Retirement for someone with no dependents

Catwales

I'm 47, single, no children, paying AVC's to be able to retire earlier, my plan will be take equity out of my house too and have a nice life, whatever is left can go to my nieces and nephews and a couple of my favourite charities

MEM62

Stanleychops said:

I have come to the realisation that potentially it is no longer imperative to finish paying my mortgage or worry about leaving my non-existent children/partner any inheritance.  

One big question is whether that will remain unchanged.  If it does so much of your life (and future planning) will look very different.  I was 47 when I met Mrs MEM62, having been single for two decades.     

penners324

There are retirement villages where you can rent or buy. 

The one's by Inspired Villages are like 5 star hotels. Definitely worth looking at if your finances can afford it.

Yorkie1

Albermarle said:

Cairnpapple said:

Depending where you are, it's possible that there may be more stable options for renting in retirement that there are pre-retirement, for example council sheltered housing, retirement flats or almshouses.

I have a spouse but no kids and we're planning to go the downsizing route when we no longer need 2 home offices (we're currently late 40s/early 50s with mortgage paid off). We have friends a generation older than us who downsized basically as soon as they turned 60 and it looked like exactly the right time to do it, while they still had the energy. They also prioritised walkable amenities and public transport.

This is true ( in bold) although I think getting an almshouse is not very easy.
Also retirement flats are notorious for being poor value and being very difficult to sell, even with big price drops. So can leave behind an headache for family/executors.
An alternative for the better off are retirement villages and the like.. Upmarket and secure with facilities on site.
However you need a good cash flow !

Agree re. the retirement villages, although it's worth being aware that a) you may need to be relatively young e.g. in low 60s to be accepted, and b) they may have a waiting list.

penners324

Yorkie1 said:

Albermarle said:

Cairnpapple said:

Depending where you are, it's possible that there may be more stable options for renting in retirement that there are pre-retirement, for example council sheltered housing, retirement flats or almshouses.

I have a spouse but no kids and we're planning to go the downsizing route when we no longer need 2 home offices (we're currently late 40s/early 50s with mortgage paid off). We have friends a generation older than us who downsized basically as soon as they turned 60 and it looked like exactly the right time to do it, while they still had the energy. They also prioritised walkable amenities and public transport.

This is true ( in bold) although I think getting an almshouse is not very easy.
Also retirement flats are notorious for being poor value and being very difficult to sell, even with big price drops. So can leave behind an headache for family/executors.
An alternative for the better off are retirement villages and the like.. Upmarket and secure with facilities on site.
However you need a good cash flow !

Agree re. the retirement villages, although it's worth being aware that a) you may need to be relatively young e.g. in low 60s to be accepted, and b) they may have a waiting list.

My mother moved into 1 recently at 82. They've had new residents move in who are in their mid 90s.

optoutDB

Similar here. No partner or dependents.

Realised a couple of years ago that I have quite a lot of money to spend. I have been living on under £5k spending money for years, so I don't have much fear of a tight retirement. I quit proper work at 40, and about to start taking my DB pension at 57.  Will be investing my lump sum into a lifestyle business (into sellable assets, so not risking that cash).

My housing position is a bit unusual. Never had a mortgage or house, but also never had to deal with the hassles of the UK rental market because I have rented my parents house for 30 years!  Currently looking after my Mum in it. Fair chance I will inherit a third of the house. I will probably then rent the rest of it from my brothers for a while, depending on how much the house is enabling my various hobby businesses.   Also quite possible that one or both brothers will sell their houses and move back in as a base for their retirements. I don't mind owning 1/3 or 1/2 a house.  Another option would be for me to buy half of one of my brother's houses and move in with them. 

As you can see, my plans all include minimising housing costs. Joining the Van life is also an option. I have a few friends who are either already in Europe, or planning to go there when they retire. So I will be visiting them.  

Fink_Nottle

Albermarle said:

An alternative for the better off are retirement villages and the like.. Upmarket and secure with facilities on site.

Be careful though. From the books I've read, they might seem very nice but there are a lot of murders in them...

SarahB16

Yorkie1 said:

Albermarle said:

Cairnpapple said:

Depending where you are, it's possible that there may be more stable options for renting in retirement that there are pre-retirement, for example council sheltered housing, retirement flats or almshouses.

I have a spouse but no kids and we're planning to go the downsizing route when we no longer need 2 home offices (we're currently late 40s/early 50s with mortgage paid off). We have friends a generation older than us who downsized basically as soon as they turned 60 and it looked like exactly the right time to do it, while they still had the energy. They also prioritised walkable amenities and public transport.

This is true ( in bold) although I think getting an almshouse is not very easy.
Also retirement flats are notorious for being poor value and being very difficult to sell, even with big price drops. So can leave behind an headache for family/executors.
An alternative for the better off are retirement villages and the like.. Upmarket and secure with facilities on site.
However you need a good cash flow !

Agree re. the retirement villages, although it's worth being aware that a) you may need to be relatively young e.g. in low 60s to be accepted, and b) they may have a waiting list.

Many retirement villages prefer older people as older people, on average, do not live as long so the retirement village receives the event fee sooner so it helps the cashflow for the owner of the retirement village.

pterri

penners324 said:

There are retirement villages where you can rent or buy. 

The one's by Inspired Villages are like 5 star hotels. Definitely worth looking at if your finances can afford it.

Not sure of the deets but there is a thing with the service fees being extortionate? And difficult to sell on if left to anyone? Not that it’s an issue if that’s not a concern. I’ll revisit when I’m 75…

ali_bear

Fink_Nottle said:

Be careful though. From the books I've read, they might seem very nice but there are a lot of murders in them...

But the detection rate is excellent