Retirement destinations

[mazarron fox]

4 hours ago, worth_the_wait said:

I suppose it depends on your definitions of "climate very good".    One of my relatives lived out there and he said it was awful.  

 

You got burnt to a cinder in July and August, and any of the ex-pats rich enough to own 2 homes, came back to Britain for those 2 months! 

The truth is August is brutal and you can leave for a month or chill with the aircon on. 11 other months are great obviously cooler in winter but here we have 320 days of sun a year. We sit out on terraces but under cover. You only get burnt if you are sitting in it. That’s a thing for tourists but few locals sit in it during July and August.

It’s not for everyone this lifestyle as it’s a culture change and you get out of it what you put into it.

[Monk]

Just read in the times today that the average pension pot is around £50k. So if you’re looking at that, the chances of doing many of the things in this thread are close to zero. 

 

If I could choose anywhere to retire I’d stay in Scotland for the summer and spend the winter months in south east Asia. 

[Tommy G]

On 02/09/2023 at 15:52, Monk said:

Just read in the times today that the average pension pot is around £50k. So if you’re looking at that, the chances of doing many of the things in this thread are close to zero. 

 

If I could choose anywhere to retire I’d stay in Scotland for the summer and spend the winter months in south east Asia. 

It is really that low?? 

[Bellend Sebastian]

11 minutes ago, Tommy G said:

It is really that low?? 

I suspect that's the average for ALL pension pots, not the average at retirement.

 

I've had a quick look and I've seen a couple of sources suggesting around £190k average at age 65, which is more like I'd expect

[Tommy G]

20 minutes ago, Bellend Sebastian said:

I suspect that's the average for ALL pension pots, not the average at retirement.

 

I've had a quick look and I've seen a couple of sources suggesting around £190k average at age 65, which is more like I'd expect

Same surely, £50K would last you a few holidays, a car and a cpl of trips to the pub.

[Greg2607]

45 minutes ago, Tommy G said:

It is really that low?? 

yeah for most people, especially if they have had a relatively low paid job and only ever paid into a stakeholder pension plan. 

 

if you aren't contributing nearly 20% in total to your pension (including company contribution) then lots of people are going to get a huge shock when they get close to retirement. 

 

I remember looking at mine about 5 years ago and realised, calculating it forward, that my total pension pot would be circa £90k if I stayed in the same job for the next 30 years.... 

 

I changed jobs, made sure I maximise my pension contribution and have a very healthy company contribution and it's now looking more likely to be around £400k..... 

 

£400k doesn't necessarily go THAT far if you need it to last 20 - 25 years...  roughly 16k a year drawings plus say £11k from a state pension....  that's an annual income of £27k, but you'll pay tax on some of it. 

 

Our parents generation (i'm 41 now)  have got golden retirements and the rest of us are generally screwed, unless you have a high paying role and can contribute chunky numbers into your pension and build up lots of assets or investments. 

[Tommy G]

5 minutes ago, Greg2607 said:

yeah for most people, especially if they have had a relatively low paid job and only ever paid into a stakeholder pension plan. 

 

if you aren't contributing nearly 20% in total to your pension (including company contribution) then lots of people are going to get a huge shock when they get close to retirement. 

 

I remember looking at mine about 5 years ago and realised, calculating it forward, that my total pension pot would be circa £90k if I stayed in the same job for the next 30 years.... 

 

I changed jobs, made sure I maximise my pension contribution and have a very healthy company contribution and it's now looking more likely to be around £400k..... 

 

£400k doesn't necessarily go THAT far if you need it to last 20 - 25 years...  roughly 16k a year drawings plus say £11k from a state pension....  that's an annual income of £27k, but you'll pay tax on some of it. 

 

Our parents generation (i'm 41 now)  have got golden retirements and the rest of us are generally screwed, unless you have a high paying role and can contribute chunky numbers into your pension and build up lots of assets or investments. 

Presumably youve got £16K dividing £400k/25, but you will get growth on the pot each year whilst still invested unless you are buying an annuity? So probably be nearrer £20K not £16K - either way a better problem to have than most. 

[Greg2607]

21 minutes ago, Tommy G said:

Presumably youve got £16K dividing £400k/25, but you will get growth on the pot each year whilst still invested unless you are buying an annuity? So probably be nearrer £20K not £16K - either way a better problem to have than most. 

you are absolutely right, just did a straight line draw down of the pot (or assumed an annuity) 

 

But when you consider that for our generation, Mortgages are MUCH higher relative to wages, wages have basically stagnated or regressed since 2010 so paying for a retirement is very very hard.  No such thing as a "final salary pension" for 99% of the population now.   

 

Childcare is more expensive and you pretty much need a two income household to pay the mortgage in the first place, so childcare doesn't become "optional".....  Education is no longer free past the point of A levels...  

 

Back in the day, evening classes were free, so it was easier to upskill or re-skill.  University was free, Dentists were free AND accessible. 

 

for anyone born after about 1980.... our later life is going to look very very different compared to our Parents and for anyone born after 2000... I don't even know how they are going to build a life and pay for a retirement.  

 

the UK has absolutely gone to the dogs. 

Edited 4 September 2023 by Greg2607

[Greg2607]

to get back on point though........... I don't really care WHERE I retire... but i'd love to own an acre or two of land and have my own little small holding where I can potter away. 

 

Nowhere CRAZY hot, but warm enough to grow some veg and have a nice sit in the sun. 

[foxfanazer]

Probably Budapest. Good value and a beautiful city. Not sure how easy the language is to learn though

Edited 4 September 2023 by foxfanazer

[Free Falling Foxes]

43 minutes ago, foxfanazer said:

Probably Budapest. Good value and a beautiful city. Not sure how easy the language is to learn though

Well you would need to learn quickly or you might go hungry.

[foxfanazer]

2 minutes ago, Free Falling Foxes said:

Well you would need to learn quickly or you might go hungry.

Haha you're not allowed to make that joke there. But in actual fact everybody I came across spoke great English. Can't be foreign if you're English

[oakman]

Greece or New Zealand (south island)