What could you get by on?

[Paddy]

Often, when I'm wading through code that was written by a dyslexic Russian or by someone who thought it was a good idea to name table columns IND1, IND2 etc. I think about retiring, just giving it all up and buying a bit of land and a smaller house away from it all. Getting rid of both extremely expensive cars, no mortgage.

Today is one of those days.

How much cash do you think you would need to live a decent life, nothing extravagant just walking the dogs, visiting the pub, odd holiday business class to the Maldives?

I think I would need around 3k per month to get buy, I'm I being naive?

There are many like you including IT workers who have moved to Bulgaria.
It's not packed out with Brits like Spain. In my village there are two other Brits (in IT) One Russian lady, One Canadian in IT. Local village shop keeper speaks English. Bulgarian Neighbour has a business in Ireland
Property and land is cheap, excellent Internet connections and vast areas to walk your dog etc.
Council Tax outside the city is around £30pa. Income tax is 10%
£1k per month is more than enough to live on.
Property £4k upwards. £12k will get you a ready to move into property with a 2000sq meter garden,
It's cheaper to live there with a better life style and fly back to the UK when needed.

[jamesbrown]

It's cheaper to live there with a better life style and fly back to the UK when needed.

I'm sure you're aware of this, but if you don't meet one of the automatic overseas tests and/or have too many UK ties or come back here too often, you're probably UK tax resident and, on those Bulgarian taxes, that would be, er, painful.

[OwlHoot]

There are many like you including IT workers who have moved to Bulgaria. ..

Interesting, but is it anywhere near Russia? Im' wondering if Putie has his eye on it once he has occupied Romania!

[Paddy]

I'm sure you're aware of this, but if you don't meet one of the automatic overseas tests and/or have too many UK ties or come back here too often, you're probably UK tax resident and, on those Bulgarian taxes, that would be, er, painful.

Good point. I will add that IT workers will generally get an automatic green-card to work in IT even without an employment offer. It's best to set-up a Bulgarian Ltd Company and work through that, Cost about 500e. A UK-Bulgarian accountant will work out the best solution.

There are quite a few digital nomads in Bulgaria and there are rentable places just for that. There is a particularly nice base in Bansko https://digitalnomads.world/city-guide/bansko/

[_V_]

Interesting, but is it anywhere near Russia? Im' wondering if Putie has his eye on it once he has occupied Romania!

Looks like it to me.

[vwdan]

My problem is I get itchy feet if I haven't done anything interesting for a week weekends - let alone trying to fill an entire retirement.

I have lots of hobbies, most of them expensive - so the truth is, to be happy and content, I need a lot of cash

[DoctorStrangelove]

I plan on going postal once the bank accounts are empty.

Remember, you read it here first.

And I've got A Little List.

[hobnob]

Personally, I think I could maintain my current standard of living for £2k/month (net), after my mortgage is paid off.

More generally, I've been looking at a couple of other websites for my pension planning.

Minimum Income Calculator
According to that, a single pensioner needs £12,772/year = £287.16/week (net). The full state pension is currently £179.60/week:
The new State Pension: What you'll get - GOV.UK (www.gov.uk)

According to the Telegraph (ignoring the aspect of retiring at 55):
Want to retire at 55? Here’s how big your pension pot needs to be (telegraph.co.uk)

A single person needs an annual income of £33,600, including the state pension, to lead a “comfortable life”, according to the Pensions and Lifetime Savings Association, a trade body. This affords holidays in Europe for three weeks a year, eating out and visiting the theatre regularly.
[..]
The “comfortable” standard of living is the highest echelon, according to the PLSA, but a "moderate" lifestyle would still be enough for a holiday in Europe for two weeks a year and eating out a few times a month. This would require an income of £20,800 a year for a single person – or an additional £11,000 in personal pension money once the state pension age is reached.

[Zigenare]

I plan on going postal once the bank accounts are empty.

Remember, you read it here first.

And I've got A Little List.

Suicide by cop?

[TheDude]

It's a question I have been asking myself a lot recently.

I am 49 and have been pretty crap at contributing to pensions.

I have about £300k in the pot ATM which does not equate to a great annuity using online calculators.

I could (and really should) max out my pension contributions without really noticing however I wonder if it is still worth buying a BTL and just leave it to pay for itself as well.