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

[blue skies]

Hmmmmmm;

Only myself to look after. We need to belong and be wanted.

First up I would invest in oil and staples shares. that will give me a anual income.

Buy a bicycle and camping gear.

Travel all over the world following the summer, meeting people staying at places I liked.

That is what I would do if I was free.

I would do it now if I was not bound in the chains that a life time of savery has given me.

[Meat Puppet]

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.

You'd probably wouldn't even be able to spend the interest in places like the Philippines and Indonesia not even with Viagra coursing through your veins 24 hours a day.

You might be surprised at Indonesia with it being a Muslim country and all. Hint: go to Surabaya.

[Frank Hovis]

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 think you'll find you are, turn up at your council aged 80 and say you have nowhere to live and no money. They will house you.

[tricksters]

I think you'll find you are, turn up at your council aged 80 and say you have nowhere to live and no money. They will house you.

And just think how happy and fulfilled that would make you feel!

[OzzMosiz]

Buy gold, bury it, then claim of gubberment, dig up bits of gold when needed and sell for cash when you want to splurge.

[gus]

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

The real issue is ,of course, how long before you cast off the mortal coil. Only another 5 years and it's easy.... you blow it on perpetual "round the worlds" . But if you've got another 25 years then 500K will go nowhere. Once the monthly pay cheques stop arriving and you are living on capital (with no interest)watch in horror how quickly it evaporates , even without an extravagant life style.

To retire to OZ (not low cost) you need to have assets of about 800K and an additional income of about 30K(pension or such)and NZ or the US will be the same sort of thing. So you are left with Malaysia, Philo's, (forget Indonesia they make it impossible to retire here because of all the paperwork and the crap that goes with it)and south America.In theory fine but at 65 do you really want to have to adapt to a new country, culture,climate , language etc??

No. You stay in the UK where, even if you have no family, you must have friends and you are part of a culture with values you know and understand. Of course you RENT till you croak and then 500K will indeed provide you with a pretty decent lifestyle ,since the state pension will at least pay your rent. Makes sense to me anyway.

[VeryMeanReversion]

I would have hoped to have figured it out by 65.

Otherwise, my backup plan is to look up the life expectancy for various countries and make sure I am never in the wrong country at the wrong time

VMR.

[200p]

+Buy 5-10 First time buyer properties and rent them out to first time buyers. rent forever loooooser slaves.

+Bother my doctor every 3 days with problems.

+Go into town and complain at the young shop assistants.

+Cackle loudly at night. Muahahahahaha!

[campervanman]

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,

When is expected male longevity at 65 going to be 28 years? As at 2010 it is just over 17 years, In the UK with future cuts to public services, why is it likely to go up?

Back to the topic:

1. Leave UK

2.Invest 200k in Property in land (for food self sufficiency) where prices are cheaper.

3.Invest 200k in UK property for rental income (after prices fall 40%)

4.Keep100k in cash for readies.

Works for me.

[sleepwello'nights]

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.

£20k per annum is a reasonable living income in the UK. Now provided I had all my faculties, and could still remember what they were, and could find them!!!

[catsick]

When is expected male longevity at 65 going to be 28 years? As at 2010 it is just over 17 years, In the UK with future cuts to public services, why is it likely to go up?

Back to the topic:

1. Leave UK

2.Invest 200k in Property in land (for food self sufficiency) where prices are cheaper.

3.Invest 200k in UK property for rental income (after prices fall 40%)

4.Keep100k in cash for readies.

Works for me.

If you buy an annuity then 28 years is the current assumption that the pricing is based off ( ask an actuary they wont sell for a lower number unless there is a mitigating health reason ) , if you have a public sector or underfunded private pension they probably use a number more like 20 years as they have to salt away much more money to use a higher number, but they are all trying to increase this if they can to a figure closer to 25 , the point is life expectancy at 65 has been going up in an costly way so businesses selling any product guaranteeing an income for life are going to be as conservative as possible , people who have already made promises are stuck and backpeddaling. Most large PLC companies with pension schemes publish the inflation,investment returns and life expectancy at 65 in their accounts , generally they are low on life expectancy and high on investment returns compared to what you can achieve guaranteed in the market .

[MinceBalls]

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.

How do you spend this when you are dead?

[Guest theboltonfury]

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

Now your thread has made it in to Off Topic, you'll get some serious suggestions. Injin, Scepticus and all the regulars are precisely the wrong people to ask. Steve Cook is likely to suggest that you have in fact only 3 months to live (on the outside).

May I suggest, you start off by selecting a suitable image of Kelly Brook and going from there......

[General Melchett]

+Buy 5-10 First time buyer properties and rent them out to first time buyers. rent forever loooooser slaves.

+Bother my doctor every 3 days with problems.

+Go into town and complain at the young shop assistants.

+Cackle loudly at night. Muahahahahaha!

To the going into town point: Do it on Saturday mornings, when all those useless, working young upstarts have to do their shopping. Stand around in doorways and other pinch points, vaguely befuddled, or chatting to my cronies. Be loudly offended when any young upstart tries to get past me.

[winkie]

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

If fit healthy and up for it I would buy a top notch camper-van find a like minded person with similar funds and little or no commitments/baggage Go traveling together....buy a little apartment bolthole in the UK that can be locked up for long periods and left, preferably near the sea or in a quiet sleepy market town.

.....say you then had £300k left I would invest half of it in blue chip dividend paying uk shares and the rest mixed between 1 year bonds, cash isa, premium bonds and the highest instant access investment accounts you can find...

Enjoy........

[Ologhai Jones]

I think I'd need three or four months peace and quiet to contemplate my next move...

I bet it's possible to rent a holiday apartment in Greece for the next four months for no more than, say, £3-4k (plus flights). I could eat out every day for another, say, £3k altogether, and just generally watch the world go by. If I had all my faculties, I could do a little snorkelling, and perhaps some walking.

I'll be £6-7k poorer by the end of the four months, but I think that'd be enough time to work out what happens next!

[Panda]

Thank you all for the replies............................some interesting ones.

Well, heres the story, i thought i would share it with you. Its not me, i am no where near 65, and if i had 500 big ones i would not be frequenting this site;....................................................so;

I was in my local at the weekend, chatting to an old boy, known him for some time but only as a formal hello sort of acquaintance. Anyway we have a few too many scooby doo's, he has just lost his wife, no kids, sold his house, cashed in all investments, living with his drinking buddy, ready to live out his last years. He tells me outright, after every debt is paid, he will be left with, well he now has £495k, yes 495 big ones in his AA savings account. He is 65 in November, great chap, good health, and just wondered what he is going to do. I said, just enjoy it all, but well we will see. By the way he bought me a pint, but he seemed pretty clued up about IFA's and houses, so i just listened and watched an old man in quite a nice position. But i would still rather be 45 nothing at all like his wealth, but 20 years his younger.

P.