Enjoying Retirement
Discussion
GT3Manthey said:
okgo said:
Yep, but if your partner is a business owner and you relied on the accountant to make your NI contributions, but they didn't... you're out of luck.
Right fair enough Luckily, I have now completed the mandatory minimum amount of years since that date.
okgo said:
One of my family is 64, has 120k pot, owns a property worth probably 450k with no mortgage. Isn't going to get a full state pension for whatever reasons that now can't be rectified - less than ideal, not actually sure if they've thought about a plan yet...
I would say, compared to most in the UK he is is an OK position, just depends on his lifestyle but by downsizing etc he could get by.okgo said:
One of my family is 64, has 120k pot, owns a property worth probably 450k with no mortgage. Isn't going to get a full state pension for whatever reasons that now can't be rectified - less than ideal, not actually sure if they've thought about a plan yet...
Sell his house and hell have about 23k per year, plus a pension to get by on, assuming he lives till 90.Hol said:
I actually have a gap in my NI dating back to 1986-7, when I was still in full time education and shouldn’t have paid any NI. I was totally unaware of the gap until the records were available online and by that time, it was over the 6 years limit for making good, irrespective of who’s error it was.
Luckily, I have now completed the mandatory minimum amount of years since that date.
When we left the UK in 1999, we both had a mere 13 years paid up. I was initially told that it would be quite costly to keep them up from overseas (was quoted Class 3 rates), so just made sure that I was up to date with my Swiss contributions here.Luckily, I have now completed the mandatory minimum amount of years since that date.
Then 18 months ago I discovered that I could buy back years at Class 2 rates (£3.05/week), so sent off the forms and made all the calls. It was a long and drawn-out process, as HMRC certainly don't make it easy and months go by with no replies or action.
But finally I was able to buy back fifteen(!) years for me and for Mrs B for £~4'750 between us, (now visible on our HMRC online records) and another 10 years (at £158/year each) will top us up to a full UK state pension each.
By age 65 we will both have 33 qualifying years out of a maximum of 44 for our Swiss state pensions, so will get 75% of that as well.
Aged 56 now, as to how we juggle our private DC plans here and judge when (and where) to retire is another whole game of soldiers!
GT3Manthey said:
Register1 said:
6 months to go until I am 66 in September.
I have decided to stay on until June following year.
No point retiring as heading into winter.
By June the following year, it will be nice and warm again.
Then finish work for good.
Much younger wife earns really good salary, that coupled with no mortgage, a few small personal pensions, and state pension will see us quids in.
66 is a great achievement well done you. I have decided to stay on until June following year.
No point retiring as heading into winter.
By June the following year, it will be nice and warm again.
Then finish work for good.
Much younger wife earns really good salary, that coupled with no mortgage, a few small personal pensions, and state pension will see us quids in.
Enjoy your retirement
As keen paragliders, scuba divers, and bungee jumps, we really do have a heart for the adrenaline rushes.
mikeiow said:
Apologies: I know from your posts you love what you do, & that is brilliant…but those words sadly just serve to remind me of piles of corporate bs 
We are indeed all very different. At 05:45hrs today, I was dreaming about the amazing ski runs we would do today…. & sure enough, managed a fair few runs, won’t be able to keep this up for too many more years (#GentleBlues&RedsOnly!)
As I said ,we are all different. This is how I have my fun but definitely not for everyone. Obviously I do not work all the time...it is very episodic. We are indeed all very different. At 05:45hrs today, I was dreaming about the amazing ski runs we would do today…. & sure enough, managed a fair few runs, won’t be able to keep this up for too many more years (#GentleBlues&RedsOnly!)
Some weeks are very quiet unlike this one.. and I next week will be sorting out getting winter cars down to the dealer and ready for the road; have a competitive rally late April which should be a bit of fun.
I am always awake at 05:00 and get up early, nothing to do with work, just need to be moving.
okgo said:
bennno said:
Sell his house and hell have about 23k per year, plus a pension to get by on, assuming he lives till 90.
And live where?Half the time the concern from the extended family and is more about protecting their expected inheritance.
okgo said:
So I suppose I'll get a front seat of how life is with what the average person probably ends up with in the UK, though they live in an expensive part of the world, so there isn't much more downsizing they could do property wise without moving somewhere dire. Think many folk are in for a shock if those figures above are to be believed.
I agree. I think there are millions of low paid works who believe the three percent or so they’ve been made to pay in over the last few years are going to lead to a comfortable pension. But most of them, especially the real late starters, will have virtually nothing. And then they will be clamouring for compo and say they have been lied to.
My in laws spent their retirement complaining about how expensive everything is, nit enjoying their retirement, not spending on important things that could have seriously heightened their quality of life, and yet they died suddenly, recently.
They left £338,000 in cash/investments for us plus property they lived in.
We would prefered it if they had enjoyed a bit more of life
(Aged 78/80) so it’s not like they died young.
They left £338,000 in cash/investments for us plus property they lived in.
We would prefered it if they had enjoyed a bit more of life
(Aged 78/80) so it’s not like they died young.
TTmonkey said:
My in laws spent their retirement complaining about how expensive everything is, nit enjoying their retirement, not spending on important things that could have seriously heightened their quality of life, and yet they died suddenly, recently.
They left £338,000 in cash/investments for us plus property they lived in.
We would prefered it if they had enjoyed a bit more of life
(Aged 78/80) so it’s not like they died young.
Key post. They left £338,000 in cash/investments for us plus property they lived in.
We would prefered it if they had enjoyed a bit more of life
(Aged 78/80) so it’s not like they died young.
My WM is looking for me to live till 90 and I know given the life I’ve led that ain’t happening !
Michael_B said:
Hol said:
I actually have a gap in my NI dating back to 1986-7, when I was still in full time education and shouldn’t have paid any NI. I was totally unaware of the gap until the records were available online and by that time, it was over the 6 years limit for making good, irrespective of who’s error it was.
Luckily, I have now completed the mandatory minimum amount of years since that date.
When we left the UK in 1999, we both had a mere 13 years paid up. I was initially told that it would be quite costly to keep them up from overseas (was quoted Class 3 rates), so just made sure that I was up to date with my Swiss contributions here.Luckily, I have now completed the mandatory minimum amount of years since that date.
Then 18 months ago I discovered that I could buy back years at Class 2 rates (£3.05/week), so sent off the forms and made all the calls. It was a long and drawn-out process, as HMRC certainly don't make it easy and months go by with no replies or action.
But finally I was able to buy back fifteen(!) years for me and for Mrs B for £~4'750 between us, (now visible on our HMRC online records) and another 10 years (at £158/year each) will top us up to a full UK state pension each.
By age 65 we will both have 33 qualifying years out of a maximum of 44 for our Swiss state pensions, so will get 75% of that as well.
Aged 56 now, as to how we juggle our private DC plans here and judge when (and where) to retire is another whole game of soldiers!
Hol said:
I’m glad you were able to sort it, but I think you will NEED another pensions for the Swiss Prices.
The Swiss have forced compulsory workplace pensions with meaningful contributions since the 1980s, the contributions increasing as the employee gets older and a minimum of 50% of the contribution has to come from the employer. Swiss prices are also mitigated to an extent for Swiss residents by the lower taxes we pay. We’ve also back paid the class 2 NICs for the last 10 years and will continue to pay to get the full U.K. pension. Still going to head to somewhere sunny with a lower cost of living when we retire though 
Hol said:
I’m glad you were able to sort it, but I think you will NEED another pension for the Swiss Prices.
Thanks 
The cost of living here is indeed very high, but salaries (and occupational pensions) are also high/generous, and tax is generally low; the Geneva minimum wage is £40k/year, and the annuity rate for workplace pensions when I retire will be 6% (currently 6.5%), and I can have some or all of the pot as capital which is taxed progressively but very lightly compared to other countries. But another CHF~2'000/month of UK State Pension, although taxable, will be a welcome addition to the mix, especially as it costs barely CHF200/year each in contributions at Class 2 rates.
That said, even in retirement (2026?) we will most likely continue to float between our Geneva place and our weekend/holiday bolthole in Burgundy, where I am currently isolating after testing positive for Covid last Saturday. Symptoms started whilst working from here on Friday, having driven from Switzerland feeling fine on Thursday night.
Started to get a bit better this afternoon, but this past weekend has been no picnic
Recently turned 60
Still working, aim to retire at say 63. Paid well & 36 days leave. Run 5 miles a day & walk the dogs, finished by 4!
Still run under 20 mins for a 5k on a good day/race.
No mortgage, 800k house & direct debits trimmed to undef £500 a month (just cancelled Sky! , energy fixed last year until June 23). Not taking on any new debts & not wasting money on new cars. May buy one more when other pension pot matures.
A pension tax free lump sum, from a job 1996-2003, is funding current extension/new kitchen/new boiler/updates, to see us right for the next 10 years. Or the kids if I keel over.
State pension maxed out & £189 a week for me @67, wife a bit less.
Could retire now tbh but no point. Unless I have to go to the office more than once a week, will call it a day then.
A couple of final salary pensions & a couple of drawdown pots, still adding to the current one.
Still working, aim to retire at say 63. Paid well & 36 days leave. Run 5 miles a day & walk the dogs, finished by 4!
Still run under 20 mins for a 5k on a good day/race.
No mortgage, 800k house & direct debits trimmed to undef £500 a month (just cancelled Sky! , energy fixed last year until June 23). Not taking on any new debts & not wasting money on new cars. May buy one more when other pension pot matures.
A pension tax free lump sum, from a job 1996-2003, is funding current extension/new kitchen/new boiler/updates, to see us right for the next 10 years. Or the kids if I keel over.
State pension maxed out & £189 a week for me @67, wife a bit less.
Could retire now tbh but no point. Unless I have to go to the office more than once a week, will call it a day then.
A couple of final salary pensions & a couple of drawdown pots, still adding to the current one.
eyebeebe said:
Still going to head to somewhere sunny with a lower cost of living when we retire though
It’s sunny enough for us Geneva and Burgundy, which is where our family and social networks are now concentrated. My main interest is classical music and Mrs B’s is creative expression and art therapy; there is a 7ft Austrian/German grand piano and separate art studio in each property.The thought of reconstructing/transporting all these elements elsewhere to reduce costs and have better weather, is not that attractive to us. Not to mention the fond memories we have of times past with family/friends in each place.
Or, in retirement, the vastly superior standard of Swiss healthcare, and/or indeed French wine/food; though an excess of the latter might cause us then to call more frequently upon the former
RichardAP said:
In which case it would be annoying if you could have retired now if you assumed you would only live until say 85?
12 months to go. I can handle that …….just ! That said I may be working with a family member on a very part time basis when I quit so that’ll bring in some additional monthly cash which will likely go the kids but also give some structure to my week . If it doesn’t work out so be it
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