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Thread: Pensions

  1. #1
    Senior Member kris-one's Avatar
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    Pensions

    When did you start yours? I never really paid much attention to it, preferring to stick any savings in ISAs (tax free savings account for non Brits) but just realised I have really missed a trick by not sticking in more to my work place pension because of all the tax relief and employer contributions too.
    ?
    And have you guys got a figure in your head or worked out that you would be happy to have accumulated before jacking in the 9-5?




  2. #2
    Senior Member geir's Avatar
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    I'm receiving my minimum government pension from Norway when I turn 67, otherwise I have nothing put away except for a lifelong health insurance. I hope to retire before that age by selling some of my assets and live from that until the pension is ticking inn. I hope to slow down on working when I turn 50, but it may be a bit to early.
    A minimum pension in Norway is today about 60k Baht a month, which I think will be enough for a retired life in SEA with no running expenses.
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  3. #3
    Senior Member kris-one's Avatar
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    And here i was thinking you would forgo your state pension on moral principal grounds




  4. #4
    Senior Member geir's Avatar
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    Quote Originally Posted by kris-one View Post
    And here i was thinking you would forgo your state pension on moral principal grounds
    I would, if they gave me 20% of my tax money back 555
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  5. #5
    Super Moderator LivinLOS's Avatar
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    No pension.. Refuse to fill in forms.

  6. #6
    Senior Member kris-one's Avatar
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    Well yeah if you not a uk tax payer then the benefits aren't really there. As one of the main advantages is tax relief.. If you a higher rate tax payer 40% tax relief would make even the fiercest form filling brigade think twice




  7. #7
    Senior Member kris-one's Avatar
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    Quote Originally Posted by geir View Post
    I would, if they gave me 20% of my tax money back 555
    Always the same with these libertarian types

    In seriousness tho that is one hell of a good state pension. I can totally see how you lot suddenly become socialist when reaching retirement age
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  8. #8
    Super Moderator LivinLOS's Avatar
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    Quote Originally Posted by kris-one View Post
    Well yeah if you not a uk tax payer then the benefits aren't really there. As one of the main advantages is tax relief.. If you a higher rate tax payer 40% tax relief would make even the fiercest form filling brigade think twice
    Yeah but theres also the mental safety net.. I have zero residual performing assets.. Theres quite a lot of stress in knowing that you have no income and no skill and no career.. Its always and constantly a gamble..

    Would be nice sometimes to know I could just pick up a rent cheque or similar.

  9. #9
    Senior Member geir's Avatar
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    Quote Originally Posted by LivinLOS View Post
    Yeah but theres also the mental safety net.. I have zero residual performing assets.. Theres quite a lot of stress in knowing that you have no income and no skill and no career.. Its always and constantly a gamble..

    Would be nice sometimes to know I could just pick up a rent cheque or similar.
    That's why the little I have is invested in property here. The way the world is going and the IMO unavoidable fall of socialism will stir up the west even more than what we see today. To much benefits make people lazy and things getting fucked up, like with the migrant crises in Europe.

    Anyway Chris, it would be stupid not to receive my future pension, since I've payed for that one and for others. I just wish I had the possibility to choose when I started working.
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  10. #10
    Senior Member Pablo's Avatar
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    Just got an annual letter from the U.S. Social Security people. The form says that I'm now eligible to receive just under $2,500 per month (87,000 baht), and a couple hundred more, if I wait a couple more years for the max age. I'm tempted to go for it pretty soon, as I think there will be some changes coming to the plan, after the next election. They have to do something, as it's a losing game at present. And my guess is, that if you're already in the system...you'll be "grandfathered" at the existing rates.

    It's nice to see how the politicians have squandered most of the "retirement" funds, that they forced me to pay into over the entire course of my working career.

    You have to pay income tax on this, and it's a graduated scale. In my case (because of my other retirement income), I'll have to pay income tax on 85% of it...which is the maximum amount! (cunts)

    They never stop reaching into your pocket and taking your dollars. Don't even get me started on "estate taxes", after you've kicked it!
    Last edited by Pablo; 22nd September 2015 at 18:27.
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  11. #11
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    Quote Originally Posted by kris-one View Post
    Always the same with these libertarian types

    In seriousness tho that is one hell of a good state pension. I can totally see how you lot suddenly become socialist when reaching retirement age
    yeh kris-one i was thinking the same thats more than double ours as it stands.

  12. #12
    Senior Member kris-one's Avatar
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    Quote Originally Posted by LivinLOS View Post
    Yeah but theres also the mental safety net.. I have zero residual performing assets.. Theres quite a lot of stress in knowing that you have no income and no skill and no career.. Its always and constantly a gamble..

    Would be nice sometimes to know I could just pick up a rent cheque or similar.
    Wow, fair enough. That is certainly a radical approach to retirement provision and a strong constitution required. Are you supposed to be dead or something? 555




  13. #13
    Senior Member kris-one's Avatar
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    Quote Originally Posted by geir View Post
    That's why the little I have is invested in property here. The way the world is going and the IMO unavoidable fall of socialism will stir up the west even more than what we see today. To much benefits make people lazy and things getting fucked up, like with the migrant crises in Europe.

    Anyway Chris, it would be stupid not to receive my future pension, since I've payed for that one and for others. I just wish I had the possibility to choose when I started working.
    Hmmm well you have paid tax for sure, but you might live till 100... so 33 years of pension payments and I assume are somehow index linked. Very hard to know wherever you have "paid" for it or not.




  14. #14
    Senior Member kris-one's Avatar
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    Quote Originally Posted by Pablo View Post
    Just got an annual letter from the U.S. Social Security people. The form says that I'm now eligible to receive just under $2,500 per month (87,000 baht), and a couple hundred more, if I wait a couple more years for the max age. I'm tempted to go for it pretty soon, as I think there will be some changes coming to the plan, after the next election. They have to do something, as it's a losing game at present. And my guess is, that if you're already in the system...you'll be "grandfathered" at the existing rates.

    It's nice to see how the politicians have squandered most of the "retirement" funds, that they forced me to pay into over the entire course of my working career.

    You have to pay income tax on this, and it's a graduated scale. In my case (because of my other retirement income), I'll have to pay income tax on 85% of it...which is the maximum amount! (cunts)

    They never stop reaching into your pocket and taking your dollars. Don't even get me started on "estate taxes", after you've kicked it!
    That's a pretty decent state pension too! Is it related to individual contributions over the course of your working life or is that the amount anyone will receive providing they have worked a certain number of years?

    And regarding the estate taxes... the first $5m a exempt no?




  15. #15
    Senior Member Pablo's Avatar
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    Quote Originally Posted by kris-one View Post
    That's a pretty decent state pension too! Is it related to individual contributions over the course of your working life or is that the amount anyone will receive providing they have worked a certain number of years?

    And regarding the estate taxes... the first $5m a exempt no?
    It's based upon your income and contributions.

    Yeah, I think it's now 5.3 million exempt...but what about the rest? (lol)

  16. #16
    Senior Member geir's Avatar
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    Quote Originally Posted by kris-one View Post
    Hmmm well you have paid tax for sure, but you might live till 100... so 33 years of pension payments and I assume are somehow index linked. Very hard to know wherever you have "paid" for it or not.
    I guess with my lifestyle I'm happy to reach 67........That said, you'll never know. If I lived until I was 100 I probably would get most of my money back. Sure it's index linked and it works both ways. They kept my money for so many years, so why shouldn't there be some kind of index regulation.
    The thing is that I think I'm more capable than my government to take care of my money. If not, then I'm fucked and it's fair.
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  17. #17
    Yes
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    I just got my OZ pension approved yesterday...$400 a week...that's not much money here..a lot of my money the last few years was spent on TG 'S ..no women to spend money on here I should be fine.

  18. #18
    Senior Member Thin White Duke's Avatar
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    Started in 1990.....aged 22

    In total I have 4........2 Provident funds and 2 Retirement Annuities.

    Three just earn compound interest and grow currently between 10-15% annually depending on the market.The 4th I contribute to monthly as does the business.

    I have zero faith in any Govt schemes so do everything private.

    Own my own property outright and have a share in a business.

  19. #19
    Super Moderator LivinLOS's Avatar
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    Quote Originally Posted by kris-one View Post
    Wow, fair enough. That is certainly a radical approach to retirement provision and a strong constitution required. Are you supposed to be dead or something? 555
    Red or black ???
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  20. #20
    Senior Member WarProfiteer's Avatar
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    I dont believe in the govt's retirement plans, nor do I have much faith in the stock market. As such, my bet is on the ownership of real estate and the collection of rents. That's pretty much my retirement plan.
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