Prestigious cars or retire early
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Interesting in so much that it is utter rubbish.Interesting article here on how much of a pension pot you'd need to retire @ 55....https://www.nutmeg.com/nutmegonomics/will-your-pension-be-big-enough-for-you-to-retire-at-55/
To have a household income of just £26,000 to have a "comfortable" retirement, you'd need a pension pot of £1,300,000 (and presumably have your mortgage cleared by then too)
Well that claim of needing £1.3m is quite frankly a load of rubbish. £650,000 invested in something returning 4% per annum would provide an income of £26,000 for life without touching the initial £650,000.0 -
Interesting in so much that it is utter rubbish.
Well that claim of needing £1.3m is quite frankly a load of rubbish. £650,000 invested in something returning 4% per annum would provide an income of £26,000 for life without touching the initial £650,000.
You're not allowing at all there for inflation - currently running at 2.7%.
Try re-running your figures to maintain your £26,000 in real terms over say, 40 years (assuming you live to be 90)
Pity you didnt think about that before calling it rubbish, eh?
Irrespective of the actual figure involved, it takes a very very big number in a pension pot to retire at 50-55 and live the life the life you would really want to be able to lead.
Fair play to the very few who through exceptional planning, frugal living all their day, damned good fortune or in the case of the O/P, helped by a windfal inheritance, but the reality is whilst many aspire to retire early and live happily ever after without a money care in the world, they dont realise just how much that would cost to do so.0 -
The rubbish is that 4% is a realistic return on that sized sum. A properly invested portfolio of that size should be exceeding 10%.
The interesting bit is if Brexit goes pear-shaped, then those with large portfolios should actually be fairly secure as although there is a spread between UK and foreign investment, the reason the UK stockmarket has been so buoyant in the face of the potential downturn is how many of the FTSE 100 actually have a significant part of their earnings coming from abroad. The people who will be hit if things turn sour is not those with substantial money but those who see their earning potential disintegrate.0 -
I had to finish the work I loved due to injury and disability in my Fifties. If I could have continuing working as a workshop foreman in a business which rebuilt and maintained Classic cars, I would still be there. Or maybe not, as the place closed soon after I left because the owner could find no one else to replace me.
"Avoid Children." Really? If that is something you really believe works for you on a finacial and life level, then fine. For me, the only events comparable to holding my 2 children when they were born, are my marriage and being the first grandparent to hold each of my 4 grandchildren when they were born. Nothing, absolutely nothing: no amount of money, no material possessions, can match the experiences of holding newborns, and taking part in their growth and development, watching them develop as people and trying to advise them on their journey.
But I acknowledge that doesn't work for some people, so I won't say that I have pity for you, just that I personally, would not want to have missed being called dad or granddad.I think this job really needs
a much bigger hammer.
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Although this is all moot as I'm no where near retirement age yet, and my pensions forecasts say I'll be living like a pauper unless I can up my income/pay into my pensions more between now and then.
But at least the 10K I put into bitcoins last week has made me a 2K return already.
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It all depends on priorities. For some people having a nice car they can take out on road-trips at the weekend makes their lives more fulfilling. Some of us like our jobs, we need to pay bills but we don't work to live either. I work in the NHS, and when I clock out I know I've helped a number of very poorly people, and that gives me job satisfaction (and is great for mental health). Weekends are for me, me, me time.
So, my advice is to cut out the !!!!-waving. No-one is jealous, they're just thinking what a !!!!.0 -
GothicStirling wrote: »It all depends on priorities. For some people having a nice car they can take out on road-trips at the weekend makes their lives more fulfilling. Some of us like our jobs, we need to pay bills but we don't work to live either. I work in the NHS, and when I clock out I know I've helped a number of very poorly people, and that gives me job satisfaction (and is great for mental health). Weekends are for me, me, me time.
So, my advice is to cut out the !!!!-waving. No-one is jealous, they're just thinking what a !!!!.
Someone will be and not everyone will think that.0 -
AndyMc..... wrote: »Someone will be and not everyone will think that.
Jealousy - particularly in this instance - would be a fairly pointless exercise.
Everyones particular circumstances are different and i dont think we're getting an "absolute" truth picture from some people at least, so jealously would be pointless.
For example, when the O/P was bragging in his first post he forgot to mention his upcoming £300,000 inheritance AND given he rode to work for 20 years on a second hand bike he bought off ebay or somewhere (and lives a frugal lifestyle) i'd be extremely surprised if hes invested the £,£££s required to buy a jacuzzi.
For those who have managed it, and are sitting on big pension pots, i wish them nothing but continued good fortune. :beer:0 -
I have found this thread quite amusing. I am sorry if people think I have misled them but the jacuzzi isn't mine. I never said it was. I am a member of a health club.
When I buy something I decide exactly what I want and then keep it while it meets my needs.
I walked round the house - cooker 17 years, microwave 5, dishwasher 2, washing machine 5, tumble dryer 16, fridge freezer 7, home cinema 4.
I don't change everything after 3 years. There is no need.
It is the same with my car. Why change something that works perfectly?
I suffer no hardship. My colleagues seem to suffer more having to take their car to the garage for servicing.0 -
I paid £16k for my current family car 14 years ago. Works perfectly. Just planning 3rd cambelt change. I took the family looking at new cars recently. Nobody was interested. My daughter got quite upset because she loves our current car so much. I had to explain that the average age of car death is 13 and it can't last forever.
The reason I wrote the thread was the man opposite has a new Range Rover Vogue every 3 years. Probably company car. Probably leased. I imagine he ( or his company) has lost £150k in a similar time in depreciation. Always has a different colour which is the only way you'd know it was different. I just thought you could have a few years retirement for that money.0
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