advertisement


Retirement

Darth Vader said:
Thats what you mustn't do. If you don't have one already open a private pension and put as much as you can into it including what you save when the mortgage has finished. If you put your dosh into a private pension those nice people at Inland Revenue top it up for you!
DV
Click to expand...
Yes, thank you DV but my wife and I have been contributing to personal pensions since we got married (my wife from a fair way before that actually) and we both have a fair provision of public sector occupational pension, too.

I'm really talking about a principle of 'buy well, buy once' for any expensive purchases like kitchens, appliances, hifi, etc, plus buying decent, well cut clothes that last years rather than semi-disposable high street chain clothes, and chosing something like Lexus or Volvo, rather than Vauxhall or Citroen. That sort of thing.
 
Sue Pertwee-Tyr said:
Yes, thank you DV but my wife and I have been contributing to personal pensions since we got married (my wife from a fair way before that actually) and we both have a fair provision of public sector occupational pension, too.

I'm really talking about a principle of 'buy well, buy once' for any expensive purchases like kitchens, appliances, hifi, etc, plus buying decent, well cut clothes that last years rather than semi-disposable high street chain clothes, and chosing something like Lexus or Volvo, rather than Vauxhall or Citroen. That sort of thing.
Click to expand...

Any specific questions you have about what to buy can be addressed to our resident quality expert. I'm surprised he isn't here already.
 
clifftaylor said:
OK, I've been absorbing the info, and I'm going to invest 50% of my resources in Bitcoin, 25% on tinned foods, and the remainder on loose women and drink.
Click to expand...

You have similar preferences as George Best. Think he wanted to spend it on booze, women and fast cars and squandered the rest.

Bloss
 
Fascinating thread as I'm in the process of retiring. I'm 61.5, I'd hoped to work another 6 to 12 months but that's not working out. I've worked close to 40 years in the IT industry, not exactly sales but related to sales. My pension funds are 20% DB and 80% DC. I'll probably do without the DB pensions until I'm 65 and of course my state until I'm 66. I can bridge the gap reasonably easily. My wife works part time and wants to carry on for a while which curtails travel plans. I also have "children" aged 22 and 25 who are about to do a short postgrad and masters so there are costs involved but there's an end in sight...or at least a big reduction. I look forward to increasing my hifi reviewing, increasing cycling and travel. It'll be an adjustment but one that's really positive. Managing the DC funds is going to be constantly on my mind.
 
Last edited:
hifinutt said:
presumably you have to pay for medicare ? how does the system work if you are only elible at 65 , what happens to everyone else ?
Click to expand...

Everyone below the age of 65 either 1) gets health insurance through an employer sponsored private plan, 2) purchases private health insurance independently (under the ACA, through either a state-specific or federal exchange), or 3) goes without. And yes, there is a cost for Medicare - a monthly premium. But that cost (including the cost a supplemental policy to cover the gaps in Medicare) is still less than half one would pay as a 65 year old shopping on the open market. For many, therefore, Medicare eligibility is a milestone that can make retirement in the US more feasible.
 
Sue Pertwee-Tyr said:
Yes, thank you DV but my wife and I have been contributing to personal pensions since we got married (my wife from a fair way before that actually) and we both have a fair provision of public sector occupational pension, too.

I'm really talking about a principle of 'buy well, buy once' for any expensive purchases like kitchens, appliances, hifi, etc, plus buying decent, well cut clothes that last years rather than semi-disposable high street chain clothes, and chosing something like Lexus or Volvo, rather than Vauxhall or Citroen. That sort of thing.
Click to expand...
I retired 4 years ago, my wife 13 years ago (slightly older and early due to ill health). We have always made, or altered, everything possible; clothes, furniture, hifi, appliances, etc. I have never had to pay a tradesman for anything since we moved here 12 years ago, so don't need a lot of money to live comfortably. I buy cheap clothes, vehicles, appliances, etc, and keep them going for ever. Not for everyone, of course.
 
You do not need a huge amount of money to enjoy a happy retirement. A good friend of mine was the only breadwinner, his wife was that rare thing, a housewife, and his income was modest. That said they lived modestly but happily. They also raised 2 wonderful children. Now they are both retired, they continue to live modestly and happily.
 
Hook said:
Everyone below the age of 65 either 1) gets health insurance through an employer sponsored private plan, 2) purchases private health insurance independently (under the ACA, through either a state-specific or federal exchange), or 3) goes without. And yes, there is a cost for Medicare - a monthly premium. But that cost (including the cost a supplemental policy to cover the gaps in Medicare) is still less than half one would pay as a 65 year old shopping on the open market. For many, therefore, Medicare eligibility is a milestone that can make retirement in the US more feasible.
Click to expand...

And for those Americans who find USA too expensive to retire there is always Mexico.

Ohh hang on
 
1964meb said:
Really? I'm a 53 year old teacher who is busting his gut to pay off the mortgage by 60 and retire then .... at 60!

Why can't you jump off the tread mill then? State pension is 67 but my teachers pension is at 40/80 ths then. Hav you got enough years?

Talk to teachers' pensions for possibilities. They are fab providing you can get through on the phone.

Good luck.

MIke
Click to expand...

Hi Mike,

You will be a tapered member still on 40/80ths. This will end very soon and you will move to the 1/67th. You can take the 1/80ths at 60 with no penalty. However, the 1/67th will be actuarly reduced.
 
This is indeed an interesting thread. The Swiss experience of retirement is rather different. I had to retire at 65, but, because my employer was interested in keeping my expertise, I founded the world's least significant patent and trade mark company and sell my services to my former employer. I get a pension from the former employer, plus the AHV (the Swiss Government's contribution). Wives also get the AHV, and my frugal wife is suddenly amazed at how much money is appearing in her bank account every month. The work from the old employer pays for my office and other expenses, which means I can help out small inventors with not a lot of money (some of the Swiss private attorney firms seem to operate with Dick Turpin as a business model). The idea of continuing working was to keep the two remaining brain cells functioning (in our line of work, the laws are always changing and you have to keep running just to stand still). Running a little business in a foreign language is also an interesting experience, thankfully with a good Treuhanderin (financial adviser) on side (I make sure she gets a nice present at Christmas time). And I can take time off when I feel like it. I like what I do, people like what I do, I have (touch wood) no health problems, so I intend to keep going as long as possible.

Switzerland has a version of Obamacare - we are all obliged to have at least basic health insurance (Swiss employers do not pay for health insurance, and if you're really poor, the canton will pay it for you). This system seems to work quite well and there is an upper limit on how much you are expected to pay. Mrs. Tones lost one-third of her large intestine to a tumour (thankfully non-cancerous), and the whole business was outstandingly well handled.
 
Schnitger said:
I heartily agree, but that's not possible for some of us. As a 54 year old teacher (there's a confession for you) I find that the recent changes to teachers' pensions mean I can't retire until my state pension age of 67. Many of us will probably die on the job. I've no doubt - seriously - that was considered by the then government.
Click to expand...
That is of course the Governments plan... no? Imagine if you actually did a manual job!!
 
Tony One said:
That is of course the Governments plan... no? Imagine if you actually did a manual job!!
Click to expand...

How about you looking after a couple of grandkids at 65. Now imagine a class of 30 teenagers at 65!!! Manual work would be a doddle.
 
Spike said:
How about you looking after a couple of grandkids at 65. Now imagine a class of 30 teenagers at 65!!! Manual work would be a doddle.
Click to expand...
GIve over.... if you've not mustered the skills to communicate with the younger generation in 65 years then you've failed. Try going up a ladder and tiling a roof at 65 !!!!
 
Tony One said:
GIve over.... if you've not mustered the skills to communicate with the younger generation in 65 years then you've failed. Try going up a ladder and tiling a roof at 65 !!!!
Click to expand...

I have to say that, as a child and then a teenager, anyone over the age of 40 seemed ancient anyway. Certainly I thought my form teacher in the top year at primary school was 65 at least when he taught me. Imagine my surprise when I found out he'd also taught my nephew, 20 years my junior!
 
You must log in or register to reply here.


advertisement


Back
Top