ThirstyLizard
Registered User
- Messages
- 30
But on track to last until he’s 87.Therefore his cash savings are reducing each year.
More power if he wants to stay in the house. But any €900k house in Ireland is superfluous to a single person’s needs.Family home worth €900k with a no mortgage
In his shoes I would just keep savings in highest-yielding accounts, downsize PPR, stop worrying, and spend even more!
First of all I don't consider €40k a "low income" for a person in the 70's with no debts and no dependants, he's doing alright
Agreed, but they are well able to afford the expenditure from savingsThe income is 25k, it's the expenditure that is 40k.
he could stick 50K of it into Trade Republic and earn 4% straight away (I'm not sure if there's a way around the 50K limit) - that'll pay for a few rounds of golf.If he has accumulated a large lump sum in cash on deposit, he is unlikely to start investing now.
A lifetime loan might be another option to release house equity.
€40k a year expenditure does seem fairly high for a single person. I wonder is he availing of all available State supports for seniors?
There are older people who need somewhere to live too. Plenty of people in their 60's who need to rent. Lots of examples of people whose marriages break up in their 60's when the children have flown the coop and they have nowhere to live.At age 70 one should have ideally not have to face the inconvenience of a probable much younger lodger and their issues, habits and lifestyle. I’m thinking parties, overnight guests, substance use, dirty laundry, clutter, noise, mental health issues, mood swings, sharing cartons of milk etc etc. Not to mention increased utility bills from room heaters, hot water etc. A friend of mine in his 60s has all these issues from his low rent paying lodgers. You would need eyes in the back of your head. No thank you very much.
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