old age - Tile Advice

[J Sid]

who has made provisions for there old age?
people pay into a pension?

I have a few small pensions, but aren't going to keep me in beers so I work hard now while I am fit enough to pay of mortgage and try to build a nest egg.

 

[WetSaw]

I can't afford to pay into a private pension so I'll just have to work until I drop!!
Most of my work is for people who are retired, most of whom are younger than me and considerably wealthier than I'll ever be.

 

[Aston]

I think the easiest thing to do if you are in your fifties (i'm not) is to buy another house on the strength of your home and rent it out now. get it paid off over 15 years and then you will have an income and a another something else to leave your kids or grand kids

failing that, keep fit, eat healthy and do geometric jobs until you drop lol...seriously, 2 days a weeks could pull you in £500 a week so it might not be as funny as you first thought..i've often spoke to Phil Hobson about this and if he wouldn't have had his health issues, he would have happily worked until he dropped...Phil used to get really good money doing geo work!!

 

[Ajax123]

I have paid into various works pensions since I was in my twenties. They all add up to four fifths of b all though so not many beers in my dotage. Fortunately i moved house this year and the mortgage is paid off and we've got a bit of land so can always sell some to build on later.

 

[Rizzle from the Portizzle]

well my accountant told me you need a pension i told him no way not one person i now who has paid into
a pension does not feel ripped off a complete waste of money so i bought a house and rented it out instead
well my thinking was no work coming in at least i would have an income long story 20 years later my accountant says he should have listened to me . the only way a pension plan will work is if you start at 16 paying
in 5% of your income every 5 years increase that by 1% untill you retire not in to a pension fund jut a high savings account with interest added over the years . you should come out with your end wage to live on .
or keep every car or toy you have ever owed and keep them in storage until you retire.

 

[Stef]

Never will I pay a private pension.
I've 2 rentals with one up for sale, if it sells we will buy a cheaper rental & that's me.
Push comes to shove I will be the oldest drug dealer & she will be the oldest street walker in town when we retire.

 

[Italy]

I retire in 2030 with € 1,400 per month. (Letter state pension, contributions paid by me). otherwise 2035 with € 1,800.
I had a pension fund, with € 15,000 deposited, they sent the letter, that at 65, I will receive € 180 per month. I took it all, (it is extremely difficult, wish to withdraw a pension fund). many problems here, to withdraw the bottom, you have to give evidence, of healthcare expenses, or to buy a home, or die).
in 2006 I bought an apartment, and I rented. (However, the annuity is little).
But the problem is another, how do I work, until 2030 ?, I always wonder, able yet?
I could work less, when I'm old, but here is not easy, young or old, taxes payable, they are the same. I can not say, less work = less taxes.
is a dilemma that will solve later.

 

[Andy Allen]

I've paid into pensions since I was 18
When you reach 55 you can take 25% out of your pension tax free .....so finally I'll be able to work a little less !!!

 

[hmtiling]

No pension here either. We have a our house and one that we rent out. When the knees and back finally give up we should be able to downsize and still keep the other place for the kids. The 2 day geo week sounds good though. I might even be good enough at it by then

 

[White Room]

Never will I pay a private pension.
I've 2 rentals with one up for sale, if it sells we will buy a cheaper rental & that's me.
Push comes to shove I will be the oldest drug dealer & she will be the oldest street walker in town when we retire.

If you have more than 2 property's and then sell one don't you have capital gains taxes to pay ?

 

[One Day]

When I was a kid I remember asking my dad what a pension was.
He said something like: "you pay in a percentage of your earnings to a pension account and that gets invested in the stock market. Over time you pay in tens of thousands but you'll get it all back and a lot more besides."

Even at a yound age I said it doesn't make any sense. It looked like gambling to me.
My dad had an endowment mortgage too by the way. Now his "gold-plated" pensions are a dusty memory and he is still paying a mortgage.

By my early teens I had worked out that the whole financial system is basically legalised robbery.
Either save what you have and squirrel it away - or buy tangible things which at least hold value.
(Or try your luck in the investment casino)

 

[One Day]

If you have more than 2 property's and then sell one don't you have capital gains taxes to pay ?

Only poor people pay taxes!

 

[Rizzle from the Portizzle]

Only poor people pay taxes!

no the poor simple dont work and claim benefits the rest working hard to get away from that pay the most
tax the richer you get the less tax you pay but the more you employ the more tax and ni you pay on there
behalf the ni you pay part of .

 

[Rizzle from the Portizzle]

If you have more than 2 property's and then sell one don't you have capital gains taxes to pay ?

you dont sell give to the the kids live seven years they dont pay tax they pay you an income

 

[widler]

No pension, We have 3 house rentals and a building which the wifes business is in , we also rent out some offices and garages in and on the buildings land , im going to buy another house or two in the future.
My own house and wifes building mortgages are paid off in 5 years.
Hopefully we can sell the wifes business then building , rent our house out, rent a place abroad and live off our rental income .
maybe in about 8 years ish, thats the plan, wether we do it i don't know