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How much money is enough to retire?

Discussion in 'General Chat' started by jojo, Dec 31, 2011.

  1. jojo

    jojo Looking for Boost!
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    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?.....
     
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  3. CHEZ

    CHEZ moderately amusing
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    does that mean you got a cool mil stashed away then jo?
     
  4. jojo

    jojo Looking for Boost!
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    No mate, if I did, I would be retiring @40! lol
     
  5. CHEZ

    CHEZ moderately amusing
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    ok, let me do my sums then,..............................calculating...............................this must mean your sat on half a mil?
     
  6. jojo

    jojo Looking for Boost!
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    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....
     
  7. CHEZ

    CHEZ moderately amusing
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    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. fingermouse

    fingermouse thats me

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    1.5 million .....................
     
  9. johnnythepie

    johnnythepie Well-Known Member

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    i retire in 14 days.........
     
    Rogue-24-84 likes this.
  10. jojo

    jojo Looking for Boost!
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    Multi millionaire then John! :laugh:
     
  11. johnnythepie

    johnnythepie Well-Known Member

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

    jojo Looking for Boost!
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    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! :beerchug: Wouldn't want a repeat of 'Johnny no mates' again!! :laugh:
     
  13. johnnythepie

    johnnythepie Well-Known Member

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    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
     
  14. jojo

    jojo Looking for Boost!
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    I thank you in advance good sir. :friends:
     
  15. S3 MCW

    S3 MCW Member

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    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. jojo

    jojo Looking for Boost!
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    By retiring, I mean not work again, of course, I would have a self sustaining form of income for my plan to work! ;)
     
  17. Lings

    Lings Active Member

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    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. quattrojames

    quattrojames Moderator
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    Awesome doesn't come close.
     
  19. adamss24

    adamss24 Well-Known Member

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

    Ads License to drive

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    The average person spends about £2m in their lifetime and you are going to live until you're 83, so do the math.
     
  21. jojo

    jojo Looking for Boost!
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    I would be happy to live upto 60, anything else would be a bonus.
     
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  23. Rogue-24-84

    Rogue-24-84 Member

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    i have £26.38 in my wallet... can i retire on that because i really dont want to be at work today!!!! lol
     
  24. ScottD3

    ScottD3 I want your faulty electronics
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    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.
     
  25. jojo

    jojo Looking for Boost!
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    5 houses for £2m? £400k a house?! You want to get £650pcm for a £400k house? When can I move in?? lol
     
  26. ScottD3

    ScottD3 I want your faulty electronics
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    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.
     
  27. a3tdi2001

    a3tdi2001 Member

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    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.
     
  28. jojo

    jojo Looking for Boost!
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    I was thinking how cool your B5 would look with £2m thrown at it!
     
  29. ScottD3

    ScottD3 I want your faulty electronics
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    physically throw £2m cash at it?
     
  30. Ads

    Ads License to drive

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    [​IMG]



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

    jojo Looking for Boost!
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    Is it an A3 or A4 Cab?
     
  32. superkarl

    superkarl MAN OF STEEL

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    looks like a sportback cab.
    car of the future?
     
  33. Just Plain Old

    Just Plain Old Active Member

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    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............
     
  34. Turkster

    Turkster Bro.Paul 2.5TDI Quattro Sport

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    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
     
    #32 Turkster, Jan 6, 2012
    Last edited: Jan 6, 2012
  35. warren_S5

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    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 ;-)
     
  36. Turkster

    Turkster Bro.Paul 2.5TDI Quattro Sport

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

    jojo Looking for Boost!
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    I wonder if I got some inspiration of you? lol
     
  38. NHN

    NHN Retrofitter - Audi - VW - Skoda - Seat
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    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.

    Screw the R8, diamond encrusted golden sock.
     
  39. johnnythepie

    johnnythepie Well-Known Member

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

    Ah....imagine the callouses!

    what could i buy you nige?
     
  40. johnnythepie

    johnnythepie Well-Known Member

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    Finally hung up my helmet.Today is the first day of my retirement.Just thrown one off, and now im bored.
     
  41. ScottD3

    ScottD3 I want your faulty electronics
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    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.
     
  42. warren_S5

    warren_S5 Moderator
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    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
     

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