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.

My pension should be worth c. 30k a year so when the assets go I can reduce expectations and live on that until the end

Depends on who gets to define "need" though.

This all assumes I remain in good nick until 60 obviously

Nor is a care home for most people. Plus if you've had a stroke or dementia, I'm not sure how much you'd actually know about whether it's the one the council provided for free, or a more expensive one that may not objectively be any better.

But in any case, for someone with a decent pension and large assets, they could invest these to provide a very good income and never run out of money.

Maybe not 'living in a suite at The Ritz' lifestyle, but a very nice lifestyle with travel, experiences, eating out and not having to work or do any of the mundane day to day 'household management' shit because you don't have a house to manage.

It's the end game of the FIRE movement - Financial Independence, Retire Early. Plus it doesn't have to be forever. After a couple of decades you could decide to settle down somewhere in a supported living facility or similar.

It sounds great, I would do it if I had no kids.

However No kids, thank goodness (typing this from bed as I anticipate brunch) typing this from my bed as well, with coffee in hand brought to me by my 10yo… you can train them 😈

When my mum was in a care home, there was a bloke, late 70s, who had a room there but he didn’t need care as such, he kept his own food in the fridge, came and went as he pleased, went out to the pub to meet friends, he just no longer wanted the hassle of his own home, no bills or maintenance to worry about. He seemed very happy.

Unless you are a multimillionaire, this plan won’t work I’m afraid. You will need 5.5 million to live to 80(based on £500 a night) and that doesn’t include anything other than accommodation. I’d add another million for activities. Go for it it you have the money.

You could have 25 years or more that you have to budget for!
If - for arguments sake - you have £500k, and you spend £150 per night (which is cheap if you include food) that is 3,333 nights, which is just over 9 years. This does not take into account any rise in hotel costs, or interest on your money, of course, or any pension you might have coming in. The state pension would give enough for around 70 nights per year, so that does help, but you won't get that for another 7 years afterwards (given that you're not yet 60 - and it might be later than that.).

So - to liquidate everything and live in a cheap hotel, you could need well over £1m, probably nearer £1.5m. If you have that much, then good for you!

Read Mrs Palfrey at the Claremont - she does exactly what you're planning:

Mrs Palfrey At The Claremont: A Virago Modern Classic (Virago Modern Classics): 83: Amazon.co.uk: Elizabeth Taylor: 9781844083213: Books

Or watch the film made in 2005 - it's a poignant comedy / drama with a great cast starring Joan Plowright, with Anna Massey and other familiar faces.

Aw that's sad for him but good for her for going ahead

Don't blame you OP, I think we'll see more people doing something similar. We are going to sell and downsize plus give to children to mitigate IHT.

It's all very well saying that you could have 20-30 years left but those years, unless you remain very healthy and active won't be like the 40-60 years. Besides you might only have 10 (obvs hope you have lots!)

I have a friend who is 50, married no DC who is very clear about her intention to spend every last penny of their money. This will involve fabulous holidays followed by long term luxury hotel stays as they get older.

Her and her DC currently have an income in excess of £500k and their house is worth about £1.5m. so i’d imagine they’ll have an absolutely fabulous time draining their accounts and so they should

Do you think that's going to be enough if luxury hotels are your aim?

I'd be thinking glamorous holidays (or downgrade to the Second best Marigold Hotel type establishment).

I once worked out that’s was cheaper to stay in a Premier Inn than rent a studio flat in my area. It was when they had £29 rooms. Not quite the high life but an intriguing prospect!

OK. So house worth say £500k. Gives you 25K a year for 20 years. Then you’ll be too old to care much. Plus DB pension and state pension. Could get a lovely all inclusive hotel somewhere sunny and cheap.

Yes. Do it. Vlog it all and make more money. I’ll follow you in a couple of years. 👏

Haha yeah but you've got to arse yourself (and then take them to football or whatever). Fair play tho.

Oh that's a fun idea! Bet someone does it before me :(

A surprising amount of people go and live on cruise ships. Why not?!

I was just thinking I want to go live in a hotel. Or even a hostel.

So sick of cooking and cleaning and repairs.

Why not, it is your money to do as you wish. Enjoy spending it.

I would do permanent cruise… that’s what I would do…

No football but chess club in a library, could be worse…

Back to you, how much capital are you talking about?

I can’t imagine anything worse.

Plus if you've had a stroke or dementia, I'm not sure how much you'd actually know about whether it's the one the council provided for free, or a more expensive one that may not objectively be any better.

Sadly the reality of dementia is that you might have forgotten who your family are, but you can still very much know you are not happy. There's still a difference between shuffling up and down a corridor on your own all day trying to find the way out and having staff interacting with you and trying to make your last days happy.

Most expensive nursing homes are necessarily better at this than cheap ones, but more money can equal more staff and, as with all things in life, you generally get better service if you're paying for it rather than getting what you're given.

I stayed in a really nice bohemian hotel in West Hollywood with a pool and free wine hour and massive lovely rooms with kitchenette and they had a fair few residents like this -