Hmm Am I making the right decision? (1 Viewer)

[irnbru]

Been reading posts and wonderful blogs on how MHers are living and now Ive reached 50 Im thinking ..This could be me on a budget.

So regularly hearing of people popping their clogs in their 50s , 60s Ive decided to sell up, go on a tour of Europe with mum and then move into mums when Im fed up. Don't want to regret what we could've done together. House sale equity as my retirement, ...Mums house will fall to me 1 day.

Am I getting carried away with blogs that are normal everyday folk or wealthy retirement ones?

No kids, ties, would you sell up in my position?

 

[mitzimad]

only you can know the financial position but i would say go for it if you have no need to stay at home probably find its cheaper to live abroad during the winter than here

 

[cranky]

No kids, ties, would you sell up in my position?

In an instant

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[vwalan]

i say dont sell. if you can use your mums as an address and stay there ideal.
i find its better not to sell or cut completely away. it can get a bit boring . i prefer long terming . have lived in campers for over a year ,along tiome ago. but now just long term . the money can soon vanish .
its not just a case of jumping in and off you go. plus most blogs are written by first timers . they have usually left it late and really do things all wrong . most blogs are definately a figurement of the writers imagination .
but can be interesting . bit like travel books . they visit a different place to the place i visit .

 

[Trikeman]

Although not Mohomers, we know several people and couples that spend the whole of the winter abroad, Cyprus and Malta mainly as it is cheaper than trying to survive in good ol' Blighty during the normal winters. This year has been a little different but the maths stack up. They always appear healthier than the ones who stick it out here too.

Good luck and go for it - I would if I was in that position.

Regards,

Trikeman.

 

[TheBig1]

you need to take a good long look at the negatives too before committing to a life on the road. its surprising the number of posts you see on here saying its all roses, but not so many mentioning the really bad times.

if you're on a tight budget have you considered what happens if you break down many miles from home. having to find temporary accommodation for up to several weeks. paying the cost of repairs and keeping the van maintained in good order. there are loads of other possibilities. one member here needed a new engine which he had to find thousands of pounds for just to get home

however the whole free lifestyle in a motorhome is great provided you have a decent fallback plan. At age 50, realistically you could have 20 years before retiring and you need to make provision for when you can no longer work and maybe need care.

i retired early due to a bad car smash so i am not typical to the average motorhomer. what it has taught me though is life gets much more expensive when you no longer work. retirement has its own worries and is not all its cracked up to be

dont go thinking I am advising you not to go for it. maybe it will be right for you, but i am playing devils advocate to hopefully show there is more to the dream life on the open road. whatever you decide, i hope you have fun, as a day without any worries is to be treasured. you never know, you might win the lottery this week:thumb:

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[TheBig1]

sorry should of said my preference would be to rent the house rather than sell and use the income to fund 6 months in the van at first

 

[big bertha]

I couldn't do it, I miss my home after a week We could spend all winter if we wanted in a flat in Spain owned by in laws but has never appealed, to many ties here. Little and often suits us but if we had no ties and it appealed we would give it some thought. :thumb:

 

[irnbru]

sorry should of said my preference would be to rent the house rather than sell and use the income to fund 6 months in the van at first

I can afford a year or few.The biggest decider is whether I can happily park the MH which is currently at my address but is owned by my mum at hers( which is not number 1 choice) or move into her house which I think is a no no..

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[pappajohn]

its estimated to live an average lifestyle while full timing can cost between £10000 and £15000 per year.

Thats living in the van as you would live at home......not eating out/down the pub every night....unless you do that now

Insurance....obligatory
Road tax.......obligatory
Repairs......there will be !
Camping fees......you wont want to wildcamp 7 days a week.
Fuel.....depends how long you stay in one place
Food/drink......obligatory
And last but not least......leisure/social life costs.

 

[MikeD]

Believe me - nobody can really afford to retire

We all (even the rich) miss the income we had the last year (before retirement that is)

But do what you can afford.

Sandra finally retired last year and we went straight off for our first extended tour.

Three months, France, Spain and Portugal.

We loved it and did not want to come home. :thumb::thumb:

 

[Puddleduck]

We have certainly thought about downsizing and know a few people who have done so.

One lady we know sold her house and bought two small properties as "buy to lets" whist travelling, not in a motorhome in her case but on a series of cruise ships. She didn't want to let out her own house as tenants aren't always careful and she didn't want to come home and find her memories trashed. She also wanted a clean break. Two investment properties meant less chance of no income at all due to a gap in tenants.

Another guy sold his house when his wife died as he couldn't face living there. He bought a park home where he lives in the summer and goes south in the winter. Park homes have significant on-going costs and need careful consideration.

Remember that although property prices have been falling over the last few years they are now starting to recover and it is easy to get left behind. Would this matter to you?

If you hand in your notice at work would you be willing to accept a risk that you may not be able to find work other than at minimum wage in future should you need to work?

Once you get to 55 you may be able to release part of your pension but again only you can decide if this is something that would make sense for you..... if you want to get pension release before 55 be very, very careful as the consequences can be severe.

Only you know your financial position and attitude to risk. It isn't sometime to do lightly but if you feel you need a sabbatical perhaps it is something worth asking your employer about.

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[irnbru]

We all (even the rich) miss the income we had the last year (before retirement that is)

But do what you can afford.

Sandra finally retired last year and we went straight off for our first extended tour.

Three months, France, Spain and Portugal.

We loved it and did not want to come home. :thumb::thumb:

Sounds like me...right down to the name .

 

[irnbru]

Probably the biggie here for me is almost everyone that's living the dream is part of a fantastic relationship.. and not mother/daughter!

 

[daisy mae]

If it is something that you want to do or need to do, and have the finance to do it go for it, 18 months ago I said I was going to buy a motorhome folk thought I had lost my marbles, so what the heck I did and wished I had done so years ago, if I can only do it for a short time I have done/will do it and not sat in a corner when older and thought " I wish I had " no one knows how long we have got and you are a long time dead, so grasp life and live it to the full. For me it isn`t full timing, but to go and explore as long as possible as often as I can with my dog.

Good luck what ever you decide.
Kind regards,
Margaret

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[Caztur]

its estimated to live an average lifestyle while full timing can cost between £10000 and £15000 per year.

Thats living in the van as you would live at home......not eating out/down the pub every night....unless you do that now

Insurance....obligatory
Road tax.......obligatory
Repairs......there will be !
Camping fees......you wont want to wildcamp 7 days a week.
Fuel.....depends how long you stay in one place
Food/drink......obligatory
And last but not least......leisure/social life costs.

If you already run a motorhome then you're paying insurance, tax, repairs, MOT etc already anyway, plus loss due to depreciation. I go away most weekends so am paying site fees 3 nights most weeks, fuel might even be less if I didn't keep coming home during the week. Food/drink same as at home. Leisure/social life? I only have one when I go camping!

Purely on economic grounds I know I would be a lot better off if I sold up the house - no council tax, water rates, buildings & contents insurance, repairs and redecoration etc., which would more than offset any appreciation in the value of the property.

Living an average lifestyle whilst running a house and a motorhome must cost more than just running a motorhome.

I just need to kick out the two twenty-somethings so I can sell up - and use one of their places to store off season stuff and use as an address.

 

[lorger]

I don't know your personal circumstances but of it was me I'd be off like a shot and hopefully will be one day when I reach 50.

Imagine getting to 65 or older and thinking what it would have been like to travel, or getting to 65 having travelled with less money left.

Only regret things you do not things you haven't

 

[pappajohn]

If you already run a motorhome then you're paying insurance, tax, repairs, MOT etc already anyway, plus loss due to depreciation. I go away most weekends so am paying site fees 3 nights most weeks, fuel might even be less if I didn't keep coming home during the week. Food/drink same as at home. Leisure/social life? I only have one when I go camping!

Purely on economic grounds I know I would be a lot better off if I sold up the house - no council tax, water rates, buildings & contents insurance, repairs and redecoration etc., which would more than offset any appreciation in the value of the property.

Living an average lifestyle whilst running a house and a motorhome must cost more than just running a motorhome.

I just need to kick out the two twenty-somethings so I can sell up - and use one of their places to store off season stuff and use as an address.

i agree....but my point was it isnt like taking a weeks holiday and just having to budget for that week.

Insurance and tax, food and drink, yes you do already have but it has to be included in the annual cost of fulltiming.

You still have to eat and drink, tax and insure.

The estimated annual cost equates to only £200 to £300 per week but you may be lucky and not have major repair bills so the cost would decrease.

Average cost to go away for a one week tour...£100 fuel (?), £100 campsite fee, £50 food and drink.......multiply by 52 weeks.

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[Minxy]

Been reading posts and wonderful blogs on how MHers are living and now Ive reached 50 Im thinking ..This could be me on a budget.

So regularly hearing of people popping their clogs in their 50s , 60s Ive decided to sell up, go on a tour of Europe with mum and then move into mums when Im fed up. Don't want to regret what we could've done together. House sale equity as my retirement, ...Mums house will fall to me 1 day.

Am I getting carried away with blogs that are normal everyday folk or wealthy retirement ones?

No kids, ties, would you sell up in my position?

Oh those rose tinted glasses ...

I think some of the 'realities' of what it actually means have already been mentioned, however one thing you have said which I feel I must correct you on is: "Mum's house will fall to me 1 day" ... this CANNOT be relied upon! If your Mum needs care in the future the house proceeds will be used to look after her until it gets down to a minimum level (£25k or thereabout I think at the moment although there were proposals to increase this to £75k but I don't know if this happened or not). You cannot hide it, she cannot give you the money or transfer ownership over to you thus depriving her of assets as that will not work. As you're 50 I'm guessing she's in her late 60s or more in which case as far as I know it is too late to do anything about it as any attempt to 'dispose' of her assets would more than likely be looked upon as a form of fraud in order to obtain money she wouldn't be entitled to (ie benefits / care home payments).

Last year my Mum inherited a large chunk of money at the grand old age of 88 when my Dad died (they'd been separated for over 20 years) and although she didn't want it she had no choice but to take it as there was no will and being officially still married to him she was the sole beneficiary.

It caused her untold upset and worry but there was nothing we could do about it, she had to accept it. She couldn't give it away (only £3,000 a year max can be given as gifts) or spend lots of it, except to buy a property to live in, so she did the only thing she could and bought her council flat which didn't cost a lot but it made her feel that at least she wasn't going to be squandering the inheritance on rent. Some of my siblings are not happy about not inheriting as they thought they would but tough, they shouldn't have counted their chickens! I couldn't care less about the money and I wish there hadn't been any in the first place as it would certainly have made Mum's life easier then and now and she's the same. Anyway I digress ...

We retired early, hubby just shy of 52 (4 years ago) and me just shy of 49 (2 years ago), but we'd been planning and saving for 10 years in order to do so - no pension or other 'real' income until hubby can draw his reduced work pension at 60, so another 4 years to go yet so we are living off our savings as we accepted that by leaving there was not way on earth we'd ever be able to get jobs anywhere near the same pay rate as we were getting, if at all at our 'old' ages! oh: We believe we've planned it out right so we won't have to worry unduly about money but we're not rich by any means, being very frugal in our expenditure.

Think VERY CAREFULLY about what you are proposing as once you've done it to a great extent there will be no going back. What would you do if your health deteriorated, or if you Mum's did ... who's going to be around for her if you're off jaunting around Europe? I know you said about going with your Mum but I suspect she won't want to go for a long time as the older people get to some extent the less they want to go away from the familiarity of their own things, surroundings etc. You've also already done a U-turn on going and living with her if needs be.

Just giving up bricks and mortar does NOT remove all the hassle, worries, expenses etc, indeed it won't necessarily be any easier that being in the home you have now. If you really want to get away from work why not look at it and consider ALL options that may be open to you - escaping in a MH isn't necessarily the best thing.

The blogs etc are great but they're not going to post 'warts and all' and 'admit' that their lifestyle isn't as great as they thought it would be are they ... some may allude to it but what you need is a true picture of the reality of doing it. We'd all love to escape the rat race at some point but sometimes we need to stay in it, to some extent, whether we like rats or not!

 

[Spidey]

We have always dreamed of early retirement, but not MH full time. It would be great to pick up and go when ever you want. My father died at the age of 61 just 6 months into retirement. He would often say that he was saving hobbies until retirement, but sadly never got to do any of them. I have always had this on my mind and we try and live our lives now, but would love more freedom. Our youngest is 13 so at least 5 years until we can think about it. We will both be 57 in 5 years and i think that would be a good time. I would down size, but not too much as we need room for our 2 daughters to visit or live. I would love to go on extended trips, but not full time. I want a base that we can have family to stay, host Christmas etc. Not sure if my thinking would be the same if i had no kids though. We would move to a cheaper area and spend our hard earned money i would ensure the kids have a deposit for a house, but the rest will be spent.

I think you should rent put your house and see how you like it on the road. If you love it then sell up but the grass is not always greener.

 

[WillH]

I retired early at 51 and persuaded my wife to retire at 55 a few years later. Fortunately we both have pensions and are able to live comfortably on the pension income, supplemented with our savings. No regrets at all but we could not full time rather we enjoy the best of both worlds. It's all about how much you need, no good having just enough to live on, extra expenses pop up all the time even with the best planning.

I advise sitting down and looking at exactly how much income you need and deciding how big a cushion you need to be comfortable. Neither of us get a state pension or any other benefits (except a bus pass) and we are looking forward to the extra income when it arrives.

Best of luck, Bill.

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[Puddleduck]

Probably the biggie here for me is almost everyone that's living the dream is part of a fantastic relationship.. and not mother/daughter!

My cruising friend is a single lady, she doesn't write a blog though, actually she doesn't own a computer!

Would you be happy with your own company in a strange place or able to cope with the unexpected (being stranded, having a breakdown etc) if you are alone or with your Mum?

There is no reason why Mum / daughter can't have a fantastic relationship - like all relationships you have to have boundaries and give and take. Don't be fooled that happy couples are always joined at the hip.... they will have disagreements and sometimes a massive falling out, it's how they cope with this that matters.

I'm not saying don't do it but to think long and hard and not act impulsively (see I've been talking to Jean!) A trial long trip would definitely be necessary before any irrevocable commitment - that way you would have some of the colour washed out and see the grey / black side and not just the holiday side of things. See if you can take a long unpaid break from work and just try it for a while????

 

[movan]

I wouldn't even try to give advice on this, as I am struggling myself with various crossroads and decisions to be made, so understand how hard it is.

............... but would say this ... at fifty you are young enough to make a decision and if it doesn't work out have time to diversify ..

Good luck whatever you do.

 

[MR. FUSION]

I was considering full timing for a while and did 2 x 2 month trips last year, 14 weeks of it on my own. I consider myself quite gregarious but aside from some notable exceptions (friendly german & brit MH'ers in Europe) I found it quite lonely at times.

I think solo motorhoming is quite challenging and should it not be underestimated the effect of living on your own for a considerable time may have on you.

I think having an amicable partner to share this experience with is preferable from my POV. Maybe if people are already used to living alone for long periods this lifestyle would come easier. :thumb:

I fully agree life is short and sometimes you just have to go for it, I also agree that relying on an inheritance is not a sure fire thing at all and should not really be relied upon to live off unless you actually have it in the bank.

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[mikebeaches]

When I read the OP's question on here I thought - huh, hardly likely to get an objective response from a bunch of motorhome enthusiasts.

How wrong I was.

Seems to me there is lots of honest and balanced thoughts and ideas to be considered amongst all the responses.

I'm not sure I can add anything of great value, other than to recommend you reflect carefully on your own position, your aims and all the suggestions on here. You'll then be in a position to move forward with confidence.

All the best whatever you decide.

Mike

 

[jetjem]

The right decision ?

Home is where you hang your hat, at least that's for me and I am a bit of a wanderer.

My partner has just taken early retirement and joined me on my wanderings but she is much more family orientated than me, and likes to keep seeing her family.
So I just up sticks and go when I want to with my dogs and she joins me as and when she wants to
I always planned to work until I was 55 and put a bit away to enjoy life in retirement, but needs/circumstances change and I went on till 65.

Problem is when you get older your body just doesn't get any younger and you become frustratingly limited by its ability. I am fairly lucky to be fit as I am, and still play 4 hours a week badminton and just about as quick if not quicker than most people a lot younger than me.
Too many of my friends went to that happy hunting ground a bit too soon and others lost their fitness.

If I had my time again I would be away at 50/55 and enjoy life just that wee bit more and longer.

You're a long time dead.

 

[maz]

As with just about everything in life, some of us will be more suited to fulltiming than others. I went straight for it and, luckily, the lifestyle happens to suit me. I wouldn't still be doing it 3 years later if it didn't.

I can do 'alone' without being 'lonely' but am also quite happy being part of a group from time to time - hence my appearance at the odd Funster rally.

Sometimes I think that the 'amicable partner' that campacola refers to would be good - but I haven't found one yet (other than my dog).

Good luck if you do decide to go for it.

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[SMB]

I was in the same position as yourself, no commitments etc and Had a couple of people I knew pass away in their 40's and 50's. I took early retirement on my 50th, sold my flat although I could have rented it out, and I have been on the road ever since. I only return to tax and service the vehicle and have plenty of places to stay when I am in England. I have been doing this for 15 months and I can honestly say I love it and get itchy feet after a couple of weeks when I am home. I am travelling solo which is not ideal, but not enough to put me off! I manage on my budget with no problems so far, the only problems I have had are with the van which I can live with, they will be remedied when I return in July. I'm currently in Sicily, having been to Portugal, Spain and France when I set out, next stop Switzerland. Next year is Germany, Austria etc then after that, who knows! :thumb:

 

[abforfun]

Follow your heart :thumb::thumb:

 

[SMB]

ps regarding being lonely, at times you can find yourself alone at a CS or aire and go for weeks without seeing another British motorhome. However these occasions are far outweighed by the amount of times you meet people of all nationalities, for example tonight. I swapped pitches with an Austrian couple as am moving in the morning and things are a little cramped at CS Jonio so they wanted my pitch by the sea front. He gave me some Austrian beer and we are going to have a couple more tonight, outside by the sea. These moments more than make up for the occasional lonely spell IMHO. Hope this helps!

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