Littlewillow
Registered User
- Messages
- 19
We intend to rent our house during that time and expect an income of about €1200-1400 a month.
One thing that stands out for me is the €2k a month traveling budget
That works out at about €65 a day which to me seems to low
I haven't had any experience of touring in a motor home but have done a lot of road trips in Europe and USA and a rough budget for the two of us per day when you factor in everything is around €250 per day
I know traveling in a motor home will cut out some of the costs that I would have but have you factored in everything
Can you give us a breakdown of your budget ??
Thanks Tintagel. The point is to travel around in a MH rather than renting a house or apartment. That for us is the appeal.Touring Europe in a motorhome could be a nightmare. A lot different to a week away in the sun and could prove a very expensive option. You could head down to Portugal and rent somewhere cheap. Use it as a base to visit other places. Flights are cheaper than petrol and toll roads. Also up to 40% discount on rail travel when you are 60 years of age.
Sounds like a great plan. Be aware that there will be some tax implications on the rental income but should keep you in the lower 20% rate. Also I would do the downsize in one go or as little a timeframe differance as you can. You don't need the hassle of worrying about house price fluctuation in between buying and selling.
Yes we will brush up on tenancy laws and will also see a financial adviser before we commit.Beware notice periods on the new tenancy laws.
It may be more effective for you to airbnb your property than formally let it.
We will always pay for private med insurance but feel we can't let all unforseen events stop us. As for inflation and running out of money these are questions I don't have the expertise on and hoped posting here will lead to enlightenment. TBH I've already done my fair share of "what if..." but Gordon Gekko you're bang on - these are legitimate concerns.What about unforeseen medical expenses or nursing home expenses down the line?
And what about inflation, i.e. the risk that your income doesn’t enable you to even maintain your standard of living?
Thanks Thirsty I just want to make sure I can afford the shroudGo for it, travel while you can; there's no pockets in a shroud.
And I still am. But with two state pensions and a small private pension. Also some savings to back me up.I remember reading a piece here on AAM a few years ago by Bronco Lane who coined the phrase "living off the spray" and it stuck with me.
On the contrary, I think your plan is doable in fact I think its very doable, from your OP you seem to indicate that with a few little life adjustments that you can live the life you want quite comfortable on 2 state pensions and until they kick in you have savings, pension fund and a property that can be rented or downsized to provide further funding.Do you also think the plan is silly and not 'doable'?
THanks Saavy99 but I haven't really ran the numbers - I'm pretty poor at that kind of thing.Little willow, I think it's wonderful idea and you have done your homework.
Glad to hear it and I imagine this is a busy time for you sowing courgettes, carrots, peas, etc. It's funny how time starts to run out in late May early June for veg growers! The "spray" I'll be living off will not be as abundant - no pensions yet. This is where I'm a little worried. From what I can gather I can manage living in the MH (motorhome) on the rent from our house and I will have a little emergency money but bridging the gap after we return to the receipt of our state pensions is a little complicated. Looks to me like I have to take 80k as tax-free lump sum. Place 63,500 in an ARF - untouched - until I'm 75 and draw a minimum of 4% from the remaining €175/180k. Back of the envelope calculations indicate we may have about 90k before we get the state pension excluding the money locked away til we are 75. And yes you make a good point re trying it out in small steps first. We plan a few "shakedown" trips to familiarise ourselves with the lifestyle and the vehicle.And I still am. But with two state pensions and a small private pension. Also some savings to back me up ... If you want to travel in a motorhome for two years I would go for it but I would break in to it gently. Maybe start off with the obvious France and Spain for a few weeks each time before doing the big trip.
Yes but with the various opinions here I can make a more informed decision - I thinkWhether its "silly or stupid decision is a question that really only you and time can answer, I would say go for it you've got nothing to lose except regret
I've been doing a fair bit of research by following blogs of those who are travelling around Europe in a motorhome. They all seem to agree on a budget of similar amounts. Most of these however, don't stay on campsites too often and opt for Aires and wild camping. Do you also think the plan is silly and not 'doable'?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?