Could you retire on £1m

[Q8-Blue]

You're not gonna live like a millionaire with 1 million, but you are going to live comfortably without having to get up 5 days a week and work a 40 hour work week.

 

[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.

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!

Have you not read the bloody thread?

You could live off £50k per year tax free (equivalent to earning 80-90k) There is no need to buy a property to live in and tie up capital.

I could easily live of £50,000 pounds per year, with no tax deducted. Clearing £4k per month.

And equities have always outgrown property over the long term and have no maintenance costs, upkeep or mither.

 

[bernabias home shirt]

I bet this thread is driving you mental swp..

I just think you would comfortably live on it if invested wisely.

Some of the shit on here regarding what interst rate you could get..

The mind boggles!

 

[stonerblue]

I almost have.

 

[SWP's back]

I bet this thread is driving you mental swp..

I just think you would comfortably live on it if invested wisely.

Some of the shit on here regarding what interst rate you could get..

The mind boggles!

It's frightening how little clue some people have (though that is probably a good thing or I'd be out of a job tbh)

Whats worse is that some people just go £1,000,000 divided by 40 years = 25k per year.

Makes me want to push my eye through my head!

 

[JoeMercer'sWay]

I bet this thread is driving you mental swp..

I just think you would comfortably live on it if invested wisely.

Some of the shit on here regarding what interst rate you could get..

The mind boggles!

It's frightening how little clue some people have (though that is probably a good thing or I'd be out of a job tbh)

Whats worse is that some people just go £1,000,000 divided by 40 years = 25k per year.

Makes me want to push my eye through my head!

that's why I said I'd hire you to look after it for me ;).

You could get a nice little earner out of it :P.

 

[another generation]

I could live comfortably on nowt, here in Norway, as the state will provide for me.

(This is at least the view of about a million scroungers, plus their offspring.)

 

[SWP's back]

I bet this thread is driving you mental swp..

I just think you would comfortably live on it if invested wisely.

Some of the shit on here regarding what interst rate you could get..

The mind boggles!

It's frightening how little clue some people have (though that is probably a good thing or I'd be out of a job tbh)

Whats worse is that some people just go £1,000,000 divided by 40 years = 25k per year.

Makes me want to push my eye through my head!

that's why I said I'd hire you to look after it for me ;).

You could get a nice little earner out of it :P.

4% :-)

 

[u2fme2]

would give it a bloody good go

 

[squirtyflower]

i certainly could as i could collect my pension in two years

therefore go on an amazing two year splurge of £500,000 per year