View Poll Results: Where will you be when you retire?
I'm going home to blighty
16
19.51%
I'll be staying in the US
26
31.71%
I'm only here temporarily
6
7.32%
I have no idea!
34
41.46%
Voters: 82. You may not vote on this poll
Sticking around?
Dec 1st 2005, 9:47 pm
#16
BE Forum Addict
Joined: Dec 2002
Location: Ft Lauderdale, FL
Posts: 4,792
Re: Sticking around?
Originally Posted by Chorlton
I was just reading the pension thread...so how many of us are going to stay in the US forever? Do you even plan that far ahead?
Reg. Frank R.
Dec 1st 2005, 9:59 pm
#17
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Sticking around?
don't plan to retire in the US, though who knows...might not even be in the UK either, who knows, EU has plenty to go and explore and all that...
Dec 1st 2005, 10:15 pm
#18
Joined: Feb 2004
Posts: 307
Re: Sticking around?
Originally Posted by BigDavyG
Yep, I do.
Again I haven't lloked into this in too much detail but I contribute the max allowable to avoid being taxed. From what I understand this is 6% of your salary, so you'll be liable to tax on over half of your contributions.
It would be stupid not to buy in as many employers also contribute to the scheme if you do.
From what I understand the 401k is almost like a savings scheme. Not sure what happens if you want to withdraw funds from it before retirement, but I know my company will let you take out a loan against your 401k balance.
I'll prob just keep contributing and research more when i come to switch jobs or leave the country.
Again I haven't lloked into this in too much detail but I contribute the max allowable to avoid being taxed. From what I understand this is 6% of your salary, so you'll be liable to tax on over half of your contributions.
It would be stupid not to buy in as many employers also contribute to the scheme if you do.
From what I understand the 401k is almost like a savings scheme. Not sure what happens if you want to withdraw funds from it before retirement, but I know my company will let you take out a loan against your 401k balance.
I'll prob just keep contributing and research more when i come to switch jobs or leave the country.
Dec 2nd 2005, 3:03 am
#19
Senior Moment
Joined: Nov 2003
Location: NYC
Posts: 5,008
Re: Sticking around?
Originally Posted by Neathborn
There's a 10 percent penalty for withdrawing your 401K before retirement.
I was just thinking the same thing.
I wonder what would happen if you left the country and went back to the UK? I wonder if you could get it to pay out to you in Britain?
Dec 2nd 2005, 3:27 am
#20
BE Forum Addict
Joined: Jul 2002
Location: Arizona
Posts: 3,113
Re: Sticking around?
I have no plans to return to the UK in retirement or any over capacity. This is home now and I don't see anything changing in the future.
Dec 2nd 2005, 5:43 pm
#21
Thread Starter
Joined: Oct 2002
Posts: 1,750
Re: Sticking around?
Originally Posted by Sarah
I was just thinking the same thing.
I wonder what would happen if you left the country and went back to the UK? I wonder if you could get it to pay out to you in Britain?
I wonder what would happen if you left the country and went back to the UK? I wonder if you could get it to pay out to you in Britain?
Yep, I'm pretty sure. I know with my deal, that was one of my main questions before I signed up.
Dec 3rd 2005, 12:28 pm
#22
Here we go Pittsburgh!
Joined: Aug 2002
Location: Pittsburgh PA, USA
Posts: 581
Re: Sticking around?
Originally Posted by ukmancoll
I would be interested to know if anyone here is taking advantage of their companys 401k scheme (if your company does indeed have one).
I am only 27, but I know that I don't want to be working until I am 65, so I have started contributing to our scheme at 14% of each pay check... which is a fair chunk. The good thing is, my company will then match it up to 6%.
If you are planning on being in the US for any decent amount of time, I am pretty sure in the future you will thank yourself for setting up this kind of long term investment.
I am only 27, but I know that I don't want to be working until I am 65, so I have started contributing to our scheme at 14% of each pay check... which is a fair chunk. The good thing is, my company will then match it up to 6%.
If you are planning on being in the US for any decent amount of time, I am pretty sure in the future you will thank yourself for setting up this kind of long term investment.
Dec 4th 2005, 1:10 am
#23
You Are All Diseased
Joined: Feb 2004
Location: Farnham, UK
Posts: 4,511
Re: Sticking around?
Once the wifes kids have grown up and moved out, we'll be off to Blighty.
I miss it.
I miss it.
Dec 4th 2005, 1:10 pm
#24
Just Joined
Joined: Nov 2005
Posts: 21
Re: Sticking around?
Put plenty of money in IF you are going to live in the US for good..when you retire you will need it for Health Insurance..and dont go relying on Medicare either..My neighbour is 81 and a retired teacher I had to bring her to hospital earlier this year and they charged her $1200.00 a night for the first 3 nights before medicare kicked in.Thats $3600.00 out of her pocket :scared:
Just something you really should think about.The US does not look after their citizens like the UK, Ireland , Canada etc.
Deck
Just something you really should think about.The US does not look after their citizens like the UK, Ireland , Canada etc.
Deck
Dec 4th 2005, 1:53 pm
#25
Stuff and Nonsense
Joined: Sep 2003
Location: Russ: Vermont Jayne: was London, UK to VT
Posts: 358
Re: Sticking around?
OH (the USC) is gonna take early retirement from teaching when he feels like it in the next 5 years. He will get half pay until the pension kicks in at 65 so that will leave us free to go pretty much anywhere within reason. UK is the obvious answer, but like Bob, we may wander around and see where suits.
Dec 4th 2005, 2:55 pm
#26
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,181
Re: Sticking around?
I'm sure we'll definitely make our main home in London when we retire. In order to be happy I have to live within a reasonable distance of a world-class opera house. Luckily we kept our house.
At this point in time, all our sons are also planning to return to the UK - probably long before us. (Unless one of them ends up hitched to a USC, I guess...)
But we are also hoping to have a second home somewhere in the sun. Whether this is going to be Cyprus, Portugal or even somewhere in the US - who knows?
But I could not imagine living here full-time for the rest of my life. (I just booked a trip back to Blighty for January, so I'm a happy bunny
)
At this point in time, all our sons are also planning to return to the UK - probably long before us. (Unless one of them ends up hitched to a USC, I guess...)
But we are also hoping to have a second home somewhere in the sun. Whether this is going to be Cyprus, Portugal or even somewhere in the US - who knows?
But I could not imagine living here full-time for the rest of my life. (I just booked a trip back to Blighty for January, so I'm a happy bunny
)
Dec 5th 2005, 1:22 pm
#27
Thread Starter
Joined: Oct 2002
Posts: 1,750
Re: Sticking around?
Originally Posted by Elvira
But I could not imagine living here full-time for the rest of my life. (I just booked a trip back to Blighty for January, so I'm a happy bunny )
)I no longer have property in the UK, and one of the main reasons we plan to stay in the US is that you can buy a wonderful place in the middle of a national park/ wilderness type area for less than $200,000 which would be next to impossible in the UK now. Also, the state will pick up my wifes health insurance, and mine for a small fee. All that makes the decision pretty hard. I think we will stay in the US and just visit the UK for a month at a time (staying with friends etc).
Dec 5th 2005, 1:26 pm
#28
Joined: Mar 2003
Posts: 68,280
Re: Sticking around?
Originally Posted by Schnorbitz
I also believe that, at 31, by the time I get to retire there will be no state pension.
Dec 5th 2005, 2:02 pm
#29
Lost in BE Cyberspace
Joined: Oct 2004
Location: Mother Land.
Posts: 14,858
Re: Sticking around?
Going home for good in 2007 by then would of done a 5 year stretch long enough to know we'er doing the right thing for us as a family.
by then would of done a 5 year stretch long enough to know we'er doing the right thing for us as a family.
Dec 6th 2005, 7:57 pm
#30
Thread Starter
Joined: Oct 2002
Posts: 1,750
Re: Sticking around?
Originally Posted by britvic
Going home for good in 2007 by then would of done a 5 year stretch long enough to know we'er doing the right thing for us as a family.
by then would of done a 5 year stretch long enough to know we'er doing the right thing for us as a family.I know we don't all hate it, but there seems to be an underlying dislike
