Retired, 55, £1000,000 no home, and free, what would you do?
Discussion
Sadly realise it’s not that much.
So you want to live to 85 - that gives you (excluding any investment income) £33k a year to live on - and you need to pay rent etc.
So invest it at circa 7% and live off the £70k (I’m ignoring taxes) and carry on with your life.
Alternatively find out you’ve got 2 years to live and I revert to the above answers - party like it 1999
So you want to live to 85 - that gives you (excluding any investment income) £33k a year to live on - and you need to pay rent etc.
So invest it at circa 7% and live off the £70k (I’m ignoring taxes) and carry on with your life.
Alternatively find out you’ve got 2 years to live and I revert to the above answers - party like it 1999
Not much you can do really!
I’ve got a few staff from Romania and they showed me dream houses in their town for 35 grand, if you were Romanian or wanted to live there, you still couldn’t buy a house there and not work for the rest of your life, and that’s Romania.
Do you have a steady income? A decent pension?
I’ve got a few staff from Romania and they showed me dream houses in their town for 35 grand, if you were Romanian or wanted to live there, you still couldn’t buy a house there and not work for the rest of your life, and that’s Romania.
Do you have a steady income? A decent pension?
Fast and Spurious said:
Mr Pointy said:
Do you think the State Pension is enough to live comfortably on? Give it a go & report back.
It supplements quite nicely. Do the maths.Mr Pointy said:
I have. Out of the £1m he's got to buy or finance somewhere to live first. Then he needs to survive for 12 years until the pension kicks in. Being only 55 one could reasonably suppose he wants to live a little so it's not going to be cheap living, unless he's happy with beans on toast & a second hand Yaris.
Chestrockwell said:
Not much you can do really!
I’ve got a few staff from Romania and they showed me dream houses in their town for 35 grand, if you were Romanian or wanted to live there, you still couldn’t buy a house there and not work for the rest of your life, and that’s Romania.
Do you have a steady income? A decent pension?
35 would be a push, but double it and ~£70k buys you a considerable amount of sleepy village life in rural Scotland. I’ve got a few staff from Romania and they showed me dream houses in their town for 35 grand, if you were Romanian or wanted to live there, you still couldn’t buy a house there and not work for the rest of your life, and that’s Romania.
Do you have a steady income? A decent pension?
Invested in the right way (50-60% equities and rear in bonds you could easily take 4% (possibly a little more) and maintain your capital over the long run.
So £40k until state pension and then you’d be on almost £50k. Putting £20k each year into an ISA would also gradually reduce your tax burden over the next few decades as well.
He’ll, with only £600,000 in the pot after buying a £400k property that drawdown could be £24-30k and you’d still be OK over the long run, even with bad years taken into account.
It’s not the amount you start with that’s necessarily the issue, it’s how much you want to spend each month.
So £40k until state pension and then you’d be on almost £50k. Putting £20k each year into an ISA would also gradually reduce your tax burden over the next few decades as well.
He’ll, with only £600,000 in the pot after buying a £400k property that drawdown could be £24-30k and you’d still be OK over the long run, even with bad years taken into account.
It’s not the amount you start with that’s necessarily the issue, it’s how much you want to spend each month.
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