Early retirement

[Kingstepper]

In my first job remember a department bash when 3 employees had reached 40 years service.

[ryanb741]

One thing I found out today is that if you retire to the Philippines it has a double taxation treaty (just like many other countries) with the UK so you don't pay tax in the UK and only in the Philippines.

What's particularly handy about this is that in the Philippines all retirement income is tax exempt so you can withdraw as much as you want from your UK SIPP and that won't incur tax charges either in the UK (as due to double taxation treaty you'd have a Nil Tax code applied) NOR the Philippines as pensions are non-taxable income. Same with state pension. You'd have to remit to a Philippines bank account though or to an expat bank account such as HSBC etc.

[Hood]

Can't imagine it's quite so simple or advantageous as that or surely they'd be inundated with pensioners heading out for a cheap life.
Hopefully you're right though and I'll put it on my get out of dodge list.

[chrisjones3]

I think Portugal was similar under the NHR - however that was scrapped last year for new entrants.


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[draftsmann]

A (Maltese) friend of mine has settled quite happily in the Philippines. I was surprised to learn what a big country it is, and that some rural/island areas are a world apart from the crowds of Manila. He’s able to live very well and inexpensively but the lifestyle compromises and endemic corruption that make the Maltese look like rank amateurs would put me off.

[craig1912]

I think Portugal was similar under the NHR - however that was scrapped last year for new entrants.


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Yes I considered it. It is still available but only to the end of this year.

https://www.unbiased.co.uk/discover/...on-to-portugal

[Mr Curta]

I lived in the Philippines for a while based on a 43-hectare island called Danjugan just off the coast of Negros Occidental whilst carrying out research for the Philippines Reef and Rainforest Conservation Foundation. Back then before it was declared a sanctuary and ecotourism destination there were just a few basic shacks with solar panels to power the data collation laptops, and a compost toilet. All of our food, water, rum supplies and refilled air cylinders were delivered by daily boat from the big island. We heard about 9/11 a couple of days after the event and didn't see any images until several weeks later. It's a beautiful, serene and calming place.

[Balance wheel]

I lived in the Philippines for a while based on a 43-hectare island called Danjugan just off the coast of Negros Occidental whilst carrying out research for the Philippines Reef and Rainforest Conservation Foundation. Back then before it was declared a sanctuary and ecotourism destination there were just a few basic shacks with solar panels to power the data collation laptops, and a compost toilet. All of our food, water, rum supplies and refilled air cylinders were delivered by daily boat from the big island. We heard about 9/11 a couple of days after the event and didn't see any images until several weeks later. It's a beautiful, serene and calming place.

Sounds like a dream

[Chris_in_the_UK]

I lived in the Philippines for a while based on a 43-hectare island called Danjugan just off the coast of Negros Occidental whilst carrying out research for the Philippines Reef and Rainforest Conservation Foundation. Back then before it was declared a sanctuary and ecotourism destination there were just a few basic shacks with solar panels to power the data collation laptops, and a compost toilet. All of our food, water, rum supplies and refilled air cylinders were delivered by daily boat from the big island. We heard about 9/11 a couple of days after the event and didn't see any images until several weeks later. It's a beautiful, serene and calming place.

WOW!

[ryanb741]

The Philippines isn't Thailand - overall it's much poorer and more corrupt but it does have some spectacular areas (reference Mr Curta's post) including beaches, islands, waterfalls, volcanoes etc and Manila itself has some really nice areas (the BGC area is nicer than anywhere in Bangkok and probably rivals Singapore whilst being significantly cheaper). The nearby Makati area of Manila is quite nice as well. Obviously if you don't like cities you'd hate it! The rest of Manila is a bit of a polluted sh*thole though but the Pinoys are lovely people, very friendly and helpful and English is widely spoken.

That being said most retirees will get fed up with Filipino red tape and endemic corruption so saving some tax on a SIPP probably doesn't outweigh these downsides! I'd certainly consider the Philippines however as a retirement destination - particularly the aforementioned BGC area.

One thing about the Philippines though is despite its location in Asia and proximity to countries with world class cuisine, Filipino food is 'a bit crap'. Shame as the produce is there, they just choose to deep fry everything and add vinegar. It's not the healthiest cuisine.

[Ruggertech]

I lived in the Philippines for a while based on a 43-hectare island called Danjugan just off the coast of Negros Occidental whilst carrying out research for the Philippines Reef and Rainforest Conservation Foundation. Back then before it was declared a sanctuary and ecotourism destination there were just a few basic shacks with solar panels to power the data collation laptops, and a compost toilet. All of our food, water, rum supplies and refilled air cylinders were delivered by daily boat from the big island. We heard about 9/11 a couple of days after the event and didn't see any images until several weeks later. It's a beautiful, serene and calming place.

Heaven.

[Mr Curta]

Indeed. I'm reminded of the old Celtic concept of 'Thin Places'; locations where the where the space between the transcendent and the commonplace is exceptionally narrow. Places where were can feel at peace and experience a sense of renewal and oneness with the universe. Everybody has their own Thin Places, Danjugan is one of mine.

[noTAGlove]

Philippines is not for me, but I hear it is tax efficient to retire to Rwanda, and the place really had moved on from mass genocide. Your pension really does stretch to more goats. Plus, if the deportation scheme is resurrected, you will have a semi-expat community of like-minded people who value the UK.

I must throw my net wider than Dorset or Somerset.

[subseastu]

As some will know I'm married to a Filipina and have been going to the Philippines since '97. Mainly in the Olongapo / subic Bay area as I worked on ships. It really was a wide west type place back then and I loved it. Korean investment is high there and other areas and it shows in the restaurants etc. We have a house in the wife's province on an island callad Samar. It's incredibly poor but the people are friendly. I will not live there but use it as a holiday home which has many drawbacks.

I don't like cities so Manila is a dreadful, polluted, over populated dump of a place for me and I get in and out as fast as possible. I do agree about the food though, compared to the rest of Asia it is disappointing but there are some good dishes to be had.

Corruption is rife out there and they are backward in many things. Everything happens very slowly out there and it is frustrating. As a foreignor you are seen as very wealthy so are a target for scam, long nose tax so it can be exhausting.

Saying all that I'm probably looking at retiring out there if I'm honest. Sell the house here in the UK to use that to top up my feeble pension pot and rent somewhere out there. I'll not buy because it has to be in the wife's name and if she died then I have no legal right to the house and it's then open to her family. There are many places to see but I think we'll got back to the Olongapo area as it's a nice size, got plenty of facilities and a good number of expats.

I didn't know about the lack tax on the pension though. I know some expats are having issues maintaining a UK bank account as the banks are closing them so maybe some sort of offshore account?

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[cbh]

I lived in the Philippines for a while based on a 43-hectare island called Danjugan just off the coast of Negros Occidental whilst carrying out research for the Philippines Reef and Rainforest Conservation Foundation. Back then before it was declared a sanctuary and ecotourism destination there were just a few basic shacks with solar panels to power the data collation laptops, and a compost toilet. All of our food, water, rum supplies and refilled air cylinders were delivered by daily boat from the big island. We heard about 9/11 a couple of days after the event and didn't see any images until several weeks later. It's a beautiful, serene and calming place.

Looks amazing, for a week, but reckon most westerners would be bored sh*tless in no time at all, for sure your pension would last though!

[reggie747]

I bet there are some frickin big juicy spiders out there too.....😳

[Mr Curta]

I bet there are some frickin big juicy spiders out there too.....

The spiders and snakes didn't bother me much but I never really took to the giant rats.

The bat caves were absolutely amazing at twilight, particularly if there was a lightening storm going on as thousands of bats flitted in and out.

[ryanb741]

I bet there are some frickin big juicy spiders out there too.....😳

Funny you should say that. Chap in Coron, Philippines decided that perhaps he could 'hold it in' after all..... The very rare 'Crap-Door Spider'.

In my experience of living in SE Asia the spiders are big but not really an issue (in fact they are great at eating all the cockroaches). The Centipedes are (got hospitalised by one) as are the snakes. The monkeys are theiving barstewards as well.

[blackal]

Back in ‘96 I started working offshore Mexico, and got taken to the local company office at around 5am en route from hotel to heliport

No-one there apart from the 3 of us and the company rep.

Went to the toilet and got halfway through and left hurriedly……..

”Olly! There’s a huge lizard in the toilet !!!”

“Yeah -they eat the scorpions!”

“EH? WTAF????”

As you get older - you can’t outrun them as easily, so - a big fat ‘nope’ to retiring in these places …….

[459GMB]

I'm also married to a Filipina, and she has already put a complete veto on any retirement move to the Philippines :-)

The grass is not always greener, even if the postcard is picture perfect ...

[subseastu]

I'm also married to a Filipina, and she has already put a complete veto on any retirement move to the Philippines :-)

The grass is not always greener, even if the postcard is picture perfect ...

May I ask why? My wife's main concern is if I'm out on my own or with others my dick will fall into the first woman I meet after leaving the house which gets tiresome. I'm hoping as I'll be older by then I won't be as much of an issue

It's the cockroaches which I'm bad with out there. Hate the things.

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[ryanb741]

May I ask why? My wife's main concern is if I'm out on my own or with others my dick will fall into the first woman I meet after leaving the house which gets tiresome. I'm hoping as I'll be older by then I won't be as much of an issue

It's the cockroaches which I'm bad with out there. Hate the things.

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I'd imagine it may be family related - Filipinos are very loyal to their families but often get pressurised by family members (even extended family members) to send money regularly (which is fair enough) but then all of a sudden an uncle needs 'hospital bills' paid or an 'unforeseen roof collapse' has happened or whatever. Much easier to avoid it when you're 7000 miles away.

For some reason lots of divorced 60 and 70 year old Western men seem to like retiring to the coastal Philippines in areas known for the abundance of young beautiful ladies who have a preference for older western gentlemen. I'm trying to put my finger on why this might be.....

Thailand has better infrastructure, less poverty and better food than the Philippines but the people are far more xenophobic, the government is now proposing to tax your total overseas income (including BTL etc) if you're an overseas resident and English isn't as widely spoken as in the Philippines so I can see more and more expats retiring in the Phils as long as they can get on with the heat.

[Hood]

I'd imagine it may be family related - Filipinos are very loyal to their families but often get pressurised by family members (even extended family members) to send money regularly (which is fair enough) but then all of a sudden an uncle needs 'hospital bills' paid or an 'unforeseen roof collapse' has happened or whatever. Much easier to avoid it when you're 7000 miles away.

For some reason lots of divorced 60 and 70 year old Western men seem to like retiring to the coastal Philippines in areas known for the abundance of young beautiful ladies who have a preference for older western gentlemen. I'm trying to put my finger on why this might be.....

Thailand has better infrastructure, less poverty and better food than the Philippines but the people are far more xenophobic, the government is now proposing to tax your total overseas income (including BTL etc) if you're an overseas resident and English isn't as widely spoken as in the Philippines so I can see more and more expats retiring in the Phils as long as they can get on with the heat.

Always told the Mrs I would head to Thailand if she chucked me but it sounds like the Philippines you're getting more bang for your buck so to speak.

[subseastu]

I'd imagine it may be family related - Filipinos are very loyal to their families but often get pressurised by family members (even extended family members) to send money regularly (which is fair enough) but then all of a sudden an uncle needs 'hospital bills' paid or an 'unforeseen roof collapse' has happened or whatever. Much easier to avoid it when you're 7000 miles away.

For some reason lots of divorced 60 and 70 year old Western men seem to like retiring to the coastal Philippines in areas known for the abundance of young beautiful ladies who have a preference for older western gentlemen. I'm trying to put my finger on why this might be.....

Thailand has better infrastructure, less poverty and better food than the Philippines but the people are far more xenophobic, the government is now proposing to tax your total overseas income (including BTL etc) if you're an overseas resident and English isn't as widely spoken as in the Philippines so I can see more and more expats retiring in the Phils as long as they can get on with the heat.

All true comments. I helped the wife's family out at the start because I could afford to. But now I don't and the wife is in full agreement. Every situation is different and if I was an older guy going out there then I'd be eyes wide open. They also say put two islands between you and your wife / girlfriends family to stop unwanted visits.

Interesting points about Thailand. One issue with the Philippines is as a foreigner you can own a condo or a house but you can't own the land your house is on.

As an aside Greece popped into my head as maybe somewhere to go. 4 hrs or so to the UK, obviously a bit closer to the Philippines, great food, wine, nice weather, people seem OK.

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[craig1912]

As an aside Greece popped into my head as maybe somewhere to go. 4 hrs or so to the UK, obviously a bit closer to the Philippines, great food, wine, nice weather, people seem OK.

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Was in Kefalonia last week and met up three times with someone who has a house out there. He has residency as he has had the house well over 10 years but it could be a problem for UK residents who are hit with the 90 in 180 days rule.

Getting round that and the people are great but property prices can be high on some of the more popular islands and the cost of living like everywhere has increased.
I’d be looking at Crete as it has decent medical facilities, and year round activities.

[Ruggertech]

Was in Kefalonia last week and met up three times with someone who has a house out there. He has residency as he has had the house well over 10 years but it could be a problem for UK residents who are hit with the 90 in 180 days rule.

My brother in law has a place on Corfu, he had his dual nationality or whatever it is called granted in the last year or so. It was no doubt helped by the fact his wife is Greek and has dual nationality, but it must have been pretty straightforward as he is a champion moaner and I'd have heard all about it of there were hoops to jump through.
They pop back and for at will now, sometimes for several weeks at a time without the need to count the time spent. I'd estimate they now spend two-thirds of their time there.

[ryanb741]

All true comments. I helped the wife's family out at the start because I could afford to. But now I don't and the wife is in full agreement. Every situation is different and if I was an older guy going out there then I'd be eyes wide open. They also say put two islands between you and your wife / girlfriends family to stop unwanted visits.

Interesting points about Thailand. One issue with the Philippines is as a foreigner you can own a condo or a house but you can't own the land your house is on.

As an aside Greece popped into my head as maybe somewhere to go. 4 hrs or so to the UK, obviously a bit closer to the Philippines, great food, wine, nice weather, people seem OK.

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Thailand is the same re owning land - as a foreigner you can't. You can buy a condominium apartment but not a house unless it's done via your wife but then the property is 100% hers.

[craig1912]

My brother in law has a place on Corfu, he had his dual nationality or whatever it is called granted in the last year or so. It was no doubt helped by the fact his wife is Greek and has dual nationality, but it must have been pretty straightforward as he is a champion moaner and I'd have heard all about it of there were hoops to jump through.
They pop back and for at will now, sometimes for several weeks at a time without the need to count the time spent. I'd estimate they now spend two-thirds of their time there.

Yep as he has a Greek wife it is easy. If you don’t then it’s a little harder since we left the EU and have few hoops to jump through- unless you have money for a Golden Visa

https://www.mygreekexpatjourney.com/...idency-in-2024

I just got myself an Irish passport so now can travel within the EU unlimited by length of stays- as can my wife (on a UK Passport) along as she is travelling with me.

[Ruggertech]

I just got myself an Irish passport so now can travel within the EU unlimited by length of stays- as can my wife (on a UK Passport) along as she is travelling with me.

That's an interesting one, he always claimed he was restricted tpnthe 90 days in 180 after the B word, but you're saying could have travelled with his wife unlimited? He does love a good moan though ;)

[craig1912]

That's an interesting one, he always claimed he was restricted tpnthe 90 days in 180 after the B word, but you're saying could have travelled with his wife unlimited? He does love a good moan though ;)

Yep- I obtained confirmation in writing from EU which I carry with me. So far so good in us both using EU gates at airports

[Ruggertech]

Yep- I obtained confirmation in writing from EU which I carry with me. So far so good in us both using EU gates at airports

I'm sure he knew, can't believe he didn't. But as I said he's a champion moaner and always tries to make people feel sorry for him for some reason.

[chrisjones3]

Yep- I obtained confirmation in writing from EU which I carry with me. So far so good in us both using EU gates at airports

I’m in a similar situation but in reverse as wife Irish and my passport uk. What is the paperwork you refer to that you
carry from EU? Assume also marriage certificate if challenged?


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[craig1912]

I’m in a similar situation but in reverse as wife Irish and my passport uk. What is the paperwork you refer to that you
carry from EU? Assume also marriage certificate if challenged?


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I carry an email on my phone confirming it from here

https://european-union.europa.eu/con...%20the%20world.

Send them an email asking them to confirm you are able to travel with your wife through EU gates and your stay doesn’t count within the 90 days if travelling with her.

[chrisjones3]

I carry an email on my phone confirming it from here

https://european-union.europa.eu/con...%20the%20world.

Send them an email asking them to confirm you are able to travel with your wife through EU gates and your stay doesn’t count within the 90 days if travelling with her.

Thanks. I have mailed them!


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[subseastu]

Was in Kefalonia last week and met up three times with someone who has a house out there. He has residency as he has had the house well over 10 years but it could be a problem for UK residents who are hit with the 90 in 180 days rule.

Getting round that and the people are great but property prices can be high on some of the more popular islands and the cost of living like everywhere has increased.
I’d be looking at Crete as it has decent medical facilities, and year round activities.

We had a week in crete this year and while nice we all liked Kefalonia better but I understand what your saying regards medical facilities.

Just liked at the visa requirements and that golden ticket at €800k is pretty steep. All probably a pipe dream anyway

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[valleywatch]

I'm lucky, in that I get to spend 5 months a year in Thailand.

I'm going next month, for 2 months, come back for Christmas and the new year. Then back in January for another 3 months. I come back early April, as it starts getting really hot then!

Ive never really fancied living in Thailand "full time". so to speak. As we get older, our health needs are more pressing! As bad as the N.H.S. has become, its still a great thing. Another reason for not living there full time, visas, red tape, (Thais LOVE! paperwork). Also would miss family and friends. I hope to continue doing what Im doing now, until Im no longer fit or healthy enough.

We are a long time dead. You can chase an extra few thousand quid/extra savings/extra pension etc. etc.etc. as much as you like!...one thing you arent guaranteed is time and your health!

[craig1912]

We had a week in crete this year and while nice we all liked Kefalonia better but I understand what your saying regards medical facilities.

Just liked at the visa requirements and that golden ticket at €800k is pretty steep. All probably a pipe dream anyway

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We go to Crete each year (retired) and it really depends where you go. The south is very quiet and there are some lovely places away from the tourist hot spots. It was our fourth time in Kefalonia and I agree with you it is probably the nicer island. Crete being further south tends to have the warmer weather for longer, pre and post main season and is definitely cheaper than Kefalonia.
Off to Rhodes at the end of the months it’s been about 30 years since I was last there so prob big changes!

[Devonian]

I'm lucky, in that I get to spend 5 months a year in Thailand.

I'm going next month, for 2 months, come back for Christmas and the new year. Then back in January for another 3 months. I come back early April, as it starts getting really hot then!

Ive never really fancied living in Thailand "full time". so to speak. As we get older, our health needs are more pressing! As bad as the N.H.S. has become, its still a great thing. Another reason for not living there full time, visas, red tape, (Thais LOVE! paperwork). Also would miss family and friends. I hope to continue doing what Im doing now, until Im no longer fit or healthy enough.

We are a long time dead. You can chase an extra few thousand quid/extra savings/extra pension etc. etc.etc. as much as you like!...one thing you arent guaranteed is time and your health!

I love living in this country and Devon in particular. Like many others I’m sure, I just find the lack of sun in winter quite hard. A few weeks either side of Christmas sounds a perfect compromise to me :-)

[Essexman]

I had a job interview last week, and was asked what my retirement plans are, I’m 55. That was a first.

I did point out the error of their ways and made light of it saying as long as I had bills to pay I would be working!. They tried to justify the question by suggesting they didn’t want to spend months training me up only for me to retire early.
I explained that the question was still ageist. I honestly don’t think they understood.
In one hand they want to find someone with the technical knowledge and experience, on the other hand , just not that old

Just to follow up, I was offered the job. Maybe I'm not that old.

[blackal]

Just to follow up, I was offered the job. Maybe I'm not that old.

When the interviewers are half your age - there is a reluctance to employ someone in your age bracket. They probably can't even explain (even down the pub with their pals) - why they have this mindset.

[Essexman]

When the interviewers are half your age - there is a reluctance to employ someone in your age bracket. They probably can't even explain (even down the pub with their pals) - why they have this mindset.

The two chaps who interviewed me where give or take 5 years the same age as me. Like most engineering places there is a lack of experience and talent particularly in specialist areas.

[Passenger]

Well done on the job offer, always nice to be deemed hireable, even if you don't take it.

[Essexman]

Well done on the job offer, always nice to be deemed hireable, even if you don't take it.

Thank you. Yes it made me happy, but alas the benefits didn't add up enough to move. Gutted as a shorter drive to work and possible bike ride to work would have been welcome compared to driving around the M25! On a plus side it enabled a pay rise as my current place didn't want me to leave, and more importantly has made me think about my retirement plans.

[Passenger]

Thank you. Yes it made me happy, but alas the benefits didn't add up enough to move. Gutted as a shorter drive to work and possible bike ride to work would have been welcome compared to driving around the M25! On a plus side it enabled a pay rise as my current place didn't want me to leave, and more importantly has made me think about my retirement plans.

Excellent work on the pay rise from current employer to keep you, best of luck with the retirement plans.

[gilford]

I plan to retire as soon as I can!

I'm 46 now, mortgage will be paid off next year and have a plan with my IFA to retire as soon as possible which looks to be 57 for me.

I don't have a clue what I'll do, but looking forward to stress free days and lazy mornings!

[Halitosis]

I plan to retire as soon as I can!
...
I don't have a clue what I'll do, but looking forward to stress free days and lazy mornings!

A sound plan in my view!

[blackal]

I plan to retire as soon as I can!

I'm 46 now, mortgage will be paid off next year and have a plan with my IFA to retire as soon as possible which looks to be 57 for me.

I don't have a clue what I'll do, but looking forward to stress free days and lazy mornings!

Always good to have a plan (something I never did) - and I am sure you will be continually re-evaluating.

11 years ahead- a bit like a weather forecast beyond 5 days............... accuracy falls off significantly.

One thing for sure, a sensible desire to retire early - will generally come to fruition.

[Mr Curta]

When the interviewers are half your age - there is a reluctance to employ someone in your age bracket. They probably can't even explain (even down the pub with their pals) - why they have this mindset.

That's why it is called unconscious bias.

[blackal]

That's why it is called unconscious bias.

Yes, it is - if they can't explain it, but perhaps they can have a stab at explaining it - why I wrote 'probably'

[Saint-Just]

Always good to have a plan (something I never did) - and I am sure you will be continually re-evaluating.

11 years ahead- a bit like a weather forecast beyond 5 days............... accuracy falls off significantly.

One thing for sure, a sensible desire to retire early - will generally come to fruition.

The old adage about how to make God laugh...
But then one can always counter it with the "failing to prepare" one.