[Misc] Retirement

[dazzer6666]

Just interested as to where you will be. I am in Vilamoura but there are cheaper alternatives.

We’ve been to Alvor for the last several years after many trips to Vilamoura. Prefer the town, and it’s significantly cheaper in our experience anyway……next trip is in May

 

[Seagull58]

We’ve been to Alvor for the last several years after many trips to Vilamoura. Prefer the town, and it’s significantly cheaper in our experience anyway……next trip is in May

It is cheaper, for sure. In Vilamoura the golf has got very expensive and you have to pick your bars and track happy hours to get cheap(ish) beer. The housing market is also insane. They are currently building several apartment blocks where two bedroomed apartments are priced at €700k upwards.

 

[dazzer6666]

It is cheaper, for sure. In Vilamoura the golf has got very expensive and you have to pick your bars and track happy hours to get cheap(ish) beer. The housing market is also insane. They are currently building several apartment blocks where two bedroomed apartments are priced at €700k upwards.

Doesn’t surprise me….went to Vilamoura a couple of times in the summer whilst on a non-golfing family trip (stayed in Albufeira), was surprised at the amount of development there had been since I was last there. Eating out was significantly more expensive than Alvor and Albufeira (‘posh marina premium’). Alvor is a nice little town imo, more down to earth than Vilamoura with a perfectly good choice of restaurants and bars for a few days break. We’re playing Vila Sol on our trip but on the last day as it’s convenient for the airport. 4 nights/4 rounds/all transport (ex flights) is around €500.

 

[AmexRuislip]

So, 2024 retirement travel plans:

Jan - Mexico for two weeks
Mar - Golf Algarve
Apr - Inter railing Italy
May - Walking the Grand Union Canal
Jun - Majorca
Jul - TBC
Aug - Nowt, too busy with holiday people!
Sep - Toulouse area kayaking and walking
Oct - Nowt
Nov & Dec, Nepal, India, Sri Lanka and South Asia cruise

Good luck to you Tim.

 

[Tim Over Whelmed]

Just interested as to where you will be. I am in Vilamoura but there are cheaper alternatives.

We're on the Pestana Courses, Gramcho etc, near Quarteira

 

[BrightonCottager]

Judging by the conversations I heard and luggage I saw, there were some Albion-supporting golfers on my flight back from Faro last night. And they were certainly in the NSC age demographic!

 

[nwgull]

So, 2024 retirement travel plans:

Jan - Mexico for two weeks
Mar - Golf Algarve
Apr - Inter railing Italy
May - Walking the Grand Union Canal
Jun - Majorca
Jul - TBC
Aug - Nowt, too busy with holiday people!
Sep - Toulouse area kayaking and walking
Oct - Nowt
Nov & Dec, Nepal, India, Sri Lanka and South Asia cruise

Sounds great. Can I ask what sort of pension fund you have accumulated to be able to do all this stuff? I'm in the process of setting my salary sacrifice for the new tax year and trying to work out how much my total fund will need to be when I retire to be able to have a retirement like that. Cheers.

 

[Dave the OAP]

Looks like you are doing what we are doing… ie. Just doing holidays whilst we still can

Re salary sacrifice us an example we put away around £1500 a month into the company’s scheme with Hargreaves’s and when the bastards liquidated the company two weeks before the valuation was x and when we finally got our transfer valuation it had gone down by £18k. The thieving bastards.

 

[Napper]

Sounds great. Can I ask what sort of pension fund you have accumulated to be able to do all this stuff? I'm in the process of setting my salary sacrifice for the new tax year and trying to work out how much my total fund will need to be when I retire to be able to have a retirement like that. Cheers.

good question

I'm hoping a 400k pot will be enough but depends what age choose to go. Rather go sooner and live with less tbh

 

[dazzer6666]

Looks like you are doing what we are doing… ie. Just doing holidays whilst we still can

Re salary sacrifice us an example we put away around £1500 a month into the company’s scheme with Hargreaves’s and when the bastards liquidated the company two weeks before the valuation was x and when we finally got our transfer valuation it had gone down by £18k. The thieving bastards.

Same here - deliberately stopped work early to make the most of whatever time, fitness and motivation we have to do 'stuff'. Already been to Qatar and Scotland this year, and have trips to Portugal, Croatia, 6 weeks in Singapore/Oz and Florida booked before year end. Last year was similar (Thailand, Hungary, a month in Canada and other assorted short breaks). I draw enough from pensions to cover basic living costs (keeps me within the basic rate tax threshold, and is essentially skimming of 'performance' rather than reducing capital), the rest is blown from savings (which I bumped up at 55 by taking the 25% tax free amounts from my pension funds). If/when that runs out - doing my best to make sure it does - we'll stop doing so much

I got similarly stung by HSBC pension (Willis Towers Watson) admin when I transferred my small fund away from them - because their procedures were so shite the transfer took ages, just at the time the bond market tumbled (thanks Nadine - suspect this is when yours was transacted as well ?). Ended up with 10%+ less than expected. Luckily global markets performance has been pretty good since.

 

[dazzer6666]

good question

I'm hoping a 400k pot will be enough but depends what age choose to go. Rather go sooner and live with less tbh

A 400k pot could/should get you c20k pa (pre tax) over time without having to eat into the 400k............

 

[raymondo]

Looks like you are doing what we are doing… ie. Just doing holidays whilst we still can

Re salary sacrifice us an example we put away around £1500 a month into the company’s scheme with Hargreaves’s and when the bastards liquidated the company two weeks before the valuation was x and when we finally got our transfer valuation it had gone down by £18k. The thieving bastards.

There are always those negative unplanned for events that can suddenly reduce our savings and plans .
My company's pension scheme went bust and the parent company declined to bail it out. It was taken over by the PPF (I rarely feel like thanking the government but do on this occasion).
Some negatives remain: pension level capped well below original entitlement, and annual increases are low (index, capped at 2.5% max...which is painful the past two years!)...BUT, I know where we stand and, with government pension and savings (reducing yearly) can still afford the active holidays while we are able.
Definitely plan cautiously though folks .

 

[A mex eyecan]

Looks like you are doing what we are doing… ie. Just doing holidays whilst we still can

Re salary sacrifice us an example we put away around £1500 a month into the company’s scheme with Hargreaves’s and when the bastards liquidated the company two weeks before the valuation was x and when we finally got our transfer valuation it had gone down by £18k. The thieving bastards.

Hargreaves’s as in commercial property ?
When was that liquidated?

 

[LamieRobertson]

Hargreaves’s as in commercial property ?
When was that liquidated?

I imagine they mean Hargreaves’s Lansdown

 

[Weststander]

Judging by the conversations I heard and luggage I saw, there were some Albion-supporting golfers on my flight back from Faro last night. And they were certainly in the NSC age demographic!

 

[Weststander]

There are always those negative unplanned for events that can suddenly reduce our savings and plans .
My company's pension scheme went bust and the parent company declined to bail it out. It was taken over by the PPF (I rarely feel like thanking the government but do on this occasion).
Some negatives remain: pension level capped well below original entitlement, and annual increases are low (index, capped at 2.5% max...which is painful the past two years!)...BUT, I know where we stand and, with government pension and savings (reducing yearly) can still afford the active holidays while we are able.
Definitely plan cautiously though folks .

For those still working, in a not ideal pension scheme and who can afford it, I’d recommend setting up a SIPP. Using the always favoured platforms A J Bell or Interactive Investor. Not more expensive HL. Then, if not confident, choosing cheap tracker funds … either seek advice on which ones, or do some research.

Over even a short space of years you’ll build up a useful additional pot, augmented by the government effectively adding 25%. Possibly higher rate or additional rate tax relief too, but that might change after the GE.

Never too late for this.

 

[Tim Over Whelmed]

Sounds great. Can I ask what sort of pension fund you have accumulated to be able to do all this stuff? I'm in the process of setting my salary sacrifice for the new tax year and trying to work out how much my total fund will need to be when I retire to be able to have a retirement like that. Cheers.

Will DM you

 

[raymondo]

For those still working, in a not ideal pension scheme and who can afford it, I’d recommend setting up a SIPP. Using the always favoured platforms A J Bell or Interactive Investor. Not more expensive HL. Then, if not confident, choosing cheap tracker funds … either seek advice on which ones, or do some research.

Over even a short space of years you’ll build up a useful additional pot, augmented by the government effectively adding 25%. Possibly higher rate or additional rate tax relief too, but that might change after the GE.

Never too late for this.

Yes, definitely good advice . A SIPP if eligible for higher rate tax relief, or a stocks and shares ISA would be as good (I imagine) if on basic tax rate.

 

[timbha]

For those still working, in a not ideal pension scheme and who can afford it, I’d recommend setting up a SIPP. Using the always favoured platforms A J Bell or Interactive Investor. Not more expensive HL. Then, if not confident, choosing cheap tracker funds … either seek advice on which ones, or do some research.

Over even a short space of years you’ll build up a useful additional pot, augmented by the government effectively adding 25%. Possibly higher rate or additional rate tax relief too, but that might change after the GE.

Never too late for this.

Might be cracking advice but make sure you also seek professional independent advice

 

[Eric the meek]

Yes, definitely good advice . A SIPP if eligible for higher rate tax relief, or a stocks and shares ISA would be as good (I imagine) if on basic tax rate.

Raymondo, throughout my working life, I always contributed to both my SIPP and Stocks and Shares ISAs. This was more from a 'don't have all your eggs in one basket' philosophy, rather than knowing which one was best; investing tax free on the way in (SIPP), or investing from your post-tax cash, and then enjoying all growth tax free on the way out (ISAs).

Here I am at 64, I've made most of my investing decisions, some good, some not so good, and I'm still not aware of any study on which is the more effective. I guess it depends on time horizon and growth rates.