Retirement planning I am loosing money from my pension, why ?
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Retirement planning is something that often gets overlooked, but it’s essential to ensure that you have enough money to sustain yourself during your golden years. Many people rely on a pension plan to provide for them after retirement, but what happens when the pension plan is not performing as expected?
If you’re noticing that your pension plan is not growing as much as it should or that you’re losing money, it’s essential to take action right away. There are a few steps you can take to determine what’s going on and how you can address the issue.
The first step is to review your pension plan statement thoroughly. Look for details regarding the performance of your investments, any fees or charges you’re being assessed, and the overall health of the plan. Understanding this information is crucial to determining what might be happening with your pension.
If you’re finding that the plan is not performing as expected, it may be time to consider changing your investment strategy. Talk to your investment advisor or plan administrator to assess your investment options and determine if there are more suitable choices for your retirement planning needs.
Another option is to consider consolidating your pension plan with a different provider. A pension plan that’s not performing well could be a sign of financial instability within the company, so moving your funds to a more stable provider may be a wise choice.
It’s also a good idea to consider contributing more to your pension plan. If you’re losing money due to market fluctuations, contributing more money to your plan can help offset those losses and ensure that you have enough saved for retirement.
Ultimately, it’s essential to take a proactive approach when it comes to your retirement planning. Keeping an eye on your pension plan and taking steps to address any issues promptly can help ensure that you have the retirement you’ve always dreamed of.
Les, loving your videos but you never seem to mention gay guys guys living or retiring in Thailand. So many do.
I knew a guy who lived in Pattaya (he’s sadly died now) but he kept an address in the UK (i.e. his friend agreed to say that he lived there with him) and that way he got his annual pension increase. He also got his winter fuel allowance which he used to joke about using to pay for his air-con.
Great to know mate cheers
Good video and work around sounds good Les ¡
Smart alternatives still end up living in a tropical paradise cheaper than uk
Hi is it best to get your pension paid direct into a Thai bank or into a Uk bank and have it sent through them to a Thai bank?
how dose the uk even know what county your living in? you could just say you live ij the phlilaphinnes anyway no?
What people should really be considering is how they will survive when/if countries start to clamp down more on these sorts of arrangements as economic conditions worsen and Govt. budgets get strained more and more over time.
Personally I wouldn't want to be relying on a state pension as my only source of income in a foreign country tbh.
I have done a follow up from this video Great Idea how to Unfreeze your Pension
I'd be very cautious about buying an annuity. Keeping a lump.sum in shares means heart-stopping volatility, but the dividends usually chug along and increase. The UK state pension does increase in the Philippines. The UK's cop, firefighter, civil service and other public sector pensions do pay to wives and dependents, but they can reduce them by a percentage if you're partner is more than 12 years younger than you.
yes i think we all know about this i been retired now 8 years living in thailand 8 years i know about this 3 years before i retired it not news but your pension freeze when you move out the country yes it ture but the way i do it . i am living at my sister home bank transfer the money to thai bark
Les, your information is so brilliant…Thank you Jeff
The uk pensions dept will require proof of permanent residency in the Philippines so a six month holiday will not do it.
Mine is frozen and l live in Canada and paid in 40 years but ya can live in Philippine and get the increases.
Hi Les I thought if you have an address in England you still get the pension increase
Thought provoking video Les.
Thanks.
Self-funded is the way we will have to go from Aus. 43 % of Australians at retirement age will be self-funded by 2023. The Australian gov. hates giving benefits to anyone unless they are in abject poverty.
It’s an idea but not a very practical one ,, by the time you add up flights , accommodation , insurance ,, loss of income your thai misses might be earning ,, plus beggars everywhere and anywhere your stationary in PP , I reckon your gonna be well outta pocket I’m afraid.
A mate of mine retired in Thailand on a state pension only ,, no additional private ones ,, 12 years ago with his money frozen way back then and tbh he has his own place with his misses but other than that he ain’t got a pot to piss in , and the way inflation is heading it’s only gonna get worse , he has no house ins or personal medical ins, you have to be realistic when looking at your future outlays
How long can I stay in Thailand as a tourist…thanks Les
I'd be very curious where you'd live in the Philippines. I've been to both Thailand and the Philippines many times and I prefer Thailand by far, however thats my personal preference for various reasons.
Doesn't make sense…your pension is earned not a privilege, can you have your pension deposited to your UK bank account and withdrawn at any ATM worldwide?
Hi Les, just found your channel recently and have subscribed, love your no-frills no BS plain and simple videos, easy to understand and follow! I'm not retired yet, but thinking it may be possible within the next 5 years just sort of putting the plan together.
We're coming to Thailand for the summer holidays and have already booked a villa in Bhan Phe, would love to catch up with you and chat about Thailand and retirement!
Mumin
hi Les Great video as normal. how would this affect my Visa for living in Thailand would I have to retire to the Philippines and live in Thailand. what sort of Visa would I need to be able to do this.Any help would be greatly appreciated
have you been to the Philippines?
Thanks for excellent advice on getting the Pension increases. Definitely worth considering. I have a few years to go for State Pension so it may have changed by then
your holiday plan will not work ,simply because you will need a residence permit and an address in your name ,and the dwp will certainly check that out ,also you have to supply them with the bank account details for your payment ,also checkable ,and finally you declare that all information is true ,,
Hi Les, there is another way, keep a address in the UK as nearly all banking is done online you can just transfer money say one every 6 months to keep your Thai bank account toped up & fullfill Thai visa requirements, that way you will keep getting all your increases
thank you very much. And by living in Thailand we lose access to the NHS services after 3 months. As I understand it we cannot return to the UK for NHS help. Am I right, do you have a work around? I would also like to hear how to pay tax on our private pensions have you covered that in a video already? Sorry for the questions but I am now about 18 months from retiring to Isaan. Cheers from London
Good advice it similar with Ireland and frozen pension in Thailand. But I never knew my state pension could be passed on to my wife some thing to look into. But I have my private pension set up that the residue after I pass will go to my misses also property etc she deserves it after putting up with me this long .
Thanks Les. I presume you won't be doing this though. Seems like practically if one is mainly reliant on a UK state pension to survive for one's main source of income – it would be hard/impossible long term without being at least in a 'reciprocal' country.
Interesting
I assume this is if you "officially" retire abroad! If I have a UK address but spend the whole year in Thailand will they know?
Just don't tell them you are retired in Thailand.
All you need is a uk postal address family or friend.
I personally know a person that is doing just that been living in Thailand over 15 years and gets the full pension rises yearly.
Thanks for the info Les
Also very significant is the drop in the value of GBP against THB let alone USD…….
Interesting.
So. If you stayed in Thailand for 5 years and the increase is, say 3% per year, which you didn’t get. But then moved to PI for 186 days in the 6th year when it increases by, say another 3%, then will your pension increase by just the 3% or will it increase by 5 x 3% (15%) plus the 3% (18%) for that year?
Any idea Les?
Hi, Les enjoyed your video full of information and your intelligent insights. I think once you factor in the price of flights and accommodation in the UK you would be better off taking what they offer in your pension and rolling with that. It would be cheaper than living for six months in the UK. It does not look cost effective to travel home just to get the poultry increases. As long as the pension does not go down it should work out. Take care GOD Bless you and yours. M
It's 67 retirement now
I feel sorrry for all those people with money in Private Pensions.
They will be worth very little, if the pension fund still exists in the coming years.
Don't forget you get 25% tax free lump sum but the rest is subject to income tax.
I’m about 18-19 years away from state pension. I’ve heard they are putting the state pension age up to 68 in a few years time.
Good idea mate gotta be cheaper than moving back to the UK for 148 days as long as you don't fall for another beautiful Filipino girl then it would be much more expensive
Hi Les. As always, your videos are thought provoking and very informative. Just a few considerations (apologies I'm not trying to come across negative), but the extra costs involved in finding accommodation, flights etc. would need to be factored in to see if it is an advantage. Also would this need to be repeated every year or if a year was missed would it revert to the original rate when the pension first became payable? Finally – on a slightly off topic – have you ever been to the Philippines? Would be great to hear your experiences if you have compared to that of Thailand. All the best – really enjoying the channel.
You used to be able to live on UK disability allowance in Thailand but the UK government changed the rules in that you have to be UK resident to get disability allowance now. Many UK citizens that were living abroad on disability allowance had to return to the UK.