Hi Sam, hope you are well.
To retire early is great providing you have good plans for that extra time.
But be warned you have more time to spend! Also if you are just reply on pension pot, we'll they are just stocks and shares, bonds , etc.
I prefer tangible assets as well that you are in control of. Property will have it's blips but long term I believe it is the best place to have your money. Believe me if you're think you have enough to retire on now, in ten years time you won't have. Happy to chat more if you wish but would never advise a specific. Chat the scenarios over with an accountant. Avoid financial planners. Best of luck.
This.Its the economy/ global uncertainty that's got me thinking about the timing of it.
I'll have to make sure about the taxes etc but obviously the big one being CG tax. I'll have to have a play with ownership amounts between my wife and I, as I had to transfer some to to her to be more Tax efficient on the income, but would need it back to utilise both CG allowances and private residence relief for the years we lived in them.
Good point about not being greedy...
That's always been my reasoning for keeping them, as long term, you just can't go wrong.
Although, surely if prices fall, LESS people will need to rent, as more can afford to buy?
Regarding the equity in each, its amazing how the different areas vary so much. The one I bought in 2001, two bed bungalow on Canvey Island in Essex has gone up 263% since purchase. The one purchased in 2004, again 2 bed, but an end terraced cottage in Downham Market, Norfolk has only increased 48% in pretty much the same time period. The residential house in a Cambridgeshire village, 88% in just 10 years.
Is anyone else on here obsessed with providing for their kids?
I can’t help myself, I was ready to retire at 56 mortgage free and with two rentals with every decreasing mortgages paid for my the tenants.
Then after 6months I got bored and decided I could restart my career, reinvest with the aim of giving my kids a head start in life.
I seem to ignore the fact they want nothing from me.
So now I am back at work with a significant “at risk” investment chasing a dream I have for my kids, that they don’t expect or even want from me.
- what a fool I am.
More people renting as repossessions kick in and there are those who sell thinking there is a fall on the way, rent until the market 'bottoms' according to my wife there's a number of people who do this (she was assistant regional manager of one of the country's largest estate agents) so I'll take her word for it.
As for your houses, a Bungalow on Canvey will always be worth loads.
It holds a certain appeal for some.
Having lived near and worked on Canvey for a while I haven't a clue why!
I hadn't thought of it that way, and your wife is obviously well placed to comment!
Lol about Canvey. Literally the whole of the rest of Essex hates it, never understood that. loved growing up there, and part of the reason I kept a place there, in-case I ever wanted to go back. But the occasional visit is enough for me now. It's lovely being so near the water in every direction you go, and it has that 'holiday vibe' about the place. But it's far too busy, nightmare traffic and tiny roads for me now, but that's just most towns everywhere. I've got used to the small village/countryside life now, so don't think I could go back.
we made the decision 4 years ago heading towards 55 to sell the family home and downsize. Drew down on our pensions. The kids are self sufficient so we now live a reasonably stress free life, financially anyway. We both work on an add hock basis to top up funds. We didn’t intend working but at our age the extra income is handy and also as said previously you have a lot of time time to fill. I’d say we’re very happy with our lot.Dean Nails it for me guys and quite often does.
Simple, sustainable and stress free living seems the way forward.
Only on here can we go from financial advice to obesity though
Wine, cigars or sexual favours. No column for those on the tax return.Will work for wine?
C
Ahead of the game Bb.You can nationalise anything and sell at sub market prices as much as you want as long as the public pay more in tax on aggregate to fund it.
I’m more worried about Italy bouncing out of the euro in the next five years. That’s the biggest risk to Euroland IMHO.
gluttony in all its glorious forms!Dean Nails it for me guys and quite often does.
Simple, sustainable and stress free living seems the way forward.
Only on here can we go from financial advice to obesity though
Hate to say but PRR (Private Residency Relief) was scrapped in Apr 2020 - I know this because I had a sale complete on March 30th 2020 - there was quite a bit riding on the sale completing on time to say the least!I'll have to make sure about the taxes etc but obviously the big one being CG tax. I'll have to have a play with ownership amounts between my wife and I, as I had to transfer some to to her to be more Tax efficient on the income, but would need it back to utilise both CG allowances and private residence relief for the years we lived in them.
Hate to say but PRR (Private Residency Relief) was scrapped in Apr 2020 - I know this because I had a sale complete on March 30th 2020 - there was quite a bit riding on the sale completing on time to say the least!
I believe the only way you can claim anything now is if you were in a house share with paying tenants but owned the property.
I am also looking to retire early for quality of life reasons and because you just don't know what is around the corner. I have a small property portfolio that will hopefully allow me to do this by selling our main residence (no CGT) and downsizing to one of the buy to lets for a year or so for it to get main residence status and then selling that also (no CGT). This will then enable us to buy our final home (how scary does that sound!). The remaining property will fund daily costs of retirement but I will still do some Consulting work on and off - can't get bored.
Now, all this is dependent upon many factors that I can't control - but if you thought like that you would never do it.
Some of this is driven by an Uncle of mine who nearly died in his mid 50's but recovered and took early retirement at 58, as he said it was financially challenging at the time but his wife died only 10yrs later which means they had 10 fun years rather than just a few. He is now 96 and still driving and living in his own home, he also says that the best thing he ever did was retire early.
On financial advisors, I can't say I've ever met a particularly rich one which says a lot I think. For me I've made money and lost money in equal amounts but mind myself still in a better position than many of my friends (small mortgage, no pcp's or credit etc.) All self taught from research and hard work but not in the same league as some.
If you want to retire then try and make it work - you never know what's coming around the bend.......
I must assume that the sad emojis used to respond to your post means that not many here are planning to buy a 360. Which is also a shame.I have observed that Ferrari 360 prices have dropped around 5-10% over the last few weeks. The last time I seen this happen, a recession occurred few months later.