I’ve not been working much for the past 12 months or so, and am still being paid. I find the whole thing terribly dull and have no idea what to do with myself.
That's pretty sad.😩
I think one of the reasons as well is seeing an elderly relative who has always worked, has equity and own home have to pay for care, where as if you spunk all your money having a great time, you get taken care of in the same way but don’t pay!
Kind of selfish, but regardless of political views i doubt this will change much
I get exactly the point you are making, but I wouldn't be certain you will get (today or in the future) exactly the same level of support/care. Nor do you know when the point you might need the care would apply. If you live to 95*, and are self sufficient and happy until 90**, thats 25 yrs of rent you'd be flushing away, if thats most of your pension it will really affect what you can do in those 25 yrs. If buying a flat now - think like you are 75 - ground floor, close to facilities (hospital, bus stops etc), nobody wants to move house in their 70s or 80s.
*assuming van life invigorates you and enhances life rather than drives you to drink!
**or at least until you qualify for what any future government might fund!
Have a serious look at learning to sail, especially if you’re solo. £20k will get you a perfectly seaworthy boat (search for Rival 34/Moody 33 type or similar). These will likely be more comfortable to live on than a van, have a ready made cruising community in the Med / Caribbean plus likely have lower running costs each month.
Cheap boats are cheap for a reason - they can be money pits. I doubt the running costs are better - especially for a newbie sailor buying a boat with no experience: marina's and rented moorings become the default option (you need some confidence to trust an anchor every night), equipment needs serviced/repaired, heating it will still cost as much (maybe more) than a van. There are people buying cheap boats and doing boat life - but there are probably more who buy cheap boats, plough a load of cash on storage, insurance, repairs and then sell a cheap boat!
Seeing these places in France for £100k with land and outbuildings. .
my folks "retired" to one of these ..... 6 bedrooms , seperate annex flat in the roof space and land/barn etc.
they run it as a Bnb and spent ages looking for the right one in the right location.
They seem to have lucked out as busier than they could ever have imagined and thats during covid restrictions. Mostly pass throughs as they are on the route to spain for many travelers but busy none the less.
Certainly wouldnt say all are cheap for a reason , Land in general is cheaper out of the cities due to there being more of it .....
AS for going on tour in a van for 15 years . cant say that sounds like fun. Id rather go on a 15 year bike tour - sounds like a perfect amount of time to actually see teh world your passing through. 15 years in a van sounds like many roberies and many sleepless nights in less than ideal locations.
yeah, can’t get my head around that at all. I have so many interests/projects on the go/ideas for more I still don’t think I’d have enough time for everything I want to do/learn even if I weren’t working!! And that’s without going off travelling! Still, my dad’s the same, still working at 80, loves it & wouldn’t know what to do otherwise, very few interests outside of work.That’s pretty sad.
Some interesting and useful ideas and advice in this thread which is in a similar vein.. Retirement... what's it really like?
Essentially, if you can make the finances/economics work for you, then the true question is what you intend to do with your time, and would you enjoy yourself (long term)?
It helps to start with the following question:
"If I could retire/give up work/do whatever the heck I wanted to TODAY, how would I spend my time?"
Write your answers down.
If you like your answers, if you are drawn to them, if they excite/motivate you (and the finances work) - then GO FOR IT!
However, if you either can't list out how you'd spend your time, or maybe you can but aren't excited by what you've written, you may need to do some more thinking before committing.
Is £200k going to be enough for 15 years?
Easily if you volunteer. See the world, meet people, make friends, do fun projects, have a break, do your own thing for a few months, then volunteer again somewhere else for a few weeks, months, etc. Move on, repeat? Just a mix n match option I’d consider. I’ve spent a lot of time alone doing my own thing and it gets old after a while even for me. I’d never trade all the fun, friends, new skills and life experiences I’ve made while volunteering. I’d do it tomorrow if I wasn’t required elsewhere.
Bed/pitch/room/castle/earthship/sheephut/cabin and meal/s are usually covered
workaway or helpx are a couple of introducers. Build a profile and have look around for hosts that match your skills and abilities. I’ve met lots of younger friends (20-40) who do this but you do meet older who people also do it 👋🏼
Bookmarked
Sounds a plan, but what to do if 3,4,5 years down the line you decide to revert back 😕 how easy would that be.
Maybe plan and keep this back up into the equation.
Chap I used to sail with Kevin did similar. He left the kids the house, and bugered off to Grenada in the Caribbean for a share of a big schooner.
I actually reckon his plan is similar to yours in that he was a submariner.So there was always that pension to hold as a reserve.
I heard the boat ended up on the reef on dark night, and far as I know returned to his home town of Loughborough.
Raindancer 2.
https://www.latitude38.com/lectronic/the-loss-of-the-schooner-raindancer/
As a PP has said have a plan for if you have a serious health problem.
I'm early 50s and a couple of younger people I know have just had stuff happen out of the blue, one had a stroke, lost a bit of sight and had their driving license removed, another had to have a major organ transplant all of a sudden, both healthy clean living folks.
I know at least three people my age living with lymphoma.
And that's not even *counting* the friend my age who liked the booze and fags that cancer took in a few months because TBH *that* is not so much a problem - you're dead whatever.
The general plan of finding a way to live on not a lot and have fun is 👍👍👍 tho just be aware shit happens & don't assume "not to me!"
but they’re potentially more of a financial drag
Yeah I’m more the rucksack trains and planes type. Another plus for workaways etc
I've been travelling for the last 6 months in Europe living in a motorhome off rental income from back home and plan to do another 6 months. First few months absolute bliss, no weird feelings of aimlessness or homesickness then a bit of that started to kick in and now there is a certain amount of fatigue with the constant moving, constant new things, do I stay here or is there something better at the next place, missing proper connections with people other than my partner as you are never anywhere long enough to make proper friends. Now we are almost as far South as we can go the next step is to find somewhere nice and make a base for awhile so settle into an area and hopefully make some social connections. We've met heaps of lovely people on our travels but it's for a few days max.
I think for me to be happy long term I need a stable base and to feel like I'm not a vister/tourist all the time. There's something really important for me about feeling like I belong somewhere, that I know the lie of the land, the best pub to visit, familiar faces you might bump into down the shop that sort of thing.
So don't burn all your bridges till you've tried it is my advice.
My 2p worth.
Buy a portfolio of buy to let property in the uk. 1 or 2 bed flats, farly new purpose built placed. Utilise the cheap money around now and fix for 5 years.
Pay s management co or find a person to look after them. 4 or 5 should be easy sith part of your equity
Check out the tax situation carefully as you might be better of incorporating as a business
Then witj the gearing effect you dhould net a few thousand a month profit
Then rent something in the south of France. Jura maybe so Spain and Italy sre quickn to access Ditto Germany amd Switzerland. Get a small van so you csn go away for a few weeks to the Picos or Pyrenees or tuscany but have something dry and warm to return to.
Return back to uk 1 day driving so if necessary you can do that easily enough.
Then very low wealth depreciation, you might accumulate cash if your thrifty.
Ifvit works you vould stay indefinitely, and sell a property at jome every 3 or 4 years after the initial 5 year ficed rate mtg period has ended releasing 25% of the asset value
@dyna-ti - what a shame, such a beautiful vessel.
OP - Also consider health care/insurance (particularly post-brexshit). In addition to that, you need to check if you affect your NHS entitlement. I am not sure what the rules are but my wife (a nurse) has to report people who are not resident in this country (including ex-pat's I believe).
Buy a portfolio of buy to let property in the uk. 1 or 2 bed flats, farly new purpose built placed. Utilise the cheap money around now and fix for 5 years.
Pay s management co or find a person to look after them. 4 or 5 should be easy sith part of your equity
Check out the tax situation carefully as you might be better of incorporating as a business
Then witj the gearing effect you dhould net a few thousand a month profit
That sounds like harder work/more stress than my full-time job.
Rent a house at that stage so I have minimal assets for government to take when I’m old.
...to help pay for schools, hospitals, old age pensions, other bits of the safety net you might need? (Also they take assets when you're dead, and not really using them any more.)
While I often think the "my next car will be electric" crowd are jumping the gun a bit, in your original plan you are going to end up in the year 2035 with a 15+ year old diesel van. Where in europe (ie cities, centres of towns) will that be welcome?
I have a revised plan now, so thanks for all the helpful suggestions.
The plan is to save a bit more, then sell up and buy one here and one somewhere else in Europe. Gives a chance for things to calm down after Brexit etc.
Aiming for end of next year.
You never know, I might inherit my mums bungalow eventually! (Bless her)
(Also they take assets when you’re dead, and not really using them any more.)
Apart from when the local authority asks you to sell your house in order to pay for your care. It's ok, I think you can keep just over 20k savings...
DO NOT MAKE ANY HASTY DECISIONS AT A TIME OF STRESS!
Why not? Have a look at my other posts on here about my present mental state after retiring, selling our house and sinking all my savings into a dream house in Scotland. It is causing me massive stress, basically a breakdown. I regret bitterly that we didn't at least do a tryout and come and stay in a rental for a week in winter, ask questions and find out about the village and its inhabitants and think more carefully about the size and design of the house. It's too late now as we're well into the incident pit.
Hire a van and go for a drive around Europe in winter. Think carefully about your physical health and above all your mental fitness for the escapade. At over 50 you are heading down the other side of the hill. And do you want to do this during Covid? The media are now saying the peak is going to be worse and last right into next Spring.
PM me if you want more advice.
Thanks Globalti!
Apart from when the local authority asks you to sell your house in order to pay for your care. It’s ok, I think you can keep just over 20k savings
£14k as it goes. Fwiw it's government not LAs responsible for this policy, and it's the care homes (which 20% end up in for an average 2.5 years) who need paying by someone. I'm reasonably acquainted having sold my dad's house to pay for his care. It's a rubbish system but choosing to not have assets so the state/taxpayers pick up the tab is not a great strategy.
I take your point John but I will have been a tax payer for over 50 years.
👍 fair point. You can't take it with you...
I think lots of people are feeling very very out of sorts at the moment. The world is a very strange place at the moment.
very true
for me the " selling up and doing something else" must be because you are going to something not running away from something
A change of scene will not solve your issues if you take them with you
^ salient point. You'll still be you when you get there 😄
You’ll still be you when you get there
Depressing but true. I ****ing hate me.
