Retirement help
Consider retirement in Turkey, super country, welcoming people, great food, Mediterranean climate - and low cost of living, so your money goes a lot further. That's what we've done along with many other Brits, Dutch and others.
For much the same reasons, excellent alternatives include Australia, especially if you have relatives there to sponsor you and for the slightly more adventurous, Uganda, lovely country. Churchill called Uganda the Pearl of Africa and he was right. Incidentally, if you can get your pension paid offshore free of UK tax, Uganda does not tax pension income.
Fri, 09/01/2009 - 11:38
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You should be very careful before following advice of laymen. However delightful and cheap the country they recommend sounds, there are certain facts which you should take into account.
Outside the Eurozone in some countries it may not be possible to obtain increases in state pension, although it is possible to obtain your state pension there, so that your pension could remain the same for some considerable time and possibly not keep up with any inflation.
We live abroad (within the Eurozone) and although it is a culture shock when the Euro appears stronger than the pound, subsequent weakening of the Euro could quickly reverse this trend. Within the European Community,UK state pension increases apply and therefore keep up with any future unforeseen inflation.
Also the risks involved in offshore pension and investment should be taken very seriously. If they are not protected by an efficient
body, as has now become almost standard in UK (guaranteeing in most cases up to £50,000 per person on a joint account), there is the potential to incur losses.
There are many pros and cons, but the main thing is to be sure to get informed and professional advice and do not make your move until you are sure of where you will stand financially.
Fri, 09/01/2009 - 18:28
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We own a property worth around 150,000 which is mortgage free, so should we rent and defer the pension until we hit 75? Any advice appreciated!
Fri, 23/01/2009 - 17:01
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Me and my partner desperately want to escape the UK and the doom and gloom and retire in a sunny part of Europe. We are 59 and 60 and have personal pensions with UK providers, but given the shockingly poor exchange rate we don't want to have to claim our pension in pounds, or if we have to we want to reduce how much we could potentially lose. Does anyone have any advice as to what we can do? We own a property worth around 150,000 which is mortgage free, so should we rent and defer the pension until we hit 75? Any advice appreciated!