Retirement assets - Will I have enough if I give property to chlldren before I retire

Thanks all of you for the replies. It's a lot to think about!
Bronte, I've thought about a housekeeper, but it just seems like another bill and the housekeeper will only tidy up once a week, but food will be left out everywhere between her visits - I had to get Rentokill out two years running as the mice infestation was so bad- none last year thankfully, after constantly reminding them by text almost on a daily basis - the house had to be deep cleaned after the second infestation. I was home for the weekend and noticed empty glasses with cigarette butts in them thrown on to the extension roof - possibly not all my children's doing but likely their friends who came to party. I am tired of this stuff! Tired also of all the maintenance of the house - gutters need doing, boiler was old and replaced in February, roof leak last year, laminate flooring is old and coming apart

I agree re your advice about not running down the cash reserves and that anything can crop up as we age, particularly health issues, just health insurance costs alone as we age are significant, and I need two and possibly three surgeries on my feet I'm the next year or do.

Re keeping the apartment for work, the arthritis in my feet is bad but I can work at what I do as it doesn't involve standing or moving much. I won't get a job in exactly my qualification as I have done in the UK, but I would likrly get something lower paid in an area similar to my qualification - say three days per week with a salary of 32k for those hours - this would keep up PRSI and prevent me digging into savings. I have 35 years experience in the area I work in and lots of transferrable akills but I guess there is also ageism yo think about - that's not so much snow issue in the UK - that was my thinking around keeping the Dublin apartment - I could spend 3 days working in Dublin and the rest in Tramore - there would not be many job opportunities in my line of work in Waterford - so I guess it would be semiretirement rather than retirement.
 
If you were a landlord could you still pay PRSI ? I’m not sure but I think it’s possible. Others here may advise. If you need two surgeries you may be off for six months to recover. I m a few years behind you but I think if I had the option not to work, was facing surgeries and needed time to recover I think I’d know what id choose. As for the kids they are taking things for granted very much and need a wake up call. Start working out what you need for a comfortable retirement and put yourself and your health needs front and centre.
 
Mothergoose said:
I've thought about a housekeeper, but it just seems like another bill and the housekeeper will only tidy up once a week, but food will be left out everywhere between her visits -here would not be many job opportunities in my line of work in Waterford - so I guess it would be semiretirement rather than retirement.
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There are still two issues. Money and children. Clearly it's not working for you with the children in the house. You obviously can't disturb anything now for another month as I assume college kid has exams? Is this final year?

- How much are you funding each child
- Does working child contribute financially?
- Housekeeper comes in Friday, throws out all food, does your bed, cleans kitchen and fridge. I think that's a bill worth paying. For your mental health. Do you keep your bedroom door locked? Is it en suite?
- I don't think your idea of working 3 days in Dublin is realistic given your health problems.
- Rent of 2K, even if you only get 1K after tax pays a lot of housekeeper. Ridiculous to leave it empty. It would be more than 1K actually if you are UK tax resident. (I'm non resident so our rents are taxed lower because our incomes abroad are not counted)
- Have you considered that you could pay to stay in Dublin 2 nights to work 3, have you looked into how much that would cost. With some lady (or man) who wants extra income via digs type arrangement. This would take away all the headache of another property to manage, with it empty for minimum 4 nights a week.
- I'm assuming some tragedy means you are being kind to your children, but that doesn't give them the right to behave as brats with no respect for their free accommodation or respect for a single hard working mother living abroad who comes home to carnage every 2 weeks.
- I get the feeling you are prevaricating about what to do. You're not going to change the children now, they will only cop on if forced out of luxury into the real world.

Based on your posts I assume you want some hard hitting advice, there is no point my pretending that there is another way. In case you think you are alone, yesterday we had an almighty row about a shower, in a new place with 2 showers and 3 toilets. I lose the will to live with these arguments with 'adult' children myself. (I'm off now to add to my list of rules - that I will enforce - in our new place, I'm also waiting for it to be 9:30 in Ireland as there is a property I'm hoping to enquire about )
 
Thanks, Bronte and Mamamia22, yes my adukt children are taking things for granted and being brats. I'm glad to hear Bronte that I am not the only one who had rows over housekeeping with their adult children.

Re my son he has another two years in college. My daughter is just finished college, working full tome for money to go travelling and also has an expensive and hectic social life. She us going travelling for 3 years supposedly in October. They don't contribute to bills currently. I said I would not ask them for money for bills while in college. My daughter just finished college 3 weeks ago - I said I would mot charge bills as she is Avington up for travelling bit when she returns if living with me she will have to contribute. I am glad really that she is going travelling as it will be one less mess and her mess is a lot worse than my son's.

I may think again about renting the spartment out. As well as bad tenants, I was worried that laws might be brought in that I could never sell the property due to having tenants there. I would get about 2k per month for it.

Re the cleaner - I think I will try it. And maybe make it the only bill that the have to contribute to at the moment.
 
You should have made it a condition of no bills that she keeps the place clean. Her travelling is 5 months away. I'd be inclined to tell her she will pay bills forthwith if you come home again to a mess. In fact I'd be threatening her with eviction. It's pretty hard to save if she's got an expensive social life. I'd have taken rent and utilities from her, saved it, and given it back when she travelled. To do 3 years requires quite a bit of cash.

It's odd you've such a bad experience with tenants. What was your last rent and when?
 
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