Lusty Posted April 25, 2009 Report Share Posted April 25, 2009 Redundancy is looming and there ain't much chance of a 50 yo getting another job on the dough I'm on now. What with a 31 years service redundancy package,what I can draw out the pension fund and once I've flogged the house and everything so this year might be as good a time as any. Obviously I'll have to leave my money in the UK until the exchange rate gets back on an even keel. What do you think? Thanx Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted April 25, 2009 Report Share Posted April 25, 2009 If you can afford it now......GO. Run. Retire as early as you can and still live the way you want. You can't get the years back but you can always invest well to make more money. Time is important, don't waste it working if you don't have to. Link to comment Share on other sites More sharing options...
Faustian Posted April 25, 2009 Report Share Posted April 25, 2009 Redundancy is looming and there ain't much chance of a 50 yo getting another job on the dough I'm on now. What with a 31 years service redundancy package,what I can draw out the pension fund and once I've flogged the house and everything so this year might be as good a time as any. Obviously I'll have to leave my money in the UK until the exchange rate gets back on an even keel. What do you think? Thanx If you stay will there be trouble? If you go will there be double?? Think TIE said it best... In the words of William Wallace in Braveheart.... "FREEDOM" (to be said in the style of Mel Gibson, after having been hung, drawn and disemboweled). Get your lump sum retirement package, don't sell your house for a couple of years though. Wait it out and rent it out in the interim, if you want to leave the UK. Prices will be back up. Now it is a waste...think long term. Invest what you can long term too. Where would you retire to?? Or is that a silly question..? Link to comment Share on other sites More sharing options...
Ckrisg Posted April 25, 2009 Report Share Posted April 25, 2009 Good advice there Lusty, the area you live in and the rental market very good in the UK at the moment, you could get upwards of £500 a month in rent. Take your redundacy lump sum amd invest as best you can, use the interest, pension payment and rent, however work out if without the rent you can manage in LOS. Take it you will be with your better half who can work in LOS. Good luck mate. Link to comment Share on other sites More sharing options...
samak Posted April 25, 2009 Report Share Posted April 25, 2009 just make sure you can afford it! very difficult to get back! Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted April 25, 2009 Report Share Posted April 25, 2009 The money lost not receiving the regular salary is difficult to make up...not denying that. But it's not impossible. Invest well and be smart. My point is, everyday worked is a day of retirement lost. That (time) is impossible make up or get back. Link to comment Share on other sites More sharing options...
radioman Posted April 25, 2009 Report Share Posted April 25, 2009 Make plans and do it. Lots of good advice already given but don't forget to give some thought to what you want to do once the dust settles. If being an idle drunk with a room full of trophy fish is your thing you still need to plan. Most likely you will want to be more constructive than that and if you are a remotely active and engaged sort of a person you will need to be in an at least semi stimulating environment. Link to comment Share on other sites More sharing options...
pe7e Posted April 25, 2009 Report Share Posted April 25, 2009 Do it, but DON'T sell your house at this stage, assuming you have 100k cash tied up in it you will only get around 3k a year max interest in the UK and no chance of capital growth. If you rent it you can expect 4k in rent plus a near certain capital growth as the housing market recovers. It would also give you a way back if it doesn't work out, and for many it doesn't Link to comment Share on other sites More sharing options...
chelseafan Posted April 25, 2009 Report Share Posted April 25, 2009 Can I come with you Lusty, you can teach me how to fish Link to comment Share on other sites More sharing options...
Lord Toad Posted April 25, 2009 Report Share Posted April 25, 2009 Couple of points: 1. What makes you think the £ will go up. I have pounds and am trying to work out how to insure them. But I fear the £ can only go one way (the wrong way) 2. Work out where you are going to go to carefully. There are several options and I fear LOS is probably not the best at the moment. (Baht v £, visa regs that change, security??) I pulled out of UK about your age and nearly 10 years on I have learnt a few lessons. Also think about UK pension: I know it is a long way off but some countries are better than others. LOS no upgrade, PH annual increase still there. If of course they are still paying pensions in 14 years! Link to comment Share on other sites More sharing options...
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