #4
    • 14th Mar 18, 12:23 AM
    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
    • By marlot 14th Mar 18, 6:57 AM
    • 3,486 Posts
    • 2,604 Thanks
    marlot
    • #5
    • 14th Mar 18, 6:57 AM
    • #5
    • 14th Mar 18, 6:57 AM
    ...She currently works abroad earning around £70k pa with very few expenditures...
    Originally posted by Stretch117
    So presumably a very healthy savings account of some sort. She can just live on that?
    • Stretch117
    • By Stretch117 19th Mar 18, 2:48 PM
    • 2 Posts
    • 0 Thanks
    Stretch117
    • #6
    • 19th Mar 18, 2:48 PM
    • #6
    • 19th Mar 18, 2:48 PM
    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.
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