How much money is enough to retire?

[jojo]

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?.....

 

[CHEZ]

does that mean you got a cool mil stashed away then jo?

 

[jojo]

does that mean you got a cool mil stashed away then jo?

No mate, if I did, I would be retiring @40! lol

 

[CHEZ]

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?

 

[jojo]

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....

 

[CHEZ]

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

 

[fingermouse]

1.5 million .....................

 

[johnnythepie]

i retire in 14 days.........

 

[jojo]

i retire in 14 days.........

Multi millionaire then John!

 

[johnnythepie]

if i was which im not, i would have bought you an R8

 

[jojo]

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!!

 

[johnnythepie]

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

 

[jojo]

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.

 

[S3 MCW]

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.

 

[jojo]

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!

 

[Lings]

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

 

[quattrojames]

i retire in 14 days.........

Awesome doesn't come close.

 

[adamss24]

If you stop paying taxes you could save a lot more, you know ? Bring back the days when cash had no smell !

 

[Ads]

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.

 

[jojo]

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.

 

[Rogue-24-84]

i have £26.38 in my wallet... can i retire on that because i really dont want to be at work today!!!! lol

 

[ScottD3]

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.

 

[jojo]

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

 

[ScottD3]

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.

 

[a3tdi2001]

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.

 

[jojo]

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!

 

[ScottD3]

I was thinking how cool your B5 would look with £2m thrown at it!

physically throw £2m cash at it?

 

[Ads]

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

 

[jojo]

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

Is it an A3 or A4 Cab?

 

[superkarl]

looks like a sportback cab.
car of the future?

 

[Just Plain Old]

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............

 

[Turkster]

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

 

[warren_S5]

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 ;-)

 

[Turkster]

the more energy goes up, the more money i make, if you catch my drift....

 

[jojo]

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

 

[NHN]

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.

if i was which im not, i would have bought you an R8

Screw the R8, diamond encrusted golden sock.

 

[johnnythepie]

Screw the R8, diamond encrusted golden sock.[/QUOTE]

Ah....imagine the callouses!

what could i buy you nige?

 

[johnnythepie]

Finally hung up my helmet.Today is the first day of my retirement.Just thrown one off, and now im bored.

 

[ScottD3]

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.

 

[warren_S5]

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