windsong

So far, I have 34 (almost 35) years in and for 16 of those years, I was one of the top 5% of wage earners in this country (according to statistics). That "good life" ended twelve years ago when I was laid off. However, even since that time I have never earned under 50K - and two years ago was making over 70K, although times are rough now since I am not working.

I also can't remember if the SSA statement quotes a figure for retiring at 60 or at 65.

ldyinlv

Well, I am sure you will recieve a nice retirement then. I have never earned that kind of income, so that would explain the difference..
Jackie

windsong

Thanks, Jackie. I hope so. I have had 10 years of losses and it's the only saving grace in all of it.

sallysimmons

What you say about not being able to sell is true, but there are also problems with renting. Chief among them being the lack of control over your own fate - how many times in your life will you have to move because the house you're renting sells? How much can you make the place feel homey? How much choice of houses do you have when you also want to keep pets? I'm a control freak and there's no way I want someone else telling me what I can and can't do in my own home. I realize renting makes sense for some people, but I just know it's not for me.

J.J

AFAIK, US SSA annual reports are an estimate on assumptions. They use your earning history as a prediction for the future earnings and calculate a predicted pension upon the whole. The annual report is no guarantee, the final pension will depend upon the influence of future earnings. So if you have a period out of work it reduces your future SS benefits because you have made less than predicted contributions.

The annual report says;
At your current earnings rate, if you stop working and claim the SS:-
at age 66 years , pension will be...
at age 77 years, pension will be...
At age 62 years (earliest age to commence) will be ...

Hence we need to be sure we read the appropriate estimate for the age we plan to receive benefit.


For my DH, he will not achieve even the 62 years prediction because he stopped receiving US salary (and hence stopped making contributions to the SS pension fund) this year, at age 61 and so has low age 62nd year earnings.

On the other hand, I worked until I was 63, so I expect to achieve at least the estimated age 62 benefit because I passed the milestone.
I can't confirm because I haven't taken it yet. We live on DH UK salary, and by not claiming US SS benefits it will increase annually (currently 8%). I plan to start it when he gives up work. (by which time tax levels may have increased to cancel out the growth, oh well, can't predict 'em all and certainly not what the government will do. Many say take what you can at earliest.)

We will be doing the math again once we more settled in UK and know for sure what our expenses are and what we can manage on in retirement.

Allow me to suggest the official SS online calculator. Here you can run different scenario's of future earnings and retirement date to get a more accurate estimate: http://www.socialsecurity.gov/estimator/

Please remember to figure in that pension is income and is potentially taxable above annual personal allowances.

dontheturner

Hi Rosie, Then perhaps pop into my favourite Village, Chapmanslade, (on the way to Warminster) - and stop for dinner (lunch-time) at the White Horse. Love Don

dontheturner

Cheapest Supermarket, is LIDL, then ALDI, then Morrisons, then Tesco, and Sainsbury's the most expensive. - I am in Thailand, but only till february, and I can help you, with all prices, as we only came here in 2007.For house prices, go to www.rightmove.co.uk, and choose your area - rent or buy. Then for food, join www.Tesco.co.uk Anything you wish to know - just Ask me ---Don Aged 80.

dontheturner

If you wish to look at used cars, go to www.ebay.co.uk and type in Automatic Car, and then see them. there are hundreds - looking myself. You need one with along MOT, though. They all have to be roadworthy, and have a MInistry of Transport test certificate to be on the road. Cheapest car tax, is rated on the engine size. Smallest being 1.4 ltr, up to 3ltr, say for a large BMW or the like. Cheapest for repair costs must be the Ford Focus range. I will be buying a dining suite from www.furnishyourhouse.co.uk they have good items, with free delivery. dontheturner.

dontheturner

I do hope you are a stick insect! You will be a fatty, if you visit Sainsburys, or Tesco Supermarket in the mornings, they have the smells from their bakery, piped and blown out around the entrance! I am not joking. You could soon be a fatty!!! Pork Pies - Pasties - Gream gateau! and WOWEE their Rum Babas, are to die for!! Don

dontheturner

Hello SS, I am coming from the ''other side'' as it were, I rented out my house in the UK, to come here, for £660 a month. 4 Bed detached, with en suite GCH Double glazed, small garden, and integral Garage. Close to Doctors, hospital, Local Shops, and Wellington Town, 10 mins drive., Lovely people renting. but we then decided to return, as my income ( exchange rate) has gone, crazy.(And we cannot stay for much longer). - So had to give them 3 months notice, but there are similar rentals nearby. so that shows the problem, with renting._ but will we need to decorate? Don.

windsong

Thanks, Don. I will look at the cars. It will give me an idea of the prices. I went to the furnish your house link, too, but it wouldn't come up.

windsong

I haven't had a rum baba since I left Britain 30 years ago! I can't wait

Easterndawn

I do agree with you on some points but unfortunately for some of us like myslef purchasing a home is not a option her in the UK. I have found that with the rental, at least here in Scotland that you ae allowed to treat your rental property like your own,
I also know that if you are an older person who is coming back to UK from many years overseas that it is very difficult to get a mortgage unless you are willing to put a large chunk of money down and even then it can be difficult. Also any credit score you had in your adopted country will do you no good here. I have a letter from our bank manager back in Canada informing whoever that I was an excellent customer and here they would not even take the time to read it. Was told would have to be here two years or more before they would even look at credit. This may be different if you are returning with a large chunk of money to deposit in your account in there bank.
For us we looked at this from a few angles, all our children are back in Canada and if we were owning property here it would become a logistical nightmare for them when they inherit. For us would rather do a bit of travelling than put our money into a house again, but that is just us, everyone is different.

Beedubya

I would LOVE to own my own house. But only if I had the money to buy it outright or at least a miniscule mortgate, but I don't have any money, and I don't want to take on hefty mortgages at my time of life, too much worry and stress..... so a renter I will be.......and Peigi in the UK too you can treat the place like your own, decorate or whatever you want (within reason I suppose).....

Easterndawn

Yes, owning my own with no mortgage would be our dream also but like yourself Barb this is impossible unless we win that elusive lottery. I have been able to make my little flat my own with pictures, rugs, and just little things. The nice thing is I don't have to worry about any the plumbing, the electrical all the things that can go wrong when you own and can add ot huge bills.