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Poll: As a freelancer, my retirement plan consists of:
Thread poster: ProZ.com Staff
Samuel Murray
Samuel Murray  Identity Verified
Netherlands
Local time: 10:39
Member (2006)
English to Afrikaans
+ ...
Still paying off debts Apr 26, 2021

I'm still paying off debts but I hope to be done in about 3-5 years. Then I have about 20 years to save up for retirement (I'll try to buy a house), and after I reach the official retirement age, I'll have about 10-15 years left to live. Of course I intend to keep working as long as I possibly can. Fortunately, healthcare is practically free in my current country of residence. My government pension starts paying out 20 years from now (but I've missed a couple of years' payment, so I'll only ... See more
I'm still paying off debts but I hope to be done in about 3-5 years. Then I have about 20 years to save up for retirement (I'll try to buy a house), and after I reach the official retirement age, I'll have about 10-15 years left to live. Of course I intend to keep working as long as I possibly can. Fortunately, healthcare is practically free in my current country of residence. My government pension starts paying out 20 years from now (but I've missed a couple of years' payment, so I'll only get about 40% of the usual amount per month). I have no other retirement investments because I had many expenses and I always had debts.Collapse


 
Tom in London
Tom in London
United Kingdom
Local time: 09:39
Member (2008)
Italian to English
Pensions are the way to go Apr 27, 2021

Samuel Murray wrote:

..... I've missed a couple of years' payment, so I'll only get about 40% of the usual amount per month....


Samuel, if you can, make additional payments into your pension up to the maximum permitted amount. Although I am still working, I am already the recipient of a pension that I maxed out in past years, by making additional contributions.

My UK state pension had a big hole in it because I was out of the UK for more than 20 years and I wasn't paying in to it. So when I returned to the UK I made enquiries and found out that I could fill the hole by making additional payments.

Now that I'm further down the line, I see the benefit of having made the additional payments. It's good to see a sizeable pension payment coming into my bank account every month. It helps to "keep the wolf from the door".

If you're clever enough to live as long as possible, you get a lot of pension!!


 
Tony Keily
Tony Keily
Local time: 10:39
Italian to English
+ ...
Noooo problems! Apr 27, 2021

The Italian state will be showering me with gold - 800 euro a month or something before tax - after I'm 72. I have two kids to put through college (the first has already done a year) and 21 years left on the mortgage. Apart from that I'm laughing!

Tom in London
Barbara Carrara
Mervyn Henderson (X)
 
Tom in London
Tom in London
United Kingdom
Local time: 09:39
Member (2008)
Italian to English
Apr 27, 2021

Anthony John Keily wrote:

The Italian state will be showering me with gold - 800 euro a month or something before tax - after I'm 72. I have two kids to put through college (the first has already done a year) and 21 years left on the mortgage. Apart from that I'm laughing!


YEs - 800 euro a month TAXABLE

I think I'm entitled to about €120/month TAXABLE (and subject to Euro-GBP exchange rates) for the 20+ years I spent in Italy. Not much, is it?



[Edited at 2021-04-27 10:58 GMT]


Barbara Carrara
 
Arianne Farah
Arianne Farah  Identity Verified
Canada
Local time: 05:39
Member (2008)
English to French
Combination Apr 27, 2021

State pension plan that I pay into; RRSPs (kind of like a Canadian 401-K) I max out every year; rental income from real estate (currently 4 doors but planning on more), plus I don't expect to retire completely, just to slow down, space out projects, etc.

Turning 40 next year, and I'm already thinking of cutting down to 4 days a week - it's huge jump in quality of life (50% more days off a week) and at this point in life, I'd rather have more time than more money.


Christopher Schröder
Muriel Vasconcellos
 
Paul Dixon
Paul Dixon  Identity Verified
Brazil
Local time: 06:39
Portuguese to English
+ ...
What's a retirement plan? Apr 27, 2021

Things in Brazil are so bad right now that one can not even think of a retirement plan. I plan to work until I die, for this reason. I did have a plan but had to withdraw it to pay bills.

Bruno Pavesi
 
Angie Garbarino
Angie Garbarino  Identity Verified
Local time: 10:39
Member (2003)
French to Italian
+ ...
You are young Apr 27, 2021

Maria Teresa Pozzi wrote:

I recently knew that I will retire in 2032 with peanuts...


Regarding peanuts, yes I know


 
Bruno Pavesi
Bruno Pavesi  Identity Verified
Brazil
Local time: 06:39
Member (2020)
English to Portuguese
+ ...
With a little bit of luck I can think of retirement someday Apr 28, 2021

But to avoid any problems ahead, I've been paying my government taxes and whatnot. Once I've gotten rid of some pending debts and paid for my postgrad, I plan on investing in a private pension, as well as possibly investing in other areas.

Ideally I would look into buying property in the future. Nothing too fancy, just something I can rent out and have to generate some passive income, so I don't have to work myself to death.

Of course, this is all if everything goes to
... See more
But to avoid any problems ahead, I've been paying my government taxes and whatnot. Once I've gotten rid of some pending debts and paid for my postgrad, I plan on investing in a private pension, as well as possibly investing in other areas.

Ideally I would look into buying property in the future. Nothing too fancy, just something I can rent out and have to generate some passive income, so I don't have to work myself to death.

Of course, this is all if everything goes to plan. So it requires a bit of luck, as most things in life.
(My gaming humor tells me I should invest in luck points haha)
Collapse


 
Muriel Vasconcellos
Muriel Vasconcellos  Identity Verified
United States
Local time: 02:39
Member (2003)
Spanish to English
+ ...
Combination May 1, 2021

First, I should say that I don't plan to retire as long as I can still do the work. I am quite old and no longer accepting rush jobs or those that don't interest me. My freelance income is less than what it used to be. In other income, I have a pension from the organization where I worked as an in-house translator, U.S. Social Security retirement, and some investments.

[Edited at 2021-05-01 00:04 GMT]


 
Mario Freitas
Mario Freitas  Identity Verified
Brazil
Local time: 06:39
Member (2014)
English to Portuguese
+ ...
A combination May 6, 2021

I worked in-house for 20 years, so I'm entitled to retirement by the govt. social security plan, and I kept paying it independently until I'm 65 and I can retire.
I also have a private plan, since I was 24.
However, the two plans added will be equivalent to 1/5 of what I earn today working regularly, so I'm not sure I'll ever retire for real.


 
Samuel Murray
Samuel Murray  Identity Verified
Netherlands
Local time: 10:39
Member (2006)
English to Afrikaans
+ ...
@Tom May 6, 2021

Tom in London wrote:
My UK state pension had a big hole in it because I was out of the UK for more than 20 years and I wasn't paying in to it. So when I returned to the UK I made enquiries and found out that I could fill the hole by making additional payments.


In the Netherlands, if that happens to you, you fill the gap with a single payment, but only within 10 years after your arrival. In my case, the required amount was approximately EUR 20 000, which I did not have at the time. I suspect this arrangement is meant mainly for people who saved up separately for retirement during their absence who can use those savings to pay for the gap in one lumpsum payment.


 
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Poll: As a freelancer, my retirement plan consists of:






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