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Early retirement


Brick Tamland

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1 minute ago, tian447 said:

I take it a 26k pension is £26,000 a year without any tax?

 

That's a hefty wedge, all things considered.  You'd be doing well to take £2200 a month home (after tax) if you were working.

 

Take it and run.

You get taxed on a pension.

 

I'll be working until the day I can't physically do it anymore or nobody wants me to work. I look at all the miserable retired wankers and it depresses the **** out of me. Even the ones with money spend their life moaning  about the world around them that they no longer seem to understand. I will probably be able to afford to retire at my state pension retirement age (9 Years time) but if (it's a big if) I'm alive, able and wanted I'll be keeping myself active. Otherwise...

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Francis Albert
40 minutes ago, tian447 said:

I take it a 26k pension is £26,000 a year without any tax?

 

That's a hefty wedge, all things considered.  You'd be doing well to take £2200 a month home (after tax) if you were working.

 

Take it and run.

You pay tax on your pension with same rates and thresholds as you do on your employment income. The same applied to savings interest when there was savings interest worth having. It annoys me when retired people are portrayed as just taking and not contributing anything. Many employed people, particularly self-employed people, will pay less tax than retirees.

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Francis Albert
43 minutes ago, hydeparkhearts said:

You get taxed on a pension.

 

I'll be working until the day I can't physically do it anymore or nobody wants me to work. I look at all the miserable retired wankers and it depresses the **** out of me. Even the ones with money spend their life moaning  about the world around them that they no longer seem to understand. I will probably be able to afford to retire at my state pension retirement age (9 Years time) but if (it's a big if) I'm alive, able and wanted I'll be keeping myself active. Otherwise...

I think almost without exception retirees on this and the other longer thread have said they are enjoying retirement. You can also choose if retired to step back from some of the annoying things about the world that you can't avoid if you are working.

Edited by Francis Albert
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26 minutes ago, Francis Albert said:

I think almost without exception retirees on this and the other longer thread have said they are enjoying retirement. You can also choose if retired to step back from some of the annoying things about the world that you can't avoid if you are working.

Each to their own but not for me. I've also met countless people who retired and then after a few years went out and started contributing again because hey were bored shitless.

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Joey J J Jr Shabadoo
9 minutes ago, hydeparkhearts said:

Each to their own but not for me. I've also met countless people who retired and then after a few years went out and started contributing again because hey were bored shitless.

That's the thing, you can choose what you want to do, when you want to do it. 

I can only imagine that those bored with retirement have no interests or hobbies. 

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If my pension advisor tells me I can afford to retire at 60. Then I am gone. 44 years of working with the exception of 3 months between July and November 2005 after being made redundant by IBM. I like millions of others worldwide will have deserved it.

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18 hours ago, Sarah O said:

£1900 a month!!!

 

:sob:

 

I wish I got that in pay NOW while paying rent and making my monthly pish saving for a deposit. 

 

Snap brother. Think last month was my best ever monthly wage, and it's still a good few hundred quid shy of that pension figure.

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5 hours ago, Stuart Lyon said:

Its now 10 years since I took early retirement from BT after 42 years with the company. Never regretted it one bit and have never gone back to the office. I have however kept in contact with a few friends and colleagues from work and  meet them occasionally. On the financial side I can't complain as I get my state pension in addition to my BT one. The only thing I miss is Public Holidays; they mean nothing now. I used to annoy guys in the pub on a Sunday by saying oh hell back to retirement tomorrow!

Christ Stuart, what age were you when you started with BT?

 

I always thought Bob Sharp was the elder statesman on here!

 

:whistling:

 

                              

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Mauricio Pinilla

This has inspired me to check out the state of my pension just now. Have a couple of them on the go. Projected annual income - £4k. Utterly sorted. 

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2 hours ago, John Findlay said:

If my pension advisor tells me I can afford to retire at 60. Then I am gone. 44 years of working with the exception of 3 months between July and November 2005 after being made redundant by IBM. I like millions of others worldwide will have deserved it.

 

Definitely this. I'm toying between 55 and 60 with the latter giving me a full pension. To me, 40 years of working full time is plenty. I want to live long enough to spend it and take back what I've paid in. 

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3 hours ago, Francis Albert said:

You pay tax on your pension with same rates and thresholds as you do on your employment income. The same applied to savings interest when there was savings interest worth having. It annoys me when retired people are portrayed as just taking and not contributing anything. Many employed people, particularly self-employed people, will pay less tax than retirees.

 

Did not realise this.

 

Looks like I'll be working into my 80's :sob:

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Morgan 16years and 5 months old when I joined the Civil Service on 10/1/66. I started work in the Ministry of Ag, Fish and Food in London as a Clerical Assistant and then got a transfer back to Edinburgh to a job in the PO at Lothian House (now flats as I am sure you know) above the ABC/Odeon in August 1966. Chose to join BT when the then government split Posts and Telecoms in 1968.

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4 hours ago, Joey J J Jr Shabadoo said:

That's the thing, you can choose what you want to do, when you want to do it. 

I can only imagine that those bored with retirement have no interests or hobbies. 

You are right of course, but for me, personally the very idea of interests or hobbies in retirement makes me bored. Of course if they involve a dirty woman and a shed load of drugs... 

Edited by hydeparkhearts
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56 minutes ago, Stuart Lyon said:

Morgan 16years and 5 months old when I joined the Civil Service on 10/1/66. I started work in the Ministry of Ag, Fish and Food in London as a Clerical Assistant and then got a transfer back to Edinburgh to a job in the PO at Lothian House (now flats as I am sure you know) above the ABC/Odeon in August 1966. Chose to join BT when the then government split Posts and Telecoms in 1968.

:2thumbsup: Stuart.

 

Always thought you were just a baby too :whistling:

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Neilson's Shank

Taken partial retirement at 60 and will complete 3 years on this patern when I go in May 2018. I would not have liked to crash stop so this run down suits me.

 

I will have completed 46 years with the same government department, so the pension will be similar to the op. Looking forward to being retirement but it will be so different.

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I got the updated figure and statement through on my compulsory workplace pension a few days ago from Aegon. 

 

Fair to say I'll be working up to and beyond retiral age. £5,832.47 tax free cash and a yearly pension of £792 from age 65. Quite excited to see what £66 a month will buy in 14 years time. 

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Joey J J Jr Shabadoo
48 minutes ago, hydeparkhearts said:

You are right of course, but for me, personally the very idea of interests or hobbies in retirement makes me bored. Of course if they involve a dirty woman and a shed load of drugs... 

These are pursuits you should always be involved in. :thumbsup:

 

Personally, I see myself still smoking the weed, by which time, hopefully, it will be legal. Whether I can still get a boner, remains to be seen.

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Just now, Joey J J Jr Shabadoo said:

These are pursuits you should always be involved in. :thumbsup:

 

Personally, I see myself still smoking the weed, by which time, hopefully, it will be legal. Whether I can still get a boner, remains to be seen.

 

:rofl:

 

 

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53 minutes ago, Joey J J Jr Shabadoo said:

These are pursuits you should always be involved in. :thumbsup:

 

Personally, I see myself still smoking the weed, by which time, hopefully, it will be legal. Whether I can still get a boner, remains to be seen.

 

:laugh:

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jonnothejambo
7 hours ago, Joey J J Jr Shabadoo said:

These are pursuits you should always be involved in. :thumbsup:

 

Personally, I see myself still smoking the weed, by which time, hopefully, it will be legal. Whether I can still get a boner, remains to be seen.

 

 

:oohmatron:

 

Good evening from Boston where I am following retirement.

Edited by jonnothejambo
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Retired at 60. Spent three months travelling. Bought a dog (good for walking!). Bought a house with a garden (good for gardening!) and have no hobbies. Hate golf and shopping (which most of my friends do). Went back to work last year and I'm happy. Don't retire unless you hate the job. I didn't like my job but it is better than sitting watching Jeremy Kyle.The wages are a bonus to my pension. 

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15 minutes ago, gsprott said:

Retired at 60. Spent three months travelling. Bought a dog (good for walking!). Bought a house with a garden (good for gardening!) and have no hobbies. Hate golf and shopping (which most of my friends do). Went back to work last year and I'm happy. Don't retire unless you hate the job. I didn't like my job but it is better than sitting watching Jeremy Kyle.The wages are a bonus to my pension. 

Hmmmm.  ?

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48 minutes ago, gsprott said:

Retired at 60. Spent three months travelling. Bought a dog (good for walking!). Bought a house with a garden (good for gardening!) and have no hobbies. Hate golf and shopping (which most of my friends do). Went back to work last year and I'm happy. Don't retire unless you hate the job. I didn't like my job but it is better than sitting watching Jeremy Kyle.The wages are a bonus to my pension. 

This is probably quite unusual however.

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1 hour ago, gsprott said:

Retired at 60. Spent three months travelling. Bought a dog (good for walking!). Bought a house with a garden (good for gardening!) and have no hobbies. Hate golf and shopping (which most of my friends do). Went back to work last year and I'm happy. Don't retire unless you hate the job. I didn't like my job but it is better than sitting watching Jeremy Kyle.The wages are a bonus to my pension. 

 

Somewhat similar except I walked the dog every morning for a long walk on a mountain trail. Had a massive garden, I done the muscle work the wife done the delicates. Spent quite a while shopping, mainly because we had to drive a good distance to the next town, I am/was a golfer, almost had to get treatment as I became an addict, most often 6/7 days a week. Despite the extreme exercise I had, the shopping, the worst thing in the world I could have thought of was ever considering going back to work, still to each his own.

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2 hours ago, gsprott said:

Retired at 60. Spent three months travelling. Bought a dog (good for walking!). Bought a house with a garden (good for gardening!) and have no hobbies. Hate golf and shopping (which most of my friends do). Went back to work last year and I'm happy. Don't retire unless you hate the job. I didn't like my job but it is better than sitting watching Jeremy Kyle.The wages are a bonus to my pension. 

 

I've known and have met loads of people who've done that. Most who have worked part time, 2-3 days a week. They tend to do it for some company and to keep their mind alert. There are many, many cases of people going into a comfortable retirement, vegetating, getting bored and expiring prematurely. If you remain active,  interested and healthy, you're generally fine

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Francis Albert
3 hours ago, gsprott said:

Retired at 60. Spent three months travelling. Bought a dog (good for walking!). Bought a house with a garden (good for gardening!) and have no hobbies. Hate golf and shopping (which most of my friends do). Went back to work last year and I'm happy. Don't retire unless you hate the job. I didn't like my job but it is better than sitting watching Jeremy Kyle.The wages are a bonus to my pension. 

Why would anyone ever watch Jeremy Kyle?

 

The only time I saw his programme was when trapped in an airport lounge which for some reason had it on.

 

 I cannot conceive how anyone with half a brain would actually choose to watch it.

 

I didn't hate my job (though I did some aspects of it) but I love being retired.

 

I thought I'd play a lot of golf but have rarely found time since retiring to do so.

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Footballfirst

It's almost nine years since I took a package and "retired" while I was still only 53.  I haven't regretted doing it for one minute.

 

I had done all the financial projections and it worked for me and the wife (she is still working).  If your pension scheme was "contracted out", then you won't receive a full state pension at 66. It is more likely to be around £120 a week before tax.

 

The only significant immediate expense I had included a car to replace the company one, together with insuring it.  However I did spend a bit of money in improvements around the house and garden.  I didn't pay full whack though as I did the work myself.  For the first couple of years I always had some project on the go that took up weeks at a time, whether is was replacing the garage roof, digging a garden pond, or decorating the house room by room.

 

One thing that that I always promised I would do was to research my family tree.  I probably spent a good six months on it to get it to the stage of having my direct ancestry lines researched and documented, typically back to the early 1700s.  Thereafter the work was piecemeal as you start getting contacted by other researchers with whom you share part of your ancestry. I've lost count of the number of second, third and fourth cousins who contacted me.

 

A couple of years into my retirement my first grandchild was born, and two years after that a second.  I volunteered to look after them a couple of days a week and loved every minute of it.  Both are now at school but I still have them after school for a couple of days each week. Sometimes I take them swimming or out on their bikes etc

 

It's always good if you can get regular exercise, I walked a lot around the Pentlands and along the Union Canal and Water of Leith .   I ended up buying a bike to keep up with the grandkids.

 

Hobbies obviously included Hearts, and I started to watch a lot of the academy games and other youth football.  I decided to expand the number of football grounds I'd been to. I had already visited all the senior grounds, but I started visiting Junior and other grounds with the result I've been to all the East and West Region junior ground, all the Lowland League and EOS League grounds.

 

I've had an interest in football finances since the days of Save our Hearts, so it was only natural that I took an interest in the Rangers saga and Hearts Administration, so much so, that I could fairly be called an "internet bampot".

 

Work wise, a friend, who was retiring as a teacher a year after me, got me involved in invigilating SQA exams, so for five weeks a year I actually do work, and I'm now Chief Invigilator at that school. The work isn't particularly difficult or demanding but it gives me an opportunity to interact with a mix of adults and children in a work environment, but I'm not dependent on it.

 

I guess I have been lucky in staying healthy and active during my retirement, but I have enjoyed it enormously.  There are lots of things you can do in retirement but it is up to you how you approach it.  Personally I'd recommend keeping physically and mentally active and find some time-consuming things that you enjoy doing. You will eventually wonder how you previously found the time to work.

 

 

 

 

Edited by Footballfirst
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On 10/13/2017 at 09:16, hydeparkhearts said:

You get taxed on a pension.

 

I'll be working until the day I can't physically do it anymore or nobody wants me to work. I look at all the miserable retired wankers and it depresses the **** out of me. Even the ones with money spend their life moaning  about the world around them that they no longer seem to understand. I will probably be able to afford to retire at my state pension retirement age (9 Years time) but if (it's a big if) I'm alive, able and wanted I'll be keeping myself active. Otherwise...

But you don't pay any NIC on it. :thumbsup:

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Im 57 and am having a real worry fest about whether to retire or not.

I dont have any financial worries but worry about missing the workplace, colleagues, a sense of purpose, achievement etc.

Also worry about about whether the wife and domestic life would drive me mad.

 

Working on is probably the best idea but in another sense its only delaying the problem for a few more years.

if you'd asked me until my 50's would i retire (assuming total financial security) I would have said yes, now I'm not so sure.

 

.

 

 

 

 

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Psychedelicropcircle

Read the first post & the cynical bar steward in me finds myself saying why would they say it’s worth 50% less at 60 than at 66,

 

theyre hoping your a corpse! appreciate these things have a death value.

 

 

take it & run!

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To me the issue is simple - its not the money that matters, its doing something that makes you happy.

 

I got made redundant a few years ago.  Since them I retrained as a ski Instructor and work in Italy in winter.  In summer I'm a golf caddie humping bags around golf courses.   I have an allotment where I grow stuff, and I'm learning French cos I got a volunteering job at the Ryder Cup next year.

 

I absolutely love what I do now, even though there is little or no money in it.

 

So I'd say just make sure you have either hobbies or other bucket-list stuff to do.

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Francis Albert
57 minutes ago, Fourcandles said:

.

If spending more time with your wife is unpalatable don't retire.

Edited by Francis Albert
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Brick Tamland

Again. Thanks for all the responses. Some great info and personal experiences shared which was much appreciated. 

I'll have no problem with filling my time and no problem with missing work and the responses regarding money have convinced me further to go. Early. 

 

Regarding the reference to the online dating thread, I've met a real gem of a  bursd so can't see me resurrecting myself on that thread. 

 

 

 

 

 

 

But you mever know ?

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1 hour ago, Fourcandles said:

Im 57 and am having a real worry fest about whether to retire or not.

I dont have any financial worries but worry about missing the workplace, colleagues, a sense of purpose, achievement etc.

Also worry about about whether the wife and domestic life would drive me mad.

 

Working on is probably the best idea but in another sense its only delaying the problem for a few more years.

if you'd asked me until my 50's would i retire (assuming total financial security) I would have said yes, now I'm not so sure.

 

.

 

 

 

 

I could never spend enough time with my wife.

 

Don't retire mate if that is an issue.

 

 

 

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My old man is in this situation soon (60 next spring) and considering it. No mortgage and no debts so in a good place but I think he will just get bored. Doesn't play golf or anything so needs a daily "thing" to keep him going.

Anyone retired done voluntary work?

 

On a side note, I've probably got another 30-35 years of working :sob:

Edited by heartsfc_fan
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Retired at 57 if you can afford to , go for it , it's the best thing I ever did one other option is just work at your leisure ie I did a bit of consulting work just for pin money oh and I now spend time gigging in a wee classic rock band  great fun.

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If you have a wife or partner it can be a good (or bad) thing if they are also retired. Similarly if you have friends who are alsomornings you can meet up with them during the week rather than stowed out pubs on weekend nights.  Because my partner doesn't retire until she's 55 next year we cant go on long trips lasting more tham a fortnight eg Australia or south America which are both on our bucket list.  I retired at 53 because i began to hate my job I tried some casual short term work over past 5 years or so but if you don't desparately need the money you soon tire of scraping the ice of your car windscreen in the dark mornings.

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Captain Sausage

I’m only 28 - so I’ve no idea what things will look like in 30 years but al I can do is plan for the best!

 

I’m very lucky in that I work for a large company who help me with my pension scheme - I’m trying to get to a point where I’d have a comfortable level of income in retirement, but I also have my heart set on retiring at 55. I want to do things while I’m still active and my body allows me too. 

 

With my current contributions, I’ll only be at around 35% of what I need. I’m due a promotion in about 18 months time and I’m planning on taking all of the increase and putting it into my pension. That will just about get me to my target. 

 

We’ve just had our first kid and I’m sure there’ll be more, financially we are under a bit of a squeeze and it’s really difficult trying to find the balance of spending the money we have now to enjoy life, and saving for our future. 

 

I think in the longer term, taking the short term hit to allow me to retire a decade early will be worth it, but who knows what pish the government will have thought up by then. One thing I know is that I’ll definitely not have a state pension. 

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I have to retire from my current job at 60. My plans look like changing. My daughter has applied for permanent residence in Canada and, especially if she has kids, which she wants to do we're considering retiring over there.

 

Anyone done it or have family who have done it. Not sure how the state pension etc is pain when you live there. I don't plan on buying a property there and we'd have a decent wedge from selling our gaff here.

 

I'll miss the footy but there's always the Whitecaps, Canucks and Canadians to scratch me sporting itch.

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What do you need to do to achieve a pension of circa £26k per year.  Is that all state contributions or a plan that has been tracking stocks and shares for decades?

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29 minutes ago, Jamhammer said:

I have to retire from my current job at 60. My plans look like changing. My daughter has applied for permanent residence in Canada and, especially if she has kids, which she wants to do we're considering retiring over there.

 

Anyone done it or have family who have done it. Not sure how the state pension etc is pain when you live there. I don't plan on buying a property there and we'd have a decent wedge from selling our gaff here.

 

I'll miss the footy but there's always the Whitecaps, Canucks and Canadians to scratch me sporting itch.

 

I have a small pension from U.K. it is direct deposit into my bank.  The one thing you might check on is if you get 100% of your U.K. pension in Canada. Mine is reduced due to some agreement between the two Countries,  but it may be because I am receiving my full Canada pension. Different circumstances but I brought my father over when my mother died, at least at the start I had to cover him with medical insurance another wee expense you may face. Rentals in the immediate Vancouver area are tough to get and I believe now generally expensive, out of main area though not so bad. Believe me we are finding it now it is worth being close to family, we are not and it is tough, so no advice but it could be a good move for future old age after your long long period of retirement.

 

Bring lots of depression medication if you are going to follow the Canucks

Edited by bobsharp
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J.T.F.Robertson

Also, plenty live football accessible on telly though only the occasional Hearts' game, right enough.

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Brick Tamland
36 minutes ago, SecN said:

What do you need to do to achieve a pension of circa £26k per year.  Is that all state contributions or a plan that has been tracking stocks and shares for decades?

I have a generous company pension where they pay 15% of my salary into the pot I'm currently paying in12.5% so that's 27.5% of my salary heading into the pot. I'll be putting more than 12.5% in when I'm able to cut my cloth accordingly. 

My mortgage rate is cheap and will be paid off by 60. 

I also pay into a private pension on top of this and the tax breaks on that are excellent. 

I don't lead an extravagant lifestyle, not really a big drinker and my hobbies are all outdoors and relatively cheap. My season ticket(s) - I pay for my 2 sons too - are my biggest 'hobby' expense. Recently got myself a camper van so in the long run that will save a bit money on holidays too. 

After reading the replies on here I wish I could retire now!

 

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3 hours ago, Jamhammer said:

I have to retire from my current job at 60. My plans look like changing. My daughter has applied for permanent residence in Canada and, especially if she has kids, which she wants to do we're considering retiring over there.

 

Anyone done it or have family who have done it. Not sure how the state pension etc is pain when you live there. I don't plan on buying a property there and we'd have a decent wedge from selling our gaff here.

 

I'll miss the footy but there's always the Whitecaps, Canucks and Canadians to scratch me sporting itch.

Pretty sure the state pension is frozen if you are not domiciled in the UK (it is for Canada, I just had a look) .  Your UK pension is taxable but would probably come under a double taxation agreement.  Get some advice bud. 

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19 hours ago, NANOJAMBO said:

Pretty sure the state pension is frozen if you are not domiciled in the UK (it is for Canada, I just had a look) .  Your UK pension is taxable but would probably come under a double taxation agreement.  Get some advice bud. 

Ta mate. Will do if this pans out

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21 hours ago, bobsharp said:

 

I have a small pension from U.K. it is direct deposit into my bank.  The one thing you might check on is if you get 100% of your U.K. pension in Canada. Mine is reduced due to some agreement between the two Countries,  but it may be because I am receiving my full Canada pension. Different circumstances but I brought my father over when my mother died, at least at the start I had to cover him with medical insurance another wee expense you may face. Rentals in the immediate Vancouver area are tough to get and I believe now generally expensive, out of main area though not so bad. Believe me we are finding it now it is worth being close to family, we are not and it is tough, so no advice but it could be a good move for future old age after your long long period of retirement.

 

Bring lots of depression medication if you are going to follow the Canucks

Cheers Bob

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19 hours ago, NANOJAMBO said:

Pretty sure the state pension is frozen if you are not domiciled in the UK (it is for Canada, I just had a look) .  Your UK pension is taxable but would probably come under a double taxation agreement.  Get some advice bud. 

Frozen from future increases in some countries but not in others depending on reciprocal agreements. 

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