Preparing for retirement

We can't stay doing this job forever. Our use by date is 2025, so we're trying to think ahead.

1) We do not quite have all the years of NI contributions necessary for a full pension. We both lack about four or five years. So we plan to purchase as many of these years as we can before 2025. Each year costs £750 and gives you back about £5 per week in state pension. This means that if you survive three years into retirement you've recouped your investment.

2) I need to talk to the Halifax about my personal pension. It's currently set up to pay a monthly pension, but I could opt to take it some other way. I can take 25% out tax free.

3) The proceeds from the sale of our house are in dodgy French government savings schemes. We plan to use that money to buy somewhere to live, probably in North Wales where we used to live before. Housing there is affordable and we'll be able to manage well without a car.

4) There is a remote possibility that we may try to stay in France after retirement.

Another issue is that of replacing us in the work we do here. That's outside the scope of this blog.


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