Budapest Property 3.29

295 King Street
London, W6 9NH
United Kingdom

About Budapest Property

Budapest Property Budapest Property is one of the popular place listed under Dentist in London , Health/beauty in London ,

Contact Details & Working Hours

Details

Disillusioned with life in the UK ?
The UK Government have announced fundamental changes to Pension rules for people aged 55 and above from April 2015. ( subject to legislation )
Full details have yet to be released but it would appear people with a private pension can for the first time un lock pension funds. Pension holders are no longer prevented from accessing their pension pot and accepting the ridiculously low annuity rates on offer.
From the age of 55 you can withdraw a maximum 25% of your pension pot tax free.
Further amounts can be withdrawn but this will be taxed at the persons marginal tax rate – 0%, then 20% 40% or 45% – much depending on what other taxable income a person receives
A recent report indicated that to enjoy a comfortable life in retirement in the UK each person needs a net income of £15,000 / annum. Ideally nearer to £20,000 to enjoy the finer things in life such as overseas holidays and meals out. Considering the average Council Tax bill in the UK ( Band D ) is £1,464 for 2014/15 and ever increasing heating costs, which tend to increase further when one retires, there is not much money left to enjoy life
Just like managing a business people need to consider not just their income but also their costs. Any cost savings go straight to the bottom line as profit or in the case of a personal budget, more cost savings mean a higher disposable income.
The cost of living across much of Western Europe and in particular the Euro Zone is very comparable to the UK. However, in Central Europe costs tend to be lower.
The cost of living of Hungary is considerably lower than the UK. Similarly the average gross income being just 25% of that of the UK ( £7,665 versus £29,900 ). Therefore the amount of money required to enjoy a comfortable life in Hungary is probably nearer £4,000 per annum – with typical Council Tax bills of less than £50 / annum and lower energy costs it is no wonder an increasing number of Brits are relocating over to Hungary disillusioned with life back home.
Lets consider an example against a backdrop of -
The new state pension to be introduced in April 2016 yields an income of £7,500 / annum – but what age do you retire 65, 66 or 67. Maybe 70 is around the corner ?
Pension income is still taxed. up to £10,000 – nil rate, next £31,865 at 20%
Annuity rates of 3.5% typically at aged 55 yrs and just 4.5% at aged 65 yrs
The average pension pot at the time of retirement is £36,800 ( Association of British Insurers ) – yielding approx. £100 / month – probably not enough to pay your Council Tax !!
Average property rental prices in the UK as of July 2014 of £694/ month £8328 / annum ( The Independent )

Map of Budapest Property

Updates from Budapest Property

Reviews of Budapest Property

   Loading comments-box...