Now that you are newly retired, have you weighed up if you'd be better off financially (either today, next year or when all pensions are in) living in Canada or moving back to the UK?

Quality of life is another issue, as is 'where do you want to be'?

No.

I'd want to be here. I like it. Financially it's better too but because of house prices, we could never afford anything back in the uk now.

Clever you. We were always advised to opt out and now that turns out to be the wrong decision. For me it's only a relative,t minor hiccup as I wasn't in the NHS my e tire UK career.

I must admit I can't recall ever having an option.

I do remember the civil service system changing some time back and the union put together some information as to who would benefit by changing and I was better off sticking.

I did a little googling earlier to see if anything jogged my memory. It didn't but I saw something that suggested opting out could reduce pension contributions. Since ours (then) was non-contributory (it was really, we just had the salary levels reduced to account for what would otherwise have been contributions) there were no contributions to reduce, so no advantage.

If you see what I mean. But I'm just guessing on that.

When you say contracted out do you mean from SERPS? It was a big thing in the early 90s. I was too young to really understand what it meant.

Yes, then it was called Additonal Pension. I never understood it I just did what was advised.

Ok so that means I'll have to contribute even more over the next 15/20 years! Wonderful!

I remember my employer saying that it was a great opportunity blah blah!

Decades a go I started thinking about what I would live on in retirement, so I bought a big bank RRSP. How naïve I was to find later out about all the fees associated with registered and non registered plans, mutual funds, stock and bond picks and how little I knew about investing.





















So I took a one year course in personal investing and savings, and afterwards opened an account with a low cost broker. I researched everything I could about anything I thought I would buy-stocks, mutual funds, bonds, and the best alternatives. I definitely never listened to investment advisers, most of whom simply wanted to get between me and my money, many of them nothing more than salespeople. I bought some mutual funds and ETFs; I bought, where possible, stocks direct from corporations; always using DRIPS. Like many I got stung by Nortel, but that was more than offset by buying Apple 20 years ago when it was beat up. Major mutual fund buy was PH&N Bond Fund. I bought shares in all the big banks, why not, they kept on announcing huge profits. Vanguard ETFs have been a good investment over the years. Over the years I have a averaged total returns of about 9%; some years 17%. During the recession of 2007/8, my returns fell to about 2%-but quickly recovered.

sound advice, sweet & simple,

one of the few that has done well

Just to add, that don't forget to top up your NIC's to the max

If any of your employers have group savings plans at work, consider using those. Often their management fees are lower than the big corporations. So even if the employer doesn't match contributions, don't dismiss the power of a group plan. My TFSA fees through my work plan were half of Scotiabank

The only thing stopping me adding lump sums to add years to UK State Pension is the fact that you have no control over freezing or even reducing the pensions by whichever Govt is in power. Not that I have thousands lying around doing nothing, but it has given me pause for thought.

In 1987 I made the decision to move to Canada and arrived in 1988.
How big was the internet then and still in my 20s who even was thinking about retirement. I will be the first to admit I didn't do any research. I knew my pension contributions would be frozen until I reached pensionable age. I had no idea about keeping up NI contributions or how much it would cost to transfer my military and police service once I got a Canadian govt job.
Who was thinking about these things in those days and at that age.

Today it would cost me a fortune to buy back years of service so I could retire earlier. I can retire at 60 on 60% of my salary or work another 5 years to get the maximum 70%. I will get some CPP and OAS but probably won't get GIS as I will be earning too much.

Never invested in stocks or bought RRSP's but do have TFSA's.
Still have a mortgage which will be paid off eventually and a small car loan.
Compared to many Im in a decent position but won't be jetting off on 1st class around the world trips when I retire unless a certain Delta airlines employee asks me to be her travel buddy

Cant change the past can only deal with the present and who can predict the future. Eventually I will check to see what I need to do with my UK frozen pension.

In 2007 Warren Buffet made a bet of $1,000,000 with Protégé Partners that a Vanguard S&P 500 index fund would outperform over the next ten years any selection of the best hedge funds Protégé wished to nominate. The bet is up this year and he is going to collect. The reason? Low fees.