Where to retire in the UK

[GT3Manthey]

23.7 said:

After a meeting with my IFA, once I realised it was doable, a vague 18 month plan ensued,. Exciting, invigorating and a little bit frightening. 12 months later my wife negotiated a pretty good redundancy package.

6 months to exit day and the st just got real.

Work must have been wondering why I was refusing to go on courses, reluctant to embark on time consuming projects , and had a fresh spring in my step.

Some allies at work were enlisted as confidants, ready to hand stuff over.

Edited by 23.7 on Wednesday 1st September 09:23

Good for you very keen to hear how it all goes and pans out.

I’m excited but also a little scared !

[Sticks.]

GT3Manthey said:

Tks both posters above .

The kids will still be with us although the youngest will be off at uni so will still need funding but we’ve allowed for this.
The eldest will be working and have his own cash.

It’s only ever been me working ( will be close to 55 at the point of leaving work) so we won’t have an income from the wife , it’ll all be pension and savings from liquidating two properties.

I’d be lying if I said I wasn’t slightly nervous of the unknown but I have been through all our outgoings come retirement and we can do it.
Yes it’ll involve watching what we spend to a degree but the big ticket things like school fees will have gone.

The wife has a heart condition as a result of Covid and my mobility will be an issue at some stage so firstly I want to be there for her and help and secondly I want to enjoy some mobility whilst I can.

We have the area we want the be so now just watching houses and prices and trying to be realistic as to what size house we need and try and keep to a budget.

For me the freedom is the key plus helping the wife .
I’m determined to make this happen but still worry about some lumpy unexpected bills that I’ll have to make provisions for .

I think the balance of somewhere quieter and yet accessibe if your mobility is limited is hard to achieve.

[23.7]

GT3Manthey said:

23.7 said:

After a meeting with my IFA, once I realised it was doable, a vague 18 month plan ensued,. Exciting, invigorating and a little bit frightening. 12 months later my wife negotiated a pretty good redundancy package.

6 months to exit day and the st just got real.

Work must have been wondering why I was refusing to go on courses, reluctant to embark on time consuming projects , and had a fresh spring in my step.

Some allies at work were enlisted as confidants, ready to hand stuff over.

Edited by 23.7 on Wednesday 1st September 09:23

Good for you very keen to hear how it all goes and pans out.

I’m excited but also a little scared !

Such a big change is scary, we did this 9yrs ago and haven't looked back.

I was always prepared to go back to work, didn't need to. Although I do some voluntary work at a local project.

[GT3Manthey]

23.7 said:

Such a big change is scary, we did this 9yrs ago and haven't looked back.

I was always prepared to go back to work, didn't need to. Although I do some voluntary work at a local project.

My thoughts are that if I need a little extra income I can look for a part time job and yet still be there for the wife and also after around 10yrs my my monthly draw won’t need to be as much as kids totally off the payroll.
Plus I’m told as you get older you spend less

[ElectricSoup]

GT3Manthey said:

23.7 said:

Such a big change is scary, we did this 9yrs ago and haven't looked back.

I was always prepared to go back to work, didn't need to. Although I do some voluntary work at a local project.

My thoughts are that if I need a little extra income I can look for a part time job and yet still be there for the wife and also after around 10yrs my my monthly draw won’t need to be as much as kids totally off the payroll.
Plus I’m told as you get older you spend less

Speaking of spending, and I say this in all seriousness, a very important aspect of choosing a home for retirement is about to be become the way it's heated, and the associated utility bills. Gas, electricity and oil/LPG are becoming, very, very expensive and I don't imagine the trend will reverse. I'm starting to think the best approach might be a buying a building plot and constructing from new, with the absolute latest thermal efficiency and cheapest possible heating method. Whatever that may be...

[nickfrog]

GT3Manthey said:

My thoughts are that if I need a little extra income I can look for a part time job and yet still be there for the wife and also after around 10yrs my my monthly draw won’t need to be as much as kids totally off the payroll.
Plus I’m told as you get older you spend less

The other aspect, if things go badly wrong and that your predictions were optimistic (I am sure they aren't), is that you can still use equity release as a last resort, however poor value that is.

[dirty boy]

DodgyGeezer said:

Blib said:

wormus said:

Suffolk is flat and pretty uninspiring, they are also building lots of housing estates there. Not somewhere I’d choose.

I live in NE Suffolk. It's utterly uninspiring. I couldn't be less inspired when I wake up every morning. Keep well away, whatever you do.

Amen to that, the seas is full of sharks and floaters, the sand is dyed golden and comes off on your skin, fields are full of locusts and biting insects and the B roads are clogged with endless traffic.

Blib, thank goodness the house prices soften the blow of living in such an arid place.

[GT3Manthey]

nickfrog said:

The other aspect, if things go badly wrong and that your predictions were optimistic (I am sure they aren't), is that you can still use equity release as a last resort, however poor value that is.

It’s a decent suggestion but something I’m dead against.

Really don’t want to affect the kids inheritance but as you say it’s a last resort.

I anticipate our monthly costs going down by around 30% after year 7 of retirement

[nickfrog]

GT3Manthey said:

It’s a decent suggestion but something I’m dead against.

Really don’t want to affect the kids inheritance but as you say it’s a last resort.

I anticipate our monthly costs going down by around 30% after year 7 of retirement

Yes sure I feel the same. It is just nice to think that if absolutely everything goes to absolute shyte (however unlikely) you won't have to knock on your kid's door (not sure which they would rather have, inheritance or parents at home).

We have set ourselves a target to only leave the kids just enough so that they avoid paying any inheritance tax and we intend to spend the surplus!!

Edited by nickfrog on Wednesday 1st September 11:29

[Backtothenorth]

GT3Manthey said:

So today is officially ( well in my mind) 18 months before I retire.

Lots going on preparing house and flat for sale and I’m thinking we look to sell both and move just around that time.

37 years so far of commuting to London to work will be coming to an end which will seem strange I’m sure but nonetheless I can’t wait.

Another scheduled meeting coming up with the wealth manager and quotes being obtained for kitchen renovation.

The wife is at home dealing with it all and for previously mentioned reasons I’m keen to take her away from all the stress so for me the countdown has now really begun.

Getting very excited now especially as work have no idea that I intend to walk at some stage.

Just trying to get the ducks in a row now

Edited by GT3Manthey on Wednesday 1st September 08:51

Edited by GT3Manthey on Wednesday 1st September 09:09

Wow GT3 this strikes a note !
I commuted on the 6am train from Basingstoke or Hook into Waterloo for 35 years until a kind lady sent me flying from my bike on my ride back home and nearly killed me ! So early retirement rather forced on me.....
Anyway we sold our largish family home some months ago and have found a lovely old farmhouse in Cumbria on the east side of the M6 about a 20 minute drive from Penrith.
The bad news is that the lady we're buying off can't find anywhere to downsize to. We have exchanged contracts but have a very long potential gap pre completion. So we are currently nomads (my wife and i, 2 dogs and a cat !) wandering from holiday cottage to holiday cottage, luckily owned by friends who are giving us generous rates.
So far we have been living in the fantastic Swaledale, followed by Newport Pembrokeshire ( also lovely) and we are shortly to move to a cottage near Wadebridge before returning to Newport for the Autumn/early winter.
It's a bit like being on a gap year ! No responsibilities, no mowing, no weeding, no bills other than cottage rental.
We hope Cumbria will be lovely. We don't know it at all but were enchanted by the farmhouse and area.
We have 3 children and 5 grandchildren in London who are somewhat perturbed by our move but there is a relatively fast train from Penrith to London which one of us will take once a fortnight and they can all come and stay with us for longer periods.
Like you, GT3, I have found a financial adviser (actually via Pistonheads) who I hope will facilitate matters from now on.
We are excited and hope it all works out for you as well as for us !!

[GT3Manthey]

Backtothenorth said:

Wow GT3 this strikes a note !
I commuted on the 6am train from Basingstoke or Hook into Waterloo for 35 years until a kind lady sent me flying from my bike on my ride back home and nearly killed me ! So early retirement rather forced on me.....
Anyway we sold our largish family home some months ago and have found a lovely old farmhouse in Cumbria on the east side of the M6 about a 20 minute drive from Penrith.
The bad news is that the lady we're buying off can't find anywhere to downsize to. We have exchanged contracts but have a very long potential gap pre completion. So we are currently nomads (my wife and i, 2 dogs and a cat !) wandering from holiday cottage to holiday cottage, luckily owned by friends who are giving us generous rates.
So far we have been living in the fantastic Swaledale, followed by Newport Pembrokeshire ( also lovely) and we are shortly to move to a cottage near Wadebridge before returning to Newport for the Autumn/early winter.
It's a bit like being on a gap year ! No responsibilities, no mowing, no weeding, no bills other than cottage rental.
We hope Cumbria will be lovely. We don't know it at all but were enchanted by the farmhouse and area.
We have 3 children and 5 grandchildren in London who are somewhat perturbed by our move but there is a relatively fast train from Penrith to London which one of us will take once a fortnight and they can all come and stay with us for longer periods.
Like you, GT3, I have found a financial adviser (actually via Pistonheads) who I hope will facilitate matters from now on.
We are excited and hope it all works out for you as well as for us !!

Wow great post and best of luck with the house purchase.

I’ve been trying to map this out for the last few years desperate to be in a position to take the leap .
We’ll not be loaded by any stretch but I’m confident we can make it work with lifestyle adjustments.

Kids as mentioned will still be with us but I want them to be around us so a family home big enough for us we will have to find which might be the tricky part.

Some part time work I’d be more than up for doing providing I enjoyed it and it’s not stuck in an office staring at the same screens!

I certainly won’t miss the train journey !

[GT3Manthey]

nickfrog said:

Yes sure I feel the same. It is just nice to think that if absolutely everything goes to absolute shyte (however unlikely) you won't have to knock on your kid's door (not sure which they would rather have, inheritance or parents at home).

We have set ourselves a target to only leave the kids just enough so that they avoid paying any inheritance tax and we intend to spend the surplus!!

Edited by nickfrog on Wednesday 1st September 11:29

My plan is to give them a deposit for a property using my mothers inheritance and then as much as we can afford along the way so as to avoid tax as much as possible.

If at some stage we downsize again when they have moved out then I’ll be handing over as much of that as we can and try and make sure we fall into the tax free bracket for as long as the government allow that of course !

Good luck

[Riley Blue]

ElectricSoup said:

Must say I've just spent a week in Dumfries & Galloway, and it's shot right up the league as a retirement destination. Beautiful, sparsely populated but with decent medical facilites etc in the main towns, quiet even in the height of a tourist season with unusually high numbers of domestic tourists, easy access to the M6 and mainline railways if you stay far enough east - although I'd be bloody tempted with the Rhins area, absolutely blew me away and cheap property too.

A firm contender for me.

What's Leswalt's secret?

I know of a couple in their 80s about to relocate from northern France to a bungalow there (that they've bought unseen based on family recommendations). Having wandered around it on Google Street View it appears to have few amenities yet has a high proportion of retirement bungalows - I'm baffled.

[ElectricSoup]

Riley Blue said:

ElectricSoup said:

Must say I've just spent a week in Dumfries & Galloway, and it's shot right up the league as a retirement destination. Beautiful, sparsely populated but with decent medical facilites etc in the main towns, quiet even in the height of a tourist season with unusually high numbers of domestic tourists, easy access to the M6 and mainline railways if you stay far enough east - although I'd be bloody tempted with the Rhins area, absolutely blew me away and cheap property too.

A firm contender for me.

What's Leswalt's secret?

I know of a couple in their 80s about to relocate from northern France to a bungalow there (that they've bought unseen based on family recommendations). Having wandered around it on Google Street View it appears to have few amenities yet has a high proportion of retirement bungalows - I'm baffled.

I expect the answer is cheap housing and a 10 minute drive to the local hospital. And Stranraer Golf Club.

[23.7]

One thing I would say.

Take your time, and do nothing for a bit. Work out what you really want. Many downsize, after a year we realised we needed (wanted) more space not less.

By all means make to do lists, spreadsheets, budget.

Then chuck them in the bin, deadlines, commitments and targets are for working people.

[GT3Manthey]

23.7 said:

One thing I would say.

Take your time, and do nothing for a bit. Work out what you really want. Many downsize, after a year we realised we needed (wanted) more space not less.

By all means make to do lists, spreadsheets, budget.

Then chuck them in the bin, deadlines, commitments and targets are for working people.

Great post

[DodgyGeezer]

23.7 said:

Take your time, and do nothing for a bit. Work out what you really want. Many downsize, after a year we realised we needed (wanted) more space not less.

By all means make to do lists, spreadsheets, budget.

Then chuck them in the bin, deadlines, commitments and targets are for working people.

both of these seem sound advice. After nosing at supposed retirement properties we realised that we'd like to 'same-size' - saw the details of one which just seemed to shave too much space out. Bed1 seems to have no real storage room, 2 & 3 even less. I can live without a dining room (would be nice to have one but 'meh') but I would then like to have more room in a kitchen.... small garden is fine, prefer not overlooked though. All the below was on offer in The Wirral(ish) for 500k






the thing is that most 'retirement' places seem to think that old folks (not that we're old, nudging 60) don't want more than a rabbit hutch

[timberman]

DodgyGeezer said:

23.7 said:

Take your time, and do nothing for a bit. Work out what you really want. Many downsize, after a year we realised we needed (wanted) more space not less.

By all means make to do lists, spreadsheets, budget.

Then chuck them in the bin, deadlines, commitments and targets are for working people.

both of these seem sound advice. After nosing at supposed retirement properties we realised that we'd like to 'same-size' - saw the details of one which just seemed to shave too much space out. Bed1 seems to have no real storage room, 2 & 3 even less. I can live without a dining room (would be nice to have one but 'meh') but I would then like to have more room in a kitchen.... small garden is fine, prefer not overlooked though. All the below was on offer in The Wirral(ish) for 500k






the thing is that most 'retirement' places seem to think that old folks (not that we're old, nudging 60) don't want more than a rabbit hutch

One thing that annoys me,
when we mention to people that we're looking to move now we've retired, and describe the kind of house we would like to live in,
( ideally over 1500 sq ft at least 3 bedrooms and a large garden ) ......we get a lot of comments about "there's only 2 of you so why do you need anything that big .

I'm not interested in buying a house just based on need,

if we're going to pick a house to live in for the rest of our lives then it's damn well going to be a house we'll feel comfortable and happy living in, not just what we can get away with.

[mikeiow]

23.7 said:

One thing I would say.

Take your time, and do nothing for a bit. Work out what you really want. Many downsize, after a year we realised we needed (wanted) more space not less.

By all means make to do lists, spreadsheets, budget.

Then chuck them in the bin, deadlines, commitments and targets are for working people.

Agree with that first bit.....almost 4 months in now, it's been an awesome summer, & I suspect we will remain where we are for at least 5 years: especially since we've spent the past few years extending and updating things like doors & windows, have the "home cinema" set up how we like it, etc!!

We also have a decent social life here, so wouldn't want to ditch that as well as the joy of work at the same time

I do love a nice spreadsheet though....
edit live to love!

Edited by mikeiow on Thursday 2nd September 07:47

[GT3Manthey]

Seeing lots of part time vacancies if I wanted to carry on working once I officially retire.

Figure some structure to my week isn’t the worst idea albeit a couple of days a week so I’m now even more confident that being able to top up my money each month If needs be is readily available.

The first 6 years with the youngest at uni will be the most expensive then after that the costs base I think will drop by around 25-30%.

My latest fixation is going through the monthly cost base on a daily basis !

Really good to hear from those that have recently retired and how it’s all working out