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.

Ooooh no I couldn't be bothered with this. Living out of a suitcase, and moving on every few weeks? That's for teenagers and 20-somethings with no ties, and responsibilities. I am in my 50s and couldn't think of anything worse than not having a secure home to come back to (and know I will be in for my whole life.)

DH and I are mortgage free, and have savings in the mid 5 figures, and 2 decent salaries (both part time, me 18 hours a week, him 28,) and we live in a lovely home in a lovely area near to canal, river, woodlands, and not far from the sea. We have several private pensions each, and plan to retire at 62-63. Why would I give all this up to travel around the world living out of a suitcase, with NO security and no home to come back to. (Also, no income or savings.) ?!

Seriously, why is this a dream for anyone?! DH and I have a lovely secure home, a decent pot of savings, and are financially secure, and can travel whenever we want to anyway, whenever we like pretty much. (Like many people.)

Some hotels have suites for long term residents. Basically if you use up all your money and you need care you will be provided with this while it you had the money or property you would pay for it yourself.

To be honest my dad is 70 and he’s mad it clear from when we were kids that we will not inherent any cash and that he intends to spend every penny. He is doing that now and lives and awesome life. He will sometimes take us on holiday or invite us out to wherever he’s staying - I actually value this more than I would getting a lump sum of cash when he dies because I have some great memories and have had some cool experiences. I do think 60 is a bit young, but you know yourself and your health best.

Exactly this. There are some pretty horrible obnoxious posts from the OP to be honest - and suggesting life isn't worth living after 75. WTAF?!

Vile. 😖

Most of her posts are dripping with contempt, and loathing for certain demographics. 🙄

It's a tough one. You get old, you get wisdom, see the changes in the world, live out a (happy) retirement, watch others grow up

but people around you keep dying, you may lose a brilliant partner, physically and mentally you start to erode; you're not considered employable

You die young, you as likely won't have to witness others depart; or suffer agony from diseases that tend to occur later in life. You'll miss the asteroid that is on target to wipe us out (apparently). You won't get caught up in the Third World War. You won't have to listen to Trump on TV. It's tragic you won't have fulfilled your potential but you won't know that because you'll be dead.

I'm getting on and grateful for every day so I might make old. I'll take what comes. No choice really.

Very common to bounce around on cruise ships, especially in America!!!

There's a good article in the FT today about anticipated annual costs in retirement. It's behind a paywall, but here's a bit:

A comfortable baseline retirement income devised by the Pensions and Lifetime Savings Association (PLSA), which represents UK wealth managers, is £43,100 for a single person and £59,000 for a couple.

What this pays for is worked out in quite colourful detail. It provides for £40 a week per person on eating out, replacing the kitchen and bathroom every 10-15 years, running a three-year old small car, replaced every five years, a fortnight’s four-star holiday in the Mediterranean (a Thomas Cook sea-view suite in Mallorca, costing £1,545 for two in June 2024, to be precise) plus three long weekend breaks in the UK.

So, not a terrible way of life (although I paid £85 this week for lunch for two, which was only two main dishes, shared, one glass of wine and 2 affogatos, so £40 a week on eating out sounds very stingy indeed) but hardly luxurious. I plan to pay more than twice that on holiday accommodation alone for two weeks in September this year, and I won't be looking to downgrade holidays in retirement.

So, what does luxury look like to you, OP? And how much will you have to spend to fund it?

Why not? Sounds like a plan OP. This week R4 Consumer program was looking at care home costs, and interviewing those who had to sell their houses (or parents) to fund the outrageous costs. Those in the home were alongside others who were completely state funded - that is from our council tax - and getting the exact same care. People were saying they wished they had not scrimped and saved, but rather spent their money while of an age to appreciate it. Yes it is all very unfair, so why not enjoy it while you can?

The state doesn't force people into care homes. Their care needs do.

I think I explicitly said 15? I don't intend to exist beyond 75.

What a very odd thing to say.

Are you going to commit suicide once you reach 75?

I'm really not sure if you're being serious here OP or just provocative on a cold, wet Saturday and you're day dreaming.

This. ^

Yes I heard that and none of it news.

However, by the time the OP needs care (if ever) it's likely it will all have changed.

There are not as many people in care homes as you may imagine.
The majority of older people do not go into a care home.

In 2021 the percentage of over 65s in care was 2.5%.

That's semantics. If you're not allowed to make a decision to end your life to avoid being effectively warehoused in inhumane condititions for as long as it takes you to die, I don't see the difference.

Why do you say not allowed to make a decision?

That's untrue.

While you have capacity you can write your Power of Attorney.
You can state what you want to do if you don't have capacity if you're very ill. That may include handing over decisions to your attorneys, but you can state choices and they should abide by them.

That's optimistic. Most people don't have good lives at 9/ years plys

Actively spending your money with a 'the state will pick up the tab mindset' is not the same.

Yeah why not. You do what you want to.
#yolo as the youngsters say 🤣

Look up Villa Vie Residences Odyssey, it’s a residential cruise ship, you “buy” a cabin and it’s yours to do what you want with for fifteen years, (subject to some hefty monthly fees). Wouldn’t be my cup of tea but it’s bursting with enthusiastic Americans living their best life.

Being an even bigger drain on the state is the way to tackle those inhumane conditions?

https://www.bbc.com/news/articles/c0mz7dmmk11o

Did you read this @Everythingisnumbersnow ?

All of this. This is something that’s fairly miserable modelled as a dream- a poor persons “dream”. Undoubtedly some people live like this but 90% of the people professing to love this idea wouldn’t go near it when they are 70.

dont forget the reason many people in other countries do this is because their country provides no safety net or state care for the elderly, and they have little choice. Not because it’s independently a great idea. Personally I hope for better in my final years.

You or your children might’ve valued generational wealth far more though.

I think it's up to you to live your life how you wish OP and didn't Margaret Thatcher live in the Ritz or similar?

'Old age is no place for whimps'. I'm old and it's true.

Still prefer it to being dead though, as will you OP when/if you get to 75.

Most people do not end up in care homes.