How much income would you need to retire?
Discussion
Assuming that you were mortgage free, what is the minimum income you would need per annum to lead an interesting life?
For me, I think a minimum of £10,000pa after tax would enable me to do a lot of what i'd like, travel (basically) a fair bit and odd jobs here and their would supplement it and add variety.
- Edited to amend question slightly.
For me, I think a minimum of £10,000pa after tax would enable me to do a lot of what i'd like, travel (basically) a fair bit and odd jobs here and their would supplement it and add variety.
- Edited to amend question slightly.
Edited by Stevenj214 on Friday 23 January 12:17
Under 65 not a chance - unless you were a couple on that sort of money. Over 65 (when the age related tax allowance and the state pension kicks in) you're a bit better placed as a single person but swanning round the globe at the drop of a hat still needs a lot better income than £10k.
Council Tax will make quite a hole in it for a start.
Council Tax will make quite a hole in it for a start.
Not too sure?
To run my house and cars takes say £1000 per month (includes food)
So assuming I still wanted a couple of holidays and enough to 'do things' with family and friends, i'd estimate another £600 per month
£20,000 income would do nicely.
So £1,000,000 in the bank and a nice steady 2.5% pa interest rate would do the trick nicely (split equally between wife and I) I'd still be able to save some too.
To run my house and cars takes say £1000 per month (includes food)
So assuming I still wanted a couple of holidays and enough to 'do things' with family and friends, i'd estimate another £600 per month
£20,000 income would do nicely.
So £1,000,000 in the bank and a nice steady 2.5% pa interest rate would do the trick nicely (split equally between wife and I) I'd still be able to save some too.
krallicious said:
Define interesting.
Interesting in your own opinion. If pottering around your garden is interesting to you, then that. If interesting to you is adrenaline sports in many different countries, then that.How much would you need per annum to live an enjoyable life with no necessary work?
Stevenj214 said:
Assuming that you were mortgage free, how much income would you need per annum to lead an interesting life?
Your question should be "What is the minimum income you would need per annum to lead an interesting life?". I think we can all work out that more money (above minimum) = more opportunity to do interesting things.
t load of cash" post ever.Maxmpg said:
Stevenj214 said:
Assuming that you were mortgage free, how much income would you need per annum to lead an interesting life?
Your question should be "What is the minimum income you would need per annum to lead an interesting life?". I think we can all work out that more money (above minimum) = more opportunity to do interesting things.dirty boy said:
Not too sure?
To run my house and cars takes say £1000 per month (includes food)
So assuming I still wanted a couple of holidays and enough to 'do things' with family and friends, i'd estimate another £600 per month
£20,000 income would do nicely.
So £1,000,000 in the bank and a nice steady 2.5% pa interest rate would do the trick nicely (split equally between wife and I) I'd still be able to save some too.
Yep, but you'd have to be a bit duck's chuff.To run my house and cars takes say £1000 per month (includes food)
So assuming I still wanted a couple of holidays and enough to 'do things' with family and friends, i'd estimate another £600 per month
£20,000 income would do nicely.
So £1,000,000 in the bank and a nice steady 2.5% pa interest rate would do the trick nicely (split equally between wife and I) I'd still be able to save some too.
You know, doing things like agreeing to go for run outs a day or two after the event
Maxmpg said:
Oh, and I'm with the OP on this one. I think £10K p.a. after tax would keep me perfectly happy and content.
It would keep me sane, but double it and i would be happy. Make it up to £40kpa and i think i would be able to do almost everything i want, within reason.
Then again i can't ever see me retiring properly.
£10k is not a lot at all, breakdown annual costs into monthly stuff....
Council tax 130
Gas/Elec 70
Water/Sewerage 60
TV licence 15
Telephone 30
House insurance 25
Food 260 (assuming a couple eating say £60 per week - ignoring the fact a decent BBQ in the summer can be double that)
Car ins 30
Car tax 20
Petrol 80
Servicing 25
TOTAL £745
That's a basic month, putting away a bit for your car service/tax etc
If you lived in my modest 3 bed house, you'd be left with £88 per month, which would dissapear quicker than my erection in the oyster bar would.
Council tax 130
Gas/Elec 70
Water/Sewerage 60
TV licence 15
Telephone 30
House insurance 25
Food 260 (assuming a couple eating say £60 per week - ignoring the fact a decent BBQ in the summer can be double that)
Car ins 30
Car tax 20
Petrol 80
Servicing 25
TOTAL £745
That's a basic month, putting away a bit for your car service/tax etc
If you lived in my modest 3 bed house, you'd be left with £88 per month, which would dissapear quicker than my erection in the oyster bar would.
SystemParanoia said:
£100k p/a would just see me scrape by tbh
If that's true, I'd love to know whether you are confident your investments/pensions will allow that.That's a pretty serious fund you need!
If that was on a rental basis of homes in my area, you'd need a property portfolio approaching £2m
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