Twofor1, My advice is being put through the mill, so take it at your peril, but, 10 years is a great opportunity to create yourself a nice modest income. Your contribution of 10k plus rent, taxed as it is, will still go a long way towards achieving your goal.
No, I don't get it.
Looking at this again, locking himself into a commitment, it costs him 80k, to get back 25k with a miserable probably 4K a year, which with inflation that 4K will have even less buying power.
No, I don't get it.
If you can't do that I'd be building a granny flat and make sure there's a door into your house and maximise it to get rent of 12K. Tax free.
Again, you are presenting "commitment" as a disadvantage of pensions. Can you elaborate? While some occupational schemes may have penalties/charges for reducing/stopping contributions...[re pensions] ...locking himself into a commitment, it costs him 80k
This is mostly true, and 100% true for many PRSAs (discuss)PRSAs are flexible; you can increase, decrease or stop your contributions at any time without any charge or penalty
It's an interesting idea but I doubt many people would want to take in lodgers when they're approaching their 70's. Or would want to start any property rental business at that age.
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Conan, neither you or I know what finances this guy has,
Let's cut to the chase.
He's 57, with no liabilities, hopefully with a reasonable property deposit in the bank. He's actually financially in a better position than most starting out and with a good track record.
Don't rule it out.
I never suggested that he take in a lodger. Do you not understand the rent a room scheme and how it works with a granny flat?
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