Could you retire on £1m

[Ronnie the Rep]

I know what you mean GSC, but I think i could eaisly retire on £1m.

I have been thinking about it.

I would buy a nice £500k gaff somewhere in Worsley, but I would get it on a Mortgage over say 15years. The intrest alone would pay the monthy payments. then in 15 years I would still have a large lump sum + a £500k house paid for.

pay off the mortgages for my 2 sisters and mam and dad, and throw a few quid their way.

I would also by myself a nice little villa in Spain or the Canaries and spend my time taking Ryan air flights between them.

add a couple of nice cars (again on finance) Range Rover and Golf R32 for over here and a nice 3 series BMW at the villa.

a couple of corperate season tickets at City

and I think I would open a couple of small businesses maybe car valleting, outside catering, contract cleaning, landscape gardening etc. Just to keep busy. and put a couple of close friends / family in charge of them.

One thing is for certain, I certainly wouldnt be working again!


thats my little dream!

Dream is right mate. A million wouldn't do all this! Interest on the whole million at 3% less tax would be about £21,000 per year. The interest rate you would pay on the mortgage would be more than that plus you have to pay the capital off. and what would you live on?

 

[Tricky Dickys Right Foot Shot]

Living as I do now? yes I could.

Living the way I would like to? Probably not

 

[didactic]

No.

Course you could and you know it.

No bro the only reason you are able to "live" on what you earn is because you never got it all in one lump sum.

£1000000 is easy to spend you would buy family gifts, spend on things you would never have bought before. Its not suprising that lottery winners spend it all because they get it all in one go

Now if its a million over 30 years at 30 odd thousand a year then sure I can live on it but not retire on it and id be in my late 50s when it finished so id keep working.

 

[bernabias home shirt]

No.

Course you could and you know it.

No bro the only reason you are able to "live" on what you earn is because you never got it all in one lump sum.

£1000000 is easy to spend you would buy family gifts, spend on things you would never have bought before. Its not suprising that lottery winners spend it all because they get it all in one go

Now if its a million over 30 years at 30 odd thousand a year then sure I can live on it but not retire on it and id be in my late 50s when it finished so id keep working.

Its how you look afer the million mate thats the key..

I could quite easily retire on a million without blowing it on stupid things!

 

[didactic]

I know what you mean GSC, but I think i could eaisly retire on £1m.

I have been thinking about it.

I would buy a nice £500k gaff somewhere in Worsley, but I would get it on a Mortgage over say 15years. The intrest alone would pay the monthy payments. then in 15 years I would still have a large lump sum + a £500k house paid for.

pay off the mortgages for my 2 sisters and mam and dad, and throw a few quid their way.

I would also by myself a nice little villa in Spain or the Canaries and spend my time taking Ryan air flights between them.

add a couple of nice cars (again on finance) Range Rover and Golf R32 for over here and a nice 3 series BMW at the villa.

a couple of corperate season tickets at City

and I think I would open a couple of small businesses maybe car valleting, outside catering, contract cleaning, landscape gardening etc. Just to keep busy. and put a couple of close friends / family in charge of them.

One thing is for certain, I certainly wouldnt be working again!


thats my little dream!

LOL your figures are wrong brother. It wouldnt work out like that.<br /><br />-- Fri Dec 02, 2011 12:28 pm --<br /><br />

Course you could and you know it.

No bro the only reason you are able to "live" on what you earn is because you never got it all in one lump sum.

£1000000 is easy to spend you would buy family gifts, spend on things you would never have bought before. Its not suprising that lottery winners spend it all because they get it all in one go

Now if its a million over 30 years at 30 odd thousand a year then sure I can live on it but not retire on it and id be in my late 50s when it finished so id keep working.

Its how you look afer the million mate thats the key..

I could quite easily retire on a million without blowing it on stupid things!

For it to last you and your family would have to live on about £25 000 a year for the next 40 years.

 

[daveduke67]

I know what you mean GSC, but I think i could eaisly retire on £1m.

I have been thinking about it.

I would buy a nice £500k gaff somewhere in Worsley, but I would get it on a Mortgage over say 15years. The intrest alone would pay the monthy payments. then in 15 years I would still have a large lump sum + a £500k house paid for.

pay off the mortgages for my 2 sisters and mam and dad, and throw a few quid their way.

I would also by myself a nice little villa in Spain or the Canaries and spend my time taking Ryan air flights between them.

add a couple of nice cars (again on finance) Range Rover and Golf R32 for over here and a nice 3 series BMW at the villa.

a couple of corperate season tickets at City

and I think I would open a couple of small businesses maybe car valleting, outside catering, contract cleaning, landscape gardening etc. Just to keep busy. and put a couple of close friends / family in charge of them.

One thing is for certain, I certainly wouldnt be working again!


thats my little dream!

Why pay 5% or more on a mortgage and possibly more on the cars when the money that you could use to pay it off is earning less?

Paying off mortgages, family gifts, villa (100k) and cars (100k) sound like they'd account for 250k at the very least. Setting up/buying businesses, furnishing house and villa 50k.

That leaves you 200k at best. You'd be lucky to get 12k a year off that - but for ease of calculation we'll stick with that.

A grand a month to run a 500k house - utilities, insurance, cable, council tax. Flights to your villa. Running costs for villa. City corporate season ticket would be out of the window - £100 a month for two standard sc's. Insuring two high risk cars in Manchester? Plus the one at the villa. I'm sure you'd want to eat and go out for a beer or two. All that on a grand?

Now do you see why a million isn't really that much.

 

[Stato]

I know what you mean GSC, but I think i could eaisly retire on £1m.

I have been thinking about it.

I would buy a nice £500k gaff somewhere in Worsley, but I would get it on a Mortgage over say 15years. The intrest alone would pay the monthy payments. then in 15 years I would still have a large lump sum + a £500k house paid for.

pay off the mortgages for my 2 sisters and mam and dad, and throw a few quid their way.

I would also by myself a nice little villa in Spain or the Canaries and spend my time taking Ryan air flights between them.

add a couple of nice cars (again on finance) Range Rover and Golf R32 for over here and a nice 3 series BMW at the villa.

a couple of corperate season tickets at City

and I think I would open a couple of small businesses maybe car valleting, outside catering, contract cleaning, landscape gardening etc. Just to keep busy. and put a couple of close friends / family in charge of them.

One thing is for certain, I certainly wouldnt be working again!


thats my little dream!

no way you could do all that on just 1mil.

the average household would spend 1,231,360 over 50 years going off an article on the bbc earlier this week.

the avarage household can not afford all that, even with the intrest on the 1m it would not cover it and thats asumming you die in 50 years time.

 

[BimboBob]

Easy.

I have a tiny mortgage and no debts so one whole million pounds will do me nicely. Pay off the house. Sell it. Buy another house for around 400k. Live happily for the rest of my life on quinces and fine wines from around the world.

 

[ono]

Not with my crack habit.

 

[denislawsbackheel]

I know what you mean GSC, but I think i could eaisly retire on £1m.

I have been thinking about it.

I would buy a nice £500k gaff somewhere in Worsley, but I would get it on a Mortgage over say 15years. The intrest alone would pay the monthy payments. then in 15 years I would still have a large lump sum + a £500k house paid for.

pay off the mortgages for my 2 sisters and mam and dad, and throw a few quid their way.

I would also by myself a nice little villa in Spain or the Canaries and spend my time taking Ryan air flights between them.

add a couple of nice cars (again on finance) Range Rover and Golf R32 for over here and a nice 3 series BMW at the villa.

a couple of corperate season tickets at City

and I think I would open a couple of small businesses maybe car valleting, outside catering, contract cleaning, landscape gardening etc. Just to keep busy. and put a couple of close friends / family in charge of them.

One thing is for certain, I certainly wouldnt be working again!


thats my little dream!

Not a dream
a delusion

Invested a million would bring in £30K before tax as already said.
Take the £30K as income and your million is deteriorating in value at (currently) over 5% a year.