Could you retire on £1m

[Bill]

moving on from the $165m lotto win thread, could you retire off £1m?

I think i quite eaisily could and i'm only in my 20's

what about anyone else?

Depends on age, 21 no 51 yes.

 

[Q8-Blue]

with 1 million hell yes and i'm also in my 20s. By a house and two apartments (based on real estate prices in Q8 here which are expensive). Rent them to get a regular income going (probably i'll make 2800 pounds which is more than enough). I'd also make a couple of investments here and there maybe buy some land here and there.

With the money left over I'd straighten up my house, nothing major just stuff that'll cost about 40,000 British pounds. I'd get a new TV, the fastest internet connection money can buy.
And with the rest of the money I'd get myself a condo in Phuket or southern Thailand, they're not that expensive last time i checked. My wife and i would spend the summers away from the desert heat in tropical south east Asia. *sigh* if only i could get 1million and make all this come true.

 

[Bill]

But buying property isn't retiring, needs keeping track of, upkeep etc. to "retire" completely you need more than a million if you are young.

 

[SWP's back]

But buying property isn't retiring, needs keeping track of, upkeep etc. to "retire" completely you need more than a million if you are young.

No you don't mate, unless you couldn't live off 50k pa tax free.

 

[Bill]

But buying property isn't retiring, needs keeping track of, upkeep etc. to "retire" completely you need more than a million if you are young.

No you don't mate, unless you couldn't live off 50k pa tax free.

I'd spend that getting to city games from the gold coast :)

 

[SWP's back]

But buying property isn't retiring, needs keeping track of, upkeep etc. to "retire" completely you need more than a million if you are young.

No you don't mate, unless you couldn't live off 50k pa tax free.

I'd spend that getting to city games from the gold coast :)

Lol

 

[Pigeonho]

I think you could, but you wouldn't have a millionaires lifestyle, ironically.
You would earn, I think, about £2,500 a month interest, so you would have to box clever. That is if you banked the whole million and didn't blow any, which would be nigh on impossible I know. My monthly income is less than that at the moment, so whilst the temptation would be to go and blow loads on a nice house, car, holiday and treats for the family, I would try my fucking hardest to carry on working from now, (aged 34), until I was 40. By that time I would have earned a cool £180,000 from my investment. If I sold my house at 40 and matched that £180,000, I would use those two combined amounts to by a nice house outright. That is when I would retire. In my first 5 years of retirement up to the age of 45, I would live off the annual £30k interest my investment is earning. I could do that quite easy with no mortgage to pay. At the age of 45 I would start to spend my million quid. At 45, with a million in my sky rocket, I would hazard a guess I would last no more than 5 years, therefore I would spend £200,000 per annum on the high life, culminating in my untimely death at the tender age of 50.

The above, of course, is complete bollocks conjured up by a slight hangover and Saturday boredom. I would blow the fucking lot in a month.

 

[SWP's back]

You wouldn't bank it pidge!!!!

(I'm losing the will to live in this thread)

 

[bowdonblue]

But buying property isn't retiring, needs keeping track of, upkeep etc. to "retire" completely you need more than a million if you are young.

No you don't mate, unless you couldn't live off 50k pa tax free.

If you're 20 years old, and you buy a property for (say) £250k so you don't need to provide for rent/mortgage, then that gives you £750k for life. Assuming you live until 80, this leaves you about £14k (in your hand) per year for the rest of your life, subject to interest/investments.

Interest is currently bugger all, so you'd be better (imo) investing half in a few cheap rental properties. Say you get 3 properties for that (£375k), that would give you about 12k per annum in rent before tax - and you still retain the capital value (plus any increase in value) which you can sell if needs be. You then could live off the rest at (say) £ 7.5k per year including interest.

So IF you could stay disciplined (no fancy cars or holidays, ever) then you could just about do it. This assumes you can manage on less than £20k pa and not be tempted to dip into the deliciously tempting massive pile of cash in the bank for treats and luxuries.

So that's a no then, in reality!

 

[Pigeonho]

You wouldn't bank it pidge!!!!

(I'm losing the will to live in this thread)

I know mate! I would go a bit mental I believe, then as I surround myself in finery would regret the fact I still have to work. I wouldn't be savvy with it one bit, all apart from securing myself the house I currently live in. Mortgage free, a nice car and smiles on family members faces would be the order of the day, for sure.