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Additional Details
I am burrroooke.... |
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Duncan B | I'm worth a quarter of a million pounds. Am I rich? Am I rich enough to retire? (I'm 39)? |
Additional Details
big daddy: I think you are exactly right. Comfortable, but careful. spot on.
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Snakey B
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You're not rich enough to retire. I'm 36 and have around £200k and I'm not even thinking about it yet. I don't care too much for my career (who does?), while I'm well-paid for what I do I'm not a high-flyer or ambitious, and there are so many things I'd rather be doing with my time than working. But I have this fear of becoming one of those poor old dears in the supermarket standing there waiting for the staff to put out the "reduced for quick sale" items. And that's how you could end up if things go wrong.
I wouldn't dare retire at our age because you don't know what will happen. Look what the stock market just did, for example, or the housing market. If you'd retired in June on the assumption that your savings would pay interest at 6% a year, you'd be so totally stuffed right now.
If you give up work and then change your mind in ten years time or the money runs out, you'll be essentially unemployable - and you'd still be >15 years away from your State pension. Welcome to 15 years of jobseekers interviews and compulsory litter-picking duties and benefit cuts and whatever else the Government of the day might decide to inflict on the long-term unemployed to keep the Daily Mail readership off their backs.
I am working right now and piling everything I can into my pension. Sure the laugh was on me when the stock market crashed, but the upside of that is that my current contributions are buying in while it's all cheap (assuming you take the view that it's "cheap" rather than "correctly valued").
I am confident that if I keep piling it in to my pension I will be able to retire very comfortably at 55 no matter what, and maybe earlier if I want to spend a few years living off savings (and take the risk that something could happen to massively devalue my pension fund - a risk that had never occurred to me until the events of the last few months. Oh well, we live and learn.) Provided I keep my job of course!
One other thing is that you need to own your house free and clear before you can retire, in my opinion. That way you've always got a roof over your head and your income has only to cover bills and food. If your £250k doesn't include a house, then you might want to consider buying in a couple of years time when the market's bottomed out. |
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miss
 |
no way, its just enough to buy a 2 bed house in grotty ilford |
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ksxstitch
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You are well off. You are not rich! |
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Bibs
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If you retired now, what would you do with the rest of your life? You'd be bored to death. |
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COLIN T
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Camelot reckon that someone your age needs about 2 million to comfortably retire. With house prices what they are huge numbers of us are worth substantially more than 1/4 mil. 20 years back i can remember an old neighbour thinking 16 grand was a comfortable nest egg for her retirement. If we assume your 1/4 mil is in addition to your house you have a comfortable buffer between you and the harsh realities of life that afflict so many. |
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KK
 |
marry me?
( :
im 24 and not as rich but my dad is worth more than a million or two..
but you have done well, it could have been worse.
my dad had 4 children by your age.
he is fantastic. |
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ignatz
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No. If you can't figure out how much a mil goes when you look at
the cost of homes, transportation, health, taxes and the money that will be wasted or lost over a long period of time
(like 39 to 70 at least) then you better keep working.
Now what you might consider is going to a top level casino and putting it all down on a high payback in a game (12 for 1) on a crap table).
Wow! 3 mil just like that. |
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bluebell
 |
If you retire, will you qualify for a pension at 39? No? Thought not.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10018757
If you're out of work or working less than 16 hours a week on average, you may be able to get Jobseeker's Allowance.
For your age, that is £60.50 per week
But
If you have savings over £16,000 you probably won't qualify.
Now, if you are able to live on £60.50 per week, your quarter of a million will last 4132 weeks, or 79 years (by which time it won't matter that your nest egg has run out). To live on £60.50 per week, I think you'd have to be pretty inventive on all the different ways you can serve up beans on toast. If you need more than this basic to live on, then of course your money will run out much sooner. And I am not taking into consideration the possibility that prices might rise, and even beans on toast would be outside your budget.
http://www.mysalary.co.uk/average-salary/Factory_Worker_6311
says the average salary for a Factory Worker in 2008 in the UK is £27,500 or £528.85 per week. So, if you want to live it up like a Factory Worker, your money will last 9 years.
I think you should save it where it will earn interest for you, and keep the day job for many more years until you have enough to retire in comfort. |
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AB
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You have possible 40 years left to live. $250,000 isn't going to get you very far if you stop working now. Keep going. If you are counting property as part of that number, you wouldn't even be able to use that in retirement. If you put it in a savings account (which you would need to since it would be your only source of income), you would be making only $7,500 a year. Can you live on that? Don't think so. |
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Eddy T
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With the government cutting interest rates and borrow to pay banks' debts, you need to continue to work and save. |
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kcguy6935
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Quarter of a million pounds is great for 39, but even in a modest retirement assuming a life span of 51 more years you will run out of money before you die barring an extremely high return (read high risk) on your nest egg. You definitely could afford to work at a job that you enjoy for the next ten years and not worry to much about the pay and then when your money would have to last ten years less. Allowing you to reassess your full retirement based on what you have then. |
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David M
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No, not enough money and you're too young. |
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mixer2
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Would you like to change places with me, I'll take that rick |
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big daddy
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No, you are not rich at all, if you have your own house, a nice car and a quarter of million in the bank, then if you have brains you could become a millionaire, it depends on how you invest that money. I would say that you are comfortable but careful. |
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aMazeMe
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You know wot?... I fink you worth a lot more than dat..
Worth less nuffin to da dead rich.. lol
Yeah... i envy you.. Retired. |
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