The Economic Situation and us....

Jonbvn

lostinrates wrote: »

.....spending winter in six month rentals in different places. Little stuff, no baggage and the security of ''home''to go to.

That is very similar to our (OH's) retirement plans, although we have a (mtg free) property in a hot country waiting for us (presently earning it's keep).

baileysbattlebus

bendix wrote: »

I would go abroad. I'll be retiring to Thailand where I already have a paid for apartment and am looking at buying a retirement house (near the beach, three bedrooms, three bathrooms, private swimming pool etc) for less than £110,000.

Even forgetting your cash lump sum, £40,000 will give you a life equivalent to twice or three times that much in some countries, including Thailand. As retirees, you would find it hard to spend that much.

Families are all well and good, but this is 2009. They have invented airplanes and prices are at their cheapest (in real terms) in history.

Don't let others - or a sense of obligation to others - ruin your retirement. You only get one.

I agree with you, though it is hard, I would be prepared to leave everyone behind (I think). I have never visited Thailand - one the place we will visit when we take our extended holiday. I don't really know what the cost of living is like - or how easy communicating is.

The holiday plan is to fly to Australia, but take a couple of months to get there - a month in Australia, visit New Zealand and fly on to the West Coast of the US - tour for a few weeks and fly back here.

But I think whatever decision we reach actually buying property would be one of the last things we would do - we would rent - to see how we got on.

Generali

To go back to the mundanities of the situation, you need to look at the risks the future can pose to your income and capital and try to minimise them as once you're retired it's going to be very hard top accumulate more capital.

Try to spread your risk as much as you can as diversification is the only free lunch. No leveraged investments at all. Don't put all your eggs in one basket. Examine what happens if someone (anyone) goes bust - never assume that the annuity provider can't go under for example, look at what will happen if they do. Advisors will try to fob you off by saying "That won't happen" and then by getting cross if you push the point. If that's their best answer, walk away. Trust nobody with your money, especially not banks and investment companies (I speak as someone with many years experience in banking).

If you want specific advice feel free to PM me.

lostinrates

baileysbattlebus wrote: »

I have been to Egypt a number of times, as has OH (diving), I did the cultural thing while he swanned around in a boat looking at the fish & coral.

He wouldn't go to Turkey - though I would.

A recently widowed aunt has spent much of her retirement travelling alone: often in youth hostels and to decidedly adventurous places. Her husband (when alive obviously:o) didn't enjoy travelling or care to visit many places more than he already had, but she did, so he stayed at home while she travelled. It worked for them. The trick I think is to find what works for you, not what is expected. A Brit/expat enclave abroad would be my idea of hell, personally, but that doesn't mean it doesn't suit others.

Really, I love Ephesus too.

bendix

I don't get this notion of staying in the UK in retirement just because of the NHS. It's like staying in prison, because they might give a donut with the lunch on Fridays.

Thailand has some of the best hospitals in the world. In fact it's growing as a medical tourism venue because of the quality and cost. I wouldnt go to the NHS for treatment if they paid me.

lostinrates

bendix wrote: »

I don't get this notion of staying in the UK in retirement just because of the NHS. It's like staying in prison, because they might give a donut with the lunch on Fridays.

Thailand has some of the best hospitals in the world. In fact it's growing as a medical tourism venue because of the quality and cost. I wouldnt go to the NHS for treatment if they paid me.

for me it would not be the NHS, it would be the care I needed when no longer so able for myself, and not justthe ohysical care (whoch I think could be bettered in many other places). Much as I love Italy, for example, the idea of being old and without family there is worse than old and without family here. nothing to do with medical care but care specifically for the elderly withour families.

Jonbvn

bendix wrote: »

Thailand has some of the best hospitals in the world. In fact it's growing as a medical tourism venue because of the quality and cost. I wouldnt go to the NHS for treatment if they paid me.

Although Thailand is a fantastic tourist destination, I am not convinced that it is such a great place to retire to. Language and visa issues spring to mind immmediately.

Have you considered Malaysia? Most people speak English, and they offer a program called Malaysia my 2nd Home Program which overcomes the visa issue.

baileysbattlebus

Generali wrote: »

To go back to the mundanities of the situation, you need to look at the risks the future can pose to your income and capital and try to minimise them as once you're retired it's going to be very hard top accumulate more capital.

Try to spread your risk as much as you can as diversification is the only free lunch. No leveraged investments at all. Don't put all your eggs in one basket. Examine what happens if someone (anyone) goes bust - never assume that the annuity provider can't go under for example, look at what will happen if they do. Advisors will try to fob you off by saying "That won't happen" and then by getting cross if you push the point. If that's their best answer, walk away. Trust nobody with your money, especially not banks and investment companies (I speak as someone with many years experience in banking).

If you want specific advice feel free to PM me.

Thanks Generali, we have never really invested any money in anything.

The money we will have will come from pension lump sum - the poceeds from the house and our own savings. So some of it will have to spent on housing. The income from the pensions is less than half of our current income - which is a scary thought - but I know it's more than enough to live on.

We had never looked any further than putting what will be left of the money in the bank tbh. Getting an income from it - hadn't crossed our minds really. But D day is not until November 2010 - so not quite imminent.

But I know where you are - unless you leave us.

baileysbattlebus

lostinrates wrote: »

A recently widowed aunt has spent much of her retirement travelling alone: often in youth hostels and to decidedly adventurous places. Her husband (when alive obviously:o) didn't enjoy travelling or care to visit many places more than he already had, but she did, so he stayed at home while she travelled. It worked for them. The trick I think is to find what works for you, not what is expected. A Brit/expat enclave abroad would be my idea of hell, personally, but that doesn't mean it doesn't suit others.

Really, I love Ephesus too.

Yes - I have travelled alone in Egypt a number of times, stayed in hotels though but made travel arrangement through local travel agencies. A memorable trip was from Aswan to Luxor by train - first class £3, marvellous - wasn't brave enough to use the loo though.

the thought of an expat enclave doesn't really float my boat either.

baileysbattlebus

Jonbvn wrote: »

Although Thailand is a fantastic tourist destination, I am not convinced that it is such a great place to retire to. Language and visa issues spring to mind immmediately.

Have you considered Malaysia? Most people speak English, and they offer a program called Malaysia my 2nd Home Program which overcomes the visa issue.

I haven't looked at Malaysia, though I did know they had a retirement programme. I will have a look at it tonight.

OH lived in Singapore for a while and did some touring in Malaysia - don't know what he thought of it. I dare say he will tell me.