Retiring and living frugally in money from downsizing after years of stress

Silvergirl

I hope you have a long and lovely retirement.

I retired at 60 with a small work pension. I suddenly realised the things I enjoyed most cost nothing ie long walks in nature, reading library books, keeping fit, healthy cooking, talking with friends etc. You deserve it.

👏👏👏👏👏

My heart goes out to you. I hope you get a happy ending to all your sadness.

Look after number 1 for once. I love Ireland and your plan sounds idyllic. Life is short. Don't waste another second on others. All good wishes for your future in that beautiful place.

I would delay giving money to your children until you reach retirement age. Giving them £15k each, means a loss of interest payments when you need it most. Perhaps a month or two of rent, but no more.

Elaine, you have achieved that rare thing on GN, pretty much total agreement.
I would second the posters in suggesting that you ensure that this is possible, by checking grants, returns on investments, and so on, but, assuming all is well - absolutely retire if that is what you want.

Elaine
Please forgive me if you are already aware of some of the restrictions on these grants.
There is an awful lot of paperwork that needs a solicitor.
You have to pay for the work before you receive the grant.
Not everything is covered by the grant. Insulation isnt covered. I find that bizarre.
The most important clause to be aware of, is: if you for whatever reason you have to sell the property within 10 ( I think) years you pay back 75% of the grant.
In this link scroll down to the post from BobbWomble who posted the above information.

www.reddit.com/r/AskIreland/comments/1cx1w3f/has_anyone_applied_for_the_vacant_property/

We did this. Sold family home and gifted a sizeable chunk to the children to help set them up, though our relationships are excellent and with dad’s health declining after many years of working so hard, often through considerable pain, they’ve
been nothing but supportive of our decision.
We haven’t looked back! It’s been everything we hoped for so far.
With that very decent chunk of equity, if you invest wisely you should still have the bulk left after 6 years.
Go for it.

I think if you invested £300k you could generate £1,000 or £1,500 a month without risk - this is a guess based on keeping a chunk of it (say £30k) immediate access and an ISA, and the rest in 30-day or 90-day Notice Accounts...
I don't know if this is the best bet in Ireland but £300k is not as much as it sounds and over £1,000 of savings interest per year also attracts tax.

If the house needs work don't forget that is coming out of your pot too.

I second Rosie regarding getting some advice.

Sounds an excellent idea your health and wellbeing come first. Your capital should be more than adequate I would suggest getting sound financial advice this is a large amount of money and you want it to work for you in the future.

Cossy

Shinamae

Usedtobeblonde

Please don’t give your AC anything.
Actions must have consequences.
Look after your money, you will need it for a decent life ahead of you.
I wish you well.

Ditto 💐

Ditto too x

Ditto from me.
I wouldn't give out your address either.
I wish you a happy and peaceful future. Go for it!

Thanks. Chestnut. My cottage is at the edge of a village. There is a pharmacy, a convenience store, three restaurants, a pub and a library which is open three afternoons a week - it's a satellite of the larger library in the nearest town. I hope I won't have to move again , though one never kniws what is around the corner. as I love my little cottage and it's 0.5 acre garden - more of a firld still though.

ElaineMcG47

Thanks to all of you again for all the encouraging replies. Delila - it's a cottage that has been in my family since 1932 - thry won't visit though, they hate the countryside, and think everyone there is boring - so I will have peace!

I think you really need to consider access to essential services as you get older, especially if you have leg/knee or mobility problems. You may find you can't get out and about as easily, so living in a quiet location is not such a good idea,

Even when you lose your car you will need access to shops, pharmacy, hospital, doctor, dentist, eye testing. Some may deliver but not all. Just something to consider.

Thank you to all of you for all your supportive replies. I ferl inspired to take the plunge! Silvergirl, I think I will find I spend very little when I retire, the allotment, the library, a book club, snd having friends around for coffee - I like to bake - no work clothes which I hate buying and no commuting. It's sad though the way things have turned out. As I'm moving I was putting lots of photos in frames and loose photos in a fire proof bags tonight - my cousin's family photos got destroyed in a house fire, so I am cautious - into my sideboard. We had such lovely times the three of us, celebrations, holidays birthday parties, communion celebrations, visiting family, having friends around - all lovely photos from these times. That sll changed when they were around 14. I don't recognise now from the teenagers they were and the adults they are today, those gorgeous young children. As teenagers they caused a lot of damage to our home, which I struggled to pay to fix and this happened up until they were 20/21 - no remorse about it at all.

Please put your money into a safe and decent interest earing product with easy withdrawals.

Good luck.
I hope you will be trulh happy.

I hope you have a long and lovely retirement.

I retired at 60 with a small work pension. I suddenly realised the things I enjoyed most cost nothing ie long walks in nature, reading library books, keeping fit, healthy cooking, talking with friends etc. You deserve it.

Sorry I don't normally do kisses. It seemed natural given how hurt you have been.

Wishing you well. X

ElaineMcG47
Ah, that's good to know.
Happy, happy retirement, then
P.S why not give your adult "children" a lesser amount?

I'm so sad for you and for the treatment you have suffered at the hands of your own Daughters. Not sure that a 'shit mother' and 'warped' child beater should be rewarding each of them with £15,000 of your very hard-earned money! Isn't it time that you lived up to your 'reputation?' They're adults and more than capable of organising their lives well away from you. Your moving on with plans for a new life might even, eventually, make them reflect on how they've treated you.....and one gift of money (however you assure them there'll be no more) will only lead them to expect more when it suits!

I wish you peace and a happy life in a new place. The countryside works wonders for the soul. Try to focus on your own plans and don't be a victim any longer.

Wishing you so much luck, and better health x

Thd 15k will be a one off payment. I have made that very clear, though I dont think they deserve it. Re if my mobility worsens ' yes, Miss Adventure - I have made plans - I have one surgery for arthritis in July and two more over the next 18 months, so that hopefully will help with my mobility long term. I put in a walk in shower in my cottage- the Council helped with some of the exoenses for this due to my arthritis. Tesco and the Irish supermarket, Supervalu, deliver groceries to the village I live in, and there is an hourly bus into the local town which also stops outside the hospital, so I think I will retire easily here..

Sounds like a great idea to me. I’m sure you’ll be very happy putting the plan into action and enjoying doing up your new home.
I also would not be giving anything to your ACs. This time is your time to enjoy life. Good luck for your future.

Have you a plan for if your arthritis worsens?
Will you be able to still shop, drive, and do what you need to?

100 miles away and in the countryside too sounds good. If you gift 15K each will you have to pay tax on it I wonder?
If you give them the money I think it best to make it very clear that it's a one-off and no more will be forthcoming. If either of them can't manage their financial affairs in the future can you harden your heart and leave them to their own devices?

Shinamae

Usedtobeblonde

Please don’t give your AC anything.
Actions must have consequences.
Look after your money, you will need it for a decent life ahead of you.
I wish you well.

Ditto 💐

Ditto too x

I think you should go for it and live the rest of your life in peace and with as little stress as possible.

Please let us all know how you decide to proceed and very best of luck x