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.

Well you need to start planning that now.

I have an elderly relative who has sold up everything and lives on a boat. He's got it all set up and keeps quite cosy. I've not been to see the boat yet but he's been on it two winters, but yes I do appreciate what you are saying

I prob wouldn’t do the luxury hotel thing

but I’d go off travelling to cheaper countries where you can still get fairly nice places to stay for cheap (example Thailand off season I stayed in a bungalow with its own pool for 30£ a night!!) breakfast included

food in local restaurant was only costing me around 3£

would probably rent my home out rather than sell and only sell it when I was quite a bit older to avoid care home fees and live nomad life as long as possible

@Bubblyb00b

The money is taken from you if you don’t spend it or hand it over to your family

The difference is about 3-5 years and the gap is getting smaller- women are dying younger.

Free to read online, just ten pages....

https://fullreads.com/literature/the-lotus-eater/

@DesperatelySeekingDan

I have. I wouldn’t have a plan like that without……..a plan would I?

@Vergus · Today 11:32

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.

Oh FFS, someone else who has never heard of deprivation of assets! Educate yourself for goodness sake!

DH announced our retirement plan to me last week - apparently we're buying a camper van and spending half the year travelling in it (with plenty of air b and b/ hotel stops too), the other half back home. Not sure how he's planning to fund it but I actually kind of like the idea. Which means I'm definitely old.

It's very tempting, and I have often said the same myself. In fact, my wish is to die in Claridge's!

But my big worry is that the money will run out before I kick the bucket..... at £1,000 per night, I could be bankrupt pretty quickly. Which is v annoying.

Yes - but for the sake of the argument: what’s the difference? In both cases you choose to spend your money despite knowing you will need the state to pay for you later on.

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.

@Blue278

Your figures don't add up.

£25K pa in Year 1 is not going to be worth £25K by Year 20.

Inflation.

@BatchCookBabe

Why so triggered? Do explain your aggressive post………

You can give away as much of your assets as you want to as long as they don't result in claiming benefits to support yourself - that's deprivation of assets.

If it were feasible I would do it too but I have kids so I couldn’t do that to them (I was extremely thankful for the inheritance I got from my parents).

If it is feasible then go for it if you have the funds for a possible long life ahead. If you enjoy that lifestyle you could be fit and healthy for a long time.

having children doesn't guarantee someone who cares about you though
your kids could go NC, move overseas, or even die before you

On the whole I think having kids who cba to visit you is more depressing than at least never having the expectation in the first place

I thought I would be obvious that the part I was referring to was where she said she had “no kids, thank goodness”.

I’ve met a couple who do this on cruises. Averaged £1800 a week for them but less than a decent local care home for 2.

I watched a documentary once which featured an older lady who lived in the Beverly Hills Hotel. It sounds glamorous but was actually quite sad - she spent her days sitting on a lounger by the pool chatting to staff who had to be professionally polite to her. A bit like that Divine Comedy song, An English Lady of a Certain Age.

Absolutely.

they've also studiously ignored any questions about the actual costs of their 'assets' and how they translate into 'luxury hotel for 20 plus years' amounts

because the only amount they've actually given, of their projected £30k pension, very much....doesn't

Why don’t you educate everyone if you’re so knowledgeable? If she buys a house for each of her children in their names at 55 and lives until 85 it’s not deprivation of assets. Money is there to be spent. The government cannot control how you spend it or how quickly you spend it. You don’t HAVE to save for your old age. Most people do. But it is not the law. If the money is gone the state have to step in

@DesperatelySeekingDan

You can give away as much of your assets as you want to as long as they don't result in claiming benefits to support yourself - that's deprivation of assets.

Exactly. @BatchCookBabe maybe you’re the one who needs to educate yourself. How do you know how many “assets” I have and which of these I plan to live off of and which I give away to my children?

Have a nice day anyway 😂

My Dad was retired for 30 years, passing away in his 90s. My mum also made it to 90. Part of their success was staying in their own home near friends and family. Until they were quite elderly they also went on good holidays and nice weekend breaks and were still out for coffee in town until their last few months. Sounds rosy, although there were tough bits like my Mum losing her sight and my sibling passing away in his 60s.

There are many ways to make the most of ones later life. Living in fancy hotels can be one way. If it suits you OP go for it. 60 is quite young though

OP I would instead consider selling and moving to a sunnier country with a lower cost of living.

Or downsizing to a small home and using the money you have to travel the world.