Retire in India and live off interest payments?

john.sw · Jan 30th, 2006, 15:39

Quote:

Originally Posted by Nick-H

That is three or four times my budgeted income!

This may sound a lot, but it is a serious figure.

Eventually we will both stay in India for up to 9 months of the year. There is no point in doing this if we are going to take a cut in our living standards. We enjoy a good lifestyle in the UK, and can live better in India for a fraction of the cost.

Meanwhile, as we are keeping a home in England, that aslo has to be paid for - but that is an additional cost, not included in our Rs. 1 Lakh a month figure.

Rs. 1 Lakh a month does not include capital expenditure, such as the purchase of cars and houses.

However, it does include all living costs, food, taxes, staff wages, telephone, cable TV, broadband, clothes, petrol, insurance, medical insurance, repairs & renewals, car maintenance, etc.

It also includes trips to the UK to see my wife's and my elderly parents (trips will become more regular as they get older), and financing trips to India for our three children (whilst they are still poor students).

And, of course, it includes a holdiay or two!

Jorge Reverter · Jan 30th, 2006, 16:34

Hi All,

Lotus Blossom: I would like to know what it means to live "comfortably" with 400/450 Rs a day. I suposse that moving more or less definitively to India is because you feel better in all senses, but my figures say that you need at least 1,000 Rs a day to drink a beer or to get some cravings time to time, and of course you must still add travel expenses inside the country.

Most probably I'm getting old and can't imagine a life with "wartime economy" even in India. I agree that needs are absolutely different in India but as I said before, my figures or may be my backgrounds can't be changed easily.

Nevertheless I'm retired since a month ( I'm terribly young!!!!! ) and have many
ideas in mind about it.

Jorge

Nick-H · Jan 30th, 2006, 18:04

I don't have children and I do not have to maintain a UK home. There are luxuries that I can easily live without (at least in Chennai) such as a car and a driver.

I have a maid to wash yesterday's dishes and clothes, mop the floor, sweep the yard, put kolam outside the door, but the house will still need a thorough clean regularly.

I have a wife, but she is such a good manager of money and balances my rampant consumerism so well ("No, I do not need yet another silk sari, and you do not need another new gadget"

) that I'm sure life would be more expensive without her.

Eating out seldom costs us as much as Rs100. We are neither of us five-star-hotel restaurant types: I prefer a caff in London and a veg 'hotel' here. Neither of us drink alcohol.

My favourite entertainment is classical music. Much of that in Chennai is free, although I can get through a few thousand Rs in the December season.

Most places I need to go are within a half-hour walk. Or a Rs30 to 70 auto journey.

My rent is Rs6,000 a month. It could be much lower, but I like to live in this fairly central area and moving out would only increase travel costs. If need be it could probably be halved and we'd still be a long way from living in a thatched hut. Our groceries bill is maybe Rs500 to 1000 a week. Telephone and internet 2 or 3 thousand. Drinking water 100, newspapers 50 ... ... ...

Some travelling would be nice, but it is not essential (well, a trip back to UK once in a while is important while my mum is still alive).

So my life here is a fraction of the cost of the same lifestyle in London. Whether you can afford to live here or not depends entirely on your expectations, required lifestyle, etc etc.

PRIYA · Jan 30th, 2006, 18:42

Reading this thread has been like a 'fairy tale' - everything seems to be so doable and easy.

Have your living standards improved or are they more or less the same or better?

Inflation at 6%

is absolutely nothing - I think I could even manage something so minimal (I'm used

to 600% and climbing

)

I think I'll put myself up for adoption..........anyone????

Nick-H · Jan 30th, 2006, 21:43

Quote:

Originally Posted by PRIYA

Reading this thread has been like a 'fairy tale' - everything seems to be so doable and easy.

Have your living standards improved or are they more or less the same or better?

Well, I never had my floor mopped and my dishes washed every day before

john.sw · Jan 30th, 2006, 21:47

Quote:

Originally Posted by Nick-H

Well, I never had my floor mopped and my dishes washed every day before

I did, but it didn't cost Rs.1800/- a month before... It cost Rs.1800/- for 2 hours!

Sama · Jan 30th, 2006, 21:52

Quote:

Originally Posted by Nick-H

Yes, Yogagal, perfectly doable. In the same ball park as my finances.

Don't expect that you will get luxury lifestyle on that but you'd live well enough.

well, I am about 10 years or so away from retirement age, and god/buddha/shiva willing, I will still be able to teach yoga, so.....it is in the back of my mind, and I don't need a luxury lifestyle.....

now if only I could win that lottery and open my yoga retreat for well-to-do Western yogis....

lotus blossom · Jan 30th, 2006, 21:57

Quote:

Originally Posted by Jorge Reverter

Hi All,

Lotus Blossom: I would like to know what it means to live "comfortably" with 400/450 Rs a day. Jorge

i live a very simple existence in the u.s., off a very small amount of money. i deon't really have a need for anything extra-ordinary, so get by.

crvlvr · Jan 30th, 2006, 23:28

cyberbab,

How much money you need will depend on how well you want to live on India. What is your standard of living? 50% of India population lives on less that $2/day, that less than Rs. 3,000 (or US$67 month. Thats barely living, more like surviving. But it can be done for that little.

BTW,

Quote:

100k @ 8% should give $666/ month

do let me know where I can get 8% interest ..

Nick-H · Jan 31st, 2006, 00:16

Here is a sample budget. I say 'sample' 'cos it'll take a while to see just how married life works out financially.

Rent 6,000
Maid 600
Electricity 1200.00
Internet 1000.00
Phone: Mobile 1000.00
Phone:Landline 1000.00
Papers 180.00
Ironing 500.00
Transport 2500.00
Water 280.00
Gas 300
tv 300
medicals 500
milk 750
provisions 1,500
veg fruit 1,000
toiletries 300

A total of Rs18,910. Doesn't incluse any kind of entertainment, clothes, eating out, travel apart from local, but it is a starter for just iver Rs600 a day. Simple life, home cooking.....

cyberbaba · Jan 31st, 2006, 00:39

"cyberbab, How much money you need will depend on how well you want to live on India. What is your standard of living? 50% of India population lives on less that $2/day, that less than Rs. 3,000 (or US$67 month. Thats barely living, more like surviving. But it can be done for that little."

crvlvr, i've spent 6 years inside india and i already know how much it takes me to live there. i started the post because i want to know how much it take "you guys" and if anyone has a good system that they use to keep the cash rolling in. also if there are things that one should "factor in?"

8% interest is easily possible on several hundred thousand dollars with the right investment company. no?

nick-h your numbers are very close to what i was paying in pondi for the last 2 years. don't know how you can take it in chennai though

Auntyji · Jan 31st, 2006, 00:49

I am amazed about the rent, Nick_H, considering you live in a central part of the city. Good for you. Thiruvanmiyur rents (the area is a fair bit south of where you live) are the same, if not more.

Sama · Jan 31st, 2006, 00:58

actually (yes, I know I just said actually), the rent astonishes me since I just converted it to US $$$$ -- not even $150/month! amazing! hmmmmm.....and my social security alone once I can retire will be about $800/month, if not more (that is, if soc. sec. will still be around, who knows with this govt!)

Nick-H · Jan 31st, 2006, 01:05

Well, it buys me the top portion of an independent house: 2 bedrooms, living and ding rooms, kitcen, storeroom (puja room, actually; also big enough for a single bed) shower room and toilet.

That rent is bare and unfurnished. It is about 50 years old, that means no glass but wooden shutters, no hot water (I've added that myself). Landlady had it decorated nicely, though the builders skimped and the paint is starting to fall off.

Given all that, yes, it is quite reasonable for the neighbourhood, though it is in a small lane. I'm told it would rent a whole house and garden in Trivrandrum!

daw1205 · Jan 31st, 2006, 01:44

curious about the c-note comment. Is that a CN$ c-note? a US$ c-note or an India Rs. c-note? Revaluation and floating currencies can gut your income overnight when you live off one countries currency on another countries economy. Whe I lived in India, a US$ c-note got you about 750 RS. Today it will get you approx. RS 4,500. In ten years you could be India rich on your CN$.. or you could be living in a home on the dole in Toronto.

Jan 30th, 2006, 18:04	#18
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 24,220	I don't have children and I do not have to maintain a UK home. There are luxuries that I can easily live without (at least in Chennai) such as a car and a driver. I have a maid to wash yesterday's dishes and clothes, mop the floor, sweep the yard, put kolam outside the door, but the house will still need a thorough clean regularly. I have a wife, but she is such a good manager of money and balances my rampant consumerism so well ("No, I do not need yet another silk sari, and you do not need another new gadget" ) that I'm sure life would be more expensive without her. Eating out seldom costs us as much as Rs100. We are neither of us five-star-hotel restaurant types: I prefer a caff in London and a veg 'hotel' here. Neither of us drink alcohol. My favourite entertainment is classical music. Much of that in Chennai is free, although I can get through a few thousand Rs in the December season. Most places I need to go are within a half-hour walk. Or a Rs30 to 70 auto journey. My rent is Rs6,000 a month. It could be much lower, but I like to live in this fairly central area and moving out would only increase travel costs. If need be it could probably be halved and we'd still be a long way from living in a thatched hut. Our groceries bill is maybe Rs500 to 1000 a week. Telephone and internet 2 or 3 thousand. Drinking water 100, newspapers 50 ... ... ... Some travelling would be nice, but it is not essential (well, a trip back to UK once in a while is important while my mum is still alive). So my life here is a fraction of the cost of the same lifestyle in London. Whether you can afford to live here or not depends entirely on your expectations, required lifestyle, etc etc. __________________ . IndiaMike Mod Team (The Grumpy One)

Jan 30th, 2006, 18:42	#19
PRIYA Discombobulated Elsewherean! Join Date: Mar 2005 Location: nether regions Posts: 1,107	Reading this thread has been like a 'fairy tale' - everything seems to be so doable and easy. Have your living standards improved or are they more or less the same or better? Inflation at 6% is absolutely nothing - I think I could even manage something so minimal (I'm used to 600% and climbing ) I think I'll put myself up for adoption..........anyone???? __________________ Happiness is for those who cry, those who hurt, those who have searched and those who have tried. For only they can appreciate the importance of people who have touched their lives. (Anon.)

Jan 31st, 2006, 01:44	#30
daw1205 Member Join Date: Jan 2006 Location: Honolulu, Hawaii Posts: 12	Query to cyberpapa curious about the c-note comment. Is that a CN$ c-note? a US$ c-note or an India Rs. c-note? Revaluation and floating currencies can gut your income overnight when you live off one countries currency on another countries economy. Whe I lived in India, a US$ c-note got you about 750 RS. Today it will get you approx. RS 4,500. In ten years you could be India rich on your CN$.. or you could be living in a home on the dole in Toronto.

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Jan 30th, 2006, 16:34	#17
Jorge Reverter Maha Guru Member Join Date: Dec 2003 Location: Murcia - Spain Posts: 1,084	Hi All, Lotus Blossom: I would like to know what it means to live "comfortably" with 400/450 Rs a day. I suposse that moving more or less definitively to India is because you feel better in all senses, but my figures say that you need at least 1,000 Rs a day to drink a beer or to get some cravings time to time, and of course you must still add travel expenses inside the country. Most probably I'm getting old and can't imagine a life with "wartime economy" even in India. I agree that needs are absolutely different in India but as I said before, my figures or may be my backgrounds can't be changed easily. Nevertheless I'm retired since a month ( I'm terribly young!!!!! ) and have many ideas in mind about it. Jorge

Jan 31st, 2006, 00:16	#25
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 24,220	Here is a sample budget. I say 'sample' 'cos it'll take a while to see just how married life works out financially. Rent 6,000 Maid 600 Electricity 1200.00 Internet 1000.00 Phone: Mobile 1000.00 Phone:Landline 1000.00 Papers 180.00 Ironing 500.00 Transport 2500.00 Water 280.00 Gas 300 tv 300 medicals 500 milk 750 provisions 1,500 veg fruit 1,000 toiletries 300 A total of Rs18,910. Doesn't incluse any kind of entertainment, clothes, eating out, travel apart from local, but it is a starter for just iver Rs600 a day. Simple life, home cooking.....

Jan 31st, 2006, 00:39	#26
cyberbaba All India Permit Join Date: Jan 2006 Location: Canada Posts: 150	"cyberbab, How much money you need will depend on how well you want to live on India. What is your standard of living? 50% of India population lives on less that $2/day, that less than Rs. 3,000 (or US$67 month. Thats barely living, more like surviving. But it can be done for that little." crvlvr, i've spent 6 years inside india and i already know how much it takes me to live there. i started the post because i want to know how much it take "you guys" and if anyone has a good system that they use to keep the cash rolling in. also if there are things that one should "factor in?" 8% interest is easily possible on several hundred thousand dollars with the right investment company. no? nick-h your numbers are very close to what i was paying in pondi for the last 2 years. don't know how you can take it in chennai though

Jan 31st, 2006, 00:49	#27
Auntyji One tight slap! Join Date: Mar 2005 Location: New York Posts: 323	I am amazed about the rent, Nick_H, considering you live in a central part of the city. Good for you. Thiruvanmiyur rents (the area is a fair bit south of where you live) are the same, if not more.

Jan 31st, 2006, 00:58	#28
Sama a pain in the asana Join Date: Mar 2005 Location: the India inside my heart Posts: 4,988	actually (yes, I know I just said actually), the rent astonishes me since I just converted it to US $$$$ -- not even $150/month! amazing! hmmmmm.....and my social security alone once I can retire will be about $800/month, if not more (that is, if soc. sec. will still be around, who knows with this govt!)

Jan 31st, 2006, 01:05	#29
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 24,220	Well, it buys me the top portion of an independent house: 2 bedrooms, living and ding rooms, kitcen, storeroom (puja room, actually; also big enough for a single bed) shower room and toilet. That rent is bare and unfurnished. It is about 50 years old, that means no glass but wooden shutters, no hot water (I've added that myself). Landlady had it decorated nicely, though the builders skimped and the paint is starting to fall off. Given all that, yes, it is quite reasonable for the neighbourhood, though it is in a small lane. I'm told it would rent a whole house and garden in Trivrandrum!

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