Retirement - what to do with 500,000 cash...

EdGasketTheSecond

I'd blow it all on fast cars and women

eskbanker

VXman said:

OldMusicGuy said:

Save it for care home fees.......

I thought it was the opposite - spend so the government can't nick it for your care home fees?

Not sure if you're being serious but sentiments like that usually generate controversy!

If you're careless about exactly how you pursue that aim then you'd be held responsible for deliberate deprivation of assets, but even if you avoid that there are downsides, not just the moral aspects of expecting the taxpayer to support you unnecessarily but also loss of control of your own destiny, i.e. being parked somewhere not of your own choosing.

Hopefully your reference to 'the government nicking your money' was tongue in cheek....

Albermarle

VXman said:

OldMusicGuy said:

Save it for care home fees.......

I thought it was the opposite - spend so the government can't nick it for your care home fees?

So in this case , you live a very nice and comfortable life for 80 years. Then to avoid paying care home fees , you spend all the money and end up in a low quality council funded care home for your final years . If you have ever visited one of these places then your plan would change immediately and you would keep the money to pay for somewhere better !

Fighter1986

VXman said:

So say you had a regular pension income of around 36K (for a married couple) to pay the bills (no mortgage) run a car, put food on the table etc. and then an additional 500K for holidays, hobbies, treats.

Assuming 20 years of good health and being active what would you do with the 500K?

Ultimately, only you can answer this question.

What means most to you? Do you have children? Grandchildren? Are there particular countries or cities around the world that mean a lot to you because they captured your heart or imagination earlier in life? 

Are there any causes that mean a lot to you which you could help with? Is there a business you'd like to start? Is there something lacking in your local community you'd like to provide?

Do you want the money to work for you, or do you want it to work for others? 

These are all very personal decisions which we really can't make for you.

waveydavey48

EdGasketTheSecond said:

I'd blow it all on fast cars and women

and gold.

Alistair31

A gold car?

Diplodicus

Half a million cold comfort if you don’t have an imagination?

ratechaser

reeac said:

Ken68 wrote: »

Same here reeac...too old for holidays...free copy the DT??

Get it from Waitrose. We could have any newspaper from them but like to get the DT angle on things to compare with our daily paper. The DT adverts feature a potentially bankrupting combination of equity release plus big cruises.... not in the same ad. which might be foolish but on adjacent pages.

I know those ads well. Myself, not really a cruise sort of person but I've always wondered if you can't get reasonably good value with the ones that go around the world for the best part of half a year. Believe that I've seen them advertised from about £10k pp, which for full board seems pretty decent. Naturally you'd end up spending more on things ashore, but it wouldn't surprise me if there were 'professional cruisers' that sail on these things all year round and may not even have a house to go back to  

Aside from that, sounds like you're about 20 years ahead of me and Mrs RC - kids are now well set up for buying property when the time comes, grandchildren not yet on the horizon (no rush...) but they will be provided for in time. I may not be able to take it with me, but I'll make sure it goes to who I want, rather than to the taxman (who has already had a good pound of flesh from me over the years).

More of a Times than DT man though. Luckily Waitrose is my local shop...

EdGasketTheSecond

ratechaser said:

EdGasketTheSecond said:

I'd blow it all on fast cars and women

Blow it on fast cars for sure, but hopefully  the reverse would then be true regarding the women 

Way over my head; you'll need to explain it if it is not rude?

AnotherJoe

EdGasketTheSecond said:

ratechaser said:

EdGasketTheSecond said:

I'd blow it all on fast cars and women

Blow it on fast cars for sure, but hopefully  the reverse would then be true regarding the women 

Way over my head; you'll need to explain it if it is not rude?

It is rude.