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Retirement


Fair enough to any ones choices but the very last thing on this earth I would list as something I would do in retirement is DIY. I’m not leaving work to do boring shite at home that I don’t get paid for.
 
DaveH said:
Nice. I’d love to be able to afford that at 50-55
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Problem is working out how much is "enough" and having a plan of what to do with your life that doesn't involve drinking yourself to death or blowing everything before your state pension starts.

I quite like the idea of a "Grey Gap Year" - taking a year out in your 50s to do all the stuff you never had the time or money to do when you were younger before returning to work, either in the same job or something totally different. A part-time job in my late 50s might be a good idea for some pocket money and keeping busy.
 
The Great Soprendo said:
Thanks. I have an Italian passport myself (and my wife will soon have an Irish one) so we should be OK on that front. And language isn't a problem. It's all in the future but I do want to start working out how things work for getting pension payments there, taxation and suchlike. Healthcare I guess will be OK if we are both EU citizens and resident there.

For instance, I understand that they have set up a favourable taxation regime for immigrants moving to small towns in the south (or in the earthquake zones :lol: ) - where you pay a flat rate 7% on all income for 10 years. Could be quite lucrative especially if I can draw down heavily on the pension during those 10 years, though it might not be where we want to be of course. I expect I'll need some specialist advice on all that stuff. Otherwise I believe you pay tax on all income and there's no tax free allowance like here, so as a pensioner that would cost more I expect.

Can you be tax resident in the UK (like you suggest) if you live most of the year in Italy?

I should probably avoid derailing the thread on something so specific, but might have broader interest for other wannabe retirees I suppose! I think other countries have favourable regimes to attract retirees too.
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I'm still getting my head around the tax status thing - I was back in uk for 6 months this year so I guess I'm back to base

Health shoukd be OK if you have passport & residence- you just need to get a codice fiscal ( tax code ) & apply for a Italian health card

Driving is another grey area - I'm still dodging about in my UK reg car but I will need to bite the bullet on this quite soon I think
 
Slim999 said:
I'm still getting my head around the tax status thing - I was back in uk for 6 months this year so I guess I'm back to base

Health shoukd be OK if you have passport & residence- you just need to get a codice fiscal ( tax code ) & apply for a Italian health card

Driving is another grey area - I'm still dodging about in my UK reg car but I will need to bite the bullet on this quite soon I think
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I think you can exchange your UK licence for an Italian one without taking a test. At least that's what it says here:
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The UK reg car may be a bigger challenge...supposed to re-register it within 90 days. Might be easier to sell it in the UK and buy one locally.
 
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The Great Soprendo said:
I think you can exchange your UK licence for an Italian one without taking a test. At least that's what it says here:
You must be logged on to see external links


The UK reg car may be a bigger challenge...supposed to re-register it within 90 days. Might be easier to sell it in the UK and buy one locally.
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Might be difficult to insure abroad if it's a RHD. It's certainly the case if you're trying to insure a LHD vehicle over here (most policies in any country give a month or two driving abroad annually). When there was a lot of Eastern European cars on the roads 10 or 15 years ago many of them had invalid insurance.
 
Iirc did post something about temporary visas for digital nomads here in Spain some time ago. Basically to counter depopulation, the flight of the young to the cities, some regions are offering 3 year visas to basically set up businesses in rural communities. I can cite Genagaucil, a very beautiful village, close by, as an example. However generally the route for Brits who are no longer economically active is outside most peoples reach here in Spain specially when you include health insurance..
Portugal has been very welcoming but they have been swamped by applications and I read were scaling back.
The best advice appears to try and get an Irish passport. And if you get one be aware that in some provinces you can get onto the excellent national health service for around as an oap( back then) for roughly 100 euros a month which is cheap for what you pay for private.
 
HerdnMulhall said:
Iirc did post something about temporary visas for digital nomads here in Spain some time ago. Basically to counter depopulation, the flight of the young to the cities, some regions are offering 3 year visas to basically set up businesses in rural communities. I can cite Genagaucil, a very beautiful village, close by, as an example. However generally the route for Brits who are no longer economically active is outside most peoples reach here in Spain specially when you include health insurance..
Portugal has been very welcoming but they have been swamped by applications and I read were scaling back.
The best advice appears to try and get an Irish passport. And if you get one be aware that in some provinces you can get onto the excellent national health service for around as an oap( back then) for roughly 100 euros a month which is cheap for what you pay for private.
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As an EU citizen resident there would you not be eligible for free (NHS equivalent) healthcare? I'm pretty sure that's how it works in Italy.
 
I’ve read most of the thread and I understand finances are the key for most people but I’m sitting here overlooking the Caldera on Santorini having island hopped here over the last four weeks from Paros, Naxos and Amorgos. All apart from Santorini were cheap but excellent AirBnBs. Amorgos was £250 for 5 nights for two of us. You can’t get a Travelodge for that. I’d never have had the time to do this had I been working. I was made redundant last year and after much inner turmoil I chose to end my working life at 59.
Best decision ever.
 
Johnny Alpha said:
I’ve read most of the thread and I understand finances are the key for most people but I’m sitting here overlooking the Caldera on Santorini having island hopped here over the last four weeks from Paros, Naxos and Amorgos. All apart from Santorini were cheap but excellent AirBnBs. Amorgos was £250 for 5 nights for two of us. You can’t get a Travelodge for that. I’d never have had the time to do this had I been working. I was made redundant last year and after much inner turmoil I chose to end my working life at 59.
Best decision ever.
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10 days of train, bus, internal air travel, 4 star minimum hotels (incl breakfast and some evening meals) every night, tickets for a couple of games at the cricket in India all for two people about £800 all in I think from memory. To go and watch an ODI in the UK nowadays is about £80 - £100 each on its own.
 
The Great Soprendo said:
As an EU citizen resident there would you not be eligible for free (NHS equivalent) healthcare? I'm pretty sure that's how it works in Italy.
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Sorry if I wasn't clear. If you are an EU citizen then they are generally reciprocal arrangements regarding health care. Hence the advantage of obtaining an Irish passport.
There are some anomalies to look out for however,. Spain for instance is composed of 16 autonomous regions each with their own rules. . Our experience pre brexit was that certain regions were not reciprocal but if resident you could pay a bono social that would entitle you to access. However this did not apply to Andalusia , the costa del sol, because they were so many aged ex pats there that the region couldn't afford it. Fortunately we squeezed in in the Brexit arrangements but I'd really check out with the relevant Ministry of Health etc rather taking my advice. But good luck though.
And in your circs Italian passport holder and the wife having entitlement to an Irish one I'd imagine you should have a very easy passage.
 
HerdnMulhall said:
Iirc did post something about temporary visas for digital nomads here in Spain some time ago. Basically to counter depopulation, the flight of the young to the cities, some regions are offering 3 year visas to basically set up businesses in rural communities. I can cite Genagaucil, a very beautiful village, close by, as an example. However generally the route for Brits who are no longer economically active is outside most peoples reach here in Spain specially when you include health insurance..
Portugal has been very welcoming but they have been swamped by applications and I read were scaling back.
The best advice appears to try and get an Irish passport. And if you get one be aware that in some provinces you can get onto the excellent national health service for around as an oap( back then) for roughly 100 euros a month which is cheap for what you pay for private.
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Another option if you don't have an Irish passport is to marry someone who does have EU citizenship. I'm open to offers.
 
Johnny Alpha said:
I’ve read most of the thread and I understand finances are the key for most people but I’m sitting here overlooking the Caldera on Santorini having island hopped here over the last four weeks from Paros, Naxos and Amorgos. All apart from Santorini were cheap but excellent AirBnBs. Amorgos was £250 for 5 nights for two of us. You can’t get a Travelodge for that. I’d never have had the time to do this had I been working. I was made redundant last year and after much inner turmoil I chose to end my working life at 59.
Best decision ever.
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Sounds class that. Enjoy mate. 8-)
 
T_Bone said:
Who said I’m not enjoying it ? I am.
I’d paid into the scheme for 32 years.
When I took retirement the plan was to live in Cyprus where half my family already were living. Long story short, we spent a lot of time out there and woukd have stayed there but our daughter moved back to the uk so we followed.
What’s sad about it ? We choose to do what we do. We could stop it all tomorrow but lying on a settee watching shit on tv and wondering what to do next, like go to the pub, isn’t for us.
Thanks for your concern mate.
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Bit if you read some of the posts on here you’ll see that people that are retired fill their time enjoying life, if you can’t fing anything to do other than settee, tv, pub then surely that’s just you / your lack of imagination?
No need to tar every single person that’s retired with the same brush, we are all different, i respect your choices and am pleased it works for you, i certainly don’t feel the need to denigrate those choices. As long as you enjoy whatever path you choose that’s all that matters, surely?
dangermows said:
People list things they'd do if retired/weren't a slave to the wage. One of these worker weebils comes along and asks 'then what?' as if to suggest it'd soon become repetitive/boring. Aye, unlike getting up on a morning and going to work, to do the same job, five days a week :lol:

The key point is choice. People will be doing things they want to do rather than have to do once they are financially able to retire should they wish.

Fairly obvious but I am sure some numb nuts will continue to struggle with the concept :lol:
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100% this.
 
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Johnny Alpha said:
I’ve read most of the thread and I understand finances are the key for most people but I’m sitting here overlooking the Caldera on Santorini having island hopped here over the last four weeks from Paros, Naxos and Amorgos. All apart from Santorini were cheap but excellent AirBnBs. Amorgos was £250 for 5 nights for two of us. You can’t get a Travelodge for that. I’d never have had the time to do this had I been working. I was made redundant last year and after much inner turmoil I chose to end my working life at 59.
Best decision ever.
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Johnny Alpha said:
It is, thank you and I know I’m very lucky. As well as money it’s time that’s important (as has been said upthread so many times) and when I was unexpectedly given the choice, I chose to stop. There is so much to see and do when you have time on your side as you’re not working so I'm always amazed people think they’ll be bored.
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Sitting here, Corporate bullshit, meeting after meeting.
Reading your post, just inching a little bit further for making this decision in December.
Sounds superb Mate and enjoy every minute because you reached the finishing post.
 
How much you need depends on your mindset, I thought I’d packed in at 55 gonna cut my cloth to suit, what I’ve got will deffo be enough etc etc etc. with hindsight I was probably just mega p1ssed off with working and needed time away. After a year or so I realised I missed treating myself and didn’t like constantly looking at the end of the month.
Did a year or so part time now doing it full time again.
Feels different when you know you can hang ya mouse up and dip in and out when ya want to buy summit.

It’s a long time to be off even if you have hobbies, be ideal if a hobby gave ya income as wel mind, early 60s is probably the right time for most I’d say
See loads retire and end up looking after grand kids Hmmmmmmm
 
If you are bored when retired it truly is your stuff. I honestly don't know how I managed to fit work in when I was, cough, ''economically active.'' Being time rich is like being a millionaire, you've suddenly got so much resource at your disposal, in this sense a resource that was denied to you when you're earning a living. Just make sure there's enough honey in the cupboard to maintain a reasonable standard of living.
Most retirees won't have a mortgage, they may well have a pension and had a lumper. It's amazing how well you can live when you're debt free, mortgage free, not paying for a season ticket etc.
Best wishes to anyone deciding to walk off the treadmill.
 
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