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If You Were 65 Today And Had £500K Saved In The Bank.

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If you were 65 today and had £500k saved in the bank. Not a pension payout, actual cash..........

You had no private pension, just state, no house, no wife, no kids, nothing, just £500k, your health, your passport, your mobile phone, your laptop, your clothes, nothing else.

What would you do, would you buy a house, would you buy a wife, would you invest, you could live twenty five years............

I am interested what would you do, come on, some bright people on here, but what would you do?

Injin, Scepticus, all the regulars, what would you do????

P

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Travel the world and blow it all on booze, birds and more birds..

Then come home broke and get a council house and or paid rent and live off the state for the rest of your puff.

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If you live in the Uk, statistically you can expect to die in the next 15 years. So, not wasting too much more of your time on here would be my advice.

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I would look for a place where the after tax return on my money would pay for the rent on a reasonable home and leave the capital intact for at least 10 years.

Unfortuntately, the currently bankrupt, previously wealthy northern hemisphere nations do not satisfy this basic requirement as their very low interest rate response to the bursting of the property bubble leaves them as terrible places for moderately (but not massively) wealthy people to live.

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Yup, party time. Go off and spend it enjoying yourself.

When you get back turn up at the council and they will house you and you will get benefits.

That's not being cyncial, that is exactly what I would do in your situation.

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Spend about £100,000 on a place to live . If you are not to fussy about where you live even in the south east you could get a nice one bed flat.

Put some in savings cash that you can draw on month by month and some in a five year plan . Enjoy the rest but don't blow the lot and find that you are still alive and broke no matter how old you are being broke and being dependent on the state is not funny.

Re asses in five years time and if still alive five years after that re asses again . Get to 75 and then you could sell the place you are living in to the bank and still live there .

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Leave Mud Island for good.

Edit to add: for somewhere with better interest rates, cheaper housing and a lower cost of living.

As Luckyone mentioned, many Northern Hemisphere spots are not worth it so would have to do some good research.

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Convert it into a currency whose central bank doesnt think savers need to be ethnically cleansed. Turkey or brazil or somewhere i guess.

realistically though, i still dont buy putting eggs in one basket.

20% property

20% bonds

20% metals

20% cash

20% stock

Boring, huh.

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Convert it into a currency whose central bank doesnt think savers need to be ethnically cleansed. Turkey or brazil or somewhere i guess.

realistically though, i still dont buy putting eggs in one basket.

20% property

20% bonds

20% metals

20% cash

20% stock

Boring, huh.

Actually : perfect.

With the additional provisos that the bonds should be at least 50% linkers and that the cash should be at least 50% in countries with trade surpluses. The leverage in the property exposure should not have any personal recourse.

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If you were 65 today and had £500k saved in the bank. Not a pension payout, actual cash........

you could live twenty five years............

I hit 65 in 2008, doing careful calculations and being sensible I can`t see how I can dispose of my assets and monthly income when I take my BTL portfolio up there. :blink:

Panda one of our great and sensible members of this Forum. ;)

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65? Become Seasick Steve's roadie on small wages, and shag all the groupies he doesn't want...

Keeps capital intact.

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65? Become Seasick Steve's roadie on small wages, and shag all the groupies he doesn't want...

Keeps capital intact.

Seasick Steve was amazing on Top Gear. Even Clarkson was a bit "verklempt".

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Seasick Steve stormed Glasto with a one-string guitar, and the most deranged elderly drummer you ever see.

Boltonfury - expert comment onthat guitar if you saw it, and his other saucepan lid guitar, please.

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I would have as much money in cash, preferably USD. Best currency to have in a debt deflation that will happen.

I would move to a country with a low cost of living and zero taxes.

Investing in any assets will lead to wealth destruction due to deflationary forces.

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Spend about £100,000 on a place to live . If you are not to fussy about where you live even in the south east you could get a nice one bed flat.

Put some in savings cash that you can draw on month by month and some in a five year plan . Enjoy the rest but don't blow the lot and find that you are still alive and broke no matter how old you are being broke and being dependent on the state is not funny.

Re asses in five years time and if still alive five years after that re asses again . Get to 75 and then you could sell the place you are living in to the bank and still live there .

Why? Conditioning that's why. Now what if somebody said to you that you should spend 100 grand on something that will more than likely lose you money what would you say? Nope-get off to somewhere warm and rent. If it doesn't suit then pack your bags and find something that does. Last thing you should do is throw a stupid amount of money on a depreciating asset that means you ARE STUCK.

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Actually : perfect.

With the additional provisos that the bonds should be at least 50% linkers and that the cash should be at least 50% in countries with trade surpluses. The leverage in the property exposure should not have any personal recourse.

[/quote

I would have 20% in a warehouse full of tin stuff. I already have a lockup full of Heinz stuff. Not kiddin on that.

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If you were 65 today and had £500k saved in the bank. Not a pension payout, actual cash..........

You had no private pension, just state, no house, no wife, no kids, nothing, just £500k, your health, your passport, your mobile phone, your laptop, your clothes, nothing else.

What would you do, would you buy a house, would you buy a wife, would you invest, you could live twenty five years............

I am interested what would you do, come on, some bright people on here, but what would you do?

Injin, Scepticus, all the regulars, what would you do????

P

This would depend upon my aims. I have £500K, which is more than 99% of people in the world. I have no need for any more money. I might live another year, another ten, another thirty, I would spend what I have judiciously, pursuing my interests and, if feeling benevolent, trying to make a small difference to the world in a way which matched my values.

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Yup, party time. Go off and spend it enjoying yourself.

When you get back turn up at the council and they will house you and you will get benefits.

That's not being cyncial, that is exactly what I would do in your situation.

I rather think you'll find that that if you haven't been resident in the UK for the previous (?) 2 years you are entitled to F* All, as some pensioners returning broke from Spain are finding out the hard way...

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Why? Conditioning that's why. Now what if somebody said to you that you should spend 100 grand on something that will more than likely lose you money what would you say? Nope-get off to somewhere warm and rent. If it doesn't suit then pack your bags and find something that does. Last thing you should do is throw a stupid amount of money on a depreciating asset that means you ARE STUCK.

No not conditioning experience , big difference . Look back at the post and see what his question was it was what would you do ? meaning anyone that read it , in my case I would spend 20% of the money putting a roof over my head. If I then wanted to go somewhere warm i could rent it out and go off and then rent there.

Renting verses owing both have pluses and minuses in my experience owing outright far outweights renting and owing out right while still having 400k in the bank is an excellent palce to be , and no way would mean that the person was stuck, no one knows how much the asset would depreciat over a given amount of time but if it is paid for and you have plenty of money left what the f--k does it matter.

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I rather think you'll find that that if you haven't been resident in the UK for the previous (?) 2 years you are entitled to F* All, as some pensioners returning broke from Spain are finding out the hard way...

I would think that it would be fairly easy to pass the habitual residence test after just a couple of years away assuming you'd lived in the UK for the rest of your life prior to that.

I'm with the early responses, 500K will get you f*ck all in the way of pension assuming you use it to buy an annuity (maybe 25K absolute maximum and then with limited indexation) so you might as well go and spend it all on hookers and crack cocaine then claim everything you can off the state.

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Expected male longevity at 65 is going to be on average 28 years , with index linked gilts giving sub 1% you are really looking at 18k PA indexed , less if you buy from an annuity provider and then wear their not insignificant risk of going bust ..

Moving overseas is not going to get you into a first world country with such a small hoard as after buying a house it is not going to get you a good standard of living, Probably second world somewhere like Malaysia is a good bet , they will give you a visa under their MM2H scheme and you will have no taxes to pay on any of your investment income or capital gains, plus you will have subsidized petrol and electricity , you can buy a very nice 3-4 bed flat flat for 200k in an upmarket part of KL and put 300k in div paying local stocks and reits to get 20-25k income which will allow you to live a very comfortable life, employ a full time maid to look after you and have decent medical insurance, play golf most days and eat out as much as you want as well as rent as many girlfriends as your aging body will allow ... the country runs a massive surplus unlike the UK so you should be ok as long as you keep your savings / investments in the local ccy

If you had 2-5 million I would recommend Singapore but 500k there wont get you anything even remotely acceptable to live in , 500k really isn't a lot of money for 28 years ...

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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