Was discussing this with a mate last week
What would your number ( £££ ) be to quit work today ?
Couple of 000K ? 1/2M ? 1M ? 5M ?
Assuming you are still working currently of course haha
And probably age relevant for sure !
I think with £5m plus I'd give up work, possibly. Less than that and I'd probably still just do what I do. If I had a spare £1m-£2m in cash, I'd just use it in different businesses anyway - so more work!
Im not 100% sure it's all about the money, but keeping yourself occupied doing something you enjoy. Far too many people don't know what to do with themselves when they retire.
It's just a matter of time...
From a pure money perspective it is probably a bigger number now than it would have been in the past .
With interest rates so low I am just dividing a number by the amount I want per year and guessing how long I can live .
Previously I would have looked at a lump sum and seen how much it would be to live off the interest.
£1.527M
£100k would change my life.
I'd come out of the rat race having paid off my mortgage and given my son £25k for a deposit on his first house, finding a more fulfilling role.
I wouldn't be able to retire though.....
1m and I'd be out, if anyone is feeling overly flush pm me for my Paypal details...
ktmog6uk
marchingontogether!
Another 500k will see me to my target, on plan for it at 53/55 so six more years max.
100k would be very welcome. 500k would bring peace of mind, although I would still have to work. 1M plus would change my life as I would quit my current work but would most likely do something else. Triple everything if that should also apply to my better half...
£200,000 a year for life, £6 million total
Aiming for around £1.5m in pension and investments to retire on.
£100k would pay off the mortgage and leave some spare.
Then it's a case of working three days a week, semi retirement I suppose.
Sent from my MotoG3 using TZ-UK mobile app
£500,000 would be fine for my needs. Needs to be more like 2 big ones to keep her ladyship in the manner to which she's become accustomed. It might be an interesting day when I decide to ask her to decide if she wants more of me or the same lifestyle.
To keep a similar/decent lifestyle about £4m ish I would say.
£5m and I wouldn't work again . £2-3m and I would stop my current job. Pay off the mortgage and have some money in the bank. I have a number of rentals that give me a good income which I could rely on plus put the money in the bank to good use . I wouldn't stop working as I would get bored .
Semi-retired a few years back, started again on a different school back in '14 and last week I've decided to retire myself this Summer. 59 y/o - after 38 yrs of smelling chalk. I'll keep on going in the workshop. More as a hobby. My sum? Dunno, not too much. 500 euros monthly or so towards my 67th (pension age). 500 * 12 * 7. I started saving a long time ago with the intention of retiring early. And, as long as people bring in their cars, things will be alright.
Menno
Even if I won the lottery, I don't think that I would give up my job. I think that a person's career is an integral part of their feeling of self-worth. Numerous studies have shown that people work for all sorts of reasons and not just money. Of course, if you hate your job, that's a different matter, but I must be lucky because I love my job most of the time. It's a long hard slog to get where I am and I'd be reluctant to let that go just for the sake of money.
I'm in a lottery syndicate at work with other people in my section and some people fantasise that if we won, we could tell the senior management where to go and all take early severance/retirement, thus leaving them in the lurch. However, I don't think that I would want to do this. I would probably go part-time and use the money for a better retirement later.
2 mil.
One million to sort out house, cars holidays etc, 2 small houses for kids ( rent them out until they needed them ) and help out immediate family, then the other million to invest and provide income.
Looking through the other end of this telescope. £1.5M will allow you to be very comfortable in retirement assuming you are debt free.
Not rich by any means - probably only 2-3 holidays per year. 2 decent cars. A couple of hobbies. A few decent watches and fountain pens. Able to buy nice clothes. Eat out 3-4 times every month.
The hard bit is predicting how long you'll live.
Last edited by aldfort; 19th February 2017 at 14:21.
I enjoy what i do for a living but various issues are making it more difficult over the last few years .i would estimate £5 million would tide me over for the next 20 years or so
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This post sums up most of my feelings. In my case I don't even have a job I could give up, but a half share of a business which employs some good people. I wouldn't walk away from that for any money.Originally Posted by Timelord
Be careful what you wish for, I retired at 50, 10 years ago this coming June. It's not easy, believe me. For example this morning I got the camera out, B*****D! the battery needed charging, so I stuck it on the charger then got a guitar out for a practice while it charged, B*****D! it needed tuning up. OK, I'll go for a quick ride on the bike instead, B******S! one of the wheels has a slow puncture! Ah sod it, I'll have a sausage sarny, B****D!, the wifey never got any so I'll have to make do with bacon. Retirement, just one problem after another.........
F.T.F.A.
Feeling your pain. Not 10 years for me yet.
£500k would allow me to make different choices, one of those would be Mrs not working, then another 500k makes us comfy and able to probably both not have to work if we wanted, but guess the kids will need stuff, cars houses blah... another 500k, maybe nice to have holiday home.. another 500k, then the Mrs said about a bigger house. Xxx so dues I will just carry on for now.... but would need £5 million but would still work, just differently and more flexibility
£800k ? But thats less than I'd earn in 8 years and I'm only 44. Within the next 3 I might be able to have no mortgages . Still more than capable at my job : I'm in better shape than I was in my 30s . One marriage behind me , thinking I'd be alone for ghe rest of my life. Just had to delete my tinder account.
Too many fantastic ladies which I felt it was unfair to string along just for my egos sake . The breathtakingly special one came back to me after a 4 year hiatus. Said she couldn't live without me 💃🏻
What use is money if you are not living right now?
Only work part time now and would probably keep going as I enjoy the work.
Obviously I support my children but no way do I see it as I see it my duty to set them up with houses and the like and that would never enter into any calculation.
I agree with some of these comments - for me work is going fine and so is my personal life so whilst a "modest" lump sum would remove some worry and be nice it would have to be a large number for me to give up completely.
That said if if circumstances were different I would probably walk away for a smaller number so I think it is all down to how content you are now and so for me a "life changing" sum would need to be large to convince me I was making the right decision to quit work, but if I was sufferring from ill health it would be very different I think.
£300k would be life changing in our house, pay off the mortgage and start me own business.
It would give us freedom and flexibility with two kids and one being autistic it would be fantastic to have flexibility to be there as and when needed.
In my early 20's I thought if I won £250K, which was the top premium bond prize at the time, I'd never have to work again.
My thinking was, with interest rates being 10%, I'd bank it and have the equivalent of a £25K salary - beyond my wildest dreams at the time.
How disappointed would I have been?
Now £250K would actually be enough, coupled with the provision I already have in place, for me to retire now.
Otherwise I'll be carrying on for a while longer!
Whatever you think the figure is, it'll be more when you get there.
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Whatever you think the figure is, it'll be more when you get there.
I always used to think £1mil would do me, chuck it in the bank and have £30-40k a year interest rolling in, with interest what it is now, that wouldn't work, but still think a mill would see me quit work in a heartbeat.
£85k would pay off my mortgage, that would make me a lot more comfortable each month, but i'd still obviously need to work.
Another £55k would pay off the mortgage on me and my brothers rental property, again i'd be even more comfortable each month, but couldn't give up work.
That would leave me with £860k change, which with current interest rates would earn bugger all, so i'd use the lot to buy 4 or 5 more rental properties, which with a conservative 5% yield, would bring in over £40k a year, that'll do me.
As for keeping busy in retirement, easy, i've always said i'd retire tomorrow if i could, even in my 20's (now 41). I think people just lack hobbies, interests, imagination. I'd go fishing once a week (not been in 6 yrs, too busy), go out on a bike ride once a week (never get time now), have a day doing the diy/garden jobs that never get done, a day or 2 going out and about somewhere with the misses, that's Mon-Fri sorted already, so as i'd have had plenty of me time all week, the weekends would be spent having fun with the kids. If i found myself with any spare time, i'd take up a new hobby to fill the gap, photography, build a caterham, bushcraft, i dunno, but i know i'd never be bored. The problem is, that £1mill is never coming, so i won't be able to retire till i'm 65, when i'll be too over the hill to really enjoy it, retirement is wasted on the old in my opinion.
Last edited by Brighty; 20th February 2017 at 09:47.
I reckon a million would do me.
House is paid for, so I could probably live off the million for a few years until the pensions kick in.
Trouble is, I'd probably buy a bigger/more expensive house with a million cash and then I'd be back to square one!
As others have said, the big problem with this is that you need enough money to fill your time.
Some will probably happily carry out voluntary work, but I'd want to spend a lot of time diving, which isn't that cheap, so, on reflection, a million probably wouldn't last THAT long if I actually did what I wanted to, rather than just got by.
Whilst people want to pay me a decent wage, and in the absence of a 7 figure lottery win, I guess I'll carry on working for a while.
My dad retired at 60 (with a good final salary pension), but he learnt to horse ride, travelled around Europe (often on his bike), followed the TdF for a few stages most years, had some skiing lessons (although he never really took to that, so never tried it on snow), volunteered as a civilian liaison with the Police.
Retirement isn't a death sentence, it's what you make it. If you decide you're past it, you will be, but 65 is no age these days! My Dad went onto 87, mostly healthy and active, except in the last few years, but even then until the last 18 months or so, he was still riding a bike!
The big 'problem' most of the Western world has is that people are fit and healthy much longer. In my grandfather's time, you'd do well to live to 65, let alone expect more than a year or two of retirement. Now 20 years is pretty common and most people don't have enough money saved (usually through no fault of their own, just not having earned enough in work) to live a good lifestyle for that long!
M.
Last edited by snowman; 20th February 2017 at 10:00.
£1.0m in addition to my current pension pot etc. would certainly see move to semi-retirement. I'm "only" 51 though.
Andy
Wanted - Damasko DC57
Do agree there, but when my mum died at 66 and my dad just 2 months later at 68, the thought of having to work till i'm 65 is not a pleasant one. Thankfully they retired early, just hope i end up able to
Fingers crossed.
M.
I thought a good rule to work out your 'number' was to work out how much you need to live on per month and multiply by 12 to get a yearly figure (or just start with a yearly figure) and the multiply that by 25 to get your number - the amount that you need to not have to work. Obviously you can still continue to do so if you choose.
My understanding is that this works on the safe withdrawal rate of 4% - i.e. you can take 4% from your pot every year and keep your capital more or less intact.
I'm sure there are all kinds of caveats, disclaimers and issues with the method but it does at least help you arrive at a number with some kind of method behind and logic behind it, and at the same time its pretty simple to calculate.
So, you could lump all your assets (pensions, ISAs, savings, rental properties etc. etc.) into one table and see what the total value is and then see how far you are from your number.
500K would give me enough interest to pay the mortgage (assuming 4%) - meaning would be ok just living off the wife's salary - would be tight but being mortage and job free would enable me to persue other avenues...
however realistically would use the 500K to buy a second property(or properties, parking spaces or what have you) and the rental would pay the current mortgage plus increase in value far much over the years than 4% would
unless Trump triggers WW3 with a misplaced Tweet...
Last edited by Xantiagib; 20th February 2017 at 12:11.
I'm 57 so £500k would probably see me through maintaining my current lifestyle.
Although I'm that pissed off at the moment that £100k (possibly £50k) & I'd take a year out to travel on my GS.
Last edited by vRSG60; 20th February 2017 at 13:17.
Enough to pay off the mortgage and give me choices.......
Another half mill wouldn“t hurt:)
£50k Would set me up nicely
£1m Would allow me to do what I actually want to do
£10m I'd probably be dead in a week
I'd go with that. Look to sling some to charity, too.
Probably something IRO £3m
An academic question for me though as I have no intention of giving up work whilst I am mentally and physically still capable of doing it
I retired for a short while about 5 years ago, after a few months I thought that I would either go insane or die from alcohol poisoning so went back to work.
I spent years training and gaining various professional qualifications, I need to keep making use of all the stuff in my head. Might ease off and go more part time in a few years though.
My challenge to you would be, write down the number you need. If it's less than the number I've written down you get your loot. If it's more than my number then you get nothing.
How low will you go?
At present age and state of finances I'd write down £499,999
Love it!
I'm retired early - didn't think I would but work lost its lustre so when the chance came I took it.
One thing in working out how much I would need was the notion that I might need more til I'm,say 75, then life might take a slower pace anyway. But there are so many unknowns, you can never be sure you'll have enough or leave too much!
For anyone unsure whether the will miss work or not, check out the film about AP McCoy's last season. Shown on BBC 2 this week - the pain he felt in facing retirement seemed to outweigh even the pain of his numerous injuries!
ATB
Jon
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