Author Topic: Nearing Pension Age and Apprehensive  (Read 13809 times)

John V

  • Sr. Member
  • ****
  • Posts: 296
Nearing Pension Age and Apprehensive
« on: May 23, 2020, 12:17:56 PM »

Way back I thought of retirement (when I even bothered to) as a time to put my feet up and slow down. The state would take care of me as promised and for which I paid into. I’ve just under a year to go, but somehow I now think I’m in for a nasty surprise.

Some things went wrong. I worked for many years abroad and failed to pay my NI contributions and now find I have only two thirds of my full state pension. My fault. I also entered the world of UK work last year and at the age of 65 I’m finding it difficult to keep up with the hectic pace of physical labour now required. I’m tired. I suppose many might know what I mean when I say I don’t mean physically tired or sleepy tired, but ‘age tired’ for want of a better description. I can still keep up with those old enough to be my grandchildren, but only just and I don’t know for how much longer.

So how does it work? I get my pension entitlement and social security pays my accommodation? Information varies, some online information says a full pension is £175pw, others £125pw. Two thirds of that is £116 or £82 respectively. I’ve also noticed landlords prefer working people. My house sharing one currently does because we’re not registered on the electoral roll and it’s all tax free income for him. In other words, we save on council tax and he doesn’t pay tax on earnings.

My plan is to spend the winter at ‘home’ with my wife in Thailand and summers back here in the UK. In my optimistic moments I see myself being able to work p/t on return, but in reality I don’t think that’s going to happen. I do have savings, but under the £16K limit. Can you see approaching clouds on the horizon for me?

sparky

  • Hero Member
  • *****
  • Posts: 9831
Re: Nearing Pension Age and Apprehensive
« Reply #1 on: May 23, 2020, 12:55:16 PM »
John V, there are so many different working life  variables that come into play, it would be impossible for a form member to suggest a figure for you. but I do know you can contact the DWP and they will be able to give you an accurate forecast .

mick607

  • Hero Member
  • *****
  • Posts: 3995
Re: Nearing Pension Age and Apprehensive
« Reply #2 on: May 23, 2020, 01:00:00 PM »
Way back I thought of retirement (when I even bothered to) as a time to put my feet up and slow down. The state would take care of me as promised and for which I paid into. I’ve just under a year to go, but somehow I now think I’m in for a nasty surprise.

Some things went wrong. I worked for many years abroad and failed to pay my NI contributions and now find I have only two thirds of my full state pension. My fault. I also entered the world of UK work last year and at the age of 65 I’m finding it difficult to keep up with the hectic pace of physical labour now required. I’m tired. I suppose many might know what I mean when I say I don’t mean physically tired or sleepy tired, but ‘age tired’ for want of a better description. I can still keep up with those old enough to be my grandchildren, but only just and I don’t know for how much longer.

So how does it work? I get my pension entitlement and social security pays my accommodation? Information varies, some online information says a full pension is £175pw, others £125pw. Two thirds of that is £116 or £82 respectively. I’ve also noticed landlords prefer working people. My house sharing one currently does because we’re not registered on the electoral roll and it’s all tax free income for him. In other words, we save on council tax and he doesn’t pay tax on earnings.

My plan is to spend the winter at ‘home’ with my wife in Thailand and summers back here in the UK. In my optimistic moments I see myself being able to work p/t on return, but in reality I don’t think that’s going to happen. I do have savings, but under the £16K limit. Can you see approaching clouds on the horizon for me?
Goingtoseed is your benefits expert, he will no doubt be along soon & explain everything to you. Fear not, you will be fine.

Jacqueline

  • Hero Member
  • *****
  • Posts: 5261
Re: Nearing Pension Age and Apprehensive
« Reply #3 on: May 23, 2020, 02:11:44 PM »
I'm no expert, but you can get a pension forecast at Gov.com and there are sites like Turn to Us with a benefit calculater. If your on low income you can claim housing and council tax benefit from your local Council.  But I don't know how this would work if you are not in the UK perminantly.  Get yourself on the Electoral Roll too, it you need references for housing they will probably check.

Unless you have extra private income I doubt you can maintain a two country lifestyle.  My husband and I once thought we could winter in Spain to get away from the damp and cold, but that idea soon went out of the window, not enough income.

Tell me to mind my own, but if your wife is in Thiland, surely the cost of living is cheaper out there you could probably live a good retirement, you'd get your State Pension, why half the year here?

Alex22

  • Hero Member
  • *****
  • Posts: 19425
Re: Nearing Pension Age and Apprehensive
« Reply #4 on: May 23, 2020, 02:33:39 PM »
I have a friend who lives half the year here and half in the far east, it suited him as he only has a grown up daughter here .   The cost of air travel is something he hadn't really thought about properly and now it seems air  travel will be even more expensive after Coronavirus. 
.

John V

  • Sr. Member
  • ****
  • Posts: 296
Re: Nearing Pension Age and Apprehensive
« Reply #5 on: May 23, 2020, 04:28:06 PM »


I'm no expert, but you can get a pension forecast at Gov.com and there are sites like Turn to Us with a benefit calculater. If your on low income you can claim housing and council tax benefit from your local Council.  But I don't know how this would work if you are not in the UK perminantly.  Get yourself on the Electoral Roll too, it you need references for housing they will probably check.

Unless you have extra private income I doubt you can maintain a two country lifestyle.  My husband and I once thought we could winter in Spain to get away from the damp and cold, but that idea soon went out of the window, not enough income.

Tell me to mind my own, but if your wife is in Thiland, surely the cost of living is cheaper out there you could probably live a good retirement, you'd get your State Pension, why half the year here?


As I stated previously, many landlords won’t have you on the electoral role because the cost is seen as income and so they don’t want anyone to know. You’ll often see adverts with ‘working people only’ included for that reason. It’s mostly cash in hand now, except for the low end unemployed accommodation market.

Many countries are now making it difficult for foreigners. Gone are the days when you could just turn up and settle down permanently. Thailand for instance demands a sum of £10K in a Thai bank which can’t be touched and a verifiable income of £1K a month. On top of that you need health insurance. That’s well out of the range of a UK state pension.

The way around that is foreigners now come on a 6 month extended tourist visa with no proof of income required. My wife owns our house so it’s just basic living costs, utilities and air fare. Thailand isn’t in the expensive EU and so it’s possible to live on around £100 a week.

A couple of pics when I first bought the house. I’ve done a lot to it since then; nothing spectacle but it’s what I now consider home.



                     
 

Jacqueline

  • Hero Member
  • *****
  • Posts: 5261
Re: Nearing Pension Age and Apprehensive
« Reply #6 on: May 23, 2020, 05:10:20 PM »


As I stated previously, many landlords won’t have you on the electoral role because the cost is seen as income and so they don’t want anyone to know. You’ll often see adverts with ‘working people only’ included for that reason. It’s mostly cash in hand now, except for the low end unemployed accommodation market.

Many countries are now making it difficult for foreigners. Gone are the days when you could just turn up and settle down permanently. Thailand for instance demands a sum of £10K in a Thai bank which can’t be touched and a verifiable income of £1K a month. On top of that you need health insurance. That’s well out of the range of a UK state pension.

The way around that is foreigners now come on a 6 month extended tourist visa with no proof of income required. My wife owns our house so it’s just basic living costs, utilities and air fare. Thailand isn’t in the expensive EU and so it’s possible to live on around £100 a week.

A couple of pics when I first bought the house. I’ve done a lot to it since then; nothing spectacle but it’s what I now consider home.



                     


My long reply seems to have disapeared.


I was asking if you need to be in a certain part of the country?  My son rents a holiday caravan in Devon, full time (recently got a flat but can't move yet) you wouldn't want to winter in it, damp, cold and misrable, but for the summer OK and plenty of care homes to work in.  Something like this may suit you?


Your house looks lovely, just be a wrench to leave.

John V

  • Sr. Member
  • ****
  • Posts: 296
Re: Nearing Pension Age and Apprehensive
« Reply #7 on: May 23, 2020, 06:04:36 PM »


My long reply seems to have disapeared.

I was asking if you need to be in a certain part of the country?  My son rents a holiday caravan in Devon, full time (recently got a flat but can't move yet) you wouldn't want to winter in it, damp, cold and misrable, but for the summer OK and plenty of care homes to work in.  Something like this may suit you?

Your house looks lovely, just be a wrench to leave.


I’m looking to leave this year around September/October, returning around March/April next year. April 2021 is when I’m due my pension. I’d like to think that on return I’d do p/t the similar work to what I’m now doing, but in reality I doubt it. With each year I’m getting older and I know in my own mind I shouldn’t really be working like this at my age, even now at 65. I don’t mind where I live over the summer, but I worry financially for the medium to long term future.
 

GrumpyOldFart

  • Hero Member
  • *****
  • Posts: 690
Re: Nearing Pension Age and Apprehensive
« Reply #8 on: May 23, 2020, 07:01:22 PM »

An acquaintance of mine was in a similar position, worked abroad most of his life with no private or company pension and faced an imminent reduced state pension.

He did not see it as a problem, just that he would have to do things differently.

He took a legitimate online course for less than £500 and obtained official TEFL (Teach English as a Foreign Language) certification. Then he purchased a very authentic looking university diploma on the internet for around £150.

He is now teaching English in Quito, Ecuador which apparently is a tourism metropolis, hence the desire to learn English.

According to his brother who has been to visit him he is incredibly happy living the life of Riley and is never short of money.


John V

  • Sr. Member
  • ****
  • Posts: 296
Re: Nearing Pension Age and Apprehensive
« Reply #9 on: May 23, 2020, 08:17:38 PM »

An acquaintance of mine was in a similar position, worked abroad most of his life with no private or company pension and faced an imminent reduced state pension.

He did not see it as a problem, just that he would have to do things differently.

He took a legitimate online course for less than £500 and obtained official TEFL (Teach English as a Foreign Language) certification. Then he purchased a very authentic looking university diploma on the internet for around £150.

He is now teaching English in Quito, Ecuador which apparently is a tourism metropolis, hence the desire to learn English.

According to his brother who has been to visit him he is incredibly happy living the life of Riley and is never short of money.


 Funny you should say that. I have a genuine UK Master’s degree and a TEFL certificate and the compulsory government Thai teacher training certificate. It’s what I was doing until age 63 in China, after which I and many others were put out to pasture. I’d recommend the life to anyone, but beware because after 60 it’s finishing time.
 

GrumpyOldFart

  • Hero Member
  • *****
  • Posts: 690
Re: Nearing Pension Age and Apprehensive
« Reply #10 on: May 23, 2020, 08:37:36 PM »

 Funny you should say that. I have a genuine UK Master’s degree and a TEFL certificate and the compulsory government Thai teacher training certificate. It’s what I was doing until age 63 in China, after which I and many others were put out to pasture. I’d recommend the life to anyone, but beware because after 60 it’s finishing time.
Obviously not in Ecuador  :)

biglouis

  • Hero Member
  • *****
  • Posts: 6545
Re: Nearing Pension Age and Apprehensive
« Reply #11 on: May 24, 2020, 01:37:57 AM »
John I cant advise you about living between abroad/UK but I used to have the same views that when I retired I would put my feet up. Alas that is  not in my nature to spend my life pottering about in the garden (in which I have no interest) or dusting the furniture (in which I have even less interest)

When I was working for a year in Uni of Nevada back in the '90s I became interested in Ebay and bought a few things on there. I happened to mention to the American academic with whom I lived (I rented a glitzy villa at the bottom of her glitzy garden) that I had a very extensive collection of antiques that I had gathered/inherited. She said that Americans loved British antiques and suggested i sell some of them on Ebay. That was what I did when I returned to UK - my auctions were like a feeding frenzy. It was unbelievable and generated a very nice spare time income which paid for some exotic travelling. Eventually I opened a shop on Ebay and then moved on to much classier US based selling platforms. When I finally did retire from employed work it quickly graduated from a part time hobby to a full time occupation.

I say this not to suggest that everyone should sell stuff online. There are a lot of amateur sellers doing this who really dont have a clue of how to run a business and this will probably increase as the coming depression deepens.  Rather to illustrate that you never know what talents or resources you may have for making a living until you sit down and think about it. People in our age group need to think outside the box in terms of "making money" rather than "finding a job". As an academic I had thought vaguely of doing freelance research and consultancy until the light-bulb moment came.


Rules are for the guidance of wise men and the blind obedience of fools.

John V

  • Sr. Member
  • ****
  • Posts: 296
Re: Nearing Pension Age and Apprehensive
« Reply #12 on: May 24, 2020, 05:07:55 PM »


Obviously not in Ecuador  :)


I still have my self-designed resume online that used to get me no end of offers and I still write for various international teaching sites, but believe me, no reputable school or company is actively recruiting for teachers in their mid-60s.

In my previous international job I worked in a state school on a government project and sat on the board of US international exchange teachers. I’ve seen too many scams and arrests to be attracted to private ‘schools’ that hire people with false qualifications and outlandish salary claims. I spend much of my time warning new teachers and those looking for mythical and exotic lifestyles.  :)

John V

  • Sr. Member
  • ****
  • Posts: 296
Re: Nearing Pension Age and Apprehensive
« Reply #13 on: May 24, 2020, 05:11:43 PM »


John I cant advise you about living between abroad/UK but I used to have the same views that when I retired I would put my feet up. Alas that is  not in my nature to spend my life pottering about in the garden (in which I have no interest) or dusting the furniture (in which I have even less interest)

When I was working for a year in Uni of Nevada back in the '90s I became interested in Ebay and bought a few things on there. I happened to mention to the American academic with whom I lived (I rented a glitzy villa at the bottom of her glitzy garden) that I had a very extensive collection of antiques that I had gathered/inherited. She said that Americans loved British antiques and suggested i sell some of them on Ebay. That was what I did when I returned to UK - my auctions were like a feeding frenzy. It was unbelievable and generated a very nice spare time income which paid for some exotic travelling. Eventually I opened a shop on Ebay and then moved on to much classier US based selling platforms. When I finally did retire from employed work it quickly graduated from a part time hobby to a full time occupation.

I say this not to suggest that everyone should sell stuff online. There are a lot of amateur sellers doing this who really dont have a clue of how to run a business and this will probably increase as the coming depression deepens.  Rather to illustrate that you never know what talents or resources you may have for making a living until you sit down and think about it. People in our age group need to think outside the box in terms of "making money" rather than "finding a job". As an academic I had thought vaguely of doing freelance research and consultancy until the light-bulb moment came.


 I suppose a few years ago I would have considered all this, but I feel I’m too old to start a business from scratch. In fact at one time we did have a sideline selling Chinese cross-stitch art which my wife learned to do, but customs restrictions on material and wood put paid to that.





I mean, it’s an idea and I do know someone who has a friend who’s involved in house clearances. He occasionally picks up stuff and tries to sell it online and it brings in some pocket money, but it’s certainly not a business. I think that the following recession after the virus will alter many things and one of them is that people will stop spending on non-essential items.
 

Coastal

  • Hero Member
  • *****
  • Posts: 11800
Re: Nearing Pension Age and Apprehensive
« Reply #14 on: May 24, 2020, 05:15:57 PM »
Well I'm nearing pension age (66 in November) but I retired (without any hesitation) 5 years ago, I haven't got a "job" and that's the way It's staying, anyone with a NI number can register at gov.uk and get your state pension forecast.
Hell hath no fury like a woman .......