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The Economic Situation and us....
baileysbattlebus
Posts: 1,443 Forumite
Just wondered what your thoughts are on this - bearing in mind falling house prices, massive gov't debt, rising unemployment, potential tax rises, possible blackouts this winter, and a myriad of other not so nice things happening at the momemt. And of course the state of the global economy as a whole.
As some of you know OH and I considering early retirement towards the end of next year, we will both be 56.
Our financial situation will be this, joint pension income of over £40k pa(most of it his), cash - probably between £400k & £500k) and both will have full state pensions in 10 years time.
What would you do? Would you stay in the UK with all it's problems and woes or would you opt for pastures new (sorry PN).
The current plan is to sell the current house - which is why the cash figure is flexible and buy somewhere smaller and just enjoy the proceeds - there are no pockets in shrouds and all that.
But given the current and potential future situation here, would it be better to get out of the UK - maybe buy a little flat or house here - but relocate abroad.
I don't want to spend our retirement in penury with our hard earned, or ill gotten (depending on your view point), largely going to the taxman, or to keep us warm or having to feed us.
Your thoughts would be appreciated -
As some of you know OH and I considering early retirement towards the end of next year, we will both be 56.
Our financial situation will be this, joint pension income of over £40k pa(most of it his), cash - probably between £400k & £500k) and both will have full state pensions in 10 years time.
What would you do? Would you stay in the UK with all it's problems and woes or would you opt for pastures new (sorry PN).
The current plan is to sell the current house - which is why the cash figure is flexible and buy somewhere smaller and just enjoy the proceeds - there are no pockets in shrouds and all that.
But given the current and potential future situation here, would it be better to get out of the UK - maybe buy a little flat or house here - but relocate abroad.
I don't want to spend our retirement in penury with our hard earned, or ill gotten (depending on your view point), largely going to the taxman, or to keep us warm or having to feed us.
Your thoughts would be appreciated -
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Comments
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Depends on family ties really. If my family was here I would stay.
Most other western country's are in a similar state.
It sounds like you will have a comfortable retirement what ever you do
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Depends on family ties really. If my family was here I would stay.
Most other western country's are in a similar state.
It sounds like you will have a comfortable retirement what ever you do
yes I suppose we will have a comfortable retirement - we never gave it much thought until fairly recently. It's what comes of having one person stay in a job for over 30 years.
We do have family ties here - grandchildren mainly - it would be wrench.
The abroad thing is something I've been mulling around for a little while now - but as you say most western economies aren't great. And what would give us a decent life here at the moment - may not elsewhere.
I think we need to do some serious research instead of just mulling.0 -
baileysbattlebus wrote: »We do have family ties here - grandchildren mainly - it would be wrench.
The abroad thing is something I've been mulling around for a little while now - but as you say most western economies aren't great. And what would give us a decent life here at the moment - may not elsewhere.
I think we need to do some serious research instead of just mulling.
I think if you did move full time away that would be a serious wrench . (Well it would be for me but I am only a recent parent, I believe most ex-pats come back for the same reason)
How about buying a holiday home abroad and have the best of both worlds.0 -
I would think long term future too. There are not many countries I'dwant to be very old if not independant in (asopposed to your enjoyable retirment years: is it possible to say this with out putting my feet inmy mouth?)
But, for now, why either or? If I had family but was ndependant and able I'd seriously consider down scaling as much as possible to somewhere I could be prettymuch forever but spending winter in six month rentals in different places. Little stuff, no baggage and the security of ''home''to go to.
The thing is, whatever we say, we aren't you. 0 -
If you move away you lose your NHS entitlement and if you re-enter the UK you will have to wait 6 months to get it back.The forest would be very silent if no birds sang except for the birds that sang the best0
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I think if you did move full time away that would be a serious wrench . (Well it would be for me but I am only a recent parent, I believe most ex-pats come back for the same reason)
How about buying a holiday home abroad and have the best of both worlds.
Hadn't actually thought of that to be honest. It probably is a good idea.
The finances would definitely stretch to somewhere small - in a warm place - I think0 -
lostinrates wrote: »I would think long term future too. There are not many countries I'dwant to be very old if not independant in (asopposed to your enjoyable retirment years: is it possible to say this with out putting my feet inmy mouth?)
But, for now, why either or? If I had family but was ndependant and able I'd seriously consider down scaling as much as possible to somewhere I could be prettymuch forever but spending winter in six month rentals in different places. Little stuff, no baggage and the security of ''home''to go to.
The thing is, whatever we say, we aren't you.
Yes, it is possible to say what you said without putting your foot in your mouth. Just because we both enjoy good health now doesn't mean we always will. And I suppose not every country has the same set up as here for the elderly.
The idea of spending 6 months in different places hadn't really occured to me - just as the holiday home hadn't. That is a really good idea, LIR, thanks0 -
baileysbattlebus wrote: »Hadn't actually thought of that to be honest. It probably is a good idea.
The finances would definitely stretch to somewhere small - in a warm place - I think
A villa in Spain will be 50p if they keep going.:)(but obviously Spain as certain issues I believe with land being reclaimed etc.)
There should be some good holiday home bargains over the next few years I should imagine.
For working people it would be one of the first assets they would sell if they had lost there job etc I should imagine, add to that global house prices falling it should be very cheap compared to a few years ago.0 -
baileysbattlebus wrote: »
The idea of spending 6 months in different places hadn't really occured to me - just as the holiday home hadn't. That is a really good idea, LIR, thanks
Exactly, I think,without my routine, my animals I'd be looking for new experiences/sights all the time. TBH buying a holiday home, unless I was drawn to it for a particular reason (which doesn't seem to be your case here) I wouldn't enjoy. But I know many people would. For me, while I'd revisit places I also enjoy novelty and learning. 0 -
If you move away you lose your NHS entitlement and if you re-enter the UK you will have to wait 6 months to get it back.
Yes, I did know that - but I thought people got round it by keeping an address here, or using a relatives address - I know it's not legal.
Also I think for most countries with health care provision (like Spain) you have to over 60 to get it free. And we won't be.0
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