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What are your retirement plans?

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    What are your retirement plans?

    I'll start first.

    BR14 isn't entirely wrong in telling me to go back home again and again. No offence taken here, I am thicker than that.

    But this question has been present in conversations for some time. Most of the people that I know have considered or are considering leaving in the next few years.

    Some of the complaints, rent is high and can't potentially imagine owning a place that is not in a forgotten part of the world surrounded by people that you find difficult to associate with.
    London is nice, not that much community wise but more interesting people around. Always something to do. (or as it was before covid)

    Food is getting worse, takeaway is expensive and finding anything organic is difficult. You have to stay in an affluent area, surrounded by rich people to have access to it. Processed food has been on the increase in all countries especially in this era of stagnant wages and masked inflation. People have to tighten the belt... but in the long term can't see how that is not creating more health problems.

    Weather has not been great and I think has been challenging my mental health for the previous weeks.

    Permanent salaries are a joke, 65k/year is 4.1k net, you'd be lucky to put anything aside for rainy days or for medical emergencies like dental. How can you even save out of that? It might be good up north but in SE... you'd have to go into a shared house.

    I've tried Sweden for a 6m gig, weather is worse, food is nice but people are empty. At least around here people are a bit more down to earth, witty.
    Everything is expensive and you have to live really frugal. They are just deceptively wealthy, in terms of purchasing power, I can't see how they can to put food on the table on the generic 3k salaries that you see.

    Eastern Europe is deserted, most of the good workers are in the West slaving away with the hope of a better life but probably plenty of them get through the same deception. Stories that I hear is that you can't find good plumbers, construction workers. Salaries have gone up significantly but a lot of people have migrated.

    I am trying to find some hope at least but it seems that my generation without inheritance is doomed to slave away in the modern politically correct establisment. Drinking their sorrows and looking for meaningless relations on tinder.

    Am I not seeing the full side of the glass?

    #2
    I work in the construction industry as an Electrician and my salary is nowhere near 65k in fact it's half that. Its a struggle but glad I took out a personal pension with Scottish Widows as I work contract and have no other like company pension which can make my pension decisions for me . That's all I can say is keep out of the construction industry, it's a complete rat race !
    Last edited by Scorp1; 23 May 2021, 19:57.

    Comment


      #3
      I retired on New Years Eve gone.
      The brain is still willing to work.
      I get at least 5 offers to come back every week
      The body the carries it is past it and needs a machine and various bits of metal to keep it going.
      Financially i'm just about ok. No Ferrari or 20 bedroom mansion but im ok.
      Ok i'm stuck in the UK because of a number of medical factors and I wish I could relocate permanently to a little retreat in France but hey, ho. My regular visits will resume soon.
      One thing I have learnt since my "annus horribilus" that was 2018 is that tulip happens and you just to roll with it, but you have to roll when it happens and try and put yourself in the best place at the time.
      I think IR35 is a good example of this: not enough contractors tried to change their business models in the 20 years since the first incarnation of it in 2001 that they had so all had no choice but to roll over when it was pushed in in April. True the market they were selling to was and is over stubborn, but so.
      Answer. Don't put the head in the sand, there isn't a magic fairy and if health of any kind is affected you need to take action fast.
      Just my 2p

      Former IPSE member
      My Website

      Comment


        #4
        Nothing concrete yet, still young. I just bought another property in my wife's home country that's right by the sea, so always have the option of going there. I'm not in the UK right now, in a 3rd country just relaxing while working remote, not sure what I'll do after this contract. If I am able to keep contracting in the UK (doubtful) then I will probably just keep putting money away. Would be nice to get some passive income going for retirement. Curious what others have done, if they are just living off their savings or pensions or properties or if they have been able to build some passive income.

        Curious what most people are planning, always looking for inspiration.

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          #5
          I plan to take a part time CUK Mod position

          Comment


            #6
            Got a decent pension and savings. Buy a multigeneration house with my son and his wife. Continue working until brain gives up. Fifteen years to go though.
            Down with racism. Long live miscegenation!

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              #7
              Be clear-eyed about your income/savings/pension and out-goings.

              if you’re not of pensionable age, remember that *every* major/long-term spend today will have an impact on your future pension/savings in the future.

              And GB, we might find you irritating on occasion, but you are part of CUK now. Take care of yourself, a bit of time off when the sun shines might do you the world of good.
              "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
              - Voltaire/Benjamin Franklin/Anne Frank...

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                #8
                Retirement is when BTC and other crypto reach their full potential later this year.
                First Law of Contracting: Only the strong survive

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                  #9
                  Originally posted by _V_ View Post
                  Retirement is when BTC and other crypto reach their full potential later this year.
                  Next year, Rodders

                  Comment


                    #10
                    Originally posted by cojak View Post
                    Be clear-eyed about your income/savings/pension and out-goings.

                    if you’re not of pensionable age, remember that *every* major/long-term spend today will have an impact on your future pension/savings in the future.

                    And GB, we might find you irritating on occasion, but you are part of CUK now. Take care of yourself, a bit of time off when the sun shines might do you the world of good.
                    Exactly. If you are not of pensionable age and in the UK, you should be following this flowchart:

                    Click image for larger version

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