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I am 52, have been in full time employment since leaving school, but have an itch to scratch. 

My wife and I purchased a property some years ago but things went south when my wife fell ill a few years back and she lost her decently paid job and we had to manage on my salary which is ok to be fair and workable from a financial perspective with little to no luxuries but an annual holiday. 

For me personally, my day job which is fab by the way, does not help me grow and want to mix with like minded people however financially we don’t have the means to throw a chunk of cash into a property deposit right now, but with some well defined goals I am not sure there would be any time given my age to benefit from getting into the world of property. 

I am aware this is not an easy route and would require sacrifices and moderate work so not disillusioned. 

Any thoughts from those with infinitely more experience than I would be appreciated. 

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Hi Gozzer66

Firstly, would like to wish your wife good health and hope she is on the mend if not already.

Age should not be an obstacle in life, but more of a reason to act on something. If property investment is your next venture in life and you are passionate about starting a portfolio however big or small why not! Even if it is just one property that you focus on and make your project follow what you want to do. 
 

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20 hours ago, chloe williams said:

Hi Gozzer66

Firstly, would like to wish your wife good health and hope she is on the mend if not already.

Age should not be an obstacle in life, but more of a reason to act on something. If property investment is your next venture in life and you are passionate about starting a portfolio however big or small why not! Even if it is just one property that you focus on and make your project follow what you want to do. 
 

Thank you for taking the time to respond Chloe, much appreciated and my wife is much better thank you for asking. Yours is the type of mindset I refer to in my post. A positive one. 

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10 hours ago, dennis hughes said:

Hi Gozzer66,

I am now 60. Never thought I would get here!

Last year, I took my entire pension pot out and my wife and I purchased two properties with the intention of refurbishing and re-financing and the renting. The hope is that we can release all (most) of our money to do the same again.

Because I am an old codger (!) we are focusing on yield rather than capital growth - that's for our children and grandchildren to benefit from.

So, to answer your question, never too old.

How to start though is another, much more difficult question to answer. Others on the forum will hopefully have some suggestions on that.

(Seems strange to be advising youngsters of 52!) 

Thanks for responding Dennis, really appreciate it. I hope your investment works out for you. Did you not flinch when you took your entire pension pot out? I gather you still work at the young age of 60 and still have some form of income?  I don’t intend to stop myself and have 13 or so years before retirement age. My wife is a little older than myself  look forward to see how you get on. 

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Thanks Dennis. I have little spare cash laying around but have contributed to a pension for most of my working life. However I did discover recently a small pension I started when I was about 18ish with the Pru when I opted out of SERPS. I totally forgot I had it and they sent me a letter 12 months ago wanting to confirm if the account was mine. There is roughly £7k in that pot which I can put into my property pot and then build. Never thought about it until your post so thank you. I do have a decent work pension which i won’t touch though. 

Hope all goes well with your retail business though. I know things can be tough dependant on location and products you are selling. 

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Hi. I'm 56. Like Dennis I also cashed in some pensions to raise the deposit for my first buy-to-let property, which I should be exchanging contracts on within a week or so. I do have a day job but I'd like to ditch it at the earliest opportunity.

I want to expand my fledgling portfolio asap but am struggling a bit for the next deposit. I might have to reluctantly remortgage our home in order to progress. I think the best strategy would be to do a flip to raise cash - that's assuming a potential lender is willing to go along with the idea.

I would certainly consider a joint venture of some description.

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1 hour ago, rogerh said:

Hi. I'm 56. Like Dennis I also cashed in some pensions to raise the deposit for my first buy-to-let property, which I should be exchanging contracts on within a week or so. I do have a day job but I'd like to ditch it at the earliest opportunity.

I want to expand my fledgling portfolio asap but am struggling a bit for the next deposit. I might have to reluctantly remortgage our home in order to progress. I think the best strategy would be to do a flip to raise cash - that's assuming a potential lender is willing to go along with the idea.

I would certainly consider a joint venture of some description.

I am currently on holiday and reading everything I can and discussing goals with my wonderful wife. It is too soon for us to consider anything until we have locked down what goals and strategy we are going to take. 

Its great to see you are one step ahead  of us and I am sure you will find a way to raise the funds for your 2nd venture soon enough. There are a few doing amazing things with property on this forum and is quite frankly blowing my mind. Never had such an educational holiday!!

Do you have any information on what you did with your pension that would serve as guidance for myself? Have been with the same company for 29 years and have been inthe pension scheme for most of it on a final salary basis. 

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5 minutes ago, Ian Gosling said:

I am currently on holiday and reading everything I can and discussing goals with my wonderful wife. It is too soon for us to consider anything until we have locked down what goals and strategy we are going to take. 

Its great to see you are one step ahead  of us and I am sure you will find a way to raise the funds for your 2nd venture soon enough. There are a few doing amazing things with property on this forum and is quite frankly blowing my mind. Never had such an educational holiday!!

Do you have any information on what you did with your pension that would serve as guidance for myself? Have been with the same company for 29 years and have been inthe pension scheme for most of it on a final salary basis. 

I cashed in several pensions. Firstly I transferred two defined contribution pensions from previous jobs to a Self-Invested Pension Plan (SIPP) hosted by an on-line broker, so that they were sitting conveniently in the same place. Then when I hit 55 I could move them into drawdown status, meaning I could actually withdraw funds as and when needed, including a 25% tax-free lump sum.

 

I also cashed in the pension from my current employer, resetting my pension pot to zero, but I'm still working and contributing to it.

 

I've also started drawing two final salary pensions from previous jobs. I had wanted to transfer them to the SIPP in order to access the funds as one or more lump sums but that would have incurred some high fees payable to a financial advisor. As you probably know, it's easier to access defined contribution pensions than defined benefit (aka final salary) pensions.

 

With the final salary pensions I received lump sums equating to about one sixth of the pot size and then get monthly payments until I kick the bucket. Obviously the regular payments are lower than if I'd retired at, say, 67.

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I would turn it around and say your age could well be a positive, I started dabbling in refurb and buy to let when I was approximately 30, did OK with it, still own one of the properties but was never fully focused and didn't appreciate how time flies whilst you're busy getting married, having kids and wondering what else to try! Now as a more mature investor I'm much more focused and hopefully in a better position to build a decent portfolio within a quick timeframe! Nothing like a bit of urgency and focus for getting results! Good luck!

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6 hours ago, Chaz said:

I would turn it around and say your age could well be a positive, I started dabbling in refurb and buy to let when I was approximately 30, did OK with it, still own one of the properties but was never fully focused and didn't appreciate how time flies whilst you're busy getting married, having kids and wondering what else to try! Now as a more mature investor I'm much more focused and hopefully in a better position to build a decent portfolio within a quick timeframe! Nothing like a bit of urgency and focus for getting results! Good luck!

Thanks for that Chaz, a great way of thinking about my goals with time being a factor. Really appreciate your input 

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On 3/26/2019 at 7:27 PM, rogerh said:

I cashed in several pensions. Firstly I transferred two defined contribution pensions from previous jobs to a Self-Invested Pension Plan (SIPP) hosted by an on-line broker, so that they were sitting conveniently in the same place. Then when I hit 55 I could move them into drawdown status, meaning I could actually withdraw funds as and when needed, including a 25% tax-free lump sum.

 

I also cashed in the pension from my current employer, resetting my pension pot to zero, but I'm still working and contributing to it.

 

I've also started drawing two final salary pensions from previous jobs. I had wanted to transfer them to the SIPP in order to access the funds as one or more lump sums but that would have incurred some high fees payable to a financial advisor. As you probably know, it's easier to access defined contribution pensions than defined benefit (aka final salary) pensions.

 

With the final salary pensions I received lump sums equating to about one sixth of the pot size and then get monthly payments until I kick the bucket. Obviously the regular payments are lower than if I'd retired at, say, 67.

 

On 3/26/2019 at 7:27 PM, rogerh said:

I cashed in several pensions. Firstly I transferred two defined contribution pensions from previous jobs to a Self-Invested Pension Plan (SIPP) hosted by an on-line broker, so that they were sitting conveniently in the same place. Then when I hit 55 I could move them into drawdown status, meaning I could actually withdraw funds as and when needed, including a 25% tax-free lump sum.

 

I also cashed in the pension from my current employer, resetting my pension pot to zero, but I'm still working and contributing to it.

 

I've also started drawing two final salary pensions from previous jobs. I had wanted to transfer them to the SIPP in order to access the funds as one or more lump sums but that would have incurred some high fees payable to a financial advisor. As you probably know, it's easier to access defined contribution pensions than defined benefit (aka final salary) pensions.

 

With the final salary pensions I received lump sums equating to about one sixth of the pot size and then get monthly payments until I kick the bucket. Obviously the regular payments are lower than if I'd retired at, say, 67.

Thanks for replying. I will now try to get an update on the current status of my pensions as this could be an opportunity I had not previously considered. 

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Great thread!

I turn 58 this year. Had a good - and well paid - job managing global software teams; Great people in my team, but the project we were doing was technically impossible with a senior manager who was driving too hard (and had very little people skills). Job was killing me. So just gave it up and walked away. Have enough hard cash to live comfortably for several year (plus building an income from selling on Amazon).

However the wife and I looked at property as a way to generate cash. We have gone the flip route rather than BTL as we feel we dont have the time to build a portfolio on rental (an extra £300 pcm does not gain us much).

We have now done the first project from uninhabitable to total refurb in 8.5 weeks and should make us 25-30k when we sell it.

Now looking for the next project (well found one, but don't have the cash* to move forward)

Takeaway is JUST DO IT! Stress of job was really killing me - and affected our marriage. Now we get to spend lots of time together, or even go for a day out with some nice food if we want to. Because we can.

*Cash is where my knowledge is lacking. We bought the first one with our own hard cash. But this is not a good model. This second property is 250-300k in auction, refurbed (100k) and value added would resell around 500k. I just dont have the skill/knowledge to get the funding for this.

Oh - really, really hard to get a mortgage/loan if you dont have a job, so I've found!

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19 minutes ago, kevinh said:

Great thread!

I turn 58 this year. Had a good - and well paid - job managing global software teams; Great people in my team, but the project we were doing was technically impossible with a senior manager who was driving too hard (and had very little people skills). Job was killing me. So just gave it up and walked away. Have enough hard cash to live comfortably for several year (plus building an income from selling on Amazon).

However the wife and I looked at property as a way to generate cash. We have gone the flip route rather than BTL as we feel we dont have the time to build a portfolio on rental (an extra £300 pcm does not gain us much).

We have now done the first project from uninhabitable to total refurb in 8.5 weeks and should make us 25-30k when we sell it.

Now looking for the next project (well found one, but don't have the cash* to move forward)

Takeaway is JUST DO IT! Stress of job was really killing me - and affected our marriage. Now we get to spend lots of time together, or even go for a day out with some nice food if we want to. Because we can.

*Cash is where my knowledge is lacking. We bought the first one with our own hard cash. But this is not a good model. This second property is 250-300k in auction, refurbed (100k) and value added would resell around 500k. I just dont have the skill/knowledge to get the funding for this.

Oh - really, really hard to get a mortgage/loan if you dont have a job, so I've found!

Hi Kevin

They are some big numbers you are talking about and I wish you well with your next project. What are the particulars of your first project (assuming you would wish to share)?

 The thought of spending more time with my wife is something I also wish for and working on a project together would be fab. Like you I spend too much time in a corporate role, but the politics of it all I could do without even though the company I work for is fab. 

Keep me posted as to what you do next. 

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No problem sharing - Bungalow in North Norfolk. Purchase 187k (ex fees), resale £265k. Spent £31k on the refurb (10k over my 'guess' budget, but some of that was by choice).

But this was our first, so coming out £20k up would be a great result.

I think of things in terms of time rather than money. So since I know my numbers (i'm a budget nerd). We live comfortably on £2.5k per month. so making 25k means 10 months of comfortable living.

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