Retiring at 50

Bronte said:
Steven do you know how much it costs them for the month? It's very cheap to live there is my understanding.

I'm hoping to go there for a holiday in about 2 or 3 years. But that's another matter to going to 'live' for a month. With no kids.
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Hi Bronte

Sorry, I've just seen your post now. I don't know the exact cost of their trip to Thailand, they just tell me their annual holiday expenditure, not the breakdown. I can find out, but it won't be for a month ;)

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Has anyone looked at residency issues and being away from Ireland longer than 182 days. If one spends 5 months in Italy and another 2 or 3 months abroad, is it watched by revenue? What issues would one face?
 
140 days in Ireland every year makes you tax resident. And if Revenue are looking at someone, it's usually at the higher end and with a view to drawing someone into the tax net rather than out of it.

Regarding the successful use of a property as both a source of income and a holiday home, I know plenty of people who rent out their properties purely to cover the costs associated with the property. Say the service charge is €15k a year and the tax etc adds another €5k. They'd look to cover that.
 
SBarrett said:
Hi Bronte

Sorry, I've just seen your post now. I don't know the exact cost of their trip to Thailand, they just tell me their annual holiday expenditure, not the breakdown. I can find out, but it won't be for a month ;)

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
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Any idea on the cost steven now they are back I presume?
 
That would be great, I'm looking at (in the future) spending 3 weeks in November and ditto in Jan/Feb to get over the winter. I know I can do cheap long term stays in Spain but it's not hot enough. My logic is somewhere cheap but hot, no heating bills, expensive flight maybe, cheap eating or eating in like I'd do anyway. So the extra real costs are the flights and accommodation, while saving on heating bills and food.
 
Great Steven thanks
Bronte is three weeks timescale due to house insurance lapsing after 30 days of no occupancy?
 
No MTK, that's not why, it's due to commitments in relation to children. And thought those two trips would solve my winter blues. Something to look forward to. Knowing you are going to the heat. No clue where yet though. It's also not until over 2 years time.
 
I spoke to my client about the cost of Thailand for a month. He said you'd be looking at €7,000 - €8,000. That staying in 5 star hotel with breakfast. He said they'd be eating in decent restaurants at night time and having a few drinks (he said drink was quite expensive over there and the measures quite small).

If you stayed in a cheaper hotel and watched the spending on food, you could do it a lot cheaper.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
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SBarrett said:
I spoke to my client about the cost of Thailand for a month. He said you'd be looking at €7,000 - €8,000. That staying in 5 star hotel with breakfast. He said they'd be eating in decent restaurants at night time and having a few drinks (he said drink was quite expensive over there and the measures quite small).

If you stayed in a cheaper hotel and watched the spending on food, you could do it a lot cheaper.
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Wow, that is an incredibly high sum. Anecdotally, an acquaintance claims to stay in 5 star(read 3 to 4 star) in Thailand for €20 per night. Even allowing for a large pinch of salt iro said individual, doubling it to €40-€60 per night, you would come in at a lot less than that. You could stay in Lanzarote, in fine style, for about €2,000 for a month. Flights much higher, of course. Not contradicting your client but just amazed at the cost.
 
Slim said:
Wow, that is an incredibly high sum. Anecdotally, an acquaintance claims to stay in 5 star(read 3 to 4 star) in Thailand for €20 per night. Even allowing for a large pinch of salt iro said individual, doubling it to €40-€60 per night, you would come in at a lot less than that. You could stay in Lanzarote, in fine style, for about €2,000 for a month. Flights much higher, of course. Not contradicting your client but just amazed at the cost.
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I would agree with you, it seems a high price to pay but there was reference to a 5* hotel, decent restaurants, and a few expensive drinks and then don't forget the flights which might not have been economy.
As Steven says it can be done cheaper if you want
 
I think they must have been flying business class etc. It's not the idea at all I had in mind. I was told you could eat street food for next to nothing and that the flights were the most expensive part.

I guess this comes down to each persons budget. If we were Michael O'Leary 10K for two weeks is nothing. Most of us on AAM are not in the world. I'm often amazed on here at how inventive some of the retirees on here are and how they budget so well and are quite happy to do so.

Thanks SBarrett for getting back to us on it. Also when I think about how much a weekend costs in Ireland it doesn't make the cost of Thailand for your clients outlandish at all.
 
We are currently planning a road trip in America next April/May and based on the last one we did in 2011, I would expect 6k to 8k all in for the month but that's a different holiday to a beach resort type holiday that Stevens clients were on.
 
Having recently been in Thailand for a short while I concluded that for a middle of the road brand hotel is about 40 to 50 euros a night. If you have two travelling halve that I guess. Good food in a restaurant came to less than a tenner including wine. Beerwise it was about half price for the touristy bars. I didn't venture into the shacks. I'd be confident of getting away with about 2.5k before flights a month.
 
just came across this thread now , " one million to retire on @ 50 "

no problem , i can think of several ETF,s ( bonds , equity and REIT,s ) which pay on average 4% per anum , thats 40 k per anum in dividends gross and your capital can also grow

i could easily live on that
 
moneybox said:
One could do better if they consider going to the Algarve for the winter months, apartments can be rented there for as little as €350 a month. It really wouldn't make financial sense to go to the bother of purchasing an apartment when you can rent there so cheaply.
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it certainly would not pay you to buy , are you serious , you can rent an apartment for 350 euro per month ?
 
Cervelo said:
We are currently planning a road trip in America next April/May and based on the last one we did in 2011, I would expect 6k to 8k all in for the month but that's a different holiday to a beach resort type holiday that Stevens clients were on.
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I have a similar idea in mind for 2018. I am looking at California, Nevada, South Utah, driving the National parks and stopping in San Francisco and Las Vegas (briefly). Would you care to share your plans? Maybe a separate thread?
 
Slim said:
I have a similar idea in mind for 2018. I am looking at California, Nevada, South Utah, driving the National parks and stopping in San Francisco and Las Vegas (briefly). Would you care to share your plans? Maybe a separate thread?
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American Sky do a nice California fly drive package, that can be tweaked to suit, that we did in Oct 2010
With regards to the 2016 trip, its in its early stages atm but its going to be San Fran, Seattle, across the top states to Boston taking in all the sights along the way.
If people are interested I can post more details when we've got a better picture of what we want to see along the way
 
South Africa wouldn't be a bad shout either. Their summer is our winter (obviously), and the cost of living is ridiculously low for a Euro based individual. Great food and great wine also, and a similar timezone.
 
galway_blow_in said:
just came across this thread now , " one million to retire on @ 50 "

no problem , i can think of several ETF,s ( bonds , equity and REIT,s ) which pay on average 4% per anum , thats 40 k per anum in dividends gross and your capital can also grow

i could easily live on that
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Well that's the plan, currently my ETFs are running about 4% down on April 15 with a max low of 10% during Nov/Dec, hopefully the coming year will fair better :rolleyes:
 
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