Retiring

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Snowy79
Posted
Posted
1 hour ago, fillipino_wannabe said:

It's free in the UK, even the dentist is subsidized, comes from taxes.

I tend to look at is as not free as you pay for it through taxes. If you put the equivalent away each month in the Philippines I'm sure you'd get better and quicker treatment. 

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Heeb
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December 31st is my last day, retiring on 50% of income but we will be paying less taxes, no more money going to 401k's and all the bills will be payed except for the mortgage, our disposable income will be about the same in the end. The dilemma is what to do with the house here since we still owe on it. Do we rent it out, leave it empty or sell? The home prices in my neighborhood are going up on average 15% per year and that's almost triple what my mortgage payment is per year, if I sell and decide to come back after a few years I would probably be priced out of the area. Everyday I think about the different scenarios in my head and it's driving me nuts.

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Gary D
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3 hours ago, Snowy79 said:

I tend to look at is as not free as you pay for it through taxes. If you put the equivalent away each month in the Philippines I'm sure you'd get better and quicker treatment. 

Yes but when I retire it becomes free because it's everyone elses taxes that pay for mine.

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Old55
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Posted
1 hour ago, Gary D said:

Yes but when I retire it becomes free because it's everyone elses taxes that pay for mine.

Can’t argue with that logic.🤔

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JJReyes
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1 hour ago, Gary D said:

Yes but when I retire it becomes free because it's everyone elses taxes that pay for mine.

This is called, "Pay for it forward."  You pay for medical and social security when young through taxation with the hope of becoming a recipient later in life.  

There were news articles sponsored by the Social Security Administration that stated you shouldn't start collecting benefits until age 70.  The monthly checks will be much, much larger whereas some Americans start collecting as young as 62.  Then I looked at actuarial tables.  7% of Americans age 62 would be dead by age 70.  Therefore, you paid into the system your entire lifetime without ever receiving any benefits.  There is also a percentage of American who paid into the system who died before reaching the age of 62.  

 

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stevewool
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6 hours ago, Heeb said:

 Everyday I think about the different scenarios in my head and it's driving me nuts.

And I thought it was just me thinking like this.:hystery:

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graham59
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9 hours ago, Heeb said:

December 31st is my last day, retiring on 50% of income but we will be paying less taxes, no more money going to 401k's and all the bills will be payed except for the mortgage, our disposable income will be about the same in the end. The dilemma is what to do with the house here since we still owe on it. Do we rent it out, leave it empty or sell? The home prices in my neighborhood are going up on average 15% per year and that's almost triple what my mortgage payment is per year, if I sell and decide to come back after a few years I would probably be priced out of the area. Everyday I think about the different scenarios in my head and it's driving me nuts.

DON'T sell the house in your home country.  I have made that mistake  before... and have very much regretted having done so. 

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Mick
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Well in October last year my contract ended, which is quite normal working as a contractor on 12 month renewables, so I thought right, I'm going to try this retirement larky, I had lots of work to do on the house and the new garden, so was very busy, the last month, I have had the chance to sit back and enjoy it, and reflect on life, I have realised, I need to work, need something to keep the grey matter working, so I'm going to look for another contract maybe not as intense as other contracts I have had, but Im not ready to retire, I always planned to retire at around 56,..... 51 is too early, its not about the money, its more boredom at the moment, and missing the crack, as the last 23 years only worked in the Middle East and Africa, so starting Monday, I will spend an hour each morning seeing what's out there. 

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Heeb
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1 hour ago, manofthecoldland said:

   Sounds to me like you want to hold on to it for awhile for your sense of a possible return security and/or potential financial gain. Not a bad idea, since such a large percentage of ex-pats throw in the towel after several years of living abroad. You can sell it anytime, barring a local area real estate market collapse or a major economic recession in your region.

 

I'm considering letting my sister stay at the house so she can watch our cats, the problem is she's a complete mess, she's an unemployed ex flight attendant who can pound twice as many beers as I can, and we're talking double IPA's, none of the airlines will hire her anymore because she has two DUI's. The last time she watched our house for us when we went on vacation she burned the kitchen down, my one experience with renters was even worse. I'll probably go with the psycho sister plan.

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