Anyone FIRE in UK? How do taxes work?

Mar 20 8 Comments

I’m looking to FIRE around 55. Living frugally (no mortgage, no car) along with some savings and a 401k a bit later I should be comfortable. But how do taxes work? I’m having trouble finding information about how the NHS is paid in this situation and what the costs are.

I plan on doing mainly volunteer work, so I can’t rely on taxes from a minimum wage job paying for NHS.

I’ve also looked at Germany, but they’ll charge a minimum of €200 per month per person for public healthcare. If any money is coming from investments with capital gains that can max out at €800! That seems like a significant cost that could delay early retirement.

#uk #fire #germany

8

comments

Want to comment? LOG IN or SIGN UP
  1. TOP
  2. RECENT
  3. OLD
 TOP 8 Comments
  • Meta
    eLH04

    Go to company page Meta

    eLH04
    I thought in UK you FIRE by being born into the right class
    Mar 20 3
    • New
      yung🦗

      New

      yung🦗
      Definitely have to be a duke or at least a earl
      Mar 20
    • Google
      Xj777

      Go to company page Google

      Xj777
      A lot more social mobility in the US than in the "old world" no matter what the haters say.
      Mar 21
  • Amazon
    rsxh

    Go to company page Amazon

    rsxh
    You can FIRE with UK salaries and COL?
    Mar 20 2
    • OP
      1. Work in the US with dual US salaries. Not bay area, but we’re doing about $400k combined, not counting RSUs.
      2. Move to the UK (hour or so outside London) and buy a house outright with proceeds from selling US house.
      3. Keep current jobs (both our employers allow this). Expect 15% to 35% paycut but still many times what average non-tech is in UK.
      4. 3 to 5 years to get UK citizenship and you can keep your US citizenship.
      5. No kids, no mortgage, cheap travel to EU.
      Mar 20
    • Google
      Xj777

      Go to company page Google

      Xj777
      "Not counting RSUs" is meaningless. Lots of FAANG execs make $400k or less "not counting RSUs" but make tens of millions with RSU. That's why we talk about "TC." Base salary is meaningless.
      Mar 21
  • If you keep your household income (more accurately, MAGI) below 4x FPL, you can qualify for hefty Obamacare subsidies. If healthcare is the only thing that makes you want to move to the UK, consider moving to LCOL area of the US and live off investments and buy from the Obamacare market. From my own research, Europe has only one thing going for it, which is low cost healthcare, but comes with many downsides, like high everyday living expenses and high taxes even on low-ish TCs.
    Mar 20 0