Boat or Pension?

OUR SOLUTION....
Lynn and I are both divorced (me, again). We are mid forties. We have a mortgage of 75k for another 10 years, and my pension went south like everyone elses. She is NHS on final salary so at least thats OK.
We currently have a couple of 4-5 year old cars, a house we like, modest detached Essex, and dont trust the suits not to lunch off our investments.
So...
we are selling the Jouet 680 (about 7k) and buying a new SO35 (90k). In theory at least we will pay for it on the house mortgage so that it will be paid for on the same day as the house. We will have fun sailing it for a decade. It will have a retained value of probably 60k, and I can rent the house out and go away for a few years(if not forever) or we can trade up slightly (but not more than 40ft).
So we will have the rent, some pension from Lynn and whatever the slimes in the city decide I can have back on a monthly basis. Oh and the Govt may give us a few quid occasionally.
My male antecedants have a habit of falling off the twig prior to three score years and ten, so I am not hanging around.
I can come back when I am older and reinhabit the house, flog the large boat and buy another Jouet style creek crawler to finish off the days.

And that is our plan.


Jim & Lynn

<hr width=100% size=1>Engine now resembles Singer Sewing Machine - amazing what happens when you renew all the old bits.
 
Keep sailing and sell his house on one of those deals that allows you and your wife to live in it for the rest of their lives.
Maybe he can then retire as planned and stick his fingers up to Brown and BLair. They will be scheming to confescate houses anyway when you get older and go into homes on the basis of you don't need them we do to house the homeless.

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Re: I think I\'m Toby, only worse!

There are those who say that toddler time is the time to go cruising for a couple of years. Rent the house out? Big jump though isn't it?

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OK, I\'ve booked mine

Heart attack whilst getting the anchor, South Island, New Zealand.

Survived by wife and two sons aged 31 and 24.

Yup, that will do nicely, thanks!

<hr width=100% size=1>Que scais-je?
 
If youv'e got it, the government wants it! if you ain't got it the government wants it, if you might have it the government wants it!!!!!!!!....... If you ain't here in blighty then they ain't getting it, sell up bugger off but leave two fingers up at them, grow old somewhere warm and cheaper!!!!!!!! Just sold our house, looking for a boat, renting at the moment.......by the way I will be 53 this year, self employed could'nt afford a pension, too busy working my B******s off to feed the wife and kid's........I don't think the politicians will be worrying about pensions, they've got the icing on the cake.....and it's two fingers to all of us!!!!!!!!!!!!!

<hr width=100% size=1>Wishbone
Rolling, rolling, rolling keep them doggies moving!
Where’s me chuck wagon gone?
 
One other thought! my one and only best friend was pensioned upto the eyeballs, lots of investments and savings, complete opposite to me, but we both had the same Idea of changing our lifestyle early last year',,,,,,,We burried him some months later! his widdow has sold up and is moving to Spain!!!!!!!!!!!!! YOU just don't know what's around the corner.

<hr width=100% size=1>Wishbone
Rolling, rolling, rolling keep them doggies moving!
Where’s me chuck wagon gone?
 
I have 2 pensions from previous employment that have been transfered into private plans. I also was contributing into a private pension since I became self employed. Recently I decided that the projections were absolute cr8p so I've converted them to paid up plans or whatever the techy jargon is.

The money I am saving by not paying into a pension has been put towards the mortgage on a second house that I've been renovating in my spare time (I don't own a boat yet BTW so I do have spare time!). The house is nearly completed and I had it valued this week. The cost of borrowing the money to fund this project is about 3x that which I was contributing into the pension. The estimated profit on this renovation is approx. equivalent to 12.5 years worth of pension contributions.
This figure does not take into account any tax liabilities on the profit but does allow a sum for my labour.

If, instead of selling the house, I rent it out, I would currently need to top up the rent by approx. my original pension contribution to cover the mortgage. With rent increases the house will almost certainly be paid for by the time I reach retirement and I will get pretty much the full benifit of the rent. Add this to a couple of flats I already rent out and I'm getting towards a reasonable pension and something valuable to leave the kids.

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I am living on an NHS pension, the best thing about the NHS. If you still can, buy added years. They will be index-liked, and the best investment you can make. Then you need a little illness to allow you to take early retirement, which lets you to draw your pension at its full rate but years earlier. Then you are laughing. For me burn-out wasn't very pleasant, but I recovered. Unfortunately I then went back to work part-time, but it is only to fund my sailing, and not for much longer (work, that is).
One thing to do is to live on your yacht and let your house to help pay for the sailing. Or sell your nice big house, buy 2 and let them. But keep money in a property if you intend to finally retire in the UK

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However, renting property does have it's problems.

See my post <A target="_blank" HREF=http://www.ybw.com/cgi-bin/forums/showflat.pl?Cat=&Board=ym&Number=589929&page=0&view=collapsed&sb=5&o=93&part=>here</A>

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Reading through these posts it would seem the only guaranteed solution is to get a job in the NHS, get retired out through ill health or something, and then have Toby and his friends fund your generous pension for life.

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you would, of course, be thrilled to read Adair "Anthea" Turner's scribblings which would answer any questions re pension? G Brown's Ms polly toynbee described it as an "encyclopaedic overview of such towering informational and intellectual immensity that it is unlikely to be seriously challenged" (Copyrt Grauniad scribblers plc) and with that i stuck ma heid in ra oven and switched the gas on .......... ahm still here as ah've nae dosh tae stick in ra meter ...

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