Author Topic: early retirement - financial advice please  (Read 3560 times)

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Offline mike

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early retirement - financial advice please
« on: January 30, 2007, 13:19:01 PM »
I am finalising my plans to retire,and a trawl through "search" has given me great help.If I have thought it out properly, I hope to be secure by doing the following:
 1. Claim my NHS pension from age 55 £30000 lump sum and 10000 p.a.(uk inflation protected)
 2. Sell my house in UK. - £100,000 equity
 3. Trade up my flat in Calis, value £35000.
Broadly the plan is to buy a house (approx £80,000)and split the remaining cash 3 ways. Property 30,000,Turkish bank 30,000,UK bank 25,000. If you are out there Stoop, Dipps or other expert, can you tell me if this is sound for someone who does not like risk taking,or am I mad? Thanks in anticipation



Offline cenk

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early retirement - financial advice please
« Reply #1 on: January 30, 2007, 13:36:58 PM »
Hi Mike
My advice is , buy your property and put the rest of money to a YTL monthly interest account . Interest rates are good nowadays , around %18 . If it will get lower in future , you will rethink .
And there is another thing , more money gets more interest rate . For ex. if you have 50.000 YTL you will get % 18 but , if you have 150.000 , you can get % 19-20 .
Hope this helps
Cenk

Offline mike

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early retirement - financial advice please
« Reply #2 on: January 30, 2007, 13:48:12 PM »
Wow that was quick. Thank you Cenk. Also thanks for your reply to my e-mail last week. I hope to see you soon, Great advice.

Offline cenk

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early retirement - financial advice please
« Reply #3 on: January 30, 2007, 14:10:00 PM »
No problem Mike
I forgot to tell one thing . When you will convert GBP to YTL , try to get a good exchange rate . When you are converting in bank , tell them you will keep money in their bank in monthly account . This will help you to get a better exchange rate . Difference between 2,75 and 2,80 (for 80.000 GBP) is 4.000 YTL = 1450 GBP
Cenk
« Last Edit: January 30, 2007, 14:10:55 PM by cenk »

Offline stoop

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early retirement - financial advice please
« Reply #4 on: January 30, 2007, 15:58:16 PM »
Mike,

If, as you say, you do not like risk then I would tend to go for your original plan as this will not tie all your money up in YTL. It's ok getting 18% (less tax) but at what cost if you ever need your money urgently?

£30k in YTL will give you another £450 per month before tax at 18%. Added to your pension income I suspect this will be more than enough to live on in Turkey. In fact, if I were you, I would work out what you feel you need per month and invest in YtL accordingly. Leave the rest in sterling for security and emergencies.

Stoop

ps - Bye the way - I am now retired from the Financial Sector so don't come knocking on my door if it all goes Pete Tong -lol


Offline Twin Bee

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early retirement - financial advice please
« Reply #5 on: January 30, 2007, 21:07:51 PM »
Presumably all this advice comes with a disclaimer - what do solicitors say; "buyer beware" but it is good to read about the options with real figures so thanks for that Cenk and Stu
« Last Edit: January 30, 2007, 21:08:22 PM by Twin Bee »

Offline mike

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early retirement - financial advice please
« Reply #6 on: January 31, 2007, 00:33:37 AM »
Just back from my local Wetherspoons (Efes £1.90 pint). Thank you for your kind advice. Please forgive my rambling but I am reminded of when I was in York Male Voice Choir, 70 friends of all persuasions,Bank managers to joiners, all would help one another,treat each other fairly. I believe this community lives that tradition under the expert stewardship of Keith and the other moderators. Stoop, I have been impressed by all your posts over the years.I had a bad experience courtesy of a Financial Advisor (member of the I.F.A) who legged it with £25000 of my partners money. Hence the caution. I cannot emphasise enough the benefits of keeping up with all the chatter.Wish I could help others but not much trade as a Mental Health Nurse here (some unmentionable person has given our profession a bad name!)

Offline Sinbad

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early retirement - financial advice please
« Reply #7 on: January 31, 2007, 08:02:13 AM »
I was a consultant for many years in Scotland for our company but turned from poacher to gamekeeper when the firm gave me the opportunity to move South and join Compliance!

Within our field force of consultants I have come across them all. Dealt with finacial advisors across the whole spectrum.

On the whole the majority are good with many within that as very good.
Like with all trades there are the few bad ones but sometimes the bad ones are not bad but just don't understand what they are doing and mean well.

Since our company closed to new business many of the ex-consultants have become IFAs. I am still in touch with many and many are still friends and use them for my own business - unusual that as Compliance are often seen as the ones who delay the consultants business!

If you need a good IFA ask friends around you and in your area - there are lots of trustworthy ones out there.

Offline c1

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early retirement - financial advice please
« Reply #8 on: January 31, 2007, 10:53:16 AM »
mike what ever you do, enjoy your retirement

Offline wickwilly

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early retirement - financial advice please
« Reply #9 on: January 31, 2007, 18:54:37 PM »
Mike
I too get a Govt pension similar to yours and I find that we dont spend a 3rd of this let alone other savings we have.It obviously depends on your lifestyle but we go out a fair bit so I would not think you would have too many worries

WW




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