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Is it possible to retire age 65, with no property, on 120k cash? Where in UK?

(11 Posts)
PleaseAdvise17648 Thu 20-Apr-17 16:51:36

Just that, really. Thanks.

Tobuyornot99 Thu 20-Apr-17 16:55:00

Of course it is. Some parts of Wales have very cheap housing. It's cheap partly because employment opportunities near by are very limited, but that wouldn't be an issue for a retired person .

PleaseAdvise17648 Thu 20-Apr-17 16:58:34

Really? That sounds promising. Nice enough areas or down and out areas? Thanks. Asking for a relative as I'm not financially savvy enough to advise them.

Bitchycocktailwaitress Thu 20-Apr-17 17:02:29

Just placemarking, sorry

MovingtoParadise Thu 20-Apr-17 17:09:27

You can but bear in mind your requirements at 65 may be different. Access to a hospital, access to walkable shops when you can no longer drive etc.

A lot of very cheap places are really rural and can be unsuitable for the elderly.

senua Thu 20-Apr-17 17:10:35

I think that I would look at things like social services and elder care - these can be a postcode lottery so choose the right postcode!

PleaseAdvise17648 Thu 20-Apr-17 18:54:45

Small bump

picklemepopcorn Thu 20-Apr-17 19:10:11

So you need to buy a property and live on left over cash? Or use the income generated by £120k to pay rent and expenses? I'm not sure that would last long!

snorymcsnoreson Thu 20-Apr-17 22:08:01

Hold on - £120k cash... assuming you could live on £1k per month that only lasts 10 years.

Actually I must be missing something.

Are we assuming that housing is paid for? So you. Need to buy food? What about utilities?

HopelesslydevotedtoGu Thu 20-Apr-17 22:14:46

Are they entitled to any state and private pensions?
Do they have any family/ friends who would provide assistance in future if they lived close enough?
they should choose somewhere suitable for their old age as moving is expensive, particularly if they buy a house. So ideally one floor, adaptable, can walk to shop, good public transport or everything close enough to walk

annandale Thu 20-Apr-17 22:20:56

£6K a year for 20 years? That's pretty tough. And what happens if you live longer?
To keep rent under perhaps 50% of your outgoings (ideally less) while still being in a city, maybe for example Lincoln?

Might be best to try to buy somewhere for under £60000 with two bedrooms and rent out the other room? I'm really guessing where that might be possible - a few probes on rightmove and there do seem to be some, I saw some in Crewe - Leek - Grimsby - but I don't know what the areas would be like and whether you'd be able to rent a room easily without making yourself vulnerable. You'd still have to live a very, very frugal life but I think it would be possible.

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