Are you one of the ten millionaire families?

13

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  • Peelerfart
    Peelerfart Posts: 2,177 Forumite
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    TheShape wrote: »

    And if the OP is seriously guessing that everyone on this board is a member of the 'one in ten' families that are 'paper' millionaires, they obviously aren't reading many of the threads.

    Assuming you are correct, and that is a question for the OP, what logic/reasoning applies?
    I've posted on many boards none of which has, unfortunately made me rich. I'm here simply to make the most of my pittance :-)
    Space available for rent
  • Ray_Singh-Blue
    Ray_Singh-Blue Posts: 507 Forumite
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    If you value defined benefit pensions in the same way as the Office for National Statistics, then you can be a pension millionaire even if you are as poor as a church mouse in real life.

    For example if you were due a pension of £29K per year, and your spouse was due a pension of £19K per year, that would make you a millionaire household. Even if you did not have two beans to rub together otherwise.
  • andy001
    andy001 Posts: 119 Forumite
    First Anniversary First Post
    Ray_Singh-Blue wrote: »
    If you value defined benefit pensions in the same way as the Office for National Statistics, then you can be a pension millionaire even if you are as poor as a church mouse in real life.

    For example if you were due a pension of £29K per year, and your spouse was due a pension of £19K per year, that would make you a millionaire household. Even if you did not have two beans to rub together otherwise.

    I agree:money:
    I'm not a Financial advisor.
    Please seek independent financial advice.
  • chucknorris
    chucknorris Posts: 10,786 Forumite
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    Ray_Singh-Blue wrote: »
    If you value defined benefit pensions in the same way as the Office for National Statistics, then you can be a pension millionaire even if you are as poor as a church mouse in real life.

    For example if you were due a pension of £29K per year, and your spouse was due a pension of £19K per year, that would make you a millionaire household. Even if you did not have two beans to rub together otherwise.

    It can be subjective, personally I use a multiplier of 28.5 on my spreadsheet, so I would value those two pensions at well over £1m (£1.368m). It does highlight the value of a DB pension.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • talexuser
    talexuser Posts: 3,498 Forumite
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    If the slant the Mail wants to spread is how well we are doing it is not very convincing. Having a house in London for years and a final salary pension could easily make you a millionaire in those terms. Doesn't mean you live like Philip Green, although you are likely still much better off than the lowest % renting and little savings.
  • Radiantsoul
    Radiantsoul Posts: 2,096 Forumite
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    Ray_Singh-Blue wrote: »

    For example if you were due a pension of £29K per year, and your spouse was due a pension of £19K per year, that would make you a millionaire household. Even if you did not have two beans to rub together otherwise.

    You would have 50k per year at retirement. Which might well last 30 plus years.
  • dividendhero
    dividendhero Posts: 2,417 Forumite
    veryintrigued wrote: »
    I've not got enough disposable income to buy the Daily Mail.

    I hate the Mail with a passion, nasty rag.

    I do have a dilemma with the Metro.
    It's owned by the Daily Mail - should I ignore it and reduce it's circulation and hence revenue, or should i pick up a copy and just chuck it in a bin and increase their costs?
  • hildosaver
    hildosaver Posts: 360 Forumite
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    Nope - nowhere near it.
    I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)
  • thenewcomer
    thenewcomer Posts: 146 Forumite
    First Anniversary Name Dropper First Post
    yes i am. thanks you lol
    Aim to retire by 45.
  • economic
    economic Posts: 3,002 Forumite
    chucknorris wrote: »
    It can be subjective, personally I use a multiplier of 28.5 on my spreadsheet, so I would value those two pensions at well over £1m (£1.368m). It does highlight the value of a DB pension.

    Is the 28.5 multiplier based on annuity rates (3.5%)? Is the multiplier applied to fixed annual income (not inflation linked or increasing in anyway)?
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