How much is enough?

gallygirl

We have our own place in Spain but to be honest if we had our time again we would want to rent for a year.

Doshunta - my concern with having only one property would be that if you were relying on that income and had a long void you could be in trouble. If you could manage to stretch to two cheaper properties you would lessen the risk. Would that be feasible?

doshunta

... really nice to hear there are indeed like-minded folks thinking about similar plans to try to go for it and chill in the sun before their personal sun sets on them..:beer:

As with anyone who is on the last 5 years or so of their planned run out (and constantly aware of redundancy threat) I'm anxious to make sure I make the right decisions and, having seen a chunk of my hard earned cash disappear in a flash, I'm nervous. Today's market volatility doesn't help.:eek:

While I don't want to take on a buy-2-let nightmare, I also believe(d?) this offered possible long term protection against property inflation... 'safe as houses' etc....and maybe some respite from wider market exposures. In the end there are few certain bets I guess..:(

What I do know is that when we're over there we spend a lot less time thinking about material goods and eat/live healthier and more cheaply. Our idea is to live out there while we're healthy, then travel to UK/wherever kids are a few months of the year, a couple of which may be family home swaps or wider afield!

Who knows it might still happen!

Meanwhile I wish everyone all the best in fulfilling their personal ambitions as the big day approaches!:A

doshunta

excelpaul wrote: »

doshunta
I agree with edinburgher. Your post was thoughtful and reasonable.
I have considered living abroad for a while after I retire in a couple of years time. However I am more wary of buying abroad and may try a long term rent in Cyprus to see if it is something I just need to get out of my system!! Some very reasonable villas about in Cyprus with pools for about £450 a month for 12 months! Will suit me!
All the best with your plans.
As I said my comments were just my point of view.

I do think you need to get it INTO your system! :beer:

.. sounds like a great idea..I like Cyprus, so all the best with yours!

I spent a lot of time researching different areas and ways of getting to that place in the sun, realising how mad many people are in risking everything to move lock stock and barrel to somewhere they hardly know at all. Much better idea to try before you buy in my opinion...then maybe not buy at all!

We originally looked at self funded French Leaseback locations etc, but the opportunity came up out the blue when friends living in our ideal rental location approached us 5 years ago to see if we would 'keep their dream alive' when they moved...we couldn't afford the rental as it was too early in our lives, but decided to do it anyway on a YOLO basis!...it's meant pulling the belts tight since (and numerous max overdraft months), but somehow we've kept it going to the point we are nearing the end of the tunnel...what is definite though is that every second we've spent there is like stealing our own piece of heaven!

It is about the time we are given on this mortal coil and the memories that we can make for ourselves along the way...:)

enthusiasticsaver

My OH and myself are also preparing for retirement hopefully at the end of 2018 and I am tracking all our everyday spends and holiday, hobbies expenses etc just to see how much we really will need to live off. A few years ago I would have said we needed a gross income of £30k combined in retirement - about half our current income but when you take into consideration no NI and reduced tax and travel costs I think we could retire on less than that now. Our essential spends on bills, utilities, food and clothes are generally less than £1k per month and I reckon we could do a holiday and weekends away, days out etc for an extra £500 per month so £1500 net per month is about £18-£20k per year depending on the split and tax paid. So long as we have our savings as well and lump sum we would be quite comfortable on that.

saver861

doshunta wrote: »

To enable us to do this and pay mortgage and pension when in the UK we actually live quite simply, hardly ever going out for meals etc. Our weekly household spend around £170, excluding petrol for one car, but including virtually everything else.

I'm not sure if I'm reading this right but £170 per week or £8840 per year to run the house for four adults for virtually everything sounds awfully low. (you mentioned you had two adult kids still living at home.)

I have calculated about £18k - £20k per year for all living expenses for two - and that's not including foreign holidays. If your doing it for less than half that then you might be able to give some tips because that is excellent.

doshunta wrote: »

Unfortunately I lost a chunk of my fund with a poor IFA who I've subsequently dumped. I've found many folks on here far more knowledgeable that many of the IFA's I've come across!

Its a bit of a recurring theme on unfortunately re poor IFA's. I would certainly agree though there is a lot of good information to be gained on here, unbiased and free.

bugslet

excelpaul wrote: »

I do enjoy reading all these forums but I do have to ensure that I do not compare myself unfavourably with those seemingly better off and get depressed!! Far more interested in those with a few thousand and typical pensions.
Just my view of course.

Excel, I found myself reading about those with very large pension pots and equally looked at my pot (140k, age 50) and felt a little low. I solved the problem by reading the DFW board and the tale of a lady my own age with an IO mortgage and 47k in debt, and all of a sudden, the financials seemed OK!

In other words, comparing yourself with other people is pretty pointless, some worse off, some better off.:)

atush

However, I think the OP on this thread seemed to be acting outside the 'spirit' of the forum. However, I would still give him the benefit of the doubt

The OP has been around a while stirring the pot from time to time. You can give him the benefit of your doubt, I will not be as charitable.

ttoli

excelpaul wrote: »

doshunta
I agree with edinburgher. Your post was thoughtful and reasonable.
I have considered living abroad for a while after I retire in a couple of years time. However I am more wary of buying abroad and may try a long term rent in Cyprus to see if it is something I just need to get out of my system!! Some very reasonable villas about in Cyprus with pools for about £450 a month for 12 months! Will suit me!
All the best with your plans.
As I said my comments were just my point of view.

Rather depends if you need a 3 bedroom Villa , you can get 2 Bedroom Apartments here ( with Pool ) for £300 a month £12k a year for a couple the average minimum.

doshunta

ttoli wrote: »

Rather depends if you need a 3 bedroom Villa , you can get 2 Bedroom Apartments here ( with Pool ) for £300 a month £12k a year for a couple the average minimum.

Think something is amiss here as £300 pm*12 doesn't equate to £12k pa? Am I reading it wrong?

Our apartment is 8000 Euros pa at the moment, so need to fund that. May swap with family homes if renting out main UK property - as family already pay a contribution to use it at times now...:cool:

dunroving

ttoli wrote: »

Rather depends if you need a 3 bedroom Villa , you can get 2 Bedroom Apartments here ( with Pool ) for £300 a month £12k a year for a couple the average minimum.

doshunta wrote: »

Think something is amiss here as £300 pm*12 doesn't equate to £12k pa? Am I reading it wrong?

Our apartment is 8000 Euros pa at the moment, so need to fund that. May swap with family homes if renting out main UK property - as family already pay a contribution to use it at times now...:cool:

I read this as meaning £12k as a minimum annual living income ...