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'm coming up to 60 and I would love to be able to do that OP. I had a major heart attack last year and I am under no illusions about living until I reach State Pension age and would love to just enjoy life without the mundane stuff while I can. Sadly I have nothing of value to sell, so I will probably be working until I go toes up....could even be at work when that happens.

Yes, sadly if she has actually blown all her money it is the rest of us who will have to pick up the tab for her. A basic state pension and just enough Pension Credit to keep her alive in a manner to which she is not accustomed, followed by an uncomfortable couple of dying years in a bottom of the pile carehome. Not what I would want.

I'm intrigued as to how old you are now OP and the value of your assets. I think plans for retirement would be different without DC, much less reason not to move somewhere nicer. It's a shame Brexit has messed up the chance of spending more time in southern Europe that a lot of people were hoping for. Is your plan to stay within the UK or to travel ? I get the idea that 60 is a long way away for you though, most 60 year olds are far from thinking of care homes.

I have a friend who did this. Not the hotels bit, but the liquidation of assets. She blew through it all and is totally screwed now. Failing health. Stuck in a tiny upstairs flat. Is totally miserable.

Not in the eyes of the law. 7 years before you die is deprivation of assets and of course she will get what she’s entitled to from the government. If you have no assets they have to provide your care. They aren’t going to leave an old lady out on the streets. She will be entitled to help with housing and pension. Plus shell have her own pension. Just because you don’t like it doesn’t mean it’s not true. She’ll be entitled to the same as someone who has never worked and always claimed benefits. Only difference is she’s paid in and they haven’t

It's my day job.
I'm not kidding myself.
Yes the care is the same in any care home whether you are self funding or not, BUT getting into the nicer ones just won't be an option if social services are funding.
And trust me, you have to be really really bad before they'll fund any residential care.
Hopefully it won't come to that OP.

I think it’s a good plan as long as the plan on dying around the age of 62.

I would rather die than end up in a care home. Some care homes charge thousands per week and when you can no longer pay them a fortune you get moved to a facility where they provide sub standard care. Being left in your own shit and urine for hours on end. Rough handling when so called care staff become impatient. Not knowing what medication they’re handing out to you. No thanks! Spend your money while you can and pray that you die with dignity.

You could travel for 1 year or longer but I’d make sure I had a base and money to come home to.

Totally agree, my plan within the next few years as soon as my condition kicks in with the going down hill and possibly part dependant aspect. I have the means ready to go and have made my peace with it. Dh wants to go at same time we have talked in depth where we plan it to happen, family aware, not keen but accept it's our choice. No drain on tax payer or NHS.

7 year rule has nothing to do with deprivation of assets. That's Inheritance tax

There might be problems with no permanent address. You couldn’t vote, might not be able to get a passport, maybe your bank or CC provider might withdraw their services.

£30k divided into 365 = £82 a night
that's not 'luxury hotels'
you'd be lucky to get a premier inn in most of the country
and it leaves absolutely nothing left over

Bear in mind you won't have any facilities for cooking so will need to budget at a minimum £15 for food (and that is literally the absolute cheapest I could think of getting 3 meals a day: a croissant from tesco for breakfast, £1 sandwich £4)for lunch, £10 dinner at wetherspoons. That's with no snacks, and drinking only water from the hotel bathroom tap!
That's down to £67 a night

Hotel rooms at that level don't have a fridge so you won't even be able to make yourself a cup of tea with fresh milk or anything.

And that's without buying ANYTHING ELSE, ever,for the rest of your life. No foods, no meals or drinks out with acquaintances, no bottle of wine, never getting the bus or train anywhere other than the affordable town you've moved to, no elderly-approved exercise like bowls or golf or swimming, no clothes, no books, no netflix, no presents....

Sounds miserable tbh and far from the 'luxury' lifestyle you are looking forward to, stuck in a travelodge in Grimsby, having to wonder every day if you can afford to treat yourself to a cup of tea.

And obviously all the above are at todays prices, and assuming your pension keeps up with inflation and the cost of basic goods and services.

How horribly goady on a forum targeted at mums.

Once I have no ties I would love to sell everything and live out my days on a cruise ship; it can be good value for long term stays. When I've had enough I'll just slip overboard one night.

Well once it’s gone there is no getting it back. Could have been lost on a scam either way you’ll still be entitled to the same as anyone who has never paid in.
Yes what you get won’t be a lot. But you’ll have lived enjoying it while you can. Which is the most important part

Well done Labour Voters! What a shitshow this country has become. Proud to be British? What a fucking joke!

How old are you now @Everythingisnumbersnow
I'm assuming young because if you think 60 is old, you can't be anywhere near that age.

Most of my family lived to their 90s and never went into a care home.
They had full and happy lives in their own homes until a few months before they died.

You can't bank (literally) on a pension of £30K because this assumes you will keep working and contributing until you reach pensionable age.

Your money won't last long in a luxury hotel. Even at £200 a night (which won't get you much luxury) that's £70K pa.

If you want real luxury it'll be £1K+ a night. so £350K pa.

You're way out of line with your idea of costs.

You remind me of children who think that being aged 40 is old.

Wait till you get older and the reality may be a lot different to what you imagine (I'm saying this as someone in their late 60s.)

More and more people are thinking like this and I’m one of them. Money is there to be spent, because if you don’t, the council will take it off you anyway to pay for your care fees. So there literally is no point being a self-funder - as a previous poster said, you’ll end up in the same setting as someone who is funded by the local authority and no better off for having scrimped and saved those pennies.

Life is to be lived - I plan to do this when I’m 55, and I have kids! They will get some inheritance from me in any case - but come the age of 60 I will most certainly not have substantial assets or savings to my name - it’ll all be over to them or sunk into property under their names so the state can’t get their hands on it. And the reminder I will draw down and spend on doing nice things with my life.

But it is a fact of life, women tend to live longer than men. There are always a lot more women in care homes than men. I worked in many when I was younger with an agency. A man moving into a home was always the subject of interest because they were so unusual.

100% this. ^ As I said, the thought of what the OP is proposing is much better than the reality of it. It's something that absolutely needs to stay as a fantasy. It really is a monumentally stupid idea. And as you say, it's incredibly selfish, as once the money has gone, she will expect other people to financially support her.

Could you afford to do that into your 90s? It's not something I would want but if you've got enough to last 30 odd years then go for it.

Edit: sorry I directed that at the wrong person
But agree with the poster I quoted.

I suppose you could claim to live at a relative or trusted friend's house for address purposes?

I think with the right amount of assets and realistic expectations, the OPs plan is possible in part, without running out of money and dying in poverty.

It's probably not possible to live in a suite at The Ritz, but if you're starting with a mortgage free property in the SE and a decent pension, you absolutely can invest that to provide a decent income to live this sort of lifestyle without running your capital down to nothing, if it's the freedom from domesticity that you're looking for.

Thinking idly about it I find it quite sad...Even of you do have a lot of money - being an old, frail person, living in a hotel, where no one is really give a shit about you. Or even worse, being an old, frail person with no children or family who one day realises the money has run out.

Massively depressing.