| Pages in topic: < [1 2] | Retiring Thread poster: David Wright
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David Wright wrote:
No, but the higher rates of tax take effect pretty quickly in Austria so that I'd only receive about 50% of what my clients actually pay.
And yes, I love translating too, but it has to make financial sense (and there are other things to do as well)
[Edited at 2015-04-30 08:42 GMT]
Reminds me of Sweden
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David Wright wrote:
I can't "sell" my clients - whoever "bought" them wouldn't be certain that they'd get work from them.
Naturally. If you weren't retiring, neither could you be. When BMW bought Land Rover (just sprang to mind for some reason) they had no idea if they'd ever sell another one. I don't think it's about certainty, it's about the likelihood and spreading risk and whatnot.
Let's just say that if you were in my language pair and my fields, I'd be considering making you an offer
Good point though, Charlie, about working with a replacement. Might be the right approach. Thanks
But naturally you should do what you're comfortable with. I wish you the best. Don't forget to delete yourself from here to enjoy the best possible retirement
| | | | EvaVer (X) 
Local time: 23:08
Czech to French
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| It depends... | Apr 30, 2015 |
also how specific your clients' topics are. I am also considering retirement, so that I have given it some thought. If you have direct clients with very special fields (and/or special language pairs) and frequent (and urgent) need of translation services, longer notice might be required. The trouble is, they won't take it seriously - God knows I tried to explain to my main client that they need to find and train a replacement, they just won't believe I want to retire (a bit earlier than the loca... See more also how specific your clients' topics are. I am also considering retirement, so that I have given it some thought. If you have direct clients with very special fields (and/or special language pairs) and frequent (and urgent) need of translation services, longer notice might be required. The trouble is, they won't take it seriously - God knows I tried to explain to my main client that they need to find and train a replacement, they just won't believe I want to retire (a bit earlier than the local legal age, too). If you work on a specific project (whether for a direct client or an agency), you should finish it (if limited in time) or give sufficient notice, too. But generally speaking, agencies don't need any notice - it's their job to find somebody else. ▲ Collapse
| | | | Paulinho Fonseca
Brazil
Local time: 18:08
Member (2011)
English to Portuguese
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| I would inform client within a month. | Apr 30, 2015 |
Gitte Hovedskov, MCIL wrote: First of all: congratulations on reaching retirement age and having a secure pension, that must feel great. Second, I think it is incredibly decent of you to consider your clients' needs like this, and I imagine this means that you have good working relationships with them, and that hopefully, they will treat you with the same decency. Sadly, there is no guarantee for this, as 'business is business', and any client can change tack in an instant, so you have to put yourself first. In my view, giving your clients one month's notice would be very generous, as this would give them the chance to find your replacement, and if any of them dump you instantly, it will hopefully not affect your income too badly. That's what I would do, at any rate, hoping that I will find myself in a position where I can afford to retire... ever... 
That is a risk, but then you would be very ethic in letting them know and have plenty of time to arrange/find a new supplier, which it is not that easy.
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Sheila Wilson
Spain
Local time: 22:08
Member (2007)
English
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| By the end of the month before the month when you will retire | Apr 30, 2015 |
Goodness, is that clear? Maybe an example would be clearer: I think the end of May would be a good time to inform them if you're retiring at the end of June. Certainly not later as they might well feel that you've pulled the rug out from under their feet. It's obviously not a decision you make two days beforehand.
Are you sad to be stopping? I'm going to start receiving a couple of private pensions later this year, and my husband's already a UK state pensioner, but I'm not seriously... See more Goodness, is that clear? Maybe an example would be clearer: I think the end of May would be a good time to inform them if you're retiring at the end of June. Certainly not later as they might well feel that you've pulled the rug out from under their feet. It's obviously not a decision you make two days beforehand.
Are you sad to be stopping? I'm going to start receiving a couple of private pensions later this year, and my husband's already a UK state pensioner, but I'm not seriously considering stopping yet. I don't actually know when I'll be eligible for a state pension: I'm due something (probably not much) from the coffers of the UK, France and Spain, but I can't imagine how they'll all handle it, nor when. If it's up to Spain to coordinate everything, it'll probably be never. ▲ Collapse
| | | | | Why don't you consider translating a little bit more? | Apr 30, 2015 |
Hi David, I am retired too, in France; I was previously an IT engineer; I started translating 4 years ago.
I like very much translating and I like the associated internationnal contacts as well.
For me, -as a job-, translating provides an extra income and a kind of security; my fiscal status (auto-entrepreneur) substracts 25% only; and I pay that only if I work.
About my (private) retirement insurance, it is in great financial difficulty; in case of dramatic evolution... See more Hi David, I am retired too, in France; I was previously an IT engineer; I started translating 4 years ago.
I like very much translating and I like the associated internationnal contacts as well.
For me, -as a job-, translating provides an extra income and a kind of security; my fiscal status (auto-entrepreneur) substracts 25% only; and I pay that only if I work.
About my (private) retirement insurance, it is in great financial difficulty; in case of dramatic evolution I might translate full time again
Good luck to you
[Edited at 2015-04-30 21:15 GMT]
[Edited at 2015-04-30 21:17 GMT] ▲ Collapse
| | | | | A different approach | May 1, 2015 |
I reckon I am still some 15-20 years from retirement, but my idea of that period is that I would not want to go from 100% work to no work, as I fear it will be damaging for my mental health. I'm not kidding! I have seen many people who went from stress to a total halt. While they felt a great relief at first, something clicked in their soul and shortly after they were not the same people. I like to think of my retirement as a gradual thing, with tasks where I can put my expertise to work even if... See more I reckon I am still some 15-20 years from retirement, but my idea of that period is that I would not want to go from 100% work to no work, as I fear it will be damaging for my mental health. I'm not kidding! I have seen many people who went from stress to a total halt. While they felt a great relief at first, something clicked in their soul and shortly after they were not the same people. I like to think of my retirement as a gradual thing, with tasks where I can put my expertise to work even if I do not physically translate.
I wonder whether Austrian retirement law would allow you to get income as a shareholder of a company. If that is the case, it would make sense to me to remain close to the business for some time by turning your freelancer service to a company, so that you can still get some income from managing the company.
Having said the above (just to take it off my mind), in your situation I would make sure I provided a valued final service: I would let customers know two-three weeks in advance and would offer them help in selecting the ideal candidates. If the idea of a company makes sense, you might want to select the translators for your company and keep offering the service for some years and cultivating your hobbies at the same time.
Something else I would try to plan is to visit the main customers in person to say goodbye in a memorable way.
(Edited to correct Australia to Austria! Upps...)
[Edited at 2015-05-01 08:35 GMT] ▲ Collapse
| | | | David Wright
Austria
Local time: 23:08
German to English
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TOPIC STARTER | Thanks to all | May 1, 2015 |
for your suggestions. You've made things a lot clearer in my mind. I have decided to find a few colleagues I can suggest to my clients to take over when I stop. I've also decied to give them a month's warning.
The financial issue is basically that any income I earned from translating would be taxed at around 40% and possibly plus 17% for health insurance. This seems to me to make it pointless working for money. There's no law against me earning anything, but all income will be taxe... See more for your suggestions. You've made things a lot clearer in my mind. I have decided to find a few colleagues I can suggest to my clients to take over when I stop. I've also decied to give them a month's warning.
The financial issue is basically that any income I earned from translating would be taxed at around 40% and possibly plus 17% for health insurance. This seems to me to make it pointless working for money. There's no law against me earning anything, but all income will be taxed accordingly.
Translation isn't my entire life, I have plenty of other projects already on the go. (anyone fancy touring Iran in the near future just let me know!!)
@ Sheila - actually no I'm not sad at stopping (though the reason - getting older - is a tad dispiriting!) And Austria is reasonably well organised in these matters, so I'll get a pension from when it's due.
@Tomas - yes doing the rounds of the clients is a good idea - I was planning it ona small scale, teh ones nearby, but maybe a tour of southern Germany might be a good way of bringing it all to an end.
Yes, it is nice knowing I'll get a reasonable pension - but in Austria you pay quite large amounts into the pension fund over the years, it's not a gift by any means! ▲ Collapse
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May I ask you what kind of rate of profitability was achieved by your pension plan, and to what extent it was over the CPI increment over these years? Do you feel it was profitable enough for the money you put into it?
Also, does your income tax system in Austria give you any tax benefit on the money you put into the pension plan?
(In my case here in Spain, I reckon that so far I've had approximately 5% net profitability after CPI in the money I have added to my rather ... See more May I ask you what kind of rate of profitability was achieved by your pension plan, and to what extent it was over the CPI increment over these years? Do you feel it was profitable enough for the money you put into it?
Also, does your income tax system in Austria give you any tax benefit on the money you put into the pension plan?
(In my case here in Spain, I reckon that so far I've had approximately 5% net profitability after CPI in the money I have added to my rather conservative pension plan, and in Spain we can deduce from our taxes 15% of up to 10 thousand euros put into the plan, i.e. a maximum deduction of 1,500 euros p.a. Over here, you pay income tax on the amounts you receive from the plan when you retire. If you cash out the full amount in one go, the tax rate is very high indeed and can reach up to 56% depending on the amount, so most people prefer to cash it out in instalments and use the plan as a monthly complement to their public pension.) ▲ Collapse
| | | | Tina Vonhof (X)
Canada
Local time: 15:08
Dutch to English
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David, here is one more suggestion: join Translators Without Borders. The jobs in your language pairs will probably be infrequent, you can take them or leave them, and they have very generous deadlines. It's a great way to keep your hand in and know that you are helping charitable organizations at the same time.
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