To liquidate everything when I get to 60 and live in luxury hotels until the cash runs out

Also, being aware of how much decent care homes cost - about 4k a week - luxury hotel would be a better option all around. Or going on long cruises, I know old ladies who do that.

But this is all only when you are healthy enough. Once your physical or mental health declines, hotels and cruises are not going to be an option.

This doesn't make sense. Why are you comparing people on a cruise to people who need round the clock medical grade care?

There is a huge difference between a Retirement Village and a Care Home. A Retirement Village (or sheltered accommodation) is where older people live independent lives, in their own flats, within an elderly community, that has tailored facilities for them, like entertainment venues, restaurants, gyms and nice gardens and communal areas for people to get together. My dad lives in one of these. He bought half the flat for £155k, and he rents the other half, which costs him £723 a month.

A care home is where people end up when their health has deteriorated so dramatically, that neither they or their families can provide adequate care for them (think, incontinent, immobile, dementia etc). These cost around £7000 per month.

Your friends pay £7800 a month (£3900pp) to live on a cruise ship. Now granted, that's cheaper than if they went in to a Care Home, which would cost £14k a month for both of them, BUT, it's significantly more expensive than if they had stayed in their original home, or moved to a Retirement Village.

And no one would move themselves into a Care Home if they were still healthy enough to go on cruises. Would they??🙄

I dont know why you had to talk about kids etc. I never mentioned them. Also, I was not comparing this to anything, just saying this particular scenario is very sad.

Being on your own in a care home is also sad, as having children who dont care about you. But its not an either/ or, its just two unconnected sad situations. I guess its more to do with how you live your life to arrive at that point, of being a frail old person no one wants.

most of us don't end up.in a care home. Its about 450,000 which is less than 1% of the UK population.
Only one of my grandparents did, and she chose that rather than living with her daughter. All the rest lived independently until they died. MiL had a huge stroke and is in a care home.

It doesn’t matter if it’s spent or not. It would simply be your children’s debt to repay. Whether that be via them selling their assets, making monthly payments, or a legal charge made against their home.

maybe you expect to give all your cash to your children who will then also refuse to invest in any assets or belongings, but simply spunk it on disposable intangibles themselves rather than securing a home or any security for your grandchildren?
Because that sounds realistic… all to save your care home fees 😂

I remember from watchimg Fawlty Towers there were a few permanent residents there - a batty retired colonel and two sweet old dears.

I think the issue is as many have said running out of money, especially starting at 60. Seems extremely unrealistic given the figures. Although children don't always help being childless might mean there is no one to assist you so ignoring the inheritance angle - many won't get this anyway - who is helping you arrange the euthunasia? It would only be legal here possibly with a terminal diagnosis. State care is not as nice as private care. Seems a bit irresponsible and entitled not to exect provide for your future care needs.

Oh my god, I can visualise this! Like a bygone era 😀

The other important point to make is that we shouldn’t always assume people need care. Many do, but many don’t. But it’s good to have a future plan for your needs.

I think Dave and Suzy are the offshore profit-mongers (in the BVI), not fellow care home residents.

The problem is the local authority can look as far back as they like to decide whether you have deliberately deprived yourself of assets. So the answer is to give away most of your assets and keep enough by to draw down your expenditure from whilst fulfilling your goals.

If you give everything away at once, within, say a 10yr period then it looks suspicious. Logistically you need enough also to keep you away from needing to claim benefits - which by the way, would not be a responsible approach. You have to be able to sustain yourself for the plan to work.

It depends on if you were expecting to have care in the future;

www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/

The difference is that the OP doesn't want to go into a home. She would happily accept euthanasia instead. But the British state doesn't afford her that option. Whereas the care home owners are very happy with the system that they are creaming off vast profits from. Someone on another thread posted recently about one who was on £900k a year.

I don't see anything wrong with the OP's moral compass. I would also rather be euthanised that enter the kinds of establishments that both my parents in-law ended up in.

Depends how many years before you die though. If you gave it to them when you were 55 and lived until 90 there would be zero chance of getting it back. It would be long spent

Having just read the asteroid thread it seems like a good plan 😃

You were talking about giving your children their inheritance, so when the time comes the local authority will get the money back from your children.

Forgive me if I've misunderstood, but there's a good chance you'll end up being somebody else's 'Dave and Suzy' at some point if you run out of money and need care. Only the difference between you and them might be that the Dave and Suzy you talk of didn't piss their money up the wall, were a diligent, hardworking couple throughout their lives, but just didn't make as much as you/had to spend their hard earned to help their children, etc.

If you're relying on euthanasia if/when you have run out of cash, it's all very well being blase about it now. Might be a different proposition when actually faced with that stark choice. I wonder about that a lot. At my age, (50), it's easy to say, 'oh, I'll just end it all', but I have no idea how I will really feel. To try to avoid not becoming your 'Dave and Suzy', I will be working as long as I can and keeping my home as my asset. I have good savings, etc. But I don't know what's round the corner. I don't mind if I do end up paying for Dave and Suzy, because I don't know Dave and Suzy's story, and however careful I am, I can see a thousand ways that could still be me.

To live in luxury hotels you'd need 200k per year. I'd prefer to get an apartment somewhere nice and live in luxury there. If hotels are your thing, then do it.

Yes exactly! We put our house on air bnb and took the kids (babies no school yet) off to Thailand in September for a month and we got fairly cheap flights and we got beautiful accommodation (sometimes free upgrades to rooms with private pools and the likes) as it was so quiet! We loved so cheaply and our mortgage was covered while we were gone

had we tried to have a month in the uk it would have cost us a fortune

£30k is a small pension. It would give you £82 a day if you had NO other outgoings like food, socialising. That wouldn’t be enough to live in a hotel.

luxury hotels are about £200 a night minimum so you’d need £73k a year just for accommodation.

You’d be better off buying a little flat as a base and then staying in nice hotels a lot

I wonder if my Grandfather is in one of the homes you worked for ? Bandits is a great description of the new shareholders . Thieving ,Morally bankrupt ,Dishonest,Inpossible to contact when they overcharge,poor food quality because food bill hasn’t been paid,stressed staff who are overheard discussing their late underpaid wages and home looking very scruffy!
Really pissed off that £1800 per week of his hard earned money handed over to the extremely dodgy owners who reside in their villa in a different country. They are untouchable and they know it !
Would rather pay that money back into NHS where quality of care is carefully monitored,not always but more likely.
So yes ,off you go and enjoy spending your money on yourself and not lining the pockets of the people already mentioned above!

I'm blowing my savings on big holidays now that I'm 70!

And yes, 60 is too young.

We sort of plan to do this.

Rent out/sell our main home, and busk around wherever's cheap. People don't realise how cheap travel is when you can go whenever you want. Certainly more cost effective to spend January in some AI hotel on the cheap.

We will keep a small studio flat though, or possibly even a holiday lodge. They're a scam if you want to profit off them, but as a back up home, they're sound enough.

You will eventually get to a stage where you need personal care. Hotel staff will not change you when you are unable to walk to the toilet, obviously. So you will end up in a care home like most of us.

@privatenonamegiven Her life expectancy won't be 81. It's actually 87 if you're woman in your 40s. And probably higher if you are wealthier than average.