Is a Million Pounds enough to retire in my thirties?

neilornoneil

I am in a very fortunate position where I have built up a business that would hopefully make me a million pounds if I was to sell up to a big plc that have expressed an interest in doing so. As I am only in my thirties, how much interest per month could I make after tax? At present I could live on £30,000 a year (or better on more!) but I realise that inflation will make this worth less in the future.
I need some advice to help me decide if I should pursue such an early retirement or not. If not, how much would I need to hold out for?

Thanks in advance for any help!

greyster

if you've made such a decent business then surely you can figure this out for yourself? However if this is fantasy then here is my response:

I would pump your money into stocks and shares, in particular iceland banks. They are rock solid at the moment and protected by the iceland government. Also in the event they did collapse, you would get ALL your money back* except the last £0.965M.

Alternatively, invest into google and live off the shares because I hear their new nuclear programme and animal language translation tool is the future.

* you might not.

Jonbvn

You should be able to make 3% (£30k) per annum before tax reasonably easily, just by using savings accounts etc.

With a good portfolio of bonds, equities, property and some cash you should be able to increase your income to 6-7% per annum.

I would suggest you get professional advice on this. Try http://www.unbiased.co.uk/find-an-independent-financial-adviser/

myothercarisaferrari

will you marry me?

Masomnia

As a non-sarcastic response, you'd need to invest the money with a focus toward generating income rather than growth, and hope that what you do get in growth keeps up with inflation. A bank account isn't going to do that, but an income fund (selection of funds/bonds) I suppose might. Possibly. You'll have to do your own research here and get professional financial advice.

Presumably if you continued to work but for fewer hours in addition to investing the money it may be more feasible.

yorkiebar

One million pounds!

amcluesent

If you're the 'Type A' sort who created a £1M business in your thirties, you'll be bored after two weeks retirement & want to do it again.

27col

A million pounds does not buy what it used to. Anyway, if you are so smart why can't you figure it out for yourself. Or are you just posting to tell us how clever/rich you are. If I had a million pounds I would certainly not be on MSE trying to find out what to do with it.

barak

amcluesent wrote: »

If you're the 'Type A' sort who created a £1M business in your thirties, you'll be bored after two weeks retirement & want to do it again.

I agree with amcluesent;

Also - I would have thought that whether or not to sell your business now should be a business decision - not just a question of whether you can afford to retire on the proceeds. In any case, if you really don't intend to work again, although you don't mention any pension, I doubt whether £1M will be enough for you to 'live' on for the next 50 or 60 years.

kaspar

don't you have any ambitions to grow the business further?

Wolf_Man

Remember that you will be taxed on this million! Around 10%.

If its what you want to do, then go for it! :T

Rental property might bring you in an income and hopefully protect your capital.

I don't know enough about stocks and shares to comment.