How much money do you need to retire on?
Answer:
It depends on how much money you make now, whether or not your housing is paid for, and what lifestyle you choose to live. A rule of thumb is to have your mortgage paid, and no debt. Then your living expenses should be 20% to 40% less as a retiree. So you should save a big enough nest egg to generate an income of that each year you are retired, but you can begin to dip into your principle in your older old age 80+.
Depends on what your lifestyle is.
If you are in the UK forget it!! You would never have enough!
13 pence and no mortgage.
It depends on:
+ how old you are
+ how long you plan on living
+ what your expenses are
+ how much you expect your expenses to increase each year
+ how much you plan to earn on your investments
If you are 60 and plan to live to 90, plan to spend $50,000 year 1 and 3% more each year, earn 5% on your investments you need $1,122,710.
I depend of how much money you want to spend. Calcule how much are you spending now and then calcule how much would you need to have for live the years that you are expecting to live and then multiplie this two numbers and you will be done
if you have a good final salary pension scheme then after 40 years you would get 2/3 of your final salary on top of your state pension. You shouls have settled your mortgage by then so that's an expense you won't have to be concerned about. Remember with all that free time you'll want a lot of pocket money. You will have the flexibility to go for longer hoidays in the winter to save on heating costs and you will have cheaper tickets at the cinema.
I believe it has been recommended that as much as around 1 million American dollars can be spent during retirement by an average to upper middle class family.
Some of the key things that should be remembered in calculating how much you will have vs need are below.
Status of Mortgage.
Age of Retirement( If you retire at 40, you will not be claiming SS for some time)
Your basic lifestyle, cars, children to be supported, et cetera.
Average yearly expenditures
Location of Retirement Residence. The taxes of all type and value of your currency there if it is a foreign location.
six million pounds sterling
As much as you can give me sweetheart!
LOTS
I can assure you no matter how much you have, it will never be enough. 96% of British people will either:
a) still need to work past retirement
b) be dead by retirement
c) be dependant upon the state
Unless you run your own business it is almost guaranteed that you will fall into that 96% and if you are dependant upon the state I wish you luck as I have a feeling that the income will be next to nothing if anything at all.
Ivan Darch
Second Income Consultant - FREE consultations.
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What plans do have when you retire, if you just want to potter in the garden and then once a week go to an elderly persons social club, about £120 per week. But if you plan to see the world, eat out every day, then I hope you have a very big win on the lottery, or succeed in betting on the horses. I cant imagine you trying to rob a bank and making a get away on your disabled persons motorised scooter.
Lots
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