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Poll: Do you have a retirement plan?
Thread poster: ProZ.com Staff

ProZ.com Staff
Local time: 10:44
SITE STAFF
Jun 29, 2009

This forum topic is for the discussion of the poll question "Do you have a retirement plan?".

This poll was originally submitted by Terejimenez

View the poll here

A forum topic will appear each time a new poll is run. For more information, see: http://proz.com/topic/33629


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Russell Jones  Identity Verified
United Kingdom
Local time: 18:44
Italian to English
Implemented Jun 29, 2009

My retirement plan was to become a translator. Objective realised.

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Jocelyne S  Identity Verified
France
Local time: 19:44
Member
French to English
+ ...
Not sure... Jun 29, 2009

I answered the question thinking that it was referring to a plan about what/when I intend to retire; then I re-read the question and thought that perhaps it was referring to an RRSP or some other type of financial plan.

I suppose that one of the above may not go far without the other in the years to come in any case.

Alas, they say that my generation will likely never reap the benefits of retirement as it exists currently in countries like France today.

Although I love my job, I do not intend to translate professionally beyond "retirement age" - what exactly that means will depend on any number of factors over the next twenty (ideal scenario), thirty (more realistic), or forty (gasp) years!

Best,
Jocelyne


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Melzie
Local time: 19:44
French to English
+ ...
yes Jun 29, 2009

I plan to win the lottery !

or as Jocelyne so neatly puts it

"Alas, they say that my generation will likely never reap the benefits of retirement as it exists currently in countries like France today."


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Michael Harris  Identity Verified
Germany
Local time: 19:44
Member (2006)
German to English
Yes Jun 29, 2009

Got private pension insurance, and if they keep what they promise (Allianz) then I should be high and dry to things I am not able to do now - early retirement!!

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Amy Duncan  Identity Verified
Brazil
Local time: 16:44
Portuguese to English
+ ...
Well put, Russell! Jun 29, 2009

Russell Jones wrote:

My retirement plan was to become a translator. Objective realised.


I really got serious about translating after so-called "retirement age" (whatever the heck that means!). I also have Social Security, and I never plan to retire from being actively involved in a variety of things.


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neilmac  Identity Verified
Spain
Local time: 19:44
Spanish to English
+ ...
No pension plans Jun 29, 2009

I never believed in pension plans when I was younger and am now too old to take one out.
I hope to be able to continue working as a translator and making enough to get by until I am no longer able to work owing to physical or mental decrepitude.
As things stand now, my life could be see as resembling what many people from my country (UK) hope for when they retire: no boss but myself, as much free time as I want, extremely flexible working schedule, living in a good climate (Spain) in a nice (rented) house with swimming pool and fruit-bearing trees, doing what I enjoy most of the time...


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Noël Purcell-O'Byrne
Belgium
Local time: 19:44
Member (2007)
French to English
+ ...
I am retired. Jun 29, 2009

and enjoying it/

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Chris Lancaster  Identity Verified
Spain
Local time: 19:44
Member
Spanish to English
Yes Jun 29, 2009

I was persuaded by my 'gestor' a few years ago to pay into a private pension scheme. I pay in the capped amount each year (was 8,000 euros, currently 10,000 euros), part of which is tax deductible, I can also draw on it if I'm ever unable to work due to physical incapacity which, with a wife and 2 kids, seems sensible. I also continue with my UK NI contributions (UKP 350-ish a year) which will entitle me to a small UK pension.

And then there's the Spanish pension I should receive in exchange for the 250 euros or so the government relieves me of each month.

Quite what any of them will be worth in the future remains to be seen

[Edited at 2009-06-29 17:24 GMT]


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??? Jun 29, 2009

Noël Purcell-O'Byrne wrote:

and enjoying it/


Then, may I ask, what are you doing here?


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Parrot  Identity Verified
Spain
Local time: 19:44
Member (2002)
Spanish to English
+ ...
Yes Jun 29, 2009

It's a legal tax dodge.

Now, what to do when I'd have that to pay taxes for... maybe take a sabbatical?


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Joan Berglund  Identity Verified
United States
Local time: 13:44
French to English
yes - I plan not to retire Jun 29, 2009

Although I do have a tiny IRA from a part time job. I keep resolving to make the maximum deductible IRA contributions and I keep not doing it. On the other hand, I do pay way too much SS - that will be there for me, right? Yes, that was sarcasm.

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Claudia Aguero  Identity Verified
Costa Rica
Local time: 12:44
Spanish to English
+ ...
Yes Jun 30, 2009

Costa Rican law demands all employees to have two retirement plans. One is supposed to be "supplementary" to the Social Security Fund, we must pay every month. Then I have another that is voluntary.
I hope to be able to retire someday in the future....


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xxxLatin_Hellas
United States
Local time: 19:44
Italian to English
+ ...
Government and Private Pensions Jun 30, 2009

I expect government pension schemes to still be around in 20-30 years, but the pensionable age will be steadily raised and inflation will reduce the value of the pay-outs to covering, in most cases, only food (today it may cover food and utilities).

The social security (government pension) tax rate in the US is around 14%, still about 10 percentage points lower (or more) than in many European countries, and it phases out over a certain level.

In the US, there are many tax incentives for private saving in the form of pension plans (IRAs, Roth, 401k, etc.), education (529k), health plans (HSAs), and other types of insurance policies. The trick is, besides generating enough income to actually make contributions, knowing how to manage them to maximize their value in terms of market and taxes.

In addition, as some have mentioned, part of the pension plan has to be to keep one's hands skilled and to keep working (and/or win the lottery).

[Edited at 2009-06-30 07:51 GMT]

[Edited at 2009-06-30 07:53 GMT]


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Mihailolja
United Kingdom
Local time: 18:44
Ukrainian to English
+ ...
Health Jun 30, 2009

Simple as that!

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