How much money do you need for retirement/pension?
Discussion
Was watching a live FT FB feed on the above and they suggested a Million pounds would only give you a pension of £25k a year, that appears to be a staggering amount.
If you haven't got any grave robbers then there has to be a case for doing the maths on your own date of expiry and frittering the money away?
If you haven't got any grave robbers then there has to be a case for doing the maths on your own date of expiry and frittering the money away?
Cheib said:
I've been doing a lot of work on this recently.....£30k on £1mil is a 3% return so doesn't sound ridiculous in current environment.
Before you can answer the question "how much" you need to look at how much you actually spend. For most people (and certainly me that's a bigger number than you think/admit to yourself.
As an example....every day I get to work I've spent £20 on parking, train and a coffee by 8am. Not allowing for driving to the station i.e. petrol and in theory cost of using the car (depreciation and maintenance).
That's £5k a year.
It adds up sodding quickly!
Yes I am in the same boat (although hoping not to commute when I retire Before you can answer the question "how much" you need to look at how much you actually spend. For most people (and certainly me that's a bigger number than you think/admit to yourself.
As an example....every day I get to work I've spent £20 on parking, train and a coffee by 8am. Not allowing for driving to the station i.e. petrol and in theory cost of using the car (depreciation and maintenance).
That's £5k a year.
It adds up sodding quickly!
), I recently got an AMex card as I have been told that categorises your spending on the statement each month, so it may point to where I am being lavish!!But is that 3% before tax and then you have the issue with inflation and over the course of ten + years that figure losing it's value?
zubzob said:
I heard that once you exclude early things like infant deaths, average life expectancy is actually going down in many developed countries. The 1% will be fine but I wouldn’t be certain of benefiting from medical advantages unless you go private. 75 seems a sensible bet.
Have heard the opposite to this, the advancements in medical technology are meant to explode in the next few years and life expectancy is meant to increase as well.
Gassing Station | Finance | Top of Page | What's New | My Stuff