Babblers Gaming Community: 1 Million Enough To Retire On? - Babblers Gaming Community

Jump to content

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

1 Million Enough To Retire On?

#1 User is offline   TheRobster 

  • Spammer Member
  • PipPipPipPipPipPip
  • Group: Registered
  • Posts: 11,384
  • Joined: 14-January 03

Posted 29 October 2013 - 12:37 PM

Conversation we were having at work...

I said it would be for (for me anyway). You could still probably get 5% interest a year even with the current 'difficult times' so that'd be 50k a year assuming you didn't spend any of the original 1million. That's more than I get now and I have a comfortable wage.

Rest of my team said no it wouldn't be enough and they'd still have to come to work. For example buying a house plus a car plus say a year off work travelling the world would account for over half according to 'R' on my team. Not sure what house/car she wants to buy that would come to nearly half a million....she want a mansion? I was thinking more a 'normal' house in a nice area for about 200k then a decent new car for say 25k...then yeh do the holidays etc but that ain't gonna cost you another 250k

Or more likely I'd just bugger off to New Zealand/Oz and spend the rest of my life on holiday.

So anyway the general consensus on my team was that you'd need about 4-5 million before you could retire comfortably and not have to come back to work. Maybe my team are just greedy bar stewards.

What do you reckon you'd need as a minimum and why?

#2 User is offline   Axey 

  • Oooooh, nice drums :P
  • PipPipPipPipPipPip
  • Group: Registered
  • Posts: 15,272
  • Joined: 14-January 03

Posted 29 October 2013 - 09:06 PM

You'd be lucky to get 5%, even on that amount. 50k would still be subject to tax at 20%, so you'd be down to 40k already.

Nice house in a nice area, 750-800k down here. Car, 25-30k. Can see where the 4-5million comes into it.

If you had nothing to pay off, like a mortgage, then yeah, possibly.

#3 User is offline   Sticky 

  • crawling with idiot
  • PipPipPipPipPipPip
  • Group: Registered
  • Posts: 13,766
  • Joined: 11-January 03

Posted 29 October 2013 - 10:05 PM

I read a report a while ago that said you'd need at least 1 million to retire and still pay a mortgage and feed your family, pay your bills forever etc, 2 million to retire and not have to worry about bills ever again in a reasonably nice house, 5 to retire and live quite well, and 10 to live a 'millionaire' lifestyle. It was all dependent on where you live (or would choose to live after a big lottery win) on the size or quality of house you could afford obviously.


Can't remember where I read it so it could've been bollocks.

#4 User is offline   DrWu 

  • The Walrus
  • PipPipPipPipPipPip
  • Group: Registered
  • Posts: 20,093
  • Joined: 22-March 03

Posted 29 October 2013 - 10:55 PM

You wouldn't leave it in the bank, you'd invest it and be looking at about a 10% return over a 10 year period. Ups and downs but overall a lot more than 5%.

And if you think a "nice house" is 700k then you're mental. What's a nice house? Mine is a nice house and it's worth about 180k. Even double that if you like. Just dont live in London and you are fine. And why even buy? Spend 20k a year on rent, paid for by the investments you make. You're rich, you dont need to make money on your property.

Basically, if you couldn't retire on 1 million you are a retard with far too high expectations of a jet-set lifestyle.

#5 User is offline   Goatfacekillah 

  • Model600
  • PipPipPipPipPip
  • Group: Super Moderators
  • Posts: 4,730
  • Joined: 11-January 03

Posted 30 October 2013 - 08:44 AM

Aside from 'retard' I agree entirely with Wu.

I don't think I'd retire on anything other than a stupid amount though - I don't think it's a good idea to check out of the normal World of routine for numerous reasons.

#6 User is offline   DrWu 

  • The Walrus
  • PipPipPipPipPipPip
  • Group: Registered
  • Posts: 20,093
  • Joined: 22-March 03

Posted 30 October 2013 - 03:58 PM

Ok, retard was a bit harsh. Mentally challenged?

#7 User is offline   Croc 

  • Hexagonal
  • PipPipPipPipPipPip
  • Group: Super Moderators
  • Posts: 18,617
  • Joined: 11-January 03

Posted 30 October 2013 - 04:06 PM

Could be anyone of
  • Mistaken.
  • Prone to hyperbole.
  • Daft.


#8 User is offline   Jackfrost 

  • Hi! I'm Mark Doyle!
  • PipPipPipPipPipPip
  • Group: Moderators
  • Posts: 10,418
  • Joined: 11-January 03

Posted 30 October 2013 - 05:56 PM

View PostGoatfacekillah, on 30 October 2013 - 08:44 AM, said:

Aside from 'retard' I agree entirely with Wu.

I don't think I'd retire on anything other than a stupid amount though - I don't think it's a good idea to check out of the normal World of routine for numerous reasons.


This!

I don't think, even on a stupid amount i'd be able to not work. I'd have to do something that others would consider work, just that you'd have the choice in exactly what you wanted to, when and with who. Plus, what does constitute a "nice house"? I've always been confused by people who win a lot of money and buy a 15 bedroom house and X amount of places around the globe. Why not have one very comfortable house and then stay in nice hotels?

#9 User is offline   DrWu 

  • The Walrus
  • PipPipPipPipPipPip
  • Group: Registered
  • Posts: 20,093
  • Joined: 22-March 03

Posted 30 October 2013 - 09:03 PM

I suppose when people say retire and I say yes I mean I would still do something but it wouldn't be working in an office focused on making money. It would be something I enjoyed.

You know. For charidee.

#10 User is offline   Fluffs 

  • Rob + Nat's Lovechild
  • PipPipPipPip
  • Group: Registered
  • Posts: 1,539
  • Joined: 27-June 05

Posted 22 December 2013 - 09:40 AM

View PostTheRobster, on 29 October 2013 - 12:37 PM, said:

Conversation we were having at work...

I said it would be for (for me anyway). You could still probably get 5% interest a year even with the current 'difficult times' so that'd be 50k a year assuming you didn't spend any of the original 1million. That's more than I get now and I have a comfortable wage.

Rest of my team said no it wouldn't be enough and they'd still have to come to work. For example buying a house plus a car plus say a year off work travelling the world would account for over half according to 'R' on my team. Not sure what house/car she wants to buy that would come to nearly half a million....she want a mansion? I was thinking more a 'normal' house in a nice area for about 200k then a decent new car for say 25k...then yeh do the holidays etc but that ain't gonna cost you another 250k

Or more likely I'd just bugger off to New Zealand/Oz and spend the rest of my life on holiday.

So anyway the general consensus on my team was that you'd need about 4-5 million before you could retire comfortably and not have to come back to work. Maybe my team are just greedy bar stewards.

What do you reckon you'd need as a minimum and why?



I did it with 1500 pounds , a million (a million Uk that is) would go a long way here. You can buy a 4 bedroomed suburb house adjacent to the sea with a fair size garden on a quiet street in my town (about 30 mins drive/train from capital) for around 300-400K NZ (which is like 150-200K UK), Cars are reasonably priced though limited mostly to japanese cars but there is no enforced insurance here, so that will save you a hell of a lot off your yearly expenses.


For me a million would go a long way, mainly to get a first class seat back home to see family. After that maybe a holiday to Samoa or somewhere and then, i have no idea.

#11 User is offline   Earthy 

  • Silly Person!
  • PipPipPipPipPip
  • Group: Registered
  • Posts: 4,569
  • Joined: 11-January 03

Posted 24 August 2014 - 11:06 PM

Yes, if you own your own home, If you retired at say 40, you would have an annual income untaxed for 25 to 30 of 25,000 a year.

#12 User is offline   King Phil 

  • Ye Olde Gamer
  • PipPipPipPipPipPip
  • Group: Moderators
  • Posts: 8,409
  • Joined: 17-January 03

Posted 06 December 2015 - 10:52 PM

A mil is easy enough. I'd happily get a house for 150k and live on 25k a year if it meant never working again.

This post has been edited by King Phil: 07 December 2015 - 06:33 PM


Share this topic:


Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

1 User(s) are reading this topic
0 members, 1 guests, 0 anonymous users