Thread: Is it worth paying back National Insurance contributions

I figure when I get old enough I can just hit my daughter up for some money.

My plan is to marry a countess or something.

^^Culturally aware.

Have you come up with an age and approximate income in today's figures, to aim for?

32 leaves a lot of time, but getting on the property ladder is a good start. Particularly in a country where it can be used as collateral on another property once paid off. Which isn't really Thailand. But also great to own your own property in the country where you want to live, in terms of security.

Ideally, I want to retire at 65, I would hope to have around 650,000 GBP for a semi-comfortable retirement in the sun. Somewhere close to the Thai/Myanmar border area would suit me.

Originally Posted by Mandaloopy

I would hope to have around 650,000 GBP.

Hope you have about 200k of that already.

Armstrong, you need to get out of the country for a while, you're starting to think like the families up country

^ Not even close, although I do own a property and have no debts. I should have started caring about stuff like this in my early 20s, lesson learned.

Originally Posted by Mandaloopy

Ideally, I want to retire at 65, I would hope to have around 650,000 GBP for a semi-comfortable retirement in the sun. Somewhere close to the Thai/Myanmar border area would suit me.

LOL. Your life is gonna be pretty grim for the next few years then.

Originally Posted by Mandaloopy

although I do own a property

Well that's a very good start. Have you it leased out? gonna use it to mortgage another property to also lease out?

Originally Posted by armstrong

LOL. Your life is gonna be pretty grim for the next few years then.

I think so, a relocation to Saudi is looking likely after this contract. At least I actually like hot weather. I've heard that Saudi kids can be quite something

Mandy, its not too late and 32 with some cash and a property already is a good start. You really need to get some impartial (if possible) professional advice regards investment avenues and their associated rsks - a spread if you like and thoughts about ease of access. Think about it this way, whatever the advice costs, and try to get a few opinions (like going to thai doctor), the cost is spread over 33 years so not a lot really. Make sure they explain any links they have to the products or companies they proffer or advise. Once you've got it all sit down and take your time even if it take a year to decide - a fuck up, whilst redeemable the younger you are will still set you back. I would caution committing to a certain geographic area investment wise as 33 years is a long time for shite to hit the fan. Try to ensure a much liquidity as possible in terms of access, not necessarily immediate access just being able to liquidate at all without too much of a penalty - bricks and mortar are variable in this regard depending on the prevailing market conditions but you know this. Oh and any projections you get on investment growth will always be optimistic - ask them to divide it by 3 and see where it gets you, and ensure they factor in the impacts of inflation eroding the time value of the money - its best to be a pessimist, you'll be one when you are old anyway so get some practice in.......

Originally Posted by Mandaloopy

^ Not even close, although I do own a property and have no debts. I should have started caring about stuff like this in my early 20s, lesson learned.

First thing I'd be doing is using the property to either mortgage another in that country, and have both leased out, or to finance a loan to buy one here.

So after a 40 min wait listening to slightly out of tune classical music I was told I can pay back at a class 2 rate- cool! Rather annoyingly I need to send the form in by POST, in this day and age, I'm surprised that they are that backward. The main post office here is a short stroll from a British pub, it only seems fitting I fill in the forms there over pie and pints.

The folks on that "hotline" could do with a crash course in manners. Fumin' like a Brexiteer they were

Originally Posted by NamPikToot

with some cash and a property already is a good start.

Sounds like a up and coming Tory to me.

Originally Posted by Mandaloopy

I think so, a relocation to Saudi is looking likely after this contract. At least I actually like hot weather. I've heard that Saudi kids can be quite something

You are aware that the good times have passed there, no?

Chances of living on a compound or getting wheels allocated (teaching kids) is slim, cost of living keeps rising with salaries nosediving, "taxes" on expats with nonsensical terminology attached and other less than attractive reasons to rethink that plan...

Prag, he can't be tory he's a Teacher, although Cy........

I think regardless of what happens with future UK Govt Pension arrangements Mandy's made the right choice and at Class 2 won't break the bank. It'll be one of a range of retirement investments and it should be relatively low risk i.e. he'll get something just not too easy to determine exactly how much and when it'll pay, c70 at present given you age. Just keep paying the class 2 and you won't notice it too much - one in the bank........

Originally Posted by NamPikToot

he'll get something just not too easy to determine exactly how much and when it'll pay, c70 at present given you age.

Having to wait until 70 to see anything, which in 4 decades time could be 72 or 75, would put me right off. Aiming for 60-65 and self-funded though property and investments over the next 30 years comes across as a lot more dependable.

Lulu, there is probably no right answer to the pension dilema and I don't think this'll be Mandy's main pension source but one of a spread of options covering a range of risk exposures and staggered timings. I get what you say and from reading this forum over the years you are a property fan and have some in Thailand which being invested in your domicile country de-risks any currency exposure - he has property and can add more as part of a diversified portfolio.

Amen.

Btw I'd never consider property here as any type of serious investment.

I presume his property is in the West, putting that to work as collateral by funding a mortgage on another investment property there would be better than not imo.


Might even be able to mortgage a 400 yr old cottage in Bournemouth after the 2nd property is paid off by the renters.

This is my mother Anne, a 93 year-old WW2 veteran. She is one of 520,000 Britons who are being short-changed by the British government.

Because at the age of 76 my mother moved to Canada to be close to her family in old age. And currently there is a loophole that means that if a pensioner moves to another country, the Government can stop paying the full pension that is due.
.





https://www.change.org/p/stop-denying-my-mum-and-520-000-brits-their-full-uk-pension

Yip. move abroad and lose the guaranteed yearly increases, in 13 years she has lost £53 a week.

They dont stop paying full pension, you don't get inflation increases because you are no longer contributing to the UK.