EM TuningChris Nott
Page 1 of 2 12 LastLast
Results 1 to 40 of 48
Like Tree1Likes

Thread: How much money is enough to retire?

  1. #1
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574

    Red face How much money is enough to retire?

    So I've been thinking about early retirement lately, and how much you would need to make it work? What could you live on annually without having to work again?

    It came about as I joked around with family members just before Xmas dinner that I was going to retire @45 years of age(I will be 35 next month), and this really got them chatting and debating of how much would be enough to retire on... they thought I was being serious and their eyes lit up as I said it! lol

    Seriously, what would be an acceptable amount of money to retire on? I remember the days that you could alk about retiring on a million quid, and that you could live off just the interest alone, when you actually DID get interest for you savings, but today, a 'MILLION POUNDS' isn't all that, nor being a 'Millionaire', would a couple of million be enough? We could all do with a lottery win hey. lol

    So there you go, I've set my aim, will I get there?.....



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  2. # ADS
    ADS
    Join Date
    Always
    Location
    Global
    Posts
    Many
     
  3. #2
    CHEZ's Avatar
    moderately amusing

    Status
    Offline
    Join Date
    Jul 2011
    Location
    just about, right here!
    Posts
    3,756
    does that mean you got a cool mil stashed away then jo?

  4. #3
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by CHEZ View Post
    does that mean you got a cool mil stashed away then jo?
    No mate, if I did, I would be retiring @40! lol



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  5. #4
    CHEZ's Avatar
    moderately amusing

    Status
    Offline
    Join Date
    Jul 2011
    Location
    just about, right here!
    Posts
    3,756
    Quote Originally Posted by jojo View Post
    No mate, if I did, I would be retiring @40! lol
    ok, let me do my sums then,..............................calculating.... ...........................this must mean your sat on half a mil?

  6. #5
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by CHEZ View Post
    ok, let me do my sums then,..............................calculating.... ...........................this must mean your sat on half a mil?
    LOL! I haven't got that type of money lying around, if I did, I'd be driving an RS4 or an R8, not a 12 year old 8L!!

    I have 10 years to start saving though....



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  7. #6
    CHEZ's Avatar
    moderately amusing

    Status
    Offline
    Join Date
    Jul 2011
    Location
    just about, right here!
    Posts
    3,756
    lol! just pulling your leg jo!
    the way i see it, i am 35 now and have 17 years left on my mortgage! so,
    i shall retire in 17 years!
    or sooner if i win the lottery, so 17 years realisticly

  8. #7
    fingermouse's Avatar
    thats me

    Status
    Offline
    Join Date
    Sep 2004
    Location
    west yorkshire
    Posts
    3,762
    1.5 million .....................
    red to red black to black blue to bits

  9. #8
    6th Gear

    Status
    Offline
    Join Date
    Apr 2009
    Location
    Coventry
    Posts
    2,219
    i retire in 14 days.........
    Rogue-24-84 likes this.
    Pass me my sock

    Want to help cure cancer? http://folding.stanford.edu/English/HomePage

  10. #9
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by johnnythepie View Post
    i retire in 14 days.........
    Multi millionaire then John!



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  11. #10
    6th Gear

    Status
    Offline
    Join Date
    Apr 2009
    Location
    Coventry
    Posts
    2,219
    if i was which im not, i would have bought you an R8
    Pass me my sock

    Want to help cure cancer? http://folding.stanford.edu/English/HomePage

  12. #11
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by johnnythepie View Post
    if i was which im not, i would have bought you an R8
    Hope you get all six numbers on Wednesday John, A white V10 Coupe with all the toys please! Failing that, I'll get you a pint the next time we meet, to celebrate your retirement! Wouldn't want a repeat of 'Johnny no mates' again!!



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  13. #12
    6th Gear

    Status
    Offline
    Join Date
    Apr 2009
    Location
    Coventry
    Posts
    2,219
    lol.ill keep you to that.Always said that if i hit the lottery id give most of it away .would you like a black one as well for when the white one in for a valet????Deal done if i hit it
    Pass me my sock

    Want to help cure cancer? http://folding.stanford.edu/English/HomePage

  14. #13
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by johnnythepie View Post
    lol.ill keep you to that.Always said that if i hit the lottery id give most of it away .would you like a black one as well for when the white one in for a valet????Deal done if i hit it
    I thank you in advance good sir.



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  15. #14
    Neutral

    Status
    Offline
    Join Date
    Mar 2010
    Posts
    89
    Hi jojo, lets do the sums assuming you have paid off your mortgage. Estimating on the high side to be safe:

    Utilities x3 - £1500 a year
    House insurance - £250 a year
    Council Tax - £1200 a year
    Groceries (£50 a week) - £2600 a year
    Audi S3 insurance - £1000 a year
    Petrol (£70 a week) - £3640
    MOT, Car servicing factoring in parts etc, - say £500 a year
    Socialising (£50 a week) - £2600
    Annual holiday for 2 people - £500
    Unexpected costs - put aside £1000 a year

    I make that about £14,790 a year. So if you retire at 45 and live till 75, you will need £443,700. You are now 35 so you will need to save at least £44k a year over the next 10 years to make your dream a reality buddy. Of course these sums don't factor in inflation or the rising energy prices. Realistically, we all be working till 68.

  16. #15
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by S3 MCW View Post
    Hi jojo, lets do the sums assuming you have paid off your mortgage. Estimating on the high side to be safe:

    Utilities x3 - £1500 a year
    House insurance - £250 a year
    Council Tax - £1200 a year
    Groceries (£50 a week) - £2600 a year
    Audi S3 insurance - £1000 a year
    Petrol (£70 a week) - £3640
    MOT, Car servicing factoring in parts etc, - say £500 a year
    Socialising (£50 a week) - £2600
    Annual holiday for 2 people - £500
    Unexpected costs - put aside £1000 a year

    I make that about £14,790 a year. So if you retire at 45 and live till 75, you will need £443,700. You are now 35 so you will need to save at least £44k a year over the next 10 years to make your dream a reality buddy. Of course these sums don't factor in inflation or the rising energy prices. Realistically, we all be working till 68.
    By retiring, I mean not work again, of course, I would have a self sustaining form of income for my plan to work!



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  17. #16
    6th Gear

    Status
    Offline
    Join Date
    Jun 2010
    Location
    Coventry/Warwickshire
    Posts
    2,074
    Right about now you could try to secure a few buy to let properties, to fund an early retirement ?for say when your 50?
    You should add up what your spending a year now and figure that into what you will need to live, Good luck

  18. #17
    quattrojames's Avatar
    Moderator

    Status
    Online
    Join Date
    Mar 2008
    Location
    Dorset
    Posts
    13,856

    My Social Networking

    Follow quattrojames On Twitter Add quattrojames on Facebook
    Quote Originally Posted by johnnythepie View Post
    i retire in 14 days.........
    Awesome doesn't come close.
    Ingolstance Read about my A6 HERE.

  19. #18
    6th Gear

    Status
    Offline
    Join Date
    Jul 2007
    Location
    London
    Posts
    3,250
    If you stop paying taxes you could save a lot more, you know ? Bring back the days when cash had no smell !
    FOR SALE:
    -Golf mk 5/audi a3 1.6 FSI fuel pump, brand new genuine part boxed + seals
    -audi a3 (1998 to 2003) genuine clutch slave cylinder to fit 1.6 engines BRAND NEW
    -Rear bush press tool to fit new rear axle bushes on Golf Mk3/4, Audi a3/S3, Seat Leon/Toledo, Skoda Octavia mk 1/2 used once

  20. #19
    Ads
    Ads's Avatar
    License to drive

    Status
    Offline
    Join Date
    Jul 2009
    Location
    London
    Posts
    8,223
    Quote Originally Posted by jojo View Post
    what would be an acceptable amount of money to retire on?
    The average person spends about £2m in their lifetime and you are going to live until you're 83, so do the math.

  21. #20
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by Ads View Post
    you are going to live until you're 83, so do the math.
    I would be happy to live upto 60, anything else would be a bonus.



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  22. #21
    1st Gear

    Status
    Offline
    Join Date
    Sep 2011
    Posts
    268
    i have £26.38 in my wallet... can i retire on that because i really dont want to be at work today!!!! lol
    ROGUE TRADER

  23. #22
    ScottD3's Avatar
    I want your faulty electronics

    Status
    Offline
    Join Date
    Nov 2010
    Location
    English Riviera
    Posts
    15,018
    I'd be happy with £2m.
    Get my own place with no mortgage and then buy to let houses and live off them coming in each month.

    Well, thats my basic plan.

    4 houses at £650pcm is about £31k a year in come.
    Which is more than I get now and I do ok with rent.
    So with no rent or mortgage to pay, I think i'd do even better.

    New Car, New Thread: Scott's Akoya Silver A8
    Gone But Not Forgotten: Audrey's Build Thread

  24. #23
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by scott b5 View Post
    I'd be happy with £2m.
    Get my own place with no mortgage and then buy to let houses and live off them coming in each month.

    Well, thats my basic plan.

    4 houses at £650pcm is about £31k a year in come.
    Which is more than I get now and I do ok with rent.
    So with no rent or mortgage to pay, I think i'd do even better.
    5 houses for £2m? £400k a house?! You want to get £650pcm for a £400k house? When can I move in?? lol



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  25. #24
    ScottD3's Avatar
    I want your faulty electronics

    Status
    Offline
    Join Date
    Nov 2010
    Location
    English Riviera
    Posts
    15,018
    Quote Originally Posted by jojo View Post
    5 houses for £2m? £400k a house?! You want to get £650pcm for a £400k house? When can I move in?? lol
    Don't forget I will need to buy my own house, toys, cars, holidays and such.

    And the maths was just based on 4 houses.
    Double it
    8 houses, £650PCM, £62k a year.
    Or something.

    New Car, New Thread: Scott's Akoya Silver A8
    Gone But Not Forgotten: Audrey's Build Thread

  26. #25
    a3tdi2001's Avatar
    2nd Gear

    Status
    Offline
    Join Date
    Jan 2010
    Posts
    437
    I reckon I could get by on a million. Couldn't do buy-to-let for moral reasons. Gold still looks cheap at the moment if the economic situation deteriorates.

  27. #26
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by scott b5 View Post
    Don't forget I will need to buy my own house, toys, cars, holidays and such.

    And the maths was just based on 4 houses.
    Double it
    8 houses, £650PCM, £62k a year.
    Or something.
    I was thinking how cool your B5 would look with £2m thrown at it!



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  28. #27
    ScottD3's Avatar
    I want your faulty electronics

    Status
    Offline
    Join Date
    Nov 2010
    Location
    English Riviera
    Posts
    15,018
    Quote Originally Posted by jojo View Post
    I was thinking how cool your B5 would look with £2m thrown at it!
    physically throw £2m cash at it?

    New Car, New Thread: Scott's Akoya Silver A8
    Gone But Not Forgotten: Audrey's Build Thread

  29. #28
    Ads
    Ads's Avatar
    License to drive

    Status
    Offline
    Join Date
    Jul 2009
    Location
    London
    Posts
    8,223




    Not quite two million, or even 'pounds'. But for comedy value, you get the picture.

  30. #29
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by Ads View Post




    Not quite two million, or even 'pounds'. But for comedy value, you get the picture.
    Is it an A3 or A4 Cab?



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  31. #30
    superkarl's Avatar
    MAN OF STEEL

    Status
    Offline
    Join Date
    Mar 2010
    Location
    Liverpool/Southport. N west
    Posts
    7,533
    looks like a sportback cab.
    car of the future?

  32. #31
    Just Plain Old's Avatar
    5th Gear

    Status
    Offline
    Join Date
    Jun 2004
    Location
    Warwickshire
    Posts
    1,257
    Hummmmm,, I dunno jojo. We all know you could retire tomorrow with the odd million or two you've got hidden under the floorboards..!!

    But seriously,,, if you wan't to do it on a 'budget' I guess 3 or 4 Mill' should do............
    In my personal opinion

  33. #32
    Turkster's Avatar
    Bro.Paul 2.5TDI Quattro Sport

    Status
    Offline
    Join Date
    Dec 2007
    Location
    Northampton, Northamptonshire, United Kingdom
    Posts
    2,723
    my target age to retire is 45, I will be sat on an income of about £25k a month, Every month for the rest of my days and some, by then, hard work now, but worth it id say, you too can have this, PMs if your serious enough, i currently worth on paper about £400k in 10 years time when my 2 rented houses have paid of there mortgages in Surbiton in Surrey.l
    Last edited by Turkster; 6th January 2012 at 02:22.

  34. #33
    warren_S5's Avatar
    Moderator

    Status
    Online
    Join Date
    Oct 2007
    Posts
    7,166
    Depended on how you wanted to roll.

    If you wanted a subsistence living you could retire on about a million as long as you made some basic investments. If you wanted a standard of living I think you'd need at least £2.5m, and if you wanted to live well then £5m+.

    Problem is that with the price of energy prices likely to go up by double digit % and life expectancy likely to approach triple digits I'd suggest you save up ten mill then give me 5m for this advice ;-)
    Audi S5 3.0V6T Coupe Black Edition

  35. #34
    Turkster's Avatar
    Bro.Paul 2.5TDI Quattro Sport

    Status
    Offline
    Join Date
    Dec 2007
    Location
    Northampton, Northamptonshire, United Kingdom
    Posts
    2,723
    the more energy goes up, the more money i make, if you catch my drift....

  36. #35
    jojo's Avatar
    S3 Drift King!

    Status
    Online
    Join Date
    Sep 2003
    Location
    Solihull, Midlands
    Posts
    25,574
    Quote Originally Posted by Turkster View Post
    my target age to retire is 45, I will be sat on an income of about £25k a month, Every month for the rest of my days and some, by then, hard work now, but worth it id say, you too can have this, PMs if your serious enough, i currently worth on paper about £400k in 10 years time when my 2 rented houses have paid of there mortgages in Surbiton in Surrey.l
    I wonder if I got some inspiration of you? lol



    99' Audi S3(APY) - Brilliant Black Click>>>Going Sideways vid!
    You've got to have a laugh! For Sale:LCR Brakes - £400



  37. #36
    NHN
    NHN's Avatar
    Modmetractor

    Status
    Offline
    Join Date
    Jan 2008
    Location
    Coding Something
    Posts
    27,114
    Quote Originally Posted by CHEZ View Post
    i shall retire in 17 years!
    Keep dreaming china, most people would be lost if they retired too early, hence why allot still work even if they're financially well of to not have to.

    Quote Originally Posted by johnnythepie View Post
    if i was which im not, i would have bought you an R8
    Screw the R8, diamond encrusted golden sock.

    OEM RETROFITS - CRUISE CONTROL - SAT NAV - BLUETOOTH - AMI - HEADLIGHT SYSTEMS

    PARKING SYSTEMS - DIAGNOSTICS - FAULT FINDING - BODYWORK - PAINTWORK

  38. #37
    6th Gear

    Status
    Offline
    Join Date
    Apr 2009
    Location
    Coventry
    Posts
    2,219
    Screw the R8, diamond encrusted golden sock.[/QUOTE]

    Ah....imagine the callouses!

    what could i buy you nige?
    Pass me my sock

    Want to help cure cancer? http://folding.stanford.edu/English/HomePage

  39. #38
    6th Gear

    Status
    Offline
    Join Date
    Apr 2009
    Location
    Coventry
    Posts
    2,219
    Finally hung up my helmet.Today is the first day of my retirement.Just thrown one off, and now im bored.
    Pass me my sock

    Want to help cure cancer? http://folding.stanford.edu/English/HomePage

  40. #39
    ScottD3's Avatar
    I want your faulty electronics

    Status
    Offline
    Join Date
    Nov 2010
    Location
    English Riviera
    Posts
    15,018
    I'd happly retire when I'm 30 or 40.
    I'd have to be financially well off enough to keep my self entertained to buy things to fix, break, take apart or make.
    I could not retire with nothing to do. I'd go insane.

    New Car, New Thread: Scott's Akoya Silver A8
    Gone But Not Forgotten: Audrey's Build Thread

  41. #40
    warren_S5's Avatar
    Moderator

    Status
    Online
    Join Date
    Oct 2007
    Posts
    7,166
    Over Christmas I was bored so I started digging this long tunnel in Manchester and when I tried to come up to the surface there was a cash point machine right over my head. Unfortunately it only had 6 grand in it so I'm still working LINK
    Audi S5 3.0V6T Coupe Black Edition

 

 
Page 1 of 2 12 LastLast

Similar Threads

  1. Worth the money or waste of money?
    By Cmorebutt6969 in forum A3/S3 Forum (8L Chassis)
    Replies: 3
    Last Post: 1st August 2011, 09:03
  2. Replies: 8
    Last Post: 6th October 2010, 22:21
  3. What Can I Get 4 My Money?
    By a3t_wanted in forum General Chat
    Replies: 5
    Last Post: 21st February 2009, 08:30
  4. when I retire..
    By L1 HCS in forum Jokes, Games & Humour
    Replies: 3
    Last Post: 25th January 2008, 14:09
  5. More money but how much????
    By Alonzo in forum A3/S3 Forum (8L Chassis)
    Replies: 0
    Last Post: 11th April 2004, 18:52

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Single Sign On provided by vBSSO

Garage Plus, Vendor Tools vBulletin Plugins by Drive Thru Online, Inc.

Content Relevant URLs by vBSEO