interest on 50K pm/yr if l sell up and rent

symikins

just running lots of options around in my brain so what do you think

lm 56 single no kids no mortgage worked for 42yrs full time, but now struggling on esa and basically really had a gutful of the uk
been thinking about moving abroad for quite a while so if........
l sell my home and after debts ect have approx 50K left ,
move abroad and rent say approx E400 pm inc of bills [ have looked into this in depth] l have private pension of £331 net per mth so that would cover a good amount of the rent each month so l would only be using my capital on food ect , not living like you would on holiday, using public transport cooking at home ect

my state pension is now not due till lm 65 not 60

would like to try to get a bit of work if poss but not sure how to make the 50k work for me ... not saying l would be away for ever but who knows


+

atush

Where would you live? How would you pay for housing and healthcare and the rest?


50K*3%=1500/12=125 quid per month. Not enough to live on anywhere.

Cut spending, increase income, take in a lodger.

symikins

atush wrote: »

Where would you live? How would you pay for housing and healthcare and the rest?


50K*3%=1500/12=125 quid per month. Not enough to live on anywhere.

Cut spending, increase income, take in a lodger.

thanks for the maths atush , that bit is very helpful

but l did explain in my post about the rest you have mentioned [apart from the healthcare ] thank you

cut spending / increase income.... on esa £45PW [ due to ill health last 3yrs ] believe me if l could get back in work tomorrow l would in a heartbeat
lodger......live in a park home and lodgers not allowed in my agreement with the land owner .

as l said just thinking out loud all potential options there may be , but would not suit everyone l know

Glen_Clark

The days of a lump sum producing an income are over for forseeable future. You can't even find a SAFE investment that will match inflation. So your capital will be falling in value even before you draw an income from it.
Where were you thinking of going?
The most popular is Spain, but the ex pat forums are full of people who have gone out there with about as much money as you, and are now in a desperate situation

missile

Hi,
I can confirm esa is, but very few other benefits are transferable to a.n.other EU countries. I can confirm 400 euros should be enough to cover your accommodation including utilities for an apartment on the costas. IMHO £916 should be enough to live on (£585 ESA+ £331 pension). You might want to read here for helpful practical advice > http://britishexpats.com/forum/forumdisplay.php?f=75
Please note, britishexpats is not a very sympathetic forum, so be prepared for abuse if you choose to post.

On the down side, unemployment is very high in Spain. Even those fit and healthy cannot find work.
Living in Spain is very different to being on holiday. Many find they cannot cope for a variety of reasons want to return home. Sad stories of those who have sold up in the UK and moved to Spain, but find they cannot afford to return are all too common.

Glen_Clark

missile wrote: »

unemployment is very high in Spain. Even those fit and healthy cannot find work.

Even those fit and healthy and able to speak fluent Spanish can't find work.

He said £45pw ESA.
Just wondered how you got that to £585?

Dunroamin

symikins wrote: »

just running lots of options around in my brain so what do you think

lm 56 single no kids no mortgage worked for 42yrs full time, but now struggling on esa and basically really had a gutful of the uk
been thinking about moving abroad for quite a while so if........
l sell my home and after debts ect have approx 50K left ,
move abroad and rent say approx E400 pm inc of bills [ have looked into this in depth] l have private pension of £331 net per mth so that would cover a good amount of the rent each month so l would only be using my capital on food ect , not living like you would on holiday, using public transport cooking at home ect

my state pension is now not due till lm 65 not 60

would like to try to get a bit of work if poss but not sure how to make the 50k work for me ... not saying l would be away for ever but who knows


+

Should you be claiming ESA (in any country) if you're actually able to work?

In any case, having that much capital will affect your ability to claim means tested ESA anyway.

missile

Glen_Clark wrote: »

...
He said £45pw ESA. Just wondered how you got that to £585?

Sorry, my mistake.

Glen_Clark

Dunroamin wrote: »

Should you be claiming ESA (in any country) if you're actually able to work?

I think so yes if he is in the work related group.
If he is disabled (in the support group) he would probably be better off claiming it from Spain as the medical would be carried out by a proper medical professional, instead of a goon from Atos who are paid to reduce the benefits bill.

But, as you say, with £50k capital he probably wouldn't be receiving it for long anyway.