Pension stuff, how's it all looking ? HAve you prepared ?

[Potter]

From those, it's not an absolute 'earn a single paid penny' cut-out that you implied.

Isn't it the case that earning means 'income', e.g. pension payments are taxable if over the basic limit?

I have conflicting information to the contrary, hence why I said get professional advice.
I'be had two different FAs say something slightly different (and that website doesn't offer anything other than to say the allowance exists). Tax laws are so complicated that even if you phone HMRC you might get different advice on different days.

I was told that if you earn over that threshold then the allowance disappears in a puff of smoke, but like I said, don't take my word for it.

[Count Steer]

I don't know what you guys are earning now or were earning immediately before retirement but jeez, you think £60k a year for doing nothing is just about right?

Wow

LOL. It's not for 'doing nothing' it's money arising from doing rather a lot. State and company pensions aside (which aren't 'free', we put money in) a fair chunk of ours is money we earned and saved. Pleasure deferred if you like.

We studied/trained and worked hard, moved jobs, moved locations, earned decent money and planned ahead. (Managed to enjoy ourselves most of the time too ). I see no reason why that means we should be living on gruel in a hovel.

PS Oh yeah we paid and still pay taxes, so we aren't a total drain on society.

[Mr. Dazzle]

I think it's called textured insect protein actually. You should be greatful for your Amazon allocated Prime Hovel too.

[weeksy]

I don't know what you guys are earning now or were earning immediately before retirement but jeez, you think £60k a year for doing nothing is just about right?

Wow

LOL. It's not for 'doing nothing' it's money arising from doing rather a lot. State and company pensions aside (which aren't 'free', we put money in) a fair chunk of ours is money we earned and saved. Pleasure deferred if you like.

We studied/trained and worked hard, moved jobs, moved locations, earned decent money and planned ahead. (Managed to enjoy ourselves most of the time too ). I see no reason why that means we should be living on gruel in a hovel.

PS Oh yeah we paid and still pay taxes, so we aren't a total drain on society.

I think it's simpler than that mate in truth, the pension is 'savings' so you're only spending your savings, not spending something 'free' ... It's all savings we've accumulated over the last 20-40 years. Everyone (until recently) had the option whether to enter into a pension, so it was a choice thing for us to 'save'... I'm notoriously bad at saving, so this was a god-send for me.

[Count Steer]

I think it's called textured insect protein actually. You should be greatful for your Amazon allocated Prime Hovel too.

I'm pitching for a heated Prime hovel - with a view....but I'll have to sign up for Audible, Amazon Music, Amazon Business and Amazon Groceries and commit to writing 300 dodgy product reviews a week to get on the waiting list.

[Yambo]

LOL. It's not for 'doing nothing' it's money arising from doing rather a lot. State and company pensions aside (which aren't 'free', we put money in) a fair chunk of ours is money we earned and saved. Pleasure deferred if you like.

We studied/trained and worked hard, moved jobs, moved locations, earned decent money and planned ahead. (Managed to enjoy ourselves most of the time too ). I see no reason why that means we should be living on gruel in a hovel.

PS Oh yeah we paid and still pay taxes, so we aren't a total drain on society.

I'm well aware of all that, (my army pension was non contributory ) and I still pay taxes but that wasn't the point. Why you think that you're going to need an income of £60k a year during retirement is laughable. If you've been earning enough to provide a £5k a month pension (fair play to you!) then I would suggest you'll have most of what you need for retirement; no mortgage, car, insulated big house (may be too big for retirement when you only bump into the wife now and again) good social scene etc. What you gonna do with all that cash?

Just about all of the expats in this village are retired, most of them on way, way better pensions than mine. A neighbour of mine (single woman in her 70s) came here and stuck a £million in the bank - she'd worked in a bank in the City (Chase possibly) bought 4 properties, new car etc etc etc. Of course, her £1m is no longer worth that due to serious inflation here but she's still loaded. She's also one of the most unhappiest people I know. Sits in her big house (hers is a triplex, mine a duplex) all day with the aircon going cos it's chilly in winter and too hot in summer. Rarely goes out.

Another is called 'First Responder'. I think he managed photography shoots for Kays catalogue or some such thing. He has a big house more to the back of the village and is certainly not short of a bob or two. The 'First Responder' nickname? He sits on facebook all day and when someone posts something, anything, he is the first person to make a comment. What a sad fucker.

There are others with big pots of money and decent monthly incomes - they keep a couple of bars open during the winter. They have no life and although they have a car "so that I can go out when I want to" they rarely buy petrol. Quite a few of them tell me they envy my lifestyle - I'm usually busy doing something boats or doing things for others (I don't take payment) like today, I'll be helping another expat put his outboard motor back together. He's selling the boat because he can't find the time to use it enough. He's too busy watching films on the TV and telling me about them when we have a beer on a Friday evening.

The rest probably all have a nice pot of money in the bank to fall back on and a decent enough monthly income but they still, like me, buy their fruit and veg in the market on a Monday - the cheap option. But fair play to them, they managed to not die just after retiring so they can spend their time in a great place doing fuck all and waiting to die, still wealthy.

Now of course, you won't be like them just as they would have said before "I won't be like that". But time will tell.

Retirement is what you make it but in general, it doesn't need a lot of money. It needs a decent attitude.

I don't have a pot of money to fall back on btw, I get a monthly income from 3 pensions (one of them currently just £53 a month). But I'm a lot better off, happier and healthier that the fat cats.

[weeksy]

LOL. It's not for 'doing nothing' it's money arising from doing rather a lot. State and company pensions aside (which aren't 'free', we put money in) a fair chunk of ours is money we earned and saved. Pleasure deferred if you like.

We studied/trained and worked hard, moved jobs, moved locations, earned decent money and planned ahead. (Managed to enjoy ourselves most of the time too ). I see no reason why that means we should be living on gruel in a hovel.

PS Oh yeah we paid and still pay taxes, so we aren't a total drain on society.

I'm well aware of all that, (my army pension was non contributory ) and I still pay taxes but that wasn't the point. Why you think that you're going to need an income of £60k a year during retirement is laughable. If you've been earning enough to provide a £5k a month pension (fair play to you!) then I would suggest you'll have most of what you need for retirement; no mortgage, car, insulated big house (may be too big for retirement when you only bump into the wife now and again) good social scene etc. What you gonna do with all that cash?

Just about all of the expats in this village are retired, most of them on way, way better pensions than mine. A neighbour of mine (single woman in her 70s) came here and stuck a £million in the bank - she'd worked in a bank in the City (Chase possibly) bought 4 properties, new car etc etc etc. Of course, her £1m is no longer worth that due to serious inflation here but she's still loaded. She's also one of the most unhappiest people I know. Sits in her big house (hers is a triplex, mine a duplex) all day with the aircon going cos it's chilly in winter and too hot in summer. Rarely goes out.

Another is called 'First Responder'. I think he managed photography shoots for Kays catalogue or some such thing. He has a big house more to the back of the village and is certainly not short of a bob or two. The 'First Responder' nickname? He sits on facebook all day and when someone posts something, anything, he is the first person to make a comment. What a sad fucker.

There are others with big pots of money and decent monthly incomes - they keep a couple of bars open during the winter. They have no life and although they have a car "so that I can go out when I want to" they rarely buy petrol. Quite a few of them tell me they envy my lifestyle - I'm usually busy doing something boats or doing things for others (I don't take payment) like today, I'll be helping another expat put his outboard motor back together. He's selling the boat because he can't find the time to use it enough. He's too busy watching films on the TV and telling me about them when we have a beer on a Friday evening.

The rest probably all have a nice pot of money in the bank to fall back on and a decent enough monthly income but they still, like me, buy their fruit and veg in the market on a Monday - the cheap option. But fair play to them, they managed to not die just after retiring so they can spend their time in a great place doing fuck all and waiting to die, still wealthy.

Now of course, you won't be like them just as they would have said before "I won't be like that". But time will tell.

Retirement is what you make it but in general, it doesn't need a lot of money. It needs a decent attitude.

I don't have a pot of money to fall back on btw, I get a monthly income from 3 pensions (one of them currently just £53 a month). But I'm a lot better off, happier and healthier that the fat cats.

That does to an extent depend upon where you live though i'd say. For example in the UK i expect the initial unavoidable bills are potentially higher than where you are. Things like our council tax is £250 a month, TV licence £25 a month, heating bills i expect a lot more than you as is gas and water i'd guess too.
Moving to some little island/place in the middle of cheapsville does have a certain appeal though i'd agree... I can't see Mrs Weeksy going with the idea.

[Horse]

I'm notoriously bad at saving, so this was a god-send for me.

I only joined the company final salary scheme on a whim. Happened to ask my manager about it coincidentally during the two week 'window' for joining.

At that time, 3% contribution

[Bustaspoke]

Last year,my first year of retirement, I spent £14000.We all have different lifestyles & expenses,I'm not high maintenance & no debts so I don't need much.
My only regret is that it took me until I was 61 before I could finish,but at least I've got there .

[Count Steer]

LOL. It's not for 'doing nothing' it's money arising from doing rather a lot. State and company pensions aside (which aren't 'free', we put money in) a fair chunk of ours is money we earned and saved. Pleasure deferred if you like.

We studied/trained and worked hard, moved jobs, moved locations, earned decent money and planned ahead. (Managed to enjoy ourselves most of the time too ). I see no reason why that means we should be living on gruel in a hovel.

PS Oh yeah we paid and still pay taxes, so we aren't a total drain on society.

I'm well aware of all that, (my army pension was non contributory ) and I still pay taxes but that wasn't the point. Why you think that you're going to need an income of £60k a year during retirement is laughable. If you've been earning enough to provide a £5k a month pension (fair play to you!) then I would suggest you'll have most of what you need for retirement; no mortgage, car, insulated big house (may be too big for retirement when you only bump into the wife now and again) good social scene etc. What you gonna do with all that cash?

A bit of context, I've been retired for 15 years. Knocked it on the head some years before pension age, didn't plan to as was going to go self-employed/contract but thought meh...I was enjoying it. Burrowed into savings until company pension kicked in and wife was doing freelance writing and stuff which helped.

Don't have a big house (but probably need a new roof on this one), got 2 cars, one 2017 and the 'shopping trolley' is 2022. Not bothered about big holidays but spend a fair bit on residential courses learning new skills, polishing up old ones. Not bored.

We're, I'll use the word again, 'comfy'. If I had to pay for a new roof or car tomorrow, I could. Part of being comfy is having that sort of cushion...ie I don't worry about money, just look after it and make sure there's 'enough'. What that is to me and others will vary. We could live happily on less, and have done, but I'm OK with living happily with more. I cut my coat according to my cloth as they say.

There are, as you say, many unhappy people with a lot more, but I expect there are a few v happy ones too.

(Now I'm off to a talk on medieval clothing...pip pip!).

[Potter]

I'm well aware of all that, (my army pension was non contributory ) and I still pay taxes but that wasn't the point. Why you think that you're going to need an income of £60k a year during retirement is laughable. If you've been earning enough to provide a £5k a month pension (fair play to you!) then I would suggest you'll have most of what you need for retirement; no mortgage, car, insulated big house (may be too big for retirement when you only bump into the wife now and again) good social scene etc. What you gonna do with all that cash?

Just about all of the expats in this village are retired, most of them on way, way better pensions than mine. A neighbour of mine (single woman in her 70s) came here and stuck a £million in the bank - she'd worked in a bank in the City (Chase possibly) bought 4 properties, new car etc etc etc. Of course, her £1m is no longer worth that due to serious inflation here but she's still loaded. She's also one of the most unhappiest people I know. Sits in her big house (hers is a triplex, mine a duplex) all day with the aircon going cos it's chilly in winter and too hot in summer. Rarely goes out.

Another is called 'First Responder'. I think he managed photography shoots for Kays catalogue or some such thing. He has a big house more to the back of the village and is certainly not short of a bob or two. The 'First Responder' nickname? He sits on facebook all day and when someone posts something, anything, he is the first person to make a comment. What a sad fucker.

There are others with big pots of money and decent monthly incomes - they keep a couple of bars open during the winter. They have no life and although they have a car "so that I can go out when I want to" they rarely buy petrol. Quite a few of them tell me they envy my lifestyle - I'm usually busy doing something boats or doing things for others (I don't take payment) like today, I'll be helping another expat put his outboard motor back together. He's selling the boat because he can't find the time to use it enough. He's too busy watching films on the TV and telling me about them when we have a beer on a Friday evening.

The rest probably all have a nice pot of money in the bank to fall back on and a decent enough monthly income but they still, like me, buy their fruit and veg in the market on a Monday - the cheap option. But fair play to them, they managed to not die just after retiring so they can spend their time in a great place doing fuck all and waiting to die, still wealthy.

Now of course, you won't be like them just as they would have said before "I won't be like that". But time will tell.

Retirement is what you make it but in general, it doesn't need a lot of money. It needs a decent attitude.

I don't have a pot of money to fall back on btw, I get a monthly income from 3 pensions (one of them currently just £53 a month). But I'm a lot better off, happier and healthier that the fat cats.

This ^ is why I don't like expat communities, all they do is slag each other off.

[Pirahna]

This ^ is why I don't like expat communities, all they do is slag each other off.

It's no different to village life in the UK, or office life, or anywhere else where people come together. I like to stay on the periphery, I have friends but most people are just acquaintances. I've never got involved in slagging people off and what's said behind my back I don't care about.

I've always understood "expats" to be people living in a foreign country on a temporary basis. When they've finished doing whatever is they do they go home, in your case, back to the UK. In my case, I have Spanish residency and am an immigrant.

[Yambo]

That does to an extent depend upon where you live though i'd say. For example in the UK i expect the initial unavoidable bills are potentially higher than where you are. Things like our council tax is £250 a month, TV licence £25 a month, heating bills i expect a lot more than you as is gas and water i'd guess too.
Moving to some little island/place in the middle of cheapsville does have a certain appeal though i'd agree... I can't see Mrs Weeksy going with the idea.

You're right of course, most things are cheaper here. My last month's electricity bill (I simply pay for what I use, there's no 'electricity company savings scheme' here) was 450 TL (£12.80 ish), a bit higher than normal as I've been using power tools a lot connected up to a big vacuum cleaner but it's still not bad; a gas bottle for cooking lasts over a year and I have no idea how much a fresh one will cost but I doubt it'll be more than £15; water isn't expensive , less than 10TL per cubic metre. Waste water 'removal' is more expensive; Bina vergi (basically council tax) is based on the stated value of your property and mine is considerably higher than most of my neighbours because I bought my house from a retired general in the Jandarme who of course was honest and put the full sale/purchase price on the tapu/deed documents. I think I paid 1380 TL last year (probably just under £60 but I've forgotten what the exchange rate was last April). Heating? I have a wood burner and live on the edge of a forest. Having said that I bought 1.5 tonnes of oak for the wood burner 3 years ago and still have some left.

For me, the question is why is your electricity/water/gas so expensive?

There are a lot of reasons to come to somewhere like this to live, climate, geography (I have hills on 3 sides and the Med to the east) more relaxed lifestyle, the people etc and the cost of living is usually not the top one. It doesn't suit everyone and people often pack up and either go somewhere else or go back to UK. Personally, I'm going to die here, this is home and no place I've lived has ever felt more like home.

[Yorick]

I'm well aware of all that, (my army pension was non contributory ) and I still pay taxes but that wasn't the point. Why you think that you're going to need an income of £60k a year during retirement is laughable. If you've been earning enough to provide a £5k a month pension (fair play to you!) then I would suggest you'll have most of what you need for retirement; no mortgage, car, insulated big house (may be too big for retirement when you only bump into the wife now and again) good social scene etc. What you gonna do with all that cash?

Just about all of the expats in this village are retired, most of them on way, way better pensions than mine. A neighbour of mine (single woman in her 70s) came here and stuck a £million in the bank - she'd worked in a bank in the City (Chase possibly) bought 4 properties, new car etc etc etc. Of course, her £1m is no longer worth that due to serious inflation here but she's still loaded. She's also one of the most unhappiest people I know. Sits in her big house (hers is a triplex, mine a duplex) all day with the aircon going cos it's chilly in winter and too hot in summer. Rarely goes out.

Another is called 'First Responder'. I think he managed photography shoots for Kays catalogue or some such thing. He has a big house more to the back of the village and is certainly not short of a bob or two. The 'First Responder' nickname? He sits on facebook all day and when someone posts something, anything, he is the first person to make a comment. What a sad fucker.

There are others with big pots of money and decent monthly incomes - they keep a couple of bars open during the winter. They have no life and although they have a car "so that I can go out when I want to" they rarely buy petrol. Quite a few of them tell me they envy my lifestyle - I'm usually busy doing something boats or doing things for others (I don't take payment) like today, I'll be helping another expat put his outboard motor back together. He's selling the boat because he can't find the time to use it enough. He's too busy watching films on the TV and telling me about them when we have a beer on a Friday evening.

The rest probably all have a nice pot of money in the bank to fall back on and a decent enough monthly income but they still, like me, buy their fruit and veg in the market on a Monday - the cheap option. But fair play to them, they managed to not die just after retiring so they can spend their time in a great place doing fuck all and waiting to die, still wealthy.

Now of course, you won't be like them just as they would have said before "I won't be like that". But time will tell.

Retirement is what you make it but in general, it doesn't need a lot of money. It needs a decent attitude.

I don't have a pot of money to fall back on btw, I get a monthly income from 3 pensions (one of them currently just £53 a month). But I'm a lot better off, happier and healthier that the fat cats.

This ^ is why I don't like expat communities, all they do is slag each other off.

Not here. We're all very supportive.

[Pirahna]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was £72m in 2022, £751m in 2023.

https://www.theguardian.com/business/20 ... s-centrica

[weeksy]

That does to an extent depend upon where you live though i'd say. For example in the UK i expect the initial unavoidable bills are potentially higher than where you are. Things like our council tax is £250 a month, TV licence £25 a month, heating bills i expect a lot more than you as is gas and water i'd guess too.
Moving to some little island/place in the middle of cheapsville does have a certain appeal though i'd agree... I can't see Mrs Weeksy going with the idea.

You're right of course, most things are cheaper here. My last month's electricity bill (I simply pay for what I use, there's no 'electricity company savings scheme' here) was 450 TL (£12.80 ish), a bit higher than normal as I've been using power tools a lot connected up to a big vacuum cleaner but it's still not bad; a gas bottle for cooking lasts over a year and I have no idea how much a fresh one will cost but I doubt it'll be more than £15; water isn't expensive , less than 10TL per cubic metre. Waste water 'removal' is more expensive; Bina vergi (basically council tax) is based on the stated value of your property and mine is considerably higher than most of my neighbours because I bought my house from a retired general in the Jandarme who of course was honest and put the full sale/purchase price on the tapu/deed documents. I think I paid 1380 TL last year (probably just under £60 but I've forgotten what the exchange rate was last April). Heating? I have a wood burner and live on the edge of a forest. Having said that I bought 1.5 tonnes of oak for the wood burner 3 years ago and still have some left.

For me, the question is why is your electricity/water/gas so expensive?

There are a lot of reasons to come to somewhere like this to live, climate, geography (I have hills on 3 sides and the Med to the east) more relaxed lifestyle, the people etc and the cost of living is usually not the top one. It doesn't suit everyone and people often pack up and either go somewhere else or go back to UK. Personally, I'm going to die here, this is home and no place I've lived has ever felt more like home.

I'm not sure 'why' is important, that's a whole kettle of worms and frogs to open, but pointless in this thread as it'll then get all wanky political. But you've got to understand just how much more the UK is, like electric/gas/water will be £400+ for most i think, council tax at £250, we're already wayyyyyyyy above yours, so the difference is huge automatically.

It's ace that you've found your happy place though.... i hope to find mine one-day when i retire... However, in reality, where i am is not far off it for most of the year. I do have little dreams though.

[Mr. Dazzle]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was £72m in 2022, £751m in 2023.

https://www.theguardian.com/business/20 ... s-centrica

But then again, loads of those profits would have gone into people's pension funds

It's a big ol' circle

[Greenman]

For me, the question is why is your electricity/water/gas so expensive?

Profit. For example, British Gas profit was £72m in 2022, £751m in 2023.

https://www.theguardian.com/business/20 ... s-centrica

But then again, loads of those profits would have gone into people's pension funds

It's a big ol' circle

What about 0.0003%?

[Mr. Dazzle]

When you see pension funds growing at whatever percentage per year, where exactly do you think that growth comes from?

[Greenman]

When you see pension funds growing at whatever percentage per year, where exactly do you think that growth comes from?

I understand how it works, i'm just stating the facts that i will be a very very small percentage of the profits made over a course of such a short period of time!

If the proportion that is paid into pensions is equal to the increase in profit made by the big energy companies in the past few years, all of their employees would of already retired!