£4.5 million - enough to not have to work again?
Discussion
Jon39 said:
Try not to worry too much, about your inheritance tax liability.
If you have no desire to consider inter-generational wealth transfer, you need not worry at all, let alone too much.Edited by Jon39 on Sunday 22 January 10:17
If though, transferring some or all of your wealth is important, I'd suggest that considering how to mitigate an IHT bill that could run into a couple of million pounds in quite short order, is probably worth more than the occasional twinge.
If you read Mr Money Moustache forums (finance / early retirement forum) then you will see even on there almost no one targets 4.5 million.
The average sum is around a million at 50 years old.
You do get the odd person with a target of several million but rare. Those people probably have very expensive lifestyles to start with and also have incomes into the hundreds of thousands already.
3% is considered "safe" return rate at the moment, so you are talking around £100k at least after tax too assuming you are splitting it 2 ways and still maintain the pot. The reality is some years you will probably see way more than 3% too.
The average sum is around a million at 50 years old.
You do get the odd person with a target of several million but rare. Those people probably have very expensive lifestyles to start with and also have incomes into the hundreds of thousands already.
3% is considered "safe" return rate at the moment, so you are talking around £100k at least after tax too assuming you are splitting it 2 ways and still maintain the pot. The reality is some years you will probably see way more than 3% too.
mikees said:
... plus a 200k float
My two brother-in-laws are both retired and appear very comfortable - large houses, lot of holidays, frequent "prestige" car changes etc etc. Yet when it was decided to finally settle a family mortgage that we're all part of, I was surprised that neither of them could immediately put their hands on £15K.Rollin said:
Only a boring turd would need to ask.
Very much my own thoughts. One can only wonder how someone incapable of dividing £4.5m by their approximate life expectancy managed to come by that sum in the first place. Mind you, they say Donald Trump's business efforts have actually diminished the fortune he inherited compared with just leaving it on deposit at the bank... Let's Rock 'n' Roll
robt350c said:
Planning for the future and an unstable job future....
Wife, two young children, house paid off, don't have a need for a majorly expensive lifestyle - say £50-60k per annum more than enough for the family.
Worse case scenario that work is not a future option, would this be enough to live from comfortably - age 46?
Funds held in a mixture of pension, isa, company.
Thoughts appreciated in advance.
No it's not enough, so I suggest you keep on working until you drop dead of a heart attack in the next 10-15 years.Wife, two young children, house paid off, don't have a need for a majorly expensive lifestyle - say £50-60k per annum more than enough for the family.
Worse case scenario that work is not a future option, would this be enough to live from comfortably - age 46?
Funds held in a mixture of pension, isa, company.
Thoughts appreciated in advance.
Edited by robt350c on Saturday 21st January 23:12
Obviously this won't be a perfect solution for you or your family, but at least it'll stop you posting nonsensical 'look at me, I've got a few quid' twaddle on the Internet.
Good luck with your decision.
k some people end up with what they've got, I really do.
Thanks all for the thoughts, guidance and suggestions, some good stuff that I will definitely follow up on.
Apologies if I've caused offence to some in asking for views on here, I am researching elsewhere also but experience has taught me to always seek advice far and wide no matter what the subject - and if you want the best outcome, this subject is not as straightforward as some might think!
Oh and never ever spend more money than you have/want/need to, it's better in your pocket than theirs...
Uncertain times ahead but slowly becoming more confident in future financial security of the family.
Apologies if I've caused offence to some in asking for views on here, I am researching elsewhere also but experience has taught me to always seek advice far and wide no matter what the subject - and if you want the best outcome, this subject is not as straightforward as some might think!
Oh and never ever spend more money than you have/want/need to, it's better in your pocket than theirs...
Uncertain times ahead but slowly becoming more confident in future financial security of the family.
drainbrain said:
https://www.youtube.com/watch?v=cpbbuaIA3Dsshurely?
NickCQ said:
drainbrain said:
https://www.youtube.com/watch?v=cpbbuaIA3Dsshurely?
https://www.youtube.com/watch?v=OHgFs4Oxuc4
drainbrain said:
NickCQ said:
drainbrain said:
https://www.youtube.com/watch?v=cpbbuaIA3Dsshurely?
https://www.youtube.com/watch?v=OHgFs4Oxuc4
https://www.youtube.com/watch?v=U8Kum8OUTuk
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