Your most important decision regardless of whether you stay in Spain or the UK
#1
Your most important decision regardless of whether you stay in Spain or the UK
One for the younger ones - always contribute to your pension.
I know people complain about higher social security costs in Spain and other EU countries, but that is why their state pension is so much higher than the UK (when you've made the necessary contributions).
In the UK you should always contribute to a private pension (s). Easy if your employer runs one. But a lot harder if you are part of the casual labour/gig economy that seems so fashionable nowadays.
And if you are operating under the radar in either place, then you still need to be putting into a pension pot.
Please don't rely on the state to look after you when older. They are already increasing the pension age, and look likely to rub their hands of us in the future. They will always find money for wars, or to pass onto corrupt mates in pandemics, but they are not in politics to look after old people's interests.
Start putting regular chunks of money into your pension - now.
I know people complain about higher social security costs in Spain and other EU countries, but that is why their state pension is so much higher than the UK (when you've made the necessary contributions).
In the UK you should always contribute to a private pension (s). Easy if your employer runs one. But a lot harder if you are part of the casual labour/gig economy that seems so fashionable nowadays.
And if you are operating under the radar in either place, then you still need to be putting into a pension pot.
Please don't rely on the state to look after you when older. They are already increasing the pension age, and look likely to rub their hands of us in the future. They will always find money for wars, or to pass onto corrupt mates in pandemics, but they are not in politics to look after old people's interests.
Start putting regular chunks of money into your pension - now.
#2
Re: Your most important decision regardless of whether you stay in Spain or the
One for the younger ones - always contribute to your pension.
I know people complain about higher social security costs in Spain and other EU countries, but that is why their state pension is so much higher than the UK (when you've made the necessary contributions).
In the UK you should always contribute to a private pension (s). Easy if your employer runs one. But a lot harder if you are part of the casual labour/gig economy that seems so fashionable nowadays.
And if you are operating under the radar in either place, then you still need to be putting into a pension pot.
Please don't rely on the state to look after you when older. They are already increasing the pension age, and look likely to rub their hands of us in the future. They will always find money for wars, or to pass onto corrupt mates in pandemics, but they are not in politics to look after old people's interests.
Start putting regular chunks of money into your pension - now.
I know people complain about higher social security costs in Spain and other EU countries, but that is why their state pension is so much higher than the UK (when you've made the necessary contributions).
In the UK you should always contribute to a private pension (s). Easy if your employer runs one. But a lot harder if you are part of the casual labour/gig economy that seems so fashionable nowadays.
And if you are operating under the radar in either place, then you still need to be putting into a pension pot.
Please don't rely on the state to look after you when older. They are already increasing the pension age, and look likely to rub their hands of us in the future. They will always find money for wars, or to pass onto corrupt mates in pandemics, but they are not in politics to look after old people's interests.
Start putting regular chunks of money into your pension - now.
Where should he go to get a PENSION plan?
#3
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Joined: Nov 2003
Location: Cartama, Malaga
Posts: 1,168
Re: Your most important decision regardless of whether you stay in Spain or the
doesn´t seem like alot, but we´ve / I´ve had it a few years already.
#4
Re: Your most important decision regardless of whether you stay in Spain or the
Rosemary
#5
Re: Your most important decision regardless of whether you stay in Spain or the
Try La Caixa, they have a range of plans and remember contributions are tax deuctible .
#7
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Joined: May 2019
Posts: 640
Re: Your most important decision regardless of whether you stay in Spain or the
The basic uk pension is £ 185 a week. Even assuming you have a small flat in Spain bought mortgage free then that amount would not really support one person. If you were supremely frugal and never went out for coffee or food, managed the winter with no heating and summer with no AC , showered a couple of times a week, had just a phone- you could do it but it would be pretty bleak.That said, I imagine the climate is better in Spain. Of course anyone making the move now won't be in that position as you will need at least £60,000 in a Spanish account for a NLV plus private healthcare.
Last edited by Ronnyone; May 1st 2022 at 10:58 am.
#8
Re: Your most important decision regardless of whether you stay in Spain or the
One for the younger ones - always contribute to your pension.
I know people complain about higher social security costs in Spain and other EU countries, but that is why their state pension is so much higher than the UK (when you've made the necessary contributions).
In the UK you should always contribute to a private pension (s). Easy if your employer runs one. But a lot harder if you are part of the casual labour/gig economy that seems so fashionable nowadays.
And if you are operating under the radar in either place, then you still need to be putting into a pension pot.
Please don't rely on the state to look after you when older. They are already increasing the pension age, and look likely to rub their hands of us in the future. They will always find money for wars, or to pass onto corrupt mates in pandemics, but they are not in politics to look after old people's interests.
Start putting regular chunks of money into your pension - now.
I know people complain about higher social security costs in Spain and other EU countries, but that is why their state pension is so much higher than the UK (when you've made the necessary contributions).
In the UK you should always contribute to a private pension (s). Easy if your employer runs one. But a lot harder if you are part of the casual labour/gig economy that seems so fashionable nowadays.
And if you are operating under the radar in either place, then you still need to be putting into a pension pot.
Please don't rely on the state to look after you when older. They are already increasing the pension age, and look likely to rub their hands of us in the future. They will always find money for wars, or to pass onto corrupt mates in pandemics, but they are not in politics to look after old people's interests.
Start putting regular chunks of money into your pension - now.
Steve
#9
Forum Regular
Joined: Jan 2021
Location: Staffordshire
Posts: 46
Re: Your most important decision regardless of whether you stay in Spain or the
My dad encouraged me to start a private pension in 1984, I did freeze payments for 10 years due to cost of living, divorce, child maintenance payments etc, I have never been part of a company pension scheme and cashed in my private pension 5 years ago, i don’t get my state pension for another 7 years, I don’t have a fortune but a nice tidy sum which I have hardly touched and mortgage free also.
I’ve tried to encourage my youngest daughter to start a scheme at 22 years old as she earns really good money but it’s easy come easy go, worry about the future later, unless they are all waiting for an inheritance from me 😂
I would encourage anyone to start a scheme if they can afford to.
I’ve tried to encourage my youngest daughter to start a scheme at 22 years old as she earns really good money but it’s easy come easy go, worry about the future later, unless they are all waiting for an inheritance from me 😂
I would encourage anyone to start a scheme if they can afford to.
#10
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Joined: Jun 2017
Location: Alicante
Posts: 928
Re: Your most important decision regardless of whether you stay in Spain or the
#11
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Joined: May 2019
Posts: 640
Re: Your most important decision regardless of whether you stay in Spain or the
#12
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Joined: Aug 2005
Location: Beckenham, London borough Bromley
Posts: 1,617
Re: Your most important decision regardless of whether you stay in Spain or the
#13
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Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,920
Re: Your most important decision regardless of whether you stay in Spain or the
The reduction in NI for those contracted out was 5% (1..5% lower employee contribution and 3.5% lower employer contribution) but the resulting reduction in the state pension is much higher than 5%.
Last edited by Lynn R; May 1st 2022 at 3:59 pm.
#14
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Joined: Feb 2008
Posts: 5,624
Re: Your most important decision regardless of whether you stay in Spain or the
They may not get more if they have spent a lot of years "contracted out" and thus paying a slightly lower rate of NI contributions, as most public sector employees are. If that is the case, even with 35 years of NI contributions they are only guaranteed the same basic pension as yourself. I chose to pay some years of additional voluntary contributions to increase my state pension, but it still won't be the full 185 per week.
The reduction in NI for those contracted out was 5% (1..5% lower employee contribution and 3.5% lower employer contribution) but the resulting reduction in the state pension is much higher than 5%.
The reduction in NI for those contracted out was 5% (1..5% lower employee contribution and 3.5% lower employer contribution) but the resulting reduction in the state pension is much higher than 5%.
#15
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Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,920
Re: Your most important decision regardless of whether you stay in Spain or the
It does, but in most cases both the employees and their employers paid contributions above and beyond NI for those occupational pensions, they didn't get them for nothing and the employee contributions were substantially more than the 1.5% reduction in NI for being contracted out.