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  #41  
Old 24.08.2020, 12:28
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Re: Do you think about your future/retirement etc?

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Thats amazing, by being anal & entering the exact salary for each year, aged 67 I will get a CHF 1077 Swiss pension & £761.81 UK pension per month.
CHF 1,821 at the statutory age. Apart from the first year out of college, when I worked in Ireland, I’ve worked in Switzerland all my working life as has my wife.

Most important for us is friends and immediate family and they are all here, so we will be staying put. I’ve lived in the same village for over 20 years, my wife grew up here, it’s where I feel really at home and I could not imagine living anywhere else.
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  #42  
Old 24.08.2020, 12:31
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Re: Do you think about your future/retirement etc?

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Why the obsession with buying a property? In old age it will be a burden to maintain and in 10 or 15 years you could be in a nursing home or dead!
Buying a place appeals to a lot of people because it's your own space in the location that you choose. You can't be kicked out of it or asked to leave (assuming you never default on mortgage payments or any other exceptional circumstance comes up) and when you die it can be sold and given to your relatives. It will also likely increase in value over the years. For as long as you live, it is yours.

I think it's not good to buy a property if it causes you undue financial hardship to do so, but if it doesn't then it's certainly something that appeals to a lot of people.
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  #43  
Old 24.08.2020, 12:35
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Re: Do you think about your future/retirement etc?

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Buying a place appeals to a lot of people because it's your own space in the location that you choose. You can't be kicked out of it or asked to leave (assuming you never default on mortgage payments or any other exceptional circumstance comes up) and when you die it can be sold and given to your relatives. It will also likely increase in value over the years. For as long as you live, it is yours.

I think it's not good to buy a property if it causes you undue financial hardship to do so, but if it doesn't then it's certainly something that appeals to a lot of people.
If in retirement 5% interest costs plus 1% maintains costs have to be less than 30% of your income, many retired people are indeed kicked out of their houses & many kids cant afford to inherit their parents mortgage.
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Old 24.08.2020, 12:57
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Re: Do you think about your future/retirement etc?

While a lot of people do work upto retirement age here in CH, many do not, Swiss included, for many various reasons.
I've a couple of friends who had the rug pulled from under their feet and suddenly realised they had no realistic chance of retiring, or even continuing, here, even though they had kids in the school system etc.


Don't forget, 55 is the new 65.
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  #45  
Old 24.08.2020, 13:05
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Re: Do you think about your future/retirement etc?

And make proper calculations...

I intended to go back to NL, turns out that after taxes it is considerably more expensive to live in NL than to live in CH ! It evens out a bit after you reach NL statutory age. Which will be 69 by the time......

So it will be CH, maybe DE, and a remote option back to BE.

Jos
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  #46  
Old 24.08.2020, 14:30
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Re: Do you think about your future/retirement etc?

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One suggestion for a location: Bulgaria(more civilized) or Romania(less civilized)(my personal opinion would be more Transylvania).


One question: if the pension is lets say 2000CHF/month, how much would get in hand, canton of Bern?
Are there any taxes involved? What is the level-25%, 30%?



Thank you
Something I may have to look into.
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  #47  
Old 24.08.2020, 14:37
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Re: Do you think about your future/retirement etc?

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Something I may have to look into.
Transylvania for me.
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  #48  
Old 24.08.2020, 14:45
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Re: Do you think about your future/retirement etc?

I'm surprised no-one has mentioned the Philippines, Vietnam or India.
Surely The Best Marigold Hotel must have influenced some people?
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  #49  
Old 24.08.2020, 15:14
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Re: Do you think about your future/retirement etc?

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If in retirement 5% interest costs plus 1% maintains costs have to be less than 30% of your income, many retired people are indeed kicked out of their houses & many kids cant afford to inherit their parents mortgage.
But have you ever known anyone who was actually forced so sell - despite making all mortgage payments on time?
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  #50  
Old 24.08.2020, 15:29
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Re: Do you think about your future/retirement etc?

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While a lot of people do work upto retirement age here in CH, many do not, Swiss included, for many various reasons.
I've a couple of friends who had the rug pulled from under their feet and suddenly realised they had no realistic chance of retiring, or even continuing, here, even though they had kids in the school system etc.


Don't forget, 55 is the new 65.
that's also my fear, hence I'm planning to accumulate wealth until 50-55 and then just try to wing it as long as it goes.
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  #51  
Old 24.08.2020, 16:05
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Re: Do you think about your future/retirement etc?

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While a lot of people do work upto retirement age here in CH, many do not, Swiss included, for many various reasons.
I've a couple of friends who had the rug pulled from under their feet and suddenly realised they had no realistic chance of retiring, or even continuing, here, even though they had kids in the school system etc.


Don't forget, 55 is the new 65.
Well, just had the rug pulled from under my feet, again.
Twas my last day at work at a company happy to get rid of as much staff as possible now that a lot of companies in the clientele are with their backs to the wall, or have even closed.
Not that I was living the high life on the meagre wage I got, but it was enough to get by with, and now it´s 60% of my last wage and that´s it.
And at 60 I am not holding my breath to be reemployed before Harz IV and my worst nightmare of poverty kicks in.
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Back in Bavaria, god´s own belly button.
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  #52  
Old 24.08.2020, 16:06
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Re: Do you think about your future/retirement etc?

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But have you ever known anyone who was actually forced so sell - despite making all mortgage payments on time?
Every time a fix ends you are subject to underwriting, that part of the mortgage is repayable at the end of the term. Fail to repay or re finance & you will be forced to sell.
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  #53  
Old 24.08.2020, 16:09
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Re: Do you think about your future/retirement etc?

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If in retirement 5% interest costs plus 1% maintains costs have to be less than 30% of your income, many retired people are indeed kicked out of their houses & many kids cant afford to inherit their parents mortgage.
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But have you ever known anyone who was actually forced so sell - despite making all mortgage payments on time?
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Every time a fix ends you are subject to underwriting, that part of the mortgage is repayable at the end of the term. Fail to repay or re finance & you will be forced to sell.
Let me rephrase: But have you ever known anyone in CH who could not refinance a mortgage (or part thereof) after retirement despite having always made all mortgage payments on time?
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  #54  
Old 24.08.2020, 16:09
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Re: Do you think about your future/retirement etc?

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But have you ever known anyone who was actually forced so sell - despite making all mortgage payments on time?
People pawn the mortgage on their kids here, providing them a cheaper place to stay, sort of speak. So, there are ways...
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  #55  
Old 24.08.2020, 16:12
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Re: Do you think about your future/retirement etc?

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Well, just had the rug pulled from under my feet, again.
Twas my last day at work at a company happy to get rid of as much staff as possible now that a lot of companies in the clientele are with their backs to the wall, or have even closed.
Not that I was living the high life on the meagre wage I got, but it was enough to get by with, and now it´s 60% of my last wage and that´s it.
And at 60 I am not holding my breath to be reemployed before Harz IV and my worst nightmare of poverty kicks in.
Oh, Slammer, I'm really, really sorry to hear that. This is awful. Oh, nooooo....
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  #56  
Old 24.08.2020, 16:19
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Re: Do you think about your future/retirement etc?

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Let me rephrase: But have you ever known anyone in CH who could not refinance a mortgage (or part thereof) after retirement despite having always made all mortgage payments on time?
Yes, I am aware of someone who could not refinance due to the income rules, however they had adequate cash on hand to pay off the mortgage in full.
I do know of a wife who had to sell after her husband died as his pension reduced on his death, it also gets complicated especially when there are children, especially if the wife is not their mother.
Why not ask your Bank what they would do in the circumstances, then report back
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Old 24.08.2020, 16:29
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Re: Do you think about your future/retirement etc?

Interested on this too: assuming a pension of around 2500 chf - 4000 chf (1st and 2nd pillar), which percent approx we need to deduct on taxes to calculate the available income?

Thanks!!

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One suggestion for a location: Bulgaria(more civilized) or Romania(less civilized)(my personal opinion would be more Transylvania).


One question: if the pension is lets say 2000CHF/month, how much would get in hand, canton of Bern?
Are there any taxes involved? What is the level-25%, 30%?



Thank you
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  #58  
Old 24.08.2020, 16:42
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Re: Do you think about your future/retirement etc?

I have a property in Spain I bought some years ago and paid about 130 k for . I payed cash so there is no bank to service . The location is good with shops, restaurants, beach, doctor’s clinic all being within walkable distance . There is also decent public transport. I can well imagine retiring there and retiring much earlier than I would in Switzerland and using my savings to bridge the gap until I’m old enough to qualify for pension payments. It is possible to get by there on about 600 Euros a month. And if you allow yourself 1000 a month you can really live like a king .

When I get really old and enter that phase of my life that I need a lot of healthcare I might come back to Switzerland or move to another country . But a lot can change until then so I wouldn’t bank on who will have the best healthcare.
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Old 24.08.2020, 16:53
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Re: Do you think about your future/retirement etc?

I'm 35 and a cynical pessimist (or so I'm told) so I expect to be pushed out of my career and replaced by someone younger/cheaper by 50. When I look around my organization (and I have worked for both of the big 2 banks) I see no one, apart from a few MD's, who is over 50 in my department. So that leaves me 15 years to accumulate the money I need to retire on the Costa Del Britain (Malaga area). I put away CHF 70k/year which I hope, with decent investment returns, can buy me an inflation adjusted income of around 70-80k a year which is a top 10% income in Spain. I appreciate Switzerland but won't miss the place when I depart. I suggest looking up the FIRE movement if you want to achieve a happy retirement.
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  #60  
Old 24.08.2020, 16:55
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Re: Do you think about your future/retirement etc?

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I have a property in Spain I bought some years ago and paid about 130 k for . I payed cash so there is no bank to service . The location is good with shops, restaurants, beach, doctor’s clinic all being within walkable distance . There is also decent public transport. I can well imagine retiring there and retiring much earlier than I would in Switzerland and using my savings to bridge the gap until I’m old enough to qualify for pension payments. It is possible to get by there on about 600 Euros a month. And if you allow yourself 1000 a month you can really live like a king .

When I get really old and enter that phase of my life that I need a lot of healthcare I might come back to Switzerland or move to another country . But a lot can change until then so I wouldn’t bank on who will have the best healthcare.
If you take a Swiss Pillar 1 you will have to pay Swiss Health insurance when you living in Spain, you can have treatment in Spain or Switzerland as you wish.
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