There’s a fair bit of risk in having a big chunk of wealth tied up in one property. There are lots of horror stories out there about bad tenants. OTOH you have a lot of cash to live on if the rental causes trouble. As you get older as well the general hassle of being a landlord is something you could do without.Am I missing something glaringly obvious in my perspective all things being equal?
Sorry this wont work. I forgot about the rules for subsidiary employment. Your rental income will mean that you will be considered as in employment.Make sure to sign on for Prsi credits. These will allow you to qualify for 65s benefit.
If you already have at least 13 paid class A contributions in the calender year of your 61st birthday, you only need 39 credits in your 63rd year to qualify.
Kind of. I have no car (I hire GoCar if required) and I live in an apartment so management fee inflation is only risk but it's well run and there is a healthy sinking fund.Does your €30k budget include a provision for irregular expenses like house repairs, car replacement, etc?
I think what you are saying is that I should work in my 64th year till 65 for at least 6 months to be able to claim Jobseekers benefit ? As time to plan alluded to above I was gonna work part-time for the next few years and apply for JB but are you saying that doing 6 months just prior to turning 65 would qualify me ? I am currently signing on for class A credits and will do so whenever there are windows in my work patterns anyway (despite paying a small S class stamp on the ARF).If you signed on for credits as stated you could effectively qualify for 65s benefit by applying for Jobseekers benefit at age 65.
To qualify you would need to have been employed at class A for a period of at least 6 months and ceased this employment immediately before submitting your claim. This is to satisfy the rules for subsidiary employment and claiming Jobseekers benefit.
I can't get my head around people who say they wouldn't know what to do with their time if they were not working (i.e. if someone wasn't telling them what to do). I'm 52 and the sooner I'm out the better. It's not that I don't enjoy my work, but I know I would enjoy more 'not work'.Financially, you are well positioned to enjoy retirement. With respect you're the kind of person who could give sound financial advice to people in their 40's with forward financial planning.
I see you have the option of working part-time, if necessary. Not only is your situation a winning horse, it pays each-way too.
For the record:- I wish I had retired at 60 instead of 65. I'm the kind of person who cannot get his head around those working until they are 70. They'll never get those extra years back.
Well done. With the wind behind me that's my goal, but more likely it will be 60.I retired at 56 and I have never been bored or had nothing to do.
Best decision I ever made.
Good luck. I've had breaks before of only working 2 days per week. Working 5 days per week is a drag. 2 days per week is like having a trip to the Day Centre.Thanks for the advice guys. If I'm still around in a year or two I'll update any speed bumps in the process. I'm enjoying the time off so part time work will be my friend for now
I retired one week before my 60th birthday (five and a half years ago)Well done. With the wind behind me that's my goal, but more likely it will be 60.
The qualification requirements for The Over 65 Benefit and Jobseekers Benefit are complex and getting more convoluted every year. So you will need to thoroughly check that you meet the requirements and plan accordingly.I think what you are saying is that I should work in my 64th year till 65 for at least 6 months to be able to claim Jobseekers benefit ? As time to plan alluded to above I was gonna work part-time for the next few years and apply for JB but are you saying that doing 6 months just prior to turning 65 would qualify me ? I am currently signing on for class A credits and will do so whenever there are windows in my work patterns anyway (despite paying a small S class stamp on the ARF).
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