Retire in India and live off interest payments?

Nick-H

UK has schemes whereby you can, after a certain age, "sell" your house in return for an income.

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lyndy

The info here is wonderful! Thanks to everyone who posted & a big thanks to cyberbaba for initiating the post.

We're Australians living on investment income and we're planning to spend 6 months a year in India, from Mar 2, 2006. We're also planning to spend a month in Sri Lanka & a few months in Cambodia each year before returning to Thailand & buying a return ticket BKK/Syd/BKK to enable us to return to Australia each year to see family & have any medical/dental treatments we may need. Of course, Bangkok & Singapore & maybe Bangalore are places we can get good treatment but at home, it's free if one has the time to wait!

We plan to live on A$20,000 per year. This figure includes travelling expenses such as air fares back home & India/to Sri Lanka & BKK to Cambodia/BKK. We plan on living somewhere such as Mysore for a few months. Or maybe Dehra Dun where a good friend resides. Or we may just hit the train tracks & be gypsies!

We do not intend to buy property in India. Rents are reasonable in many good towns so we'll be probably moving around for every few months for a few years until we find our Utopia.

Thanks again people & sincerely hope everyone's plans to live in India work out!

We're finding many people think we're crazy, and we know we are! And boy are we getting excited!

cyberbaba

thanks lyndy and to all the others as well, it's been a great learning experience. i'm brand new at all this retirement investment stuff so hopefully more folks can share their success secrets.
good luck with your plans and hope to see you out there soon!

HowieUK

I'm also selling up and 'retiring' sort of!

I'm gonna be livin on closer to Nick's amount of money than JohnSW's!

I have enough to last until I'm 65 if I'm frugal, and then be left with a little to maybe go out with a bang or whatever!!

Anyway 13 years of bumming around India and neighbouring countries for visa renewals when required sounds like a lot of fun to me

I have no idea about financial investments but will not be taking any risks and just probably go with the ordinary interest accounts. I also don't know whether to leave money in GB£'s or change to Rupees but will decide at a later date. I won't be looking for any property to buy as I already played that game in England (millstone around the neck springs to mind, but if I hadn't done it previously I wouldn't be able to take this step now!)

Following this thread with interest hoping someone has the definitive answers?

Howie's 100th post!

Nick-H

Congrats, Howie on the Century!

Keep track of your UK pension. Who knows, it might not exist any longer when we get to 65, (only 12 years to go for me) but I'm hoping that it will, 'cos I'm looking forward to it doubling my income! You can apply for a forecast: mine was more than I'd hoped even if I stop making contributions now.

Keep track of any other pensions you may be entitled to. I never took it seriously (wish I had) but there is the odd pound or two coming my way. However small it is, remember that small amounts of money go a long way here: make sure you keep these guys updated with contact addresses over the years.

john.sw

Congrats on your 100th (post)

Seriously, what do you plan to do when you're 65?

There may be little or no UK Government pension left for you, and if you have no money and no income, how will you finance the rest of your life?

Would you go back to work... return to the UK and hope to be housed by the taxpayer... marry a rich widow...?

A lot of people live until they're 100 these days - and 76 is the average life span of a UK male, so you really need to plan for the many years after your 65th birthday too..

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HowieUK

Been a smoker and drinker for most of my life and do not expect to be that healthy after 65!

Probably senility will be coming on too, with a misspent youth on hallucinogenics.

No regrets really and if worse comes to worse I will return to 'good' old blighty Throw myself on the mercy of the social security system and get housed in an oap's home where I can dream and dribble to my hearts content

But things have a habit of not working out how one imagines! Maybe the micro-brewery some of us have talked about starting in India will take off? I would put some hard earned cash into it if it looked feasable! Other possibilities could be some part-time engineering interests, also re-cycling interests.

My company pension that I'm trying to consolidate into my couple of year's University (Gov't) Pension will give me a bit of money that I'm claiming from this July when I finish work. I managed to avoid full-time work pretty much until I was in my early thirties so pensions will not amount to a lot!

I'm initially looking for a year return ticket to India as I think I will have to return to england after a year for a short time to finalise finances (I'm finishing work on July 31st and flying out mid August!) Will be banking on the internet but leaving as soon as I am for India after finishing work, I think after a year a few loose ends will need tidying up!

Howie

Nick-H

I expect that the pension that the UK govt tells me I will get when I am 65 will actually happen.

...but I wouldn't put money on it!

john.sw

I have to wait until 2021 until I hear the news that all those tens of thousands of pounds I have paid into my state pension have been given away to the feckless and workshy.

By that time, the retirement age will have risen to 70 or 75 and there will be no state pension for me. I'm banking on it!

If the UK government told me is was Tuesday I would check with a more trustworthy source before putting money on it!

GoanCanuck

Hard to give a definite answer for Pound Sterling due to the fact that the Pound is one of the few currencies worldwide which has depreciated with respect to the rupee during the last 16 months. During the same period the Canadian, US and Australian dollars have all gone up with respect to the rupee.

If you were to ask me whether it is better to put ones savings in Canadian dollars or Rupees, the answer would be Canadian. The Rupee has gone down approx. 20% in the last 18 months with respect to the Canadian dollar. Due to this my investments in India have been very adversely impacted.

HowieUK

Sorry to hear of your loss of revenue re the depreciation of the Rupee GoanCanuck

I'm at least leaving my cash in Brit £'s for the first year and then seeing how the land lies then!

I'm 65 in 2019 and like the other middle aged Brits don't hold out much hope of getting the state pension by then! Does anyone know how you find out if you will be short of 'stamps' just in case the pension will be paid?

seventies'hippy

Hey Howie, I'm 3yrs nearer 65 than you, & of course others may see me as middle aged, But I certainly don't, Im still living in my 20's,
Just that I look a little wiser,,,,,,,,,,,

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HowieUK

Hey Seventies,

I'm still 21! I can still 'feel' that first magical trip to India when all was new and so exciting!!!!!!!!!

It will be exactly the same this time!!!

Howie

lotus blossom

remember gentleman, that age is simply and only a number attached to a state of mind.

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HowieUK

I hitched back to europe overland on my first trip, £10 available to get through each country on the way back!

I remember sleeping on a grassy hill (not knoll!) in Switzerland or somewhere! on the way back.

I woke up in my doss bag in the morning, cold and depressed and asked out loud for something to give me a sign!!!!(sad or what?) When I opened my eyes the only thing on the horizon was the sign SHIVA It was on the jib of a huge crane!! Must have been the name of the building company? Weird or what?

Howie