Moving back to Cornwall
 

In early 2018, me and her indoors will be moving to Cornwall, from Australia, to live and to retire.

We have a mortgage free house in Cornwall, and will move into that. We're trying to plan our budget, except we keep being told that "Cornwall is a very expensive place to live!"

Our hope, and it is just a hope, is this; if my super has enough in it, and factoring in a proposal that we will work another year, then in Nov 2017, next year, we will retire. I will be nearly 59 yrs old, and my missus will be 54.

We need enough cash in my superannuation to give us £25,000 a year to live on in the UK.

If we have that sum , I will take my super as a lump sum, invest half of it in long term high interest accounts here in Australia, as Aussie interest rates are far better than the UK ones at present. Putting half into savings accounts means it’s not just sitting idly in a bank, but is actually earning interest for us.

With the rest of the money in short-term, easy-access, saving accounts, I will move back to Cornwall in Feb 2018. Once here I will contract, and get a gutting and redesign/rebuild, of the interior of our house done, and possibly a conservatory put on the front.

(Turns out I also have a small fund, which will pay £3463.00 pa and a £10,300.00 lump sum on hitting retirement age, or £3037.00 pa and £9,500.00 lump if I were to take it now. So that’s another handy £66.00 per week, once I hit 60 or so. We’ll probably leave this grow, and only use it if sh!t and fan collide.)


The wife and the mutts will join me sometime during all this malarkey.

If we can survive on my superannuation lump sum until the wife hits 59, then her super-superannuation will kick in, and after that we’ll live like the proverbial pigs in ....

I lived in Cornwall from 1991 to 2003, and at that time didn't consider it remarkably any more expensive than the rest of the country. I'd lived all over the UK before that.

Yes, we realise that Cornwall has a low wage economy, based around tourism. Also that transport costs can be high. But neither of those would greatly affect us.

Can anyone offer help and advice on the costs of living in Cornwall presently please?

Many thanks, Taff

Re: Moving back to Cornwall
 

Hi Taff, can't help with Cornwall as we're in the North West but there are some similarities in our respective situations, so thought I'd write some random thoughts in case there's something of interest there to you. If any of it triggers a question, feel free :starsmile:

First - you are both UK citizens aren't you?

Your wife's super - where are you getting 'until the wife hits 59, then her super-superannuation will kick in' from? I only ask because she needs to reach 60 before she can take a tax-free income or lump sum from her super (this is assuming she has Oz citizenship).

An income stream from Oz super won't be taxed in Oz after the recipient reaches 60, but forms part of your taxable income in the UK.

Like you, we (Brit husband with Oz citizenship as well, Oz wife in UK on first stage of spouse visa) - own our home here in the UK and most of our funds are still in Oz. Interest rates are so rubbish now in both countries, even though Oz is far better than the UK. We're in the process of buying two properties to rent out, as this will give us a conservative 8% net return (most important is to choose the right area and property).

My husband also arrived in the UK before me, to get the house up to scratch, while I stayed in Oz and completed the sale of our home there, and shipped (flew) the 11 year old goldie over. We used a local (Perth) company, we're very happy with their part of the process, less happy with the condition the mutley arrived in.

Happy planning :thumbup:

Re: Moving back to Cornwall
 

Hi "spouse of scouse" and thanks for the prompt reply!

I'm Welsh, as my nickname indicates, my wife is an Aussie, but was born in Cardiff, to Aussie parents, and is applying for British citizenship. (I have Aussie citizenship too.)

My wife's super-super she will draw down at 59, as, having taken advice, that will maximise her income.

We hope, and it's looking good for, my super to be taken as a lump sum while I'm here in Aus, and that will give us 6 years of living at £25,000pa, to see us through until the wife's super kicks in.Her super will give us in the region of £40,000 pa.

Interesting to find someone in such similar circumstances!!

Re: Moving back to Cornwall
 

I live just across the border in Devon, and my brother lives in Cornwall.

There are some items more expensive in the West Country; we pay more for water, for example, but I haven't heard that the cost of living is higher overall.