How to deal with a big cash windfall

RetiredInThailand

Unless you actually enjoy your work (and what sort of loser could actually enjoy work?), consider retiring now and doing whatever it is you do enjoy doing.

If you are lucky you may live another 30 years and, like me, you have more than enough cash/assets to cover your income for that time. If you are unlucky you could be dead before you even draw your pension, leaving all your assets to the UK government to squander on your behalf. So just put your money into the most boring but secure investments you can find. Do nothing that involves risk, and as long as they keep pace with inflation (more or less) you should be fine.

I retired at 50 and my only regret is that I didn't do it much earlier.

oldvicar

curi wrote: »

Thanks, a reply very close to my thinking.
I'll come clean. I had to give up work last year to look after a terminally ill mum, although I could because I had saved a lot myself. She died and left me an inheritance, which added to my own savings etc, is what I describe.

My trouble is, I wake in the middle of the night worrying if I need to get back into work (which was a stressful job). Then I work it all out again (given the economy) and my less than ostentatious spending. It seems most think I'm in a good situation, so maybe I should finally realise that and just live it out.

Thanks for the replies, they have helped.

I stopped work aged 40 in comparable circumstances to yours, only with less money, less pension to look forward to etc. A lot less than I thought was enough to retire on. 10 years on and I realise that I have plenty, and need a lot less than I first thought.

Trust me, you have enough money. No need to worry about money other than looking after it sensibly. You only need to work if it gives you pleasure. Try volunteering, or maybe local politics, etc if you are seeking a 'purpose'.

dzug1

RetiredInThailand wrote: »

Unless you actually enjoy your work (and what sort of loser could actually enjoy work?), consider retiring now and doing whatever it is you do enjoy doing.

.

Well I'd hazard a guess that most really successful people enjoy their work and that it's losers in general that don't.......:cool:

But that apart, as you say, OP is really in the position to do virtually whatever he wants and has the ability to do.

Though, as an aside, I would say - make a will. That way you decide who gets it when your time comes, even if it's a charity.

RetiredInThailand

dzug1 wrote: »

Well I'd hazard a guess that most really successful people enjoy their work and that it's losers in general that don't.......:cool:

People think that, but in fact really successful people often have no life at all outside their job, and spend most of their time making enemies. Look at Steve Jobs and Rupert Murdoch: would you like to live like either of them? I wouldn't.

My job was OK. I worked for myself for the last 20 years and did very well. But I'm delighted not to have to answer the phone any more, and am even more delighted to wake up every day knowing that I dont have to do anything that I dont want to do. That is what retirement is all about, as far as I'm concerned.

Though, as an aside, I would say - make a will. That way you decide who gets it when your time comes, even if it's a charity.

Indeed.

atush

I say instead look at people like Richard Branson. Who loves his work, but also loves living his life with his family and his outside interests.

Lots of sucessful people love their work yet manage to have a life and live it well.

AS for the OP Cur, will you have enough income over the next 5 years until you get your pension of 22K per annum? I would keep working (ie go back to your old job if you can) and in the meanwhile invest the money in whatever way you are comfortable. See what annual income it will bring, and see if you can easily live on the amt. If so, retire. If not quite, consider working part time until 55.

For instance, 600K invested at 3% would yeild 18K per annum- can you live on that? The other 75K you could spend or invest to grow thru equity exposure. But I personally would have more equity exposure in a pot that size but if you were to immediately retire you would need to keep it fairly safe. But you won't be safe from inflation eroding the value of your 600K over time (ie if youare getting 3% interest, and inflat ipn is 5% you will lose 2% per year).

dzug1

RetiredInThailand wrote: »

People think that, but in fact really successful people often have no life at all outside their job, and spend most of their time making enemies. Look at Steve Jobs and Rupert Murdoch: would you like to live like either of them? I wouldn't.

Well no - I wouldn't - but I think you are making the mistake of thinking because you wouldn't like it, no-one else would. Or at least giving that impression. People like different things.

After all - your ID suggests you are retired in Thailand and happy with it. To me it's a tropical hell hole. Both perfectly valid views.

munro_wilson

give half to the poster of message 18 on the thread, whoever that may be. just random

Truepat

Go and explore this world for a few years. It is an amazing place full of amazing sights and amazing people.

RetiredInThailand

dzug1 wrote: »

Well no - I wouldn't - but I think you are making the mistake of thinking because you wouldn't like it, no-one else would. Or at least giving that impression. People like different things.

After all - your ID suggests you are retired in Thailand and happy with it. To me it's a tropical hell hole. Both perfectly valid views.

Surely this is obvious? I can only give my personal opinion, just like everyone else. Rather than precede every comment with the phrase "this is my personal opinion", I take it as read. Hard to imagine what else anyone could possibly do.

Whether anyone else agrees with me or not is neither here nor there, as that is merely their own personal opinion anyway.

redbull5

Possible donate £5k to my ever so small life savings please!