Is a millionaire rich nowadays?

[pendodave]

Surely a lot of people in London sell up & move when retiring.

At a time of life when friends, family, shopping, good public transport and health (and other) services are very important, it's really not always the best thing.

 

[Crow]

Yes, but not as rich as they once were.

 

[bobmac]

Surely a lot of people in London sell up & move when retiring.

If they've got any sense.
I understand living there while you're working because that's where the high wages are but when you retire, why stay, especially if you own your own house.
Sell your £1m house, move up north a bit and buy a smaller house for £300,000 and use the other £700k for whatever you want.
And you can save a fortune on golf membership.
And if you choose wisely, low crime rate, good facilities, clean air, friendly local communities and peaceful country walks on your door step.
But, each to their own.

 

[PJ87]

If they've got any sense.
I understand living there while you're working because that's where the high wages are but when you retire, why stay, especially if you own your own house.
Sell your £1m house, move up north a bit and buy a smaller house for £300,000 and use the other £700k for whatever you want.
And you can save a fortune on golf membership.
And if you choose wisely, low crime rate, good facilities, clean air, friendly local communities and peaceful country walks on your door step.
But, each to their own.

Why would we want to move away from friends and family at a time of our lifes when we would no longer be working so making new friends won't just happen. Support networks, familiarity

 

[Slab]

Also depends a lot on the currency

 

[PhilTheFragger]

If you live in london and have bought a property worth over £1 mill
Your mortgage is going to be huge, which wipes that millionaire smile off your face.
Of course it’s different if you have had the property for 20 years or inherited it

 

[backwoodsman]

If they've got any sense.
I understand living there while you're working because that's where the high wages are but when you retire, why stay, especially if you own your own house.
Sell your £1m house, move up north a bit and buy a smaller house for £300,000 and use the other £700k for whatever you want.
And you can save a fortune on golf membership.
And if you choose wisely, low crime rate, good facilities, clean air, friendly local communities and peaceful country walks on your door step.
But, each to their own.

Is precisely what me & Mrs B are in process of doing...

Mitigation is that we both originate from north midlands and the northeast.

(Proviso is that our house is worth a lot but ain't worth a £1million ...)