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

[Everythingisnumbersnow]

Just thinking who wants to be old anyway plus I really resent the idea of all my money going to dodgy offshore small business owners (aka care home owners).

We'll see how it goes but I'm pretty excited about this.

60 isn't old! You could live another 30 years and unless you are a millionaire your money will run out very quickly if you are staying in luxury hotels. You may end up homeless and penniless at 70 a time when most people are still very fit and healthy and enjoying life. Certainly too young to be in a care home!

I agree. Of course 60 is too young to do this. Unless you know you're going to die within 5 years, selling everything - including your home, and spaffing all the money on a big trip around the world around the world, is a stupid idea.

My DM basically pissed away close to a million after my dad died almost 20 years ago (Travel, luxury living and most of all shopping!)
She enjoyed every bloody penny.
She's now mid 80's with very little mobility due to a congenital condition.
She regrets it not one jot!
Unfortunately (for her ) she's still here.
I've always told her to enjoy her life when she could and so glad she did.
DM never wanted nor planned to get to the age she has.
None of us know what tomorrow brings.
She made so many happy memories for us all in her big spend years.
No regrets from any of us.

Enjoy it while you can

This is mad OP. I can pretty much guarantee that as you get nearer to 60 you're not going to feel the same way about the remaining time you have left. And your assumption that after 75 there's nothing left to live for is obnoxious and wrong-headed.

Agree with pp who said you're being ageist. And with a massive chip on your shoulder judging by your oh-so-witty little sallies about Dave and Suzy.

Answer: No-one!

But you could be really happy and healthy at 75. You could be loving your life?

I think you are grossly underestimating how long your money will last. A hotel at £250 per night would cost you over £90,000 per year, before any other costs for food/necessities/living. If you live until you're 85, that's over £2million just on bed & breakfast, not taking into account inflation.

I think I would spend it on luxury cruises. I love the ocean and buffets.

Do it OP!

Oh there really are. Do a bit of research.

Wow - steady on Rachel from Accounts. "Ah, but a man's reach should exceed his grasp, or what's a heaven for?" And in this case, reach isn't even that far...

A wealthy woman I knew spent about 15 years going on luxury round the world cruises. As long as your money holds out, I’d do what you would like.

I stayed in an amazing hotel once, aged 32, and priced up how long I could live there for based on selling my house and quitting my job.
It worked out to a paltry 18months.
With a heavy heart I gave up my pipedream, but what an 18months I'd have had!
I think living in luxury for the rest of your days sounds amazing. I can't imagine there would be much security for my generation anyway, so a house is no guarantee of anything nowadays

I would quite like to get 'old.'

The alternative is dying young!

A friend of mine had an aunt that did this. She was unmarried, no kids, always worked, good pension etc. Sold up on retirement and spent almost 15 years on cruise ships.

What did she do after that?

My parents are both 74 but at opposite ends of the spectrum as far as health and mobility goes. My dad still does serious DIY around the house and helps with small repairs at my place while my mum struggles to walk. Nothing is guaranteed.

I plan to retire at 60 and do some adventurous travel while I’m still fit and healthy (hopefully). Will have a small flat I can leave for months at a time when needed rather than the money and time out if a house I have now.

Don’t forget that travel insurance gets more expensive and harder to get the older you are.

This. ^

Yes, go for it. I think it's only a matter of time before the 'deprivation of capital' rules extend to gifting or spending any large sums of money at all over the age of about 70, bar what is needed for everyday life. Everything substantial you buy or give away - a luxury holiday, a nice car, twenty grand to a DC for a new extension - will be viewed as an attempt to evade liability for future care fees. The govt really will become that desperate.

Bollocks.

I pay my taxes. They buy me civilisation.

That’s just not correct. If you make a gift whilst well and without indications that you may need care there is no deprivation, there is no reclaim.

Think we need a new initiative, mixed communities like they have in Holland. I think we’ll have to do it for our selves…,

I agree @AInightingale and I note in today’s media that they may be thinking about getting rid of cash ISA’s in an attempt to get us to invest instead. I think the state pension will also be eventually means-tested.

We have started spending hard in our 50’s! I’m quite happy to be frugal later on, but right now we are overspending compared to our income. I’m going to give our house to our kids at some stage too and move out. I fully expect to be active at 80 (I’m very fit now, DM is also super fit in her 80’s), if my health is good, I’ll be ok. If I need care I’m going to kill myself. Couldn’t think of anything worse than wasting away in care.

Yep!