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.

I’d prefer to buy a luxury RV Mystery Machine and go about solving mysteries with a few pals and an easily spooked dog.

Me too

Maybe Netflix would commission it, provide the RV etc. Scooby snacks anyone?

It's an average. So it's meaningless to the individual.

It's often linked to lifestyle.

It's in some parts of the UK where obesity is high, smoking is high and people don't take care of themselves.

My Mum is very old and has lots of friends who are in their 80s and 90s living reasonably healthy and independent lives.

You have a very warped idea of age OP.
It's up to you- and a bit of luck- to live a long and healthy life.

I've many friends in their 60s and 70s who are healthy, busy, travelling, some still working or looking after toddlers as grandparents.

having this cut-off point of 75 just shows you don't know many people beyond that age who're still healthy and enjoying life.

No she’s not! She has a defined benefit pension of £30k a year. When she needs care, the care homes will take this £30k plus her state pension so she will be contributing quite a bit and more than what those who get it for free.

Her pension will only pay that out if she carries on working till she can take it.
Also, I'd not be so sure that pension rules and taxation won't change between now and when she retires.

Also- I posted this yesterday- only 2.5% of people go into a care home.
The odds are that she won't.

I don't know any who haven't had health issues, no. I think it's arrogant to imagine you'll stay immune just be "keeping healthy".

Well if pension rules changed so that my contractual legal right to draw down my pension were removed we really would all be needing euthanasia as a retirement plan.

You cannot end your life, youll also find that your LPA is frankly disregarded. You try declining a flu shot for an elderly relative. You’d be seen as one step from Rose West.

'Also- I posted this yesterday- only 2.5% of people go into a care home.
The odds are that she won't.'

Your figures are totally wrong! Have you got this from AI or something? The figures needing care over the course of a lifetime are more like 50%. Many of these the rest have care provided by their children.

You also seem to have a rather naive idea of the reality of ageing. Sure, some people are still very active in their 80s and even 90s but many are not or have already passed away. It's really not as simple as just saying eat your greens and keep fit to guarantee great health into your 90s!

It's the assumption that health problems make life not worth living at all. Often from people who have no idea of the reality of them, and imagine a switch flicks one day and you go from bouncing around to 'pull the plug now'. I could see what you meant.

@ByWaryCrab
My MIL actually used to close up her uk home from November to march and decanted to a Spanish hotel as it was cheaper than running her house here and she didn’t start doing that until her late seventies, bless her.

This is more in line with my plans - although time spent abroad is now limited through Brexit. And you have to be very careful about leaving your house with no heating throughout the winter.

@Shakethedisease
It's the assumption that health problems make life not worth living at all. Often from people who have no idea of the reality of them, and imagine a switch flicks one day and you go from bouncing around to 'pull the plug now'

The more I read of this thread I think that the OP is just being purposefully goady. Otherwise I can't work out whether she's naive, a bit thick, or just unpleasant.

Maybe just agent provocateur? Her house was fine, we took care of it for her, I’m sure that if it were happening now she’d probably air bnb it thus adding to her coffers, she was an ex postmistress and very financially savvy. I think you have it with the missive that it’s fit or decrepit. That’s the problem. The care model stinks in this country and the expense in the end is what will kill it. We need a new model which is about integration of living. It’s important to understand that most elderly people are fit independent and cope well with their illnesses and life. They have much to contribute and are vital links in a fully functioning society. I saw a very good article on a Dutch model which integrates all services and all ages into a nurturing care/nursing/independence model with all services community based and all ages living within the accommodation complex. It was very thought provoking. It can be veiwed via the euro news web site.

Brexit has damaged many things and just shows what can happen when people listen to rich public school boys telling us how things should be. I read the other day that many of them, including prominent members of the Conservative party, made millions spread betting against the pound and how far it would fall (that should be a treasonable act) all that instability garnered to make them a fat wadge of money while we live the miserable consequences.
I hope that some time soon, we the people decide to re enter europe. We were lied to and conned to bring it about and most of the worst impacts we are still living with. So many opportunities lost for young people alone, so many futures blighted. Johnson has so much brass neck, I don’t know how he looks himself in the eye never mind anyone else.

I'm sure there are plenty of mumsnetters like myself who are now early/mid 60s who may have a few irritating health 'niggles' but it doesn't mean to say we are all sat there in very poor health planning willsand care homes etc . Many of us still have jobs/ holidays / businesses/ house renos / etc

What?
£30k a year for 20 years is exactly the same as £30k a year for 15 years - that's the whole point of an annual pension, so I don't understand the point you're making.

You said after your (undisclosed capital from liquidation) runs out you will be living solely off your £30k pension.

I am pointing out that that is travelodge money (if you're lucky) not Claridge's money.

It's from the ONS- so are you going to argue with that?

I'm not naive so maybe stop being rude? I'm much older than the OP, have seen a whole range of people dying young, some living to almost 100, and everything in between. Most of the people I know of lived in their own homes, or died in hospital, and a very few went into care for the last few months of their lives.
The focus now is on keeping the elderly at home, with support .

• The proportion of the usual resident population aged 65 years and over living in a care home decreased from 3.2% in 2011 to 2.5% in 2021.

https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/ageing/articles/olderpeoplelivingincarehomesin2021andchangessince2011/2023-10-09#:~:text=The%20proportion%20of%20the%20us

That’s 2.5% of people over 65 who are in a care home at any given time, not how many need one at some point.
eg you might live for 20 years over 65 but only spend one of those in a care home.

Yes, I know that.

But the OP is coming at this with the idea that she /everyone is likely to end up in a care home.

You can bounce figures around but the fact is that most people do not go into a care home. And the focus now is (if it ever happens) in keeping elderly people at home, with support from social care and the NHS.

The more I read of this thread I think that the OP is just being purposefully goady. Otherwise I can't work out whether she's naive, a bit thick, or just unpleasant.

Or has a different view than yourself @ShinyAppleDreamingOfTheSea?

I live in Republic of Ireland. Here we have a scheme for nursing home care called the "Fair Deal". It means that no matter what your income or assets are you (or your heirs) will never be "cleaned out" to pay for full time care.

Obviously the more you have, the more you pay, but your house will not have to be sold when the money runs down, and your other assets will be levied, but not totally taken.

80% of your income is taken
If your house is let out while you are in care, the rental income from that is disregarded as income for this.
Max of 22.5% of the value of your house (payable either on the sale or death).
7.5% annually on other assets.

The first 36k or 72k for a couple is disregarded for the asset test. There are concessions for couples where one person still lives in the home etc.

The scheme is universal and all nursing homes are included, so even if you just have a basic pension and maybe a house, the fees will be covered when your own contribution is factored in.

That'll do me. If it proves necessary.

That is a fairer deal!

Cant see Rachel Reeves going for that !

A friend of mine had an aunt who did exactly this. Lived in a hotel on the south coast for years and years- but they were very wealthy.

The point is that if your money runs out and you need care, you'd have no choice and be offered a council run care home with your pension going towards the cost.

Your £30K a year won't fund most private care homes.

Cruises are cheaper and have ‘on site’ medical support. Lots of Americans live on cruises after retirement.

This is a funding choice though- an extremely expensive one.

on the other hand, Irish tax payers are paying for very rich people tO live in care homes and enabling them to protect their cash for their heirs.