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  #61  
Old 24.08.2020, 17:27
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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.
In Switzerland. I intend to have paid off the house abroad by the time I retire (so far my portfolio is well covering that amount).
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  #62  
Old 24.08.2020, 17:39
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Re: Do you think about your future/retirement etc?

Interesting thread and there’s no gem of wisdom for a single retirement scheme that will serve us all, except try to save as much as you can even if you don’t have much, start by putting aside whatever minimum you can squeeze out of your miserable income.

We are in our mid and late 40’s and already managed to collect some retirement in the 1st, 2nd and 3rd pillar after having spent over 12 years on Switzerland. Not much but something already to lean on in the future. Perhaps Switzerland won’t be our retirement spot but with our newborn and another 20 years of raising a fabulous boy, it might change. Time will tell. With several properties in South Africa it seemed to be a great retirement spot many years ago. With economy going downhill, corruption and safety, Europe seems to be the best choice at the moment. If we wanted to move to Poland, it would have been language barrier for my wife and given the latest development on the eastern border with Belarus and Russia, it is not the best destination politically and safety wise.

We shall see ... time to feed the baby 2 months old. live for the moment ...
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  #63  
Old 24.08.2020, 17:54
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Re: Do you think about your future/retirement etc?

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Oh, Slammer, I'm really, really sorry to hear that. This is awful. Oh, nooooo....
It´s just following the general trend of my career, why should this job be any different?

Sucks harder than a 10 buck hooker short on the rent though.

Last edited by slammer; 24.08.2020 at 18:05.
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  #64  
Old 24.08.2020, 18:00
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Re: Do you think about your future/retirement etc?

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Sucks harder than a 10 buck hooker short on the rent though.
What a lovely image you have portrayed, a true wordsmith.

How are your NI contributions? Or the UK is off the list, or the only one on the list?
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  #65  
Old 24.08.2020, 18:14
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Re: Do you think about your future/retirement etc?

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Transylvania for me.
I have actually been to Transylvania specifically to look at properties . My impression was that it’s a good place overall, very civilized and everybody extremely polite and helpful and honest and welcoming . Maybe because they haven’t yet been spoilt by mass tourism . On the other hand there are a lot of pockets of very deep poverty so you have to be careful with the location.

In a good location it’s a good place to be . If you don’t mind cold winters .
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  #66  
Old 24.08.2020, 18:17
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Re: Do you think about your future/retirement etc?

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Sucks harder than a 10 buck hooker short on the rent though.
Judging by the sounds of your expected retirement, that $10 hooker is going to be you.
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  #67  
Old 24.08.2020, 18:18
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Re: Do you think about your future/retirement etc?

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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
The ZKB are currently advertising that they are trying to attract pensioners...
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  #68  
Old 24.08.2020, 18:20
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Re: Do you think about your future/retirement etc?

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The ZKB are currently advertising that they are trying to attract pensioners...
Presumably ones with a pension high enough for the loan, clearly a pension is more reliable than a salary these days, Banks are not stupid.
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  #69  
Old 24.08.2020, 18:25
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Re: Do you think about your future/retirement etc?

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What a lovely image you have portrayed, a true wordsmith.

How are your NI contributions? Or the UK is off the list, or the only one on the list?
NI contributions? I take it a UK thing, problem is that I have never worked in the UK, actually never lived there since i was a wee nipper.


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Judging by the sounds of your expected retirement, that $10 hooker is going to be you.
Nah! Cold cream way to expensive.
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  #70  
Old 24.08.2020, 18:26
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Re: Do you think about your future/retirement etc?

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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!!
Oh yes, you pay tax on your pension and all other income even when retired.

It‘s the same as when working, but to make matters worse there are a number of things you can longer claim for when retired like travel to work, clothing for work, lunches and of course it is unlikely you would continue making any pension contributions.

But it is rather nice being paid for doing nothing...
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  #71  
Old 24.08.2020, 18:28
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Re: Do you think about your future/retirement etc?

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NI contributions? I take it a UK thing, problem is that I have never worked in the UK, actually never lived there since i was a wee nipper.
If you are a Brit, you can always get in and they will put a roof over your head.
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  #72  
Old 24.08.2020, 18:57
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Re: Do you think about your future/retirement etc?

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If you are a Brit, you can always get in and they will put a roof over your head.
Hmmm! Always wanted to retire on a narrowboat.
Been watching waay to much: https://www.youtube.com/channel/UC6S...lh8e0yjndE9o_A
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  #73  
Old 24.08.2020, 18:57
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Re: Do you think about your future/retirement etc?

@amogles, @Brian1985
Spain is indeed a pleasant place to live for a retiree but don’t forget the pretty hefty wealth tax !
That’s why I am considering Portugal as an alternative. The climate is not as pleasant (except in the Algarve) and the sea is much cooler, but tax wise, it is a much more attractive country.
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  #74  
Old 24.08.2020, 19:09
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Re: Do you think about your future/retirement etc?

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Hmmm! Always wanted to retire on a narrowboat.
Been watching waay to much: https://www.youtube.com/channel/UC6S...lh8e0yjndE9o_A
I've got a mate considering the same thing, although the ongoing expense sounded quite a bit.

A lot of people are converting the very large delivery vans into campers and finding independance and an economical retirement that way. You need the £££s to buy one initially though.

With the right insulation and built in amenities, I can see the attraction.
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  #75  
Old 24.08.2020, 19:31
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Re: Do you think about your future/retirement etc?

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I've got a mate considering the same thing, although the ongoing expense sounded quite a bit.

A lot of people are converting the very large delivery vans into campers and finding independance and an economical retirement that way. You need the £££s to buy one initially though.

With the right insulation and built in amenities, I can see the attraction.
Yes . But whereas bricks and mortar places tend to appreciate in value over time , the same is typically not true of camper vans or boats .

Although if it is genuinely going to be your last change of domicile , you probably wouldn’t care .
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  #76  
Old 24.08.2020, 19:35
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Re: Do you think about your future/retirement etc?

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Yes . But whereas bricks and mortar places tend to appreciate in value over time , the same is typically not true of camper vans or boats .

Although if it is genuinely going to be your last change of domicile , you probably wouldn’t care .
Generally it's the land that appreciates, the building depreciates & needs expensive refurbishment. in CH total replacement as that is usually cheaper.
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  #77  
Old 24.08.2020, 19:40
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Re: Do you think about your future/retirement etc?

Buying a house is all well and good, but if you get into your fifties and you for whatever reason you don't have one, nor an income to support one, you're left with rented, static caravans or a camper van.
There's an awful lot of people in that situation, whether it be through divorce, illness, or just a life of lower paid work.
I'm surprised I don't hear about more (older) people grouping together to buy a house together. Maybe it goes on.
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  #78  
Old 24.08.2020, 19:41
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Re: Do you think about your future/retirement etc?

We definitely won't be retiring here as it would be too expensive for us (also OH was nearly 55 when he came to Basel). We reinvested our UK private pensions in a SIPP and the investments ended up insolvent. OH got full compensation via FSCS and has put it into something else, but I was turned down, my appeal failed and my case file was closed. I went to the Pension Advisory Service and the Ombudsman but was told neither can help me. It wasn't a huge amount, about 30k from a banking pension I had accrued back in the 80s. At the time I moved it, it had stagnated and the forecast was only offering to pay out £450 pa. Unfortunately the year after I moved it to a SIPP, the UK government started allowing people to take smaller pensions out as lump sums, had I known that was coming I would have held back.

Last year it was taken over by another pension company who are charging me £££ a year to manage my insolvent investments and it is perfectly legal for them to do this.

Worst bit is, we didn't fall into the category of people who were cold called or scammed like you read in the papers. This was done via a financial adviser we had for years who we genuinely trusted, even our accountant knew him and had dealings with him. Unknown to us he had become involved in the whole "introducer" business and we have since discovered he was being paid £850 for each client he was signing up. We also weren't being offered fantastic "too good to be true" returns either, if we had been it would have set the alarm bells ringing. At the time however we were working all hours running our own company and with hindsight perhaps we took our eye off the ball.

Just shows you can be a very financially cautious person like me and still get caught out, it's certainly taught me a lesson. I paid a Chartered Financial Adviser in Scotland to look at my case and he prepared everything for my compensation case, he was absolutely taken aback when it was refused and said it smacked of the claims handler making a huge mess and and it being swept under the carpet. He also told me the authorities in Britain allegedly employ claims handlers who previously dealt with mobile phone contracts only have a weeks training in pension/financial stuff!
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  #79  
Old 24.08.2020, 19:47
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Re: Do you think about your future/retirement etc?

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Oh yes, you pay tax on your pension and all other income even when retired.

It‘s the same as when working, but to make matters worse there are a number of things you can longer claim for when retired like travel to work, clothing for work, lunches and of course it is unlikely you would continue making any pension contributions.

But it is rather nice being paid for doing nothing...
Yes, but you don‘t have to pay the social security contributions, so are 6% better off there at least.
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Old 24.08.2020, 20:04
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Re: Do you think about your future/retirement etc?

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@amogles, @Brian1985
Spain is indeed a pleasant place to live for a retiree but don’t forget the pretty hefty wealth tax !
That’s why I am considering Portugal as an alternative. The climate is not as pleasant (except in the Algarve) and the sea is much cooler, but tax wise, it is a much more attractive country.
https://www.expatica.com/es/finance/...anishwealthtax

The main residence exemption of €300k per person for primary residences can be combined for couples, so should cover most people‘s housing. Then it is €700k per person allowance. Pensions are exempt. So €2m per couple wealth excluding pensions before you are impacted. That should cover most people overall.

On top of that there are tax mitigation strategies if you plan ahead which can minimise your income tax liabilities.

Yes, we are strongly considering retiring to Spain, taking the equity from our Swiss place to be mortgage free and living off investment income and eventually pensions (Swiss pillar 1, pillar 2 and pillar 3 and perhaps we are eligible for something from UK NI contributions from our 20s).

Like Brian we are both planning for the worst that we will be kicked out of work at 50ish. If we don‘t get a new job after the RAV period, I expect we‘ll go travelling and then settle in Spain.
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