Retirement complexes

Swanlander

I would like to retire at 60 in 2 years time. The only way it is feasible is to take my 42 years employers pension and supplement this by selling my house and using the surplus to live on after buying a flat in something like a McArthur Stone complex.
I have no interest in my garden since my wife died and so would not miss that. Friends say at 60 (and I will be a young 60) I would be too young and be surrounded by lots of 75+ people.
I have seen a flat a relative took and I like them.
Any thoughts?

missile

Be aware service charges can be very high in some complexes.

If you do not like the idea of being surrounded by old wrinklies, buy a flat where their are no age restrictions.

Dunroamin

Can't you just downsize to a smaller house or an ordinary apartment? Developments for seniors are expensive to buy and to run.

Errata

Perhaps you might be surrounded by people 75+, but they're all in their own flats and if you don't want to socialise with people that live in the same block of flats as you then it really doesn't matter what age they are.

Bigmoney2

Swanlander wrote: »

I would like to retire at 60 in 2 years time. The only way it is feasible is to take my 42 years employers pension and supplement this by selling my house and using the surplus to live on after buying a flat in something like a McArthur Stone complex.
I have no interest in my garden since my wife died and so would not miss that. Friends say at 60 (and I will be a young 60) I would be too young and be surrounded by lots of 75+ people.
I have seen a flat a relative took and I like them.
Any thoughts?

You may find that your living expenses in a flat are higher due to the service charges. i believe these are higher in so called retirement complexes as you are paying for services i.e a warden, that as a young 60 is probably something you don't need at the moment.

There was also a thread recently where a decendant was being asked to pay the service charge for a deceased relative while the flat was for sale.

If you retire you may find you rekindle an interest in the garden as it will give you a bit of a purpose.

If you decide a flat is for you there is no need to restrict yourself to retirement ones, but look at service charges carefully.


I would look closely at your finances, firstly by logging what you spend currently and what your current home costs to run.

Also look at your retirement income and remember there will be no NI or pension contributions going out, so work it out net, and you won't have commuting costs.

You could also consider supplimenting it with part time work.

Depending on your level of pension its possible that you would be entitled to some help in the form of benefits e.g council tax benefit

chesky

I've noticed that quite a few of these flats are marketed to those over 55 - not so old.

Swanlander

There are some for the over 55s but most are over 60. I really do need to make sure I get my 40 year pension at 60 - if I take it early at 58 or 59 they deduct 10% per year off its value.

Tiglath

We're trying to sell Mum's house to get her a flat like this - the residents do seem to be in her age bracket (late seventies). In her area they go for around £120k one-bed ground floor (a bit less first floor). The service charge is currently £100/month and you have to continue paying it if/when you're subsequently trying to sell the flat. As people tend to be in a hurry to offload them when no longer needed, they seem to be quite amenable to offers.

missile

I have seen one complex where residents must be over 50.

Each to their own, but what is the issue with golden oldies next door?

I would prefer that to living next door to a family with 2.4 screaming kids, students having wild parties every weekend or a dope dealer with a rottweiler.

Swanlander

Fully agree - I can't stand noise so a good point!

Bigmoney2

Swanlander wrote: »

Fully agree - I can't stand noise so a good point!

And your thinking of moving into a flat !!

Especially one where the neighbours could be deaf and have the TV on loud all day.